Fosterville South to drill from additional pads at Golden Mountain

15 October 2020 (Last Updated October 15th, 2020 12:19)

Gold miner Fosterville South Exploration has secured necessary permits to drill from another 15 drill pad locations at its Golden Mountain gold project located in Victoria, Australia.

Fosterville South to drill from additional pads at Golden Mountain
The newly issued permit will allow Fosterville to extensively drill test for mineralisation south of the key east-west fault. Credit: Peabody Energy, Inc.

Gold miner Fosterville South Exploration has secured necessary permits to drill from another 15 drill pad locations at its Golden Mountain gold project located in Victoria, Australia.

The newly issued permit will allow Fosterville to extensively drill test for mineralisation south of the key east-west fault and western extensions of the mineralised east-west fault.

It also allows the company to drill test for central part and western extensions to the northern E-W granite contact zone and the depth extensions of the main N-S zone.

Fosterville South chief operating officer and director Rex Motton said: “As described in our recent October 1, 2020 News Release, we have intersected a zone of high-grade mineralisation, with visible gold in the drill core, at a location further south than previous high-grade intersections and south of the key east-west fault.

“Assays were excellent from this hole which reported 28m at 10.2g/t Au (9.0m true width), including 13m at 17.5g/t Au (4.2m true width) and 11m at 4.8g/t Au (3.5m true width).

“The new permits received will allow us to extensively test this area and other key areas to our understanding of the mineralisation, which remains open at depth and open along strike.”

In May, Fosterville South Exploration expanded its portfolio of gold projects with the consolidation and acquisition of the 547km² Walhalla Belt Project in Victoria.

On 14 April, Fosterville South Exploration listed on the Canadian TSX Venture Exchange.