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Fosterville South Exploration (TSXV: FSX) reported on Monday that initial drilling at the Reedy Creek goldfield within the Providence project in Victoria, Australia, has returned high-grade assays of 11m at 31.34 g/t Au, including 4m at 80.05 g/t Au.
The discovery occurred during reconnaissance reverse circulation drilling of a previously undrilled geochemical anomaly located within one of two ridge targets recently identified by the company.
Fosterville South is currently conducting the first modern exploration of the Reedy Creek goldfield, which has included various geochemical sampling programs — and now drilling.
The drill program has been underway for the past three weeks and began after the team negotiated and then signed seven separate access agreements while garnering community support, the company said.
While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43,489 tonnes for 39,223 ounces
All this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place.
The initial 25 drill-hole program will total approximately 2,250m and is initially focused 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 program was completed, which returned multiple high-grade results.
The new high-grade assays are from an area of the goldfield that has been the subject of no historic drilling. The gold mineralization 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 mineralized intercept are not yet known, and further drilling is planned in the coming weeks, Fosterville said.
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 tonnes for 39,223 ounces at 26.8 g/t Au.
“To have a lengthy intercept of high-grade gold at the start of our first reconnaissance drill program at the Reedy Creek goldfield is very exciting for our seasoned technical team. As we see it, the Providence project has excellent potential for various high-grade gold deposits,” chief operating officer Rex Motton said in a news release.
Fosterville South’s stock surged by nearly 20% as of 1 p.m. ET following the latest assay results. The junior miner has a market capitalization of C$77.7 million.
