Fosterville South samples 152 g/t gold at Golden Mountain
Fosterville South Exploration Ltd. [FSX-TSXV; FSXLF-OTC] has provided high-grade assays of up to 152 g/t gold in rock chip samples at the Star of the Glen target on the Golden Mountain Project in Victoria State, which is a target approximately 4 km southeast of where drilling is continuing at the main target area on the project.
Highlights
High-grade rock chip samples of up to 152 g/t gold at Star of the Glen.
Drill application for at least 900 metres at Star of the Glen prepared and being submitted.
Access is secured at Star of the Glen with a private landholder agreement in place.
Drilling continuing at main target area at Golden Mountain.
In 2019, Fosterville South carried out an initial sampling program at Start of the Glen over 500 metres of strike with one result at 24.8 g/t gold from a waste dump. Now, follow-up sampling has returned high-grade assays of 152 g/t gold, 22.4 g/t gold and 15.2 g/t gold from laminated and brecciated quartz veined rocks. These samples also carried up to 0.6% Sb (antimony) confirming they are epizonal-type mineralization.
Landowner negotiations have been completed and an access agreement has been registered with the state government department Earth Resources & Regulations, thus allowing Fosterville South to apply for a drilling permit.
Fosterville South chief operating officer, Rex Motton, stated: “Star of the Glen is an unexplored high-grade gold prospect, which is only 4 km southeast of our main prospect at Golden Mountain. Fosterville South will incorporate this newly proposed drill program into its current exploration operations.”
Drilling the main target area at Golden Mountain is continuing and new permits were recently received to drill from multiple newly approved drill pad locations to target expansion of the mineralized zones, which remain open along strike and at depth.
Rock chip sample assays include 152.0, 22.4 and 15.2 g/t gold.
Fosterville South has approximately $28.5-million in cash and will drill the Lauriston project soon. Additionally, Fosterville South has set November 13 as a meeting date to approve the spinout of the Avoca and Timor projects through which shareholders of Fosterville South will receive one share of Leviathan Gold for every share of Fosterville South.