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Fosterville South announces ongoing drilling at Reedy Creek Goldfield

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Global Mining Review,

Fosterville South Exploration Ltd has reported on ongoing drilling activities at the high-grade Reedy Creek goldfield within the Providence Project in Victoria, Australia.

The Reedy Creek goldfield occurs in the Melbourne Zone and has a history of gold production from epizonal quartz veins, despite no drilling within the central goldfield apart from two vertical drill holes completed in the mid 1890s. While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43 489 t for 39 223 oz at 26.8 g/t gold (Au).

The Fosterville South drill programme at Reedy Creek has been underway for the past 15 days and commenced after the team negotiated and then signed seven separate access agreements, while garnering strong community support for this exploration effort. All of this planned drilling is on private properties, which facilitates a streamlined drill programme process once agreements are in place, which have now been completed.

The initial 25 drill-hole programme will total approximately 2250 m and is initially focused on two ridge targets with extensive geochemical anomalies established by Fosterville South fieldwork together with associated various historic workings. In preparation of drilling, a sampling program has also been completed, which returned multiple high-grade assays from the laboratory this week, including 145 g/t Au, 112 g/t Au and 94 g/t Au.

Fosterville South CEO and Director, Bryan Slusarchuk, said: “The acceleration and ramping up of concurrent drilling on multiple Fosterville South projects has been predicated by a lot of fieldwork, access agreement negotiations, obtaining of permits, signing of drill contracts and building up logistical support. With these preparations in place due to the hard work of the team in Victoria, Fosterville South is well positioned to grow the current drill programme at various targets into an increasingly larger drill programme. This bodes well as we seek to unlock value within this premier 4000 km2 land package of tenement and tenement applications that have been assembled over a multi-year period. We have a very strong cash position, a multitude of outstanding targets, excellent shareholders, and a technical team with a track record of geological success. This combination puts us in a great position to execute our business plan.”

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