Fosterville South Exploration Ltd has provided an update on its initial drilling at the Reedy Creek goldfield within the Providence project in Victoria, Australia, that returned high-grade gold assays during reconnaissance reverse circulation drilling of a previously undrilled geochemical anomaly located within one of two ridge targets recently identified by the company.
Fosterville South has now signed a drill contract with the operator of a diamond drill rig to commence core drilling in the vicinity of this RWR13 discovery hole. This drill rig was recently mobilised to site and has commenced drilling.
Fosterville South is conducting the first modern exploration of the Reedy Creek Goldfield, which included various geochemical sampling programs in preparation of drilling that has now commenced. The high-grade assays, previously reported by Fosterville South, in drill hole RWR13 (11 m at 31.34 g/t gold [Au] including 4 m at 80.05 g/t Au) are from an area of the goldfield that has been the subject of no historic drilling and no mining. The gold mineralisation intersected in the drilling is present as a zone of significant quartz veining with fine grained disseminated stibnite and pyrite.
The 11 m intercept uses a 0.5 g/t Au cut-off grade and carry a maximum two m of internal waste, while the higher-grade included intercept of four m uses a 40 g/t Au cut-off grade and no internal waste parameter (see news release dated 9 August 2021). True widths are not known and the intersected mineralisation has no apparent outcrop. Additional drilling is required to determine true widths. The assays are not capped. Co-ordinates are Australian projection MGA94 zone 55.
The Fosterville South drill programme at Reedy Creek commenced after the team negotiated and then signed seven separate access agreements, while garnering strong community support for this exploration effort. All this planned drilling is on private properties, which facilitates a streamlined drill programme process once agreements are in place.
The Reedy Creek goldfield, which forms part of the Providence project, 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.
Read the article online at: https://www.globalminingreview.com/exploration-development/28092021/fosterville-south-exploration-commences-drilling-at-reedy-creek/
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