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Fosterville South to drill from additional drill pads at Golden Mountain

Published by
Global Mining Review,


Fosterville South Exploration Ltd. announced that it has obtained the necessary government approvals to drill from an additional 15 drill pad locations at its Golden Mountain gold project located in Victoria, Australia.

Highlights

  • Multiple holes can be drilled from each of the newly approved drill pad locations within Exploration License EL006430.
  • This newly issued permit will allow the company to extensively drill test for:
  • Mineralisation south of the key east-west fault, within the main N-S zone, where multiple high-grade gold intercepts were recently reported by Fosterville South in the southernmost hole drilled to date.
  • Western extensions of the mineralised east-west fault.
  • Central part and western extensions to the northern E-W granite contact zone.
  • Depth extensions of the main N-S zone.

Fosterville South Chief Operating Officer and Director, Rex Motton, said: “As described in our recent 1 October 2020 news release, we have intersected a zone of high-grade mineralisation, with visible gold in the drill core, at a location further south than previous high-grade intersections and south of the key east-west fault. Assays were excellent from this hole which reported 28 m at 10.2 g/t Au (9 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). The new permits received will allow us to extensively test this area and other key areas to our understanding of the mineralisation, which remains open at depth and open along strike.”

The new permit was received under provisions of sub-section 44 (1) of the Mineral Resources (Sustainable Development) Act 1990, within Exploration Licence EL006430. The drill pad locations are all on old access tracks and comply with the low impact exploration category of exploration permitting so that no earthworks are required. A recent onsite meeting with Parks Victoria was held to approve the final stage.

Fosterville South is currently drilling at Golden Mountain and is targeting to start drilling soon at Lauriston. The spin out of the Avoca and Timor assets to Leviathan Gold is targeted for completion in the near term. Fosterville South has approximately CAN$28.3 million in cash on hand with no debt and is well positioned to accelerate on multiple projects.

Read the article online at: https://www.globalminingreview.com/exploration-development/15102020/fosterville-south-to-drill-from-additional-drill-pads-at-golden-mountain/

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Australian mining news Gold mining news