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Fosterville South reports assay results

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Global Mining Review,

Fosterville South Exploration Ltd has reported new high-grade and extensive gold assay results from the remaining portion of drill hole GMDH 36 at its Golden Mountain Project in Victoria, Australia, following up on initial results from GMDH 36 announced and described on 15 September 2020.

The new results include multiple intercepts of high-grade gold as well as intersecting more extensive gold mineralisation to the south west. A zone of visible gold was noted in the drill core and this high-grade gold zone is located further south than the previous high-grade drill intersections and south of the key east-west fault.

The new results from GMDH 36 include 28 m at 10.2 g/t Au (9.0 m true width), including 13 m at 17.5 g/t Au (4.2 m true width) and 11 m at 4.8 g/t Au (3.5 m true width).

Mineralisation is open at depth, open along strike and deeper drilling is currently ongoing.

Rex Motton, Chief Operating Officer and Director, stated: “Drilling at Golden Mountain continues to intersect high gold grades over lengthy intervals with excellent distribution of grade throughout the hole. These assay results continue to demonstrate the potential for grade, size and continuity. Drilling is ongoing and drill permits are being sought to further escalate and expand the drilling programme.”

At Golden Mountain, the geological interpretation of the central mineralisation as a north-south striking near vertical fault zone (N-S zone) is confirmed, with east-west faults and intrusive granitic dyke swarms (E-W zone) adding further zones of mineralisation. The east-west striking granitic dyke swarm (E-W zone) is located on or near the Strathbogie granite contact, with mapping and geochemical sampling indicating this zone is about 1 km in length. Within the central part of the N-S zone, a fault-controlled extension to the gold mineralisation in the south west (Southwest Fault) is now recognised, apart from the southern extension of the N-S zone as well. The intersection of the Southwest Fault with the main N-S zone causes a wide zone of fracturing and gold mineralisation. As part of this 3D structural interpretation process, all drill core is using oriented core techniques.

Hole GMDH 36 was designed to confirm the continuity of the mineralisation along strike as well as to establish various high-grade zones within the overall central N-S zone. The hole was drilled obliquely across the N-S zone and encountered multiple lengthy zones of gold mineralisation which supports the interpretation of the morphology of the mineralisation zones present.

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