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Fosterville South Reports 152 g/t Gold Assay From Star of Glen Sampling Program at Golden Mountain Project

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VANCOUVER, BC, Nov. 6, 2020 /PRNewswire/ - Fosterville South Exploration Ltd. ("Fosterville South" or the "Company", (TSXV: FSX) (OTC:FSXLF) (Germany: 4TU) is pleased to announce high grade assays of up to 152g/t gold in rock chip samples at the Star of the Glen target on the Golden Mountain Project, which is a target approximately 4km south east of where drilling is ongoing at the main target area on the project (see Table 1.0).

Highlights:

  • High-grade rock chip samples of up to 152 g/t Au 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 ongoing at main target area at Golden Mountain

In 2019, Fosterville South carried out an initial sampling program at Start of the Glen over 500m of strike with one result at 24.8 g/t Au from a waste dump. Now, follow up sampling has returned high grade assays of 152 g/t Au, 22.4 g/t Au and 15.2 g/t Au from laminated and brecciated quartz veined rocks. These samples also carried up to 0.6% Sb (antimony) confirming they are epizonal type mineralisation.

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, states, "Star of the Glen is an unexplored high-grade gold prospect, which is only four kilometres south east 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 ongoing and new permits were recently received to drill from multiple newly approved drill pad locations to target expansion of the mineralised zones, which remain open along strike and at depth.

Table 1.0 Summary of Rock Chip Samples

Sample

Sample Type

Description

Au g/t

UTM E

UTM N

Situation

SGR15

rock

Laminated ferruginous quartz

152.0

402,942

5,908,647

Trench mullock

SGR02

rock

Laminated ferruginous quartz

22.4

403,006

5,908,661

Shaft mullock

SGR14

rock

Brecciated ferruginous quartz

15.2

402,923

5,908,635

Trench mullock

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for reconnaissance rock chip sampling 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.

Other Projects

Fosterville South has approximately CAD $28.5 million in cash, is drilling at Golden Mountain and is targeting to be drilling at the Lauriston Project soon. Additionally, Fosterville South has set November 13th as a Meeting Date to approve the spin out of the Avoca and Timor projects (the "Leviathan Gold" transaction) through which shareholders of Fosterville South will receive one share of Leviathan Gold for every share of Fosterville South owed as at an Effective Date (the Effective Date is estimated to be 5 business days after the Meeting Date).

Fosterville South currently has 12 different drill permits in progress spanning 5 separate projects, indicative of plans to accelerate and ramp up exploration drilling on multiple targets.

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Rex Motton, P. Geo., COO and Director of Fosterville South; a qualified person as defined by NI 43-101. Historical records were verified by reviewing State of Victoria Mining Surveyors and Registrar's quarterly reports from 1860 to 1891 and annual reports issued thereafter.

On behalf of the Company
Bryan Slusarchuk
Chief Executive 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 proposed exploration and development activities on is Lauriston and Golden Mountain 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.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/fosterville-south-reports-152-gt-gold-assay-from-star-of-glen-sampling-program-at-golden-mountain-project-301167838.html

SOURCE Fosterville South Exploration Ltd.

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