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Fosterville South commences drilling at Moormbool

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Global Mining Review,

Fosterville South Exploration Ltd has announced that it has commenced drilling at its Moormbool Project. The initial drill program plans to focus on the Staffordshire Flat Fault Zone, which is a regional structure masked by 10 m to 20 m of alluvial cover and with anomalous gold-arsenic in soil cover. It is a high priority magnetic and geochemical target. Further northwest along the same valley/structure were extensive alluvial workings overlying gold mineralised diorite dykes striking along the valley.

The Moormbool project area occurs east of Fosterville within the Melbourne Zone and is underlain by Siluro-Devonian rocks. It covers an area between the Redcastle and Graytown goldfields, within which occurs a southeast striking large regional fault. Due to pervasive shallow alluvial cover, the project area is largely unexplored. In close proximity to this regional structure and included within the project area is a magnetic anomaly interpreted to be a small intrusive plug or cupola.

Initial soil geochemistry exploration indicates that both the southeast striking fault zone and the intrusive zone are arsenic mineralised, and therefore potentially gold mineralised. The magnetic anomaly could be an intrusive related gold system similar to Mt Piper, near Broadford. Further northwest, along strike of the fault zone, within the Redcastle goldfield extensive alluvial and hard-rock gold mineralisation was mined historically.

Additionally, the company has reported that drilling continues at the Lauriston Project where assay results from multiple recently completed holes are pending and that drilling is targeted to commence during the next 30 days at the Golden Mountain Project while exploration work continues to define drill targets at the Enochs Point target within the Walhalla Gold Belt Project.

Soil and rock geochemical surveys, as well as mapping, are being carried out at the Reedy Creek goldfield to define drilling targets. The Reedy Creek goldfield forms part of the Providence Project in the Melbourne Zone of Central Victoria. Several targets have already been identified as a result of this work in a goldfield that has never been previously explored or drilled by modern techniques, which is well known for its high-grade historic gold production.

Fosterville South Exploration is very well funded to accelerate drilling and other exploration at multiple projects, within the company’s premier exploration land package acquired over a multi-year period in Victoria, Australia.

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