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Fosterville South reports high-grade gold assays

Published by , Editor
Global Mining Review,

Fosterville South Exploration has intersected wide intervals of high-grade gold in multiple drill holes during the initial phase of core drilling at its Golden Mountain Project in Victoria, Australia.

Based on the high-grade drilling results during this initial core drilling programme, the previous high-grade drill results reported by Fosterville South from near surface percussion drilling and regional groundwork, the company is also pleased to announce that it has staked (exploration tenement applications) an additional 404 km2 contiguous with and immediately to the east of the company’s Golden Mountain project tenements, as to cover off all of what the company believes is the geologically prospective ground in the immediate area.


  • Drill hole GMDH28 records 39.5 m at 7.25 g/t Au from 118.6 m including 10.6 m at 17.1 g/t Au from 137.85 m.
  • Drill hole GMDH26 records 5.8 m at 18.4 g/t Au from 91.8 m including 4.6 m at 22.68 g/t Au from 93 m.
  • In drill hole GMDH28, three occurrences of visible gold have been observed over a drill length of 12 m located on fractures and within quartz veins.
  • Drilling is ongoing with two diamond drills operating, targeting mineralisation that is open along strike and at depth.

The company is now preparing to accelerate the Golden Mountain drilling programme based on these high-grade gold results.

These high-grade core drilling assays follow previously reported high-grade assays from shallow, near surface percussion drilling conducted by Fosterville South, such as 6 m at 8.9 g/t Au within a total intercept of 22 m at 3.44 g/t Au in hole GMP 13 (from 60 m) and 4 m at 9.04 g/t Au within a total intercept of 28 m at 2.22 g/t Au in hole GMP 11 (from 36 m).

Fosterville South Chief Operating Officer, Rex Motton, stated: “Fosterville South has acquired a premier land package of approximately 3000 km2 in Victoria, and this is the result of a multi-year head start on the current land rush happening today. We are well funded and have now commenced exploration initiatives that will ramp up in the coming weeks. These initial high-grade gold assays from Golden Mountain are indicative of the quality of the properties within Fosterville South and we look forward to keeping investors up to date as we progress on the ground on all fronts.”

The geological interpretation of the central mineralisation as a north-south striking near vertical fault zone is proving especially useful in terms of drill hole targeting. All drill core is using oriented core techniques. In drill hole GMDH28, three occurrences of visible gold have been observed over a drill length of 12 m located on fractures and within quartz veins, which correlated well with the individual generally 1 m interval assay results.

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Australian mining news Gold mining news