Fosterville South Exploration Ltd. (TSXV: FSX) reported this morning an update from the initial drilling being conducted at the Reedy Creek goldfield in Victoria, Australia. The company is currently doing the first modern exploration of the property.
The mining firm highlighted the assay from hole RWR13 intersecting 31.34 g/t gold over 11 metres, including 80.05 g/t gold over 4 metres. The drill hit reported comes from a zone in the property which has not been subject to historic drilling.
The result is part of the 25 drill-hole, 2,250-metre exploration program on the property focusing on two ridge targets with extensive geochemical anomalies established by Fosterville South fieldwork along with historic data and sampling results.
The company relayed that the property historically yielded 43,489 tons for 39,223 gold ounces at 26.8 g/t gold.
Fosterville South Exploration last traded at $0.95 on the TSX Venture.
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