Fosterville South Exploration Ltd. (TSXV:FSX) has a property contiguous with Kirkland Lake Gold’s Fosterville gold mine in Australia
SmallCapPower | April 15, 2020: Fosterville South Exploration Ltd. (TSXV:FSX) shares surged in its Toronto Venture Exchange debut on April 14, 2020, closing up 170% to $1.08. The gold junior has a current market cap of $48.6 million.
Fosterville South Exploration owns three properties within the state of Victoria, Australia (Lauriston, Providence and Golden Mountain), which have had historical gold production from hard rock sources. The Company’s 1386 square km land package includes a large property immediately south of, and contiguous with, Kirkland Lake Gold’s Fosterville gold mine. Fosterville is the world’s highest grade and lowest cost gold mine, with AISC of US$315 per ounce in Q1 2019 and the mine has operated with a 34.3 grams per tonne (g/t) gold head grade over the past 12 months.
(Source: Company presentation)
Fosterville South has more than $6 million in cash in the bank, with an allocated budget of about C$2.1 million aimed at initial exploration of several prospects held within Fosterville South’s Lauriston tenement. Lauriston, contiguous to Kirkland Lake’s Fosterville tenements, has had historical hardrock production 233,215 ounce of gold at 20.7 g/t.
Fosterville South Exploration CEO Bryan Slusarchuk is the former President of gold producer K92 Mining and is also President and Director of Turmalina Metals Corp.
Eric Sprott owns 2.5 million shares of Fosterville South Exploration.
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(Source: Company presentation)
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