Star of Glen Highlights Victorian Project Potential
Fosterville South Exploration Ltd (TSXV:FSX) has announced high grade assays of up to 152g/t gold in rock chip samples at the Star of the Glen target on the Golden Mountain Project in Victoria, Australia.
Highlights:
- High-grade rock chip samples of up to 152 g/t Au at Star of the Glen
- Drill application for at least 900 metres at Star of the Glen prepared and being submitted
- Access is secured at Star of the Glen with a private landholder agreement in place
- Drilling ongoing at main target area at Golden Mountain
In 2019, Fosterville South carried out an initial sampling programme at Start of the Glen over 500m of strike with one result at 24.8 g/t Au from a waste dump. Now, follow up sampling has returned high grade assays of 152 g/t Au, 22.4 g/t Au and 15.2 g/t Au from laminated and brecciated quartz veined rocks. These samples also carried up to 0.6% Sb (antimony) confirming they are epizonal type mineralisation.
Landowner negotiations have been completed and an Access Agreement has been registered with the state government department Earth Resources & Regulations, thus allowing Fosterville South to apply for a drilling permit.
Fosterville South Chief Operating Officer, Rex Motton, states,
“Star of the Glen is an unexplored high-grade gold prospect, which is only four kilometres south east of our main prospect at Golden Mountain. Fosterville South will incorporate this newly proposed drill program into its current exploration operations.”
Drilling the main target area at Golden Mountain is ongoing and new permits were recently received to drill from multiple newly approved drill pad locations to target expansion of the mineralised zones, which remain open along strike and at depth.
Fosterville South has approximately C$28.5 million in cash, is drilling at Golden Mountain and is targeting to be drilling at the Lauriston Project soon.
Additionally, Fosterville South has set November 13th as a Meeting Date to approve the spin out of the Avoca and Timor projects, through which shareholders of Fosterville South will receive one share of Leviathan Gold for every share of Fosterville South.
Fosterville South currently has 12 different drill permits in progress spanning five separate projects, indicative of plans to accelerate and ramp up exploration drilling on multiple targets.
