Hits 11m at 31.34 g/t Au Including 4m At 80.05 g/t Au Within Providence Project
Fosterville South Exploration Ltd (TSXV: FSX) (OTCQX: FSXLF) has received high-grade gold assays from initial reconnaissance reverse circulation drilling at the Reedy Creek goldfield within the Providence Project in Victoria, Australia.
The RC drilling is testing a previously undrilled geochemical anomaly located within one of two ridge targets recently identified by the company.
Fosterville South is conducting the first modern exploration of the Reedy Creek Goldfield, which has included various geochemical sampling programmes in preparation of drilling that has now commenced. These assays reported today in Drill Hole RWR13 (11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold) are from an area of the goldfield that has been the subject of no historic drilling.
The gold mineralisation intersected in the drilling is present as a zone of significant quartz veining with fine grained disseminated stibnite and pyrite. The strike and dip of the mineralised intercept is not yet known, and further drilling is planned in the coming weeks.
The drill programme at Reedy Creek has been underway for the past three weeks and 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.
Chief Operating Officer and Director, Rex Motton, said the initial 25 drill-hole programme will total approximately 2,250m and is initially focussed on two ridge targets with extensive geochemical anomalies established by Fosterville South fieldwork together with associated various historic workings. In preparation of drilling, a sampling programme was completed, which returned multiple high-grade assay results.
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 tons for 39,223 ounces at 26.8 grams per tonne gold.
Chief Operating Officer and Director, Rex Motton, said
“To have a lengthy intercept of high-grade gold at the start of our first reconnaissance drill programme at the Reedy Creek goldfield is very exciting for our seasoned technical team,” Mr Motton said.
“As we see it, the Providence Project has excellent potential for various high-grade gold deposits. Our results from drilling into recently developed geochemical anomalies at Reedy Creek is excellent early evidence of the potential of the Providence Project.
“We look forward to further follow up drilling of these geochemical targets as well as of old gold workings present within the project in the coming months.”
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