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Fosterville South Acquires Beechworth Gold Project
Monday 10 August 2020

Canada-based miner Fosterville South Exploration Ltd (TSX Venture: FSX) (OTC Markets: FSXLF) (Germany: 4TU) has expanded its portfolio of gold projects with the acquisition of the 36km2 square kilometre Beechworth Gold Project in Victoria, Australia held within EL4697 and RLA006013 by Northern Mine Ventures P/L, the company said.

between the company and Northern Mine Ventures Pty Ltd.

Under the terms of the agreement, the company paid AUD USD50,000 to NMV and agreed to pay an additional AUD 250,000 on the date that the granted Exploration Licence is converted to a Retention Licence. The company also agreed to incur AUD 130,000 in exploration expenditures on the project within 90 days.

The company granted a 2.5% NSR to NMV, which may be repurchased with a one-time payment of AUD 2m.

Fosterville South now has a total of 3,708 square kilometres of granted exploration tenements and applications which have been assembled over a multi-year period.

The Beechworth Gold Project provides a drill ready high-grade gold project northeast of the company's Tallangalook Project, in north-eastern Victoria.

The Beechworth Project consists of one granted Exploration Licence and one Retention Licence application covering the same area and totalling 36 km2. Most prospects were mined in the mid to late 19th and early 20th centuries.

The historical mines are fault related with a few large scale regional primary fault structures generating these sub-order fault systems. The gold mineralization is potentially enhanced by the intrusion of nearby granites.

The Hurdle Flat, Hillsborough, Bowman's Forest and Happy Valley goldfields have all developed along the flanks of the various intrusive granitic rocks. Some historic mines include high-grade open cuts such as at the Taff, Homeward Bound, Wallaby, Kingston, Bon Accord and Bangor Reefs.

These larger scale prospects offer significant scope for high grade gold mines as ore shoots on pipe like bodies tens of meters wide. The Wallaby mine has broad zones of mineralization surrounding the existing open pit with channel sampling and minimal drilling by Freeport and Intrepid Resources, respectively.
Date Published: 10/08/2020