Fosterville South reports Beechworth Gold Project assay results

Highlights

• 8.6 m at 5.22 g/t gold (Au) from 194.6 m, including 3.6 m at 10.72 g/t Au from 196.8 m, in diamond drill hole HBDH001.
• Rock chip assays from numerous gold prospects yielding gold grades including 38.7 g/t Au.
• Fosterville South now actively drilling at Reedy Creek (Providence Project), Enoch’s Point (Walhalla Gold Belt Project) and Homeward Bound (Beechworth Gold Project).

Fosterville South’s initial diamond drill hole, HBDH001, intersected 8.6 m at 5.22 g/t Au from 194.6 m, including 3.6 m at 10.72 g/t Au from 196.8 m at the Homeward Bound prospect located at Hillsborough within the Beechworth Gold Project.

Drill hole HBDH001 did not proceed below 203 m as it intersected old workings. As Fosterville South anticipated mineralisation below this point, a second diamond drill hole, HBDH002, commenced approximately 40 m below HBDH001. HBDH002 appears to have intersected two separate zones of intense silicification with significant arsenopyrite, similar to the gold mineralisation present in HBDH001. Assay results for HBDH002 are pending.

The Homeward Bound prospect is in the Hillsborough goldfield, which forms part of the Beechworth Gold Project, occurring in the Tabberabbera Zone on the eastern margin with the Omeo Zones of the Lachlan Fold Belt in Victoria. Several key gold prospects and associated fault structures have been identified within the Beechworth Gold Project based upon extensive geochemical sampling, geological and LiDAR mapping and limited previous drilling. These include various historical producing mines located within the Hurdle Flat goldfield (21 715 oz of production at 15.32 g/t Au) and Hillsborough goldfield (47 492 oz of production at 17.48 g/t Au). Mineralisation is typical of mesozonal orogenic gold deposits.

In preparation for drilling, Fosterville South carried out an extensive reconnaissance rock chip sampling programme covering the entire Beechworth Gold Project. The programme was a follow up on anomalies identified in the extensive rock and soil sampling program announced on 29 June 2021. The samples targeted quartz veining from outcrops, float and mine waste dumps on the Beechworth Gold Project.

Fosterville South is pleased to report that it is now concurrently carrying out drilling activities on three gold projects: Reedy Creek (Providence Project), Enoch’s Point (Walhalla Gold Belt Project) and Homeward Bound (Beechworth Gold Project).

At Reedy Creek (Providence Project), Fosterville South has commenced diamond drilling at the United Reef and, thereafter, will commence diamond drilling at the Prince of Wales Reef. These prospects contain significant old gold workings within extensive anomalous Au-Sb-As geochemical soil trends. After the initial drilling is completed at Prince of Wales Reef, Fosterville South will continue to focus on the discovery hole RWR13 (11 m at 31.34 g/t Au including 4 m at 80.05 g/t Au from 68 m) and the recently announced high-grade intercept from diamond drill hole RWD01 (0.7 m at 238.1 g/t Au from 68.70 m and 0.80 m at 22.5 g/t Au from 40.80 m). Detailed geological mapping and sampling is continuing in support of the drilling programme.

Diamond drilling has commenced at the Big River Au-Sb prospect in the Enoch’s Point area. The Big River Au-Sb Prospect is hosted by Siluro-Devonian folded and faulted sediments and occurs in close proximity to the Jerusalem Inlet Fault, which is part of the Enoch’s Point Thrust Fault Zone. This fault zone extends for approximately 85 km through much of the Fosterville South (45 km) tenure and beyond. The Big River prospect was worked in the 1960s for high grade stibnite concentrate from a single adit of 58 m in length working epizonal quartz veins. A soil geochemical program was conducted at the Big River Antimony Mine, which outlined an area of As-Sb pXRF soil anomalism covering strike length of 3.2 km and up to 600 m wide. Follow up gold assaying of the soil samples confirmed that the Big River prospect is Au-As-Sb anomalous especially within an 850 m by 450 m central anomaly, including the old workings, epizonal quartz veins and zones of sulphide mineralised felspar porphyry dykes. Initially two diamond drill holes across the anomalous zone are being conducted.

Reverse circulation drilling is ongoing at the Beechworth Gold Project, which has been initially focused on the Hillsborough Goldfield. Fosterville South recently obtained a new permit to add an additional 40 drill pads and will continue to actively drill over prospective gold geochemically anomalous zones. The new permit allows for scout drilling at various locations within the Stanley State Forest as a follow up to the soil and rock chip sampling at these various prospects.

Chief Operating Officer, Rex Motton, said: “With multiple drill permits in hand and significant fieldwork completed to vector in on key drilling targets, drilling is now ramping up on multiple high priority projects. Fosterville South is well financed and in a strong position to accelerate drilling and we look forward to increasing assay data flow from this work on site. ”

Read the article online at: https://www.globalminingreview.com/exploration-development/18102021/fosterville-south-reports-beechworth-gold-project-assay-results/