Fosterville South announces new discovery at Golden Mountain

Golden Mountain Project

Two reverse circulation holes confirmed significant mineralisation associated with the Cross Fault, located 100 m west of the Golden Mountain deposit. Gold intervals included 21GMRC006 that returned 20 m at 1.53 g/t gold (Au) and 21GMRC001 that returned 2 m at 7.05 g/t Au.

Another new zone of gold mineralisation has been discovered 200 m south of Golden Mountain at a location named Vinegar Hill with drill intercepts including 6 m at 1.79 g/t Au from 25 m from four drill holes (21GMRC02 to 21GMRC05).

Deeper diamond drilling at the Golden Mountain deposit resulted in continued long gold intervals including GMDH50 that returned 29 m at 2.46 g/t Au and GMDH51 that returned 28 m at 1.12 g/t Au.

Rex Motton, Chief Operating Officer and Director, said: “Drilling at the Golden Mountain Project continues to intersect strong gold grades over lengthy intervals. With the new gold discovery on the Cross Fault being in close proximity to the main Golden Mountain deposit, we see further evidence as to the size potential of this project and have much to follow up on in the next phase of drilling as Golden Mountain continues to grow.”

Lauriston Project

Drilling at the Comet, Energetic and Keath’s Reward targets resulted in multiple good gold intercepts at shallow depths and will serve to guide further drilling including deeper holes in the next phase.

Reverse circulation drilling at the Energetic target encountered a wide zone of supergene gold mineralization up to approximately 10 m thick which remains open to the east and along strike to the north and south. Gold intervals included EN007 that returned 13 m at 1.02 g/t Au and EN0014 that returned 9 m at 1.44 g/t Au.

Multiple intervals at the Comet target encountered strong gold grades including CRC01 that returned 10 m at 2.09 g/t Au and CRC04 that returned 14 m at 1.19 g/t Au.

A diamond drill programme will be planned to follow up on the results at Comet, Energetic and Keith Rewards target.

Beechworth Gold Project

Fosterville South has commenced its drill programme at the Beechworth Gold Project. Initial drilling at the Bon Accord prospect covered 200 m of strike length in four sections of two drill holes each. The eight drill holes amounted to a 492 m. The most significant result is the deeper drill hole BA08 which intersected 11 m at 0.52 g/t Au immediately prior to entering an old stope.

Historic reports indicate that the old workings were mined to a depth of 120 m by a central shaft. The mine has a recorded production of 7185 t for 5378 oz at 22.91 g/t Au.

A follow up drill programme is planned to drill beneath the old stopes and along strike to holes BA07 and BA08, in search of extensions to the former high-grade mineralisation.

Moormbool Project

Fosterville South drilled a total of 29 holes totalling 1452 m at the Gleeson Prospect located within the Moormbool Project. The purpose of the drill program was to investigate the source of secondary gold mineralisation by drilling angle holes through to the bedrock. The results resulted in minor gold mineralisation associated with the basement of an alluvial flood plain deposit. The source of this widespread shallow alluvial gold and arsenic mineralisation has not yet been established.

Drill results and intercepts

Golden Mountain

The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2 m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. Horizontal mineralised widths are shown to indicate widths for subvertical mineralisation at various strike orientations. Additional drilling is required to determine true widths as hole cuts across zone at an oblique angle and the effects of post mineral faulting may occur. The assays are not capped.

Vinegar Hill and Cross Fault

Drill holes 21GMRC003 and 21GMRC005 did not encounter any gold mineralisation. The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2 m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known. The assays are not capped.

Lauriston

The following drill holes did not encounter significant gold mineralisation: EN0001, EN0005, EN0009, EN0011, EN0012, EN0015, KR01, KR02, TD0001, TD0002, TD0003, TD004, WT0001, WT0002, WT0003, WT0004, WT0005, WT0007, WT0008. The NP series were not drilled sequentially. The wider composite intercepts use a 0.3 g/t Au cut-off grade and carry a maximum 2 m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known. The assays are not capped.

Beechworth Gold Project

The following drill holes did not encounter significant gold mineralisation: BA04, BA05, BA06. The wider composite intercepts use a 0.25 g/t Au cut-off grade and carry a maximum 2 m of internal waste. True widths are not known. The assays are not capped.

Moormbool Project

The following drill holes did not encounter significant gold mineralisation: MBD002, MBD002, MBD004, MBD005, MBD007, MBD008, MBD009, MBD010, MBD011, MBD012, MBD014, MBD015, MBD016, MBD017, MBD018, MBD019, MBD021, MBD022, MBD023, MBD024 and MBD025. The composite intercepts use a 0.1 g/t Au cut-off grade and carry a maximum 2 m of internal waste. The assays are not capped.

Read the article online at: https://www.globalminingreview.com/exploration-development/30072021/fosterville-south-announces-new-discovery-at-golden-mountain/