Fosterville South Expands Zone at Golden Mountain Project
Fosterville South Exploration Ltd has reported new gold assay results from the ongoing drill program at its Golden Mountain Project in Victoria in Australia.
Fosterville South Exploration Ltd has reported new gold assay results from the ongoing drill program at its Golden Mountain Project in Victoria in Australia. Multiple holes being reported today intersected long intervals of strong gold mineralisation, including GMDH 45 which returned 55.1 metres at 3.06 g/t Au, including 15.9 metres at 6.93 g/t Au in the deepest hole drilled to date in the N-S zone. Chief Operating Officer and Director Rex Motton stated "Drilling at Golden Mountain continues to intersect strong gold grades over lengthy intervals with excellent distribution of grade throughout the system. These assay results continue to demonstrate the potential for grade, size and continuity."
Fosterville South is awaiting assays on 11 additional holes drilled at Golden Mountain. Assays pending include four diamond drill holes from the southern part of the N-S zone and seven RC scout holes that were drilled at various extensional targets to the Golden Mountain mineralisation.
Fosterville South is well capitalized to fund its growing exploration platform in Victoria, Australia with a strong balance sheet and more than $30 million cash on hand. This will allow Fosterville South to fund a systematic approach to un-explored prior high-grade production at Lauriston, Providence, Beechworth, Moormbool and the Woods-Walhalla belt.
At Golden Mountain, the geological interpretation of the central mineralisation as a north-south striking near vertical fault zone (N-S zone) is confirmed, with east-west faults and intrusive granitic dyke swarms (E-W zone) adding further zones of mineralisation. The east-west striking granitic dyke swarm (E-W zone) is located on or near the Strathbogie granite contact, with mapping and geochemical sampling indicating this zone is about 1km in length. Within the central part of the N-S zone, a fault-controlled extension to the gold mineralisation in the south west (Southwest Fault) is now recognised, apart from the southern extension of the N-S zone as well. The intersection of the Southwest Fault with the main N-S zone causes a wide zone of fracturing and gold mineralisation. As part of this 3D structural interpretation process all drill core is using oriented core techniques.