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Fosterville South Discovers New Gold Zone from Surface at Golden Mountain Including RC Intercept Assaying 77m at 1.14 g/t Gold

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Fosterville South Discovers New Gold Zone from Surface at Golden Mountain Including RC Intercept Assaying 77m at 1.14 g/t Gold







  • Strong gold assays along strike of the East West granite contact zone at Golden Mountain that included:
    • 77m at 1.14 g/t Gold from 2m, including 35m at 1.85 g/t Gold from 3m, in reverse circulation drill hole 22GMRC12.
    • 14m at 2.06 g/t Gold from 157m in reverse circulation drill hole 22GMRC07.
    • 18m at 1.48 g/t Gold from 100m in reverse circulation drill hole 22GMRC08.
    • 5m at 3.16 g/t Gold from 69m and 10m at 2.18 g/t Gold from 79m in reverse circulation drill hole 22GMRC10.


Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that 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 1519 meters in total, including an intercept an intercept from surface grading 77m at 1.14 g/t Gold from 2m, including 35m at 1.85 g/t Gold from 3m 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 mineralisation in this area. The gold in soil anomaly is approximately 1000m in strike extent. The gold mineralisation discovered by previous drilling was found to be associated with a porphyritic, miarolitic and xenolithic granite or monzogranite. Further petrographic studies are underway to discriminate the various granitic rock types and those rocks that have associated alteration and gold mineralisation.


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 mineralised granite in their upper parts. Sampling of GMDH53 confirmed the mineralization with 38.7m at 0.79 g/t Gold from 10.7m (see photo) and 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 mineralisation. 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 mineralisation. This EW Zone and NS Zone intersection is the apparent cause of the wider gold intercept from 22GMRC12 of the 77m at 1.14 g/t Gold from 2m.


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


Table 1: Golden Mountain Drill Results and Intercepts:


Hole X Y Azimuth Dip From To Length Au ppm Location Type
22GMRC02 400265 5912092 105 -55 64 85 21.0 0.46 EW Zone RC Splits
22GMRC02 93 104 11.0 0.52 EW Zone RC Splits
22GMRC03 400198 5912040 90 -62 14 20 6.0 1.54 EW Zone RC Splits
22GMRC03 37 44 7.0 0.57 EW Zone RC Splits
22GMRC03 47 66 19.0 0.72 EW Zone RC Splits
22GMRC05 400198 5912018 91 -65 180 193 13.0 0.37 Central west RC Splits
22GMRC07 400220 5912076 90 -60 81 86 5.0 0.66 EW Zone RC Splits
22GMRC07 92 107 15.0 0.45 EW Zone RC Splits
22GMRC07 157 171 14.0 2.06 NS Zone RC Splits
22GMRC07 177 180 3.0 2.19 NS Zone RC Splits
22GMRC08 400184 5912047 86 -65 88 96 8.0 1.25 EW Zone RC Splits
22GMRC08 100 118 18.0 1.48 EW Zone RC Splits
22GMRC10 400225 5911980 80 -73 69 74 5.0 3.16 New area RC Splits
22GMRC10 79 89 10.0 2.18 New area RC Splits
22GMRC10 168 174 6.0 1.26 NS Zone RC Splits
22GMRC12 400269 5912049 90 -55 2 79 77.0 1.14 EW Zone RC Splits
  Including 3 38 35.0 1.85 EW Zone RC Splits
22GMRC12 104 111 7.0 0.51 EW Zone RC Splits
GMDH53 400163 5912027 88 -75 11 49 38.7 0.79 EW Zone Diamond


The intercept cut-off grades are shown in the table and they use a maximum internal waste of 1m. True width are not known. The assays are not capped. Coordinates are Australian projection MGA94 Zone 55.  Planned holes 22GMRC01, 22GMRC06 & 22GMRC09 were not carried out in this drilling campaign.


About Fosterville South Exploration Ltd.


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 mineralisation 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 mineralisation, all in the state of Victoria, Australia. The Fosterville South land package, assembled over a multi-year period, notably includes a 600 sq. km 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 mineralisation and Tallangallook has mesozonal and intrusion relation gold mineralisation.


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.


Qualified Person


The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO and Director of Fosterville South, a qualified person as defined by NI 43-101.  Historical records were verified by reviewing annual and quarterly reports from government records by the Qualified Person.



Figure 1: GMDH53 27-32m interval example of mineralised granitic drill core (CNW Group/Fosterville South Exploration Ltd.)



Figure 2 – Longitudinal Section of the drilling at Golden Mountain prospect, Tallangallook (CNW Group/Fosterville South Exploration Ltd.)



Figure 3 – Fosterville South Overview Map (CNW Group/Fosterville South Exploration Ltd.)


Posted September 22, 2022

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