Fosterville South Exploration Ltd. ("Fosterville South" or the "Company")is pleased to announce it has commenced drilling at its Golden Mountain project located in the state of Victoria, Australia.
The initial drill program will consist of 18 holes, totaling 2,215 metres at the Golden Mountain project. The program is to be conducted in two parts consisting of shallow percussion drilling targeting the northern mapped east west mineralized zone and core (diamond) drilling targeting the deeper zones of the central mineralized section.
Chief Operating Officer and Director, Mr. Rex Motton, states, "In the few short weeks since coming to trade publicly, Fosterville South has been very active. Corporately, we recently announced the acquisition of multiple properties to complement our original holdings being Lauriston, Providence and Golden Mountain which were assembled over a multi-year period. We also announced an oversubscribed $15 million financing, fostered by support from some of our largest existing shareholders and some precious metals focused institutional investors that are new to our registry. Fosterville South has also been busy on the ground, and we now have two drill rigs turning at the Golden Mountain project. Additionally, we are awaiting final results from a large geochemistry sampling program at the Lauriston project, in preparation for drilling there."
The granted exploration license at the Golden Mountain (Tallangalook) project consists of 136sq km and holds a variety of gold targets, including intrusion related gold deposits such as the Golden Mountain prospect and epizonal orogenic gold – stibnite deposits such as the Heyfield Reef and Star of the Glen Reefs.
The gold deposits are hosted by hornfels in the aureole of the Strathbogie Granite in the north of the tenement or are located within the Siluro-Devonian sediments further to the south. The largest producer within the Tallangalook goldfield was the Golden Mountain mine with a recorded yield of at least 268 kg Au from open cut workings, and over 4040kg of alluvial and eluvial gold from the surrounding area. Other prospects occur nearby and most of the alluvium in the creeks had been extensively mined for gold. There are several deposit groupings of various types within the tenement:The production noted above was obtained from J.B. Griffiths Report in 1976 from Department of Manufacturing and Industry Development Expired Exploration Reports File. All of the above deposits are located within the Golden Mountain project.
Reconnaissance rock chip sampling at Heyfield Reef and Star of the Glen has been undertaken in order to assess the potential for high-grade mineralization. The main adit dump at the Heyfield reef yielded a quartz grab sample with 20.1 g/t Au. Star of the Glen also reported several high-grade gold samples within the central part of the historic working and with a peak of 152 g/t Au. Drill permits are being sought for these prospects as well.
Source: Fosterville South
Date: May 4, 2020