Fosterville drills 2.08 g/t gold over 13.4 metres at Golden Mtn, Australia

Fosterville South Exploration Ltd. [FSX-TSXV; FSXLF-OTCQX; 4TU-FSE] reported gold assay results from drilling at the Comet/New Trojan prospect at the 100%-owned Lauriston project, the 100%-owned Golden Mountain project and the 100%-optioned Providence project, all in Australia. Gold assays received included 13.4 metres of 2.08 g/t gold from 288.1 metres in diamond drill hole GMDH55 at Golden Mountain and 9 metres at 1.35 g/t gold from 58 metres in reverse circulation hole CRC15 at the Comet prospect (Lauriston Gold Project).

Fosterville South received gold assays from its drill program of the New Trojan and Comet prospects at the Lauriston Project. The drill program at these prospects was designed to test for shallow gold mineralization based upon soil geochemistry and sporadic minor old gold workings.

At the Comet prospect drilling covered a strike length of 300 meters. The results included reverse circulation hole CRC09 that intersected 11 metres at 0.96 g/t gold from 41 metres and reverse circulation hole CRC15 that intersected 9 metres at 1.35 g/t gold from 58 metres. Drill permits are pending for the northern part of this prospect. A significant number of drill holes at the Comet prospect intersected gold mineralization.

At the New Trojan Prospect 2.5 km north of the Comet prospect, the drill program consisted of an initial ten reverse circulation holes to test various shallow gold workings and anomalous soil geochemistry. Reverse circulation hole TR05 intersected 11 metres at 0.79 g/t gold from 27 metres and reverse circulation hole TR10 intersected 6 metres at 0.94 g/t gold from 27 metres.

Similar to the Comet prospect, a significant portion of the drill holes intersected gold mineralization. A follow up program of an additional four reverse circulation holes was completed to test mineralization at a deeper level and further south for which assays remain pending. Overall, this program has covered a strike length of 700 metres, with the initial access restricted by the hilly terrain and weather conditions.

At the North New Trojan Prospect 1.4 km north of the New Trojan Prospect, the drill program consisted of an initial three reverse circulation holes to test 200 metres of strike length of anomalous soil geochemistry. Reverse circulation hole NNT03 intersected 2 metres at 2.04 g/t gold from 60 metres. Access to the main section of the North New Trojan prospect for further drilling awaits the government drilling Work Plan approval, which also includes the strike interval between here and New Trojan prospect to the south.

At all the prospects, the soil geochemistry and drill results indicate that the gold mineralization has a ‘pinch and swell’ nature along strike. The cause of this phenomenon is yet to be established but it does suggest that there are individual gold shoots that are structurally controlled within the overall fault zones.

Fosterville South has drilled a total of three diamond drill holes totalling 748.6 meters and fourteen reverse circulation holes totalling 1,248 metres at the Comet prospect. At the New Trojan prospect, Fosterville South has drilled a total of 15 reverse circulation holes totalling 1,328 metres. At the North New Trojan prospect three reverse circulation holes totalling 269 metres were drilled. Assays are pending for one hole for the Comet drill program and four holes at the New Trojan drill program.

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.

All of Fosterville South’s properties have had historical gold production from hard rock sources despite limited modern exploration and drilling.