The Baynton ELA includes the southern extension of the Fosterville Fault and Meadow Valley Fault, which are both highly prospective for gold mineralisation
Fosterville South Exploration Ltd. (“Fosterville South” or the “Company”) (TSX Venture: FSX) (OTC Markets: FSXLF) (Germany: 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 South’s property to 43 kilometres of continuous boundary with Kirkland Lake at Fosterville.
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 1900’s.”
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.
Source: Company Press Release