Fosterville drills 1.14 g/t gold over 77 metres at Tallangallook, Australia

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Fosterville South Exploration Ltd.’s [FSX-TSXV; FSXLF-OTC; 4TU-FSE] new diamond and reverse circulation drilling at the Golden Mountain prospect within the Tallangallook gold project in Victoria, Australia, has returned strong gold grades over considerable downhole lengths.

Additional assays are pending from a review of previous diamond drilling where these drillholes drilled through the East West zone prior to the recognition of the zone’s extent. Soil sampling along the corridor has revealed a 1km strike length of anomalous gold in soil associated with this previously untested zone.

New gold assays at Golden Mountain Prospect within the Tallangallook Gold Project: Fosterville South received strong gold assay intercepts, from its nine-hole drill program of 1,519 metres in total, including an intercept an intercept from surface grading 77 metres at 1.14 g/t gold from 2 metres, including 35 metres at 1.85 g/t gold from 3 metres at the Golden Mountain prospect located within the Tallangallook Gold Project. Five of the drill holes intersected the E-W zone while the other four holes drilled other targets. Two of the latter holes (22GMRC05 & 22GMRC10) failed to reach drill target due to ground conditions.

A reverse circulation drilling program was instigated on parts of the EW Zone to determine the extent and grade of gold mineralization within the zone, following encouraging results from grid-based soil sampling as well as review of previous drilling and the geological controls on the mineralization in this area. The gold in soil anomaly is approximately 1,000 metres in strike extent.

Further to this review and following the reverse circulation drilling results being received, it was found that previous diamond holes GMDH52 and GMDH53 had drilled through a potentially mineralized granite in their upper parts. Sampling of GMDH53 confirmed the mineralization with 38.7 metres at 0.79 g/t gold from 10.7 metres. Since then GMDH52 has been sampled and submitted for assay. While some intersections are preferentially held within the granite other gold intersections are within the contact metamorphosed (hornfels) rocks nearby suggesting that there are other structural controls to the mineralization.

The granite contact is also very nonplanar, and parts of the granite are sill-shaped and mineralised. Also, the NS Zone appears to offset the EW zone and cause a larger area of dilation and potential gold mineralization. This EW Zone and NS Zone intersection is the apparent cause of the wider gold intercept from 22GMRC12 of the 77 metres at 1.14 g/t gold from 2 metres.

The results of 22GMRC08 of 18 metres at 1.48 g/t gold from 100 metres are also encouraging where deeper drilling has yielded improved grade within the contact metamorphosed (hornfels) sediments near the granite contact.

Fosterville South began with two, 100%-owned, high-grade gold projects called the Lauriston and Golden Mountain Projects, and has since acquired a large area of granted and application tenements containing further epizonal (low-temperature) high-grade gold mineralization called the Providence Project and a large group of recently consolidated license tenement applications called the Walhalla Belt Project, which contain a variety of epizonal and intrusion related style gold mineralization, all in the state of Victoria, Australia.

The Fosterville South land package, assembled over several years, notably includes a 600 km2 property immediately to the south of and within the same geological framework that hosts Kirkland Lake Gold’s Fosterville epizonal gold tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool and Tallangallook, which are also located in the state of Victoria, Australia. Moormbool project has epizonal style gold mineralization and Tallangallook has mesozonal and intrusion relation gold mineralization.

All of Fosterville South’s properties, with the possible exception of Moormbool, have had historical gold production from hard rock sources despite limited modern exploration and drilling.


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