Fosterville South Announces New Discovery at Golden Mountain and Drilling Results at Lauriston and Beechworth Projects

Rhea-AI Summary

Fosterville South Exploration Ltd. (TSXV: FSX) reported positive gold assay results from drill programs at Golden Mountain, Lauriston, and Beechworth Projects in Victoria, Australia. Key findings include:

• Golden Mountain: Significant mineralization near Cross Fault with intervals of 20m at 1.53 g/t Au and 2m at 7.05 g/t Au.
• Lauriston: Strong intercepts up to 13m at 1.02 g/t Au at Energetic and multiple good results at Comet.
• Beechworth: Initial drilling at Bon Accord showed 11m at 0.52 g/t Au.

These results suggest potential for further development in the region.

Positive

• Golden Mountain project confirmed significant mineralization with drill results of 20m at 1.53 g/t Au and 2m at 7.05 g/t Au.
• Discovery of a new gold zone, Vinegar Hill, showing drill intercepts of 6m @ 1.79 g/t Au.
• At Lauriston, good gold intercepts at shallow depths, including 13m at 1.02 g/t Au at the Energetic target.
• Beechworth project initial drilling shows potential with an intercept of 11m at 0.52 g/t Au.
• Overall, the drill results indicate the potential for further exploration and resource growth.

Negative

• None.

VANCOUVER, BC, July 29, 2021 /PRNewswire/ - Fosterville South Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) is pleased to report gold assay results from the ongoing drill programs at Golden Mountain, Lauriston and Beechworth Projects in Victoria, Australia.

Golden Mountain Project

Two reverse circulation holes confirmed significant mineralisation associated with the Cross Fault, located 100 metres west of the Golden Mountain deposit.  Gold intervals included 21GMRC006 that returned 20m at 1.53 g/t Au and 21GMRC001 that returned 2m at 7.05 g/t Au (see Table 1 below).

Another new zone of gold mineralisation has been discovered 200m south of Golden Mountain at a location named Vinegar Hill with drill intercepts including 6m @ 1.79 g/t Au from 25m from four drill holes (21GMRC02 to 21GMRC05).

Deeper diamond drilling at the Golden Mountain deposit resulted in continued long gold intervals including GMDH50 that returned 29.0m at 2.46 g/t Au and GMDH51 that returned 28.0m at 1.12 g/t Au (see Table 2 below).

Rex Motton, Chief Operating Officer and Director, "Drilling at the Golden Mountain Project continues to intersect strong gold grades over lengthy intervals.  With the new gold discovery on the Cross Fault being in close proximity to the main Golden Mountain deposit, we see further evidence as to the size potential of this project and have much to follow up on in the next phase of drilling as Golden Mountain continues to grow."

Lauriston Project

Drilling at the Comet, Energetic and Keath's Reward targets resulted in multiple good gold intercepts at shallow depths and will serve to guide further drilling including deeper holes in the next phase.

Reverse circulation drilling at the Energetic target encountered a wide zone of supergene gold mineralization up to approximately 10m thick which remains open to the east and along strike to the north and south.  Gold intervals included EN007 that returned 13m at 1.02 g/t Au and EN0014 that returned 9m at 1.44 g/t Au (see Table 3 below).

Multiple intervals at the Comet target encountered strong gold grades including CRC01 that returned 10m at 2.09 g/t Au and CRC04 that returned 14m at 1.19 g/t Au (see Table 3 below).

A diamond drill program will be planned to follow up on the results at Comet, Energetic and Keith Rewards target.

Beechworth Gold Project

Fosterville South has commenced its drill program at the Beechworth Gold Project.  Initial drilling at the Bon Accord prospect covered 200m of strike length in 4 sections of two drill holes each. The eight drill holes amounted to a 492m. The most significant result is the deeper drill hole BA08 which intersected 11m at 0.52 g/t Au immediately prior to entering an old stope (see Table 4 below).

Historic reports indicate that the old workings were mined to a depth of 120m by a central shaft. The mine has a recorded production of 7185 tons for 5378 ounces at 22.91 g/t Au.

A follow up drill program is planned to drill beneath the old stopes and along strike to holes BA07 and BA08, in search of extensions to the former high-grade mineralisation.

Moormbool Project

Fosterville South drilled a total of 29 holes totaling 1,452 m at the Gleeson Prospect located within the Moormbool Project.  The purpose of the drill program was to investigate the source of secondary gold mineralization by drilling angle holes through to the bedrock.  The results resulted in minor gold mineralization associated with the basement of an alluvial flood plain deposit (see Table 5 below). The source of this widespread shallow alluvial gold and arsenic mineralisation has not yet been established.

Drill Results and Intercepts:

Table 1.  (Drill Results and Intercepts – Golden Mountain)

HoleID	East	North	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Downhole Interval (m)	Horiz. Width (m)	Au g/t	Cut-off Au g/t
GMDH50	400338	5911945	270	-68	204.0	209.0	5.0	1.9	1.40	0.5
GMDH50					212.0	241.0	29.0	10.9	2.46	0.5
Includes					224.0	239.0	15.0	5.6	3.89	2.0
GMDH51	400329.6	5911958	300	-68	202.0	205.0	3.0	1.1	2.20	0.5
GMDH51					215.0	243.0	28.0	10.5	1.12	0.5
GMDH51					246.0	252.7	6.7	2.5	1.16	0.5
GMDH52	400163	5912023	110	-75	89.0	90.0	1.0	0.3	25.20	2.0
GMDH52					222.6	225.9	3.3	0.8	2.12	0.5
GMDH52					311.0	320.5	9.5	2.5	0.59	0.5
GMDH52					344.5	349.0	4.5	1.2	0.68	0.5
GMDH52					352.3	355.3	3.0	0.8	2.14	0.5
GMDH52					352.3	355.3	3.0	0.8	2.14	0.5

The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. Horizontal mineralised widths are shown to indicate widths for subvertical mineralisation at various strike orientations. Additional drilling is required to determine true widths as hole cuts across zone at an oblique angle and the effects of post mineral faulting may occur.  The assays are not capped.

Table 2.  (Drill Results and Intercepts – Vinegar Hill & Cross Fault)

Hole ID	East	North	Azim (deg)	Dip (deg)	From (m)	To (m)	Length (m)	Au g/t	Cutoff Aug g/t
21GMRC001	400177.69	5911882.06	180	-60	35	37	2	7.05	0.5
including					35	36	1	13.2	2.0
21GMRC002	400575.8	5911492.15	260	-60	25	31	6	1.79	0.5
21GMRC002					41	43	2	3.37	0.5
21GMRC004	400639.24	5911496.44	260	-50	31	33	2	2.51	0.5
21GMRC004					48	52	4	1.64	0.5
21GMRC006	400159.1	5911932.18	170	-60	28	31	3	0.9	0.5
21GMRC006					40	60	20	1.53	0.5
including					47	48	1	8.67	2.0
including					51	52	1	3.71	2.0
including					58	59	1	6.77	2.0

Drill holes 21GMRC003 and 21GMRC005 did not encounter any gold mineralization.  The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known.  The assays are not capped.

Table 3.  (Drill Results and Intercepts – Lauriston)

Prospect	Hole ID	East	North	Azim (deg)	Dip (deg)	From (m)	To (m)	Length (m)	Au g/t	Au Cut off
Comet	CRC01	263615	5850083	270	-60	64	74	10	2.09	0.3
	including					70	73	3	5.96	2
Comet	CRC01					88	102	14	0.5	0.3
Comet	CRC02	263582	5850169	90	-60	31	34	3	0.54	0.3
Comet	CRC03	263677	5850296	270	-60	109	110	1	1.23	0.3
Comet	CRC04	263683	5850348	270	-60	9	10	1	1.12	0.3
Comet	CRC04					105	119	14	1.19	0.3
Energetic	EN0002	266924	5877361	258.3	-60.4	17	28	11	0.63	0.3
Energetic	EN0003	266841	5877254	86.4	-61.2	75	76	1	1.12	0.3
Energetic	EN0004	266916	5877269	260.1	-61.3	49	54	5	0.6	0.3
Energetic	EN0004					59	63	4	0.56	0.3
Energetic	EN0007	266852	5877434	75.7	-60.9	44	57	13	1.02	0.3
	including					44	45	1	9.5	2
Energetic	EN0008	266840	5877600	77.4	-60.5	30	32	2	1.17	0.3
Energetic	EN0008					36	41	5	1.71	0.3
Energetic	EN0008					54	57	3	1.63	0.3
Energetic	EN0010	266860	5877508	78	-59	16	19	3	1.42	0.3
Energetic	EN0010					32	36	4	0.26	0.3
Energetic	EN0013	266906	5877452	257.3	-60.6	45	50	5	0.58	0.3
Energetic	EN0013					54	59	5	0.84	0.3
Energetic	EN0013					86	88	2	1.22	0.3
Energetic	EN0014	266901	5877354	263.1	-60	39	48	9	1.44	0.3
	including					39	40	1	5.35	2
Energetic	EN0014					56	59	3	0.67	0.3
Energetic	EN0016	266894	5877350	78.2	-60.2	19	31	12	0.76	0.3
Energetic	END003	266836	5877368	83.2	-70.6	145.55	146.85	1.3	1.41	0.3
Keath's Reward	KR03	267354	5884022	65.3	-61.1	13	14	1	4.55	2
Napier	NP0019	267587	5877762	79.1	-60.2	42	44	2	4.66	0.3
	including					43	44	1	8.35	2
Napier	NP0029	267600	5877935	77.9	-59.7	38	40	2	0.8	0.3
Tommy Dodd	TD0005	269664	5881697	84	-60.4	30	31	1	1.51	0.3
Tommy Dodd	TD0005					36	37	1	1.64	0.3
Tommy Dodd	TD0005					63	64	1	1.22	0.3
Wilcott's	WT0006	266433	5884218	274.5	-54.3	83	85	2	1.9	0.3
Federal North	WT0009	267095	5884303	162.3	-60.7	12	13	1	1.91	0.3
Federal North	WT0010	267093	5884304	187.7	-59.5	16	18	2	0.64	0.3

The following drill holes did not encounter significant gold mineralization: EN0001, EN0005, EN0009, EN0011, EN0012, EN0015, KR01, KR02, TD0001, TD0002, TD0003, TD004, WT0001, WT0002, WT0003, WT0004, WT0005, WT0007, WT0008.  The NP series were not drilled sequentially. The wider composite intercepts use a 0.3 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known.  The assays are not capped.

Table 4.  (Drill Results and Intercepts – Beechworth Gold Project)

Hole ID	East	North	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Downhole Interval (m)	Au g/t	Cut-off Au g/t
BA01	484839	5971116	258	-50	51	52	1	0.66	0.25
BA02	484839	5971116	258	-60	52	53	1	0.25	0.25
BA03	484788	5971040	84	-55	44	45	1	0.52	0.25
BA07	484827	5971153	259	-55	3	4	1	1.56	0.25
and					26	27	1	0.45	0.25
BA08	484833	5971148	259	-65	25	36	11	0.52	0.25

The following drill holes did not encounter significant gold mineralization: BA04, BA05, BA06.  The wider composite intercepts use a 0.25 g/t Au cut-off grade and carry a maximum 2m of internal waste. True widths are not known.  The assays are not capped.

Table 5.  (Drill Results and Intercepts – Moormbool Project)

Hole ID	East	North	Azimuth (deg.)	Dip (deg.)	From (m)	To (m)	Downhole Interval (m)	Au g/t	Cut-off Au g/t
MBD001	310078.9	5925557	176.5	-59.7	6	8	2	0.64	0.1
MBD006	310074.4	5925658	177.6	-60.4	8	9	1	0.27	0.1
MBD013	308649.2	5926481	40.1	-59.5	5	7	2	0.31	0.1
MBD020	310815.6	5925262	189.3	-59.6	6	8	2	0.28	0.1
MBD026	308683.7	5926525	221.4	-59.1	6	7	1	0.15	0.1

The following drill holes did not encounter significant gold mineralization: MBD002, MBD002, MBD004, MBD005, MBD007, MBD008, MBD009, MBD010, MBD011, MBD012, MBD014, MBD015, MBD016, MBD017, MBD018, MBD019, MBD021, MBD022, MBD023, MBD024 and MBD025.  The composite intercepts use a 0.1 g/t Au cut-off grade and carry a maximum 2m of internal waste. The assays are not capped.

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for diamond core type drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 50g charge and AAS finish. The quality control results are consistent.

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 Beechworth, which are also located in the state of Victoria, Australia. Moormbool project has epizonal style gold mineralisation and Beechworth 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.

On behalf of the Company
Rex Motton
Chief Operating Officer and Director

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fosterville South cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Fosterville South's limited operating history, its exploration and development activities on the Lauriston, Golden Mountain and Beechworth Properties and the need to comply with environmental and governmental regulations.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fosterville South does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Fosterville South Exploration Ltd.

FAQ

What are the recent drill results for Fosterville South Exploration Ltd. (FSXLF) projects?

Recent drill results from Fosterville South's Golden Mountain Project showed significant gold intervals, including 20m at 1.53 g/t Au, and new zones at Vinegar Hill with 6m @ 1.79 g/t Au.

How did the Lauriston Project perform in Fosterville South's recent drilling?

The Lauriston Project reported solid results with multiple gold intercepts, notably 13m at 1.02 g/t Au from the Energetic target, indicating strong mineralization.

What is the significance of Fosterville South's drilling at Beechworth?

Initial drilling at the Beechworth Gold Project revealed an intercept of 11m at 0.52 g/t Au, suggesting potential for further exploration beneath historic high-grade mineralization.