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Fosterville South Acquires 119 SQ KM Adjoining Kirkland Lake Gold´s Fosterville Gold Mine Tenements

ID: 1561709
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(businesspress24) - Fosterville South Acquires 119 SQ KM Adjoining Kirkland Lake Gold´s Fosterville Gold Mine Tenements

This news release is not for distribution to U.S. newswire services for dissemination in the United States.

Vancouver, BC - October 22, 2020 - Fosterville South Exploration Ltd. (Fosterville South or the Company), (TSXV:FSX - WKN:A2P2JF - FWB:4TU) is pleased to announce that it has acquired the Baynton exploration license application (EL007504). The Baynton EL application covers an area of 119 square kilometres and adjoins the south eastern border of the Kirkland Lake, Fosterville Gold Mine tenements.

The new tenement is contiguous with the Kirkland Lake boundary for 28 kilometres and expands Fosterville Souths property to 43 kilometres of continuous boundary with Kirkland Lake at Fosterville.

Highlights:

· Fosterville South now holds one granted license south of the Fosterville Gold Mine and two exploration license applications to the south and south-east of the Fosterville Gold Mine.
· The Baynton ELA includes the southern extension of the Fosterville Fault and Meadow Valley Fault*, which are both highly prospective for gold mineralisation, as at Fosterville gold mine.
· Combined, Fosterville Souths Lauriston Project and this new Baynton Project total 719 square kilometres

*Fosterville Fault and Meadow Valley Fault as determined by the Geological Survey of Victoria and shown on the GeoVic government website.

Fosterville South Chief Operating Officer, Rex Motton, states, Fosterville South continues to focus on developing and exploring an incredibly exciting and prospective package of high-grade gold prospects in Victoria, Australia. Many of our projects remaining unexplored since high grade production in the early 1900s.

Fosterville South has approximately CAD $28.5 million cash on hand, is drilling at Golden Mountain, is targeting the near term start up of drilling at Lauriston and is advancing a spin out of the Avoca and Timor projects into a new entity, Leviathan Gold. Fosterville South shareholders will receive one share of Leviathan Gold for every share of Fosterville South that they own at an upcoming Effective Date.



Qualified Person

The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO and Director of Fosterville South, a qualified person as defined by NI 43-101.


On behalf of the Company:
Bryan Slusarchuk
Chief Executive Officer and Director

Contact:
Adam Ross, Investor Relations
Telephone: +1-604-229-9445
Toll Free: +1-833-923-3334
Email: info(at)fostervillesouth.com


About this press release:
In Germany this press release is brought to you by Rohstoffaktien.news - your German news platform for international commodity stocks. For more information visit https://akt.ie/ran-news


Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect managements current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fosterville South cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Fosterville Souths limited operating history, its proposed exploration and development activities on is Lauriston and Golden Mountain Properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fosterville South does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.




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Date: 10/23/2020 - 08:15
Language: English
News-ID 1561709
Character count: 4531
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Firma: Fosterville South Exploration Ltd.
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