DGAP-News: Fosterville South Exploration Ltd. / Key word(s): Drilling Result/Miscellaneous
Fosterville South Receives Permitting for 15 Additional Drill Pads at Golden Mountain
- Multiple holes can be drilled from each of the newly approved drill pad locations within Exploration License EL006430
- This newly issued permit will allow the company to extensively drill test for:
- mineralisation south of the key east-west fault, within the main N-S zone, where multiple high-grade gold intercepts were recently reported by Fosterville South in the southernmost hole drilled to date
- western extensions of the mineralised east-west fault
- central part & western extensions to the northern E-W granite contact zone
- and the depth extensions of the main N-S zone
Figure 1 Location map of new drill sites
Fosterville South is currently drilling at Golden Mountain and is targeting to start drilling soon at Lauriston. As recently provided in an update (see Fosterville South News Release dated October 13, 2020), the spin out of the Avoca and Timor assets to Leviathan Gold is targeted for completion in the near term. Fosterville South has approximately CAD $28.3 million in cash on hand with no debt and is well positioned to accelerate on multiple projects.
About Fosterville South Exploration Ltd.
Six of Fosterville South's properties (Lauriston, Providence, Golden Mountain, Timor, Avoca and Walhalla Belt) have had historical gold production from hard rock sources despite limited modern exploration and drilling.
14.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.