WDR Shareholders Overwhelmingly Approve Acquisition by FSX
31 Juli 2023 - 2:00PM
Fosterville South Exploration Ltd. ("Fosterville South,” “FSX,” or
the "Company") (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased
to announce that, further to its news releases dated April 19, 2023
and July 5, 2023, the shareholders of Wild Dog Resources Inc.
(“WDR”) have overwhelmingly approved the acquisition of the issued
and outstanding shares of WDR by FSX pursuant to the terms of the
definitive amalgamation agreement (the “Amalgamation Agreement”)
among, FSX, 15103452 Canada Inc., a wholly-owned subsidiary of FSX
(“FSX Sub”), and WDR (the “Acquisition”).
WDR and FSX continue to work towards closing the
Acquisition as soon as practicable. The Acquisition is subject to
the approval of the TSX Venture Exchange acceptance and the
satisfaction of other customary conditions.
About FSX
Fosterville South began with two, 100% owned,
high-grade gold projects called the Lauriston and Golden Mountain
Projects, and has since acquired a large area of granted and
application tenements containing further epizonal (low-temperature)
high-grade gold mineralisation called the Providence Project and a
large group of recently consolidated license tenement applications
called the Walhalla Belt Project, which contains a variety of
epizonal and intrusion related style gold mineralisation, all in
the state of Victoria, Australia. The Fosterville South
land package, assembled over a multi-year period, notably includes
a 600 sq. km property immediately to the south of and within the
same geological framework that hosts Agnico Eagle’s
Fosterville epizonal gold tenements. Additionally, Fosterville
South has gold-focused projects called the Moormbool and
Tallangallook, which are also located in the state
of Victoria, Australia. Moormbool project has epizonal
style gold mineralisation, and Tallangallook has mesozonal and
intrusion relation gold mineralisation.
All of FSX’s properties, with the possible
exception of Moormbool, have had historical gold production from
hard rock sources despite limited modern exploration and
drilling.
Recently, Fosterville South entered into an
agreement with WDR to acquire a significant 2,166 sq. km mineral
exploration land package in PNG (as described in the FSX News
Release dated July 5, 2023).
The land package included in the acquisition
comprises an EL and multiple ELAs. It includes both early-stage and
advanced-stage exploration targets with high-grade epithermal vein
and porphyry-style mineralisation present.
The Arau Project consists of one EL, EL 2651,
and one ELA, ELA 2715, located in the Kainantu region, and includes
the Mt. Victor Prospect, where previous drilling found multiple
phase intrusive complexes of copper and gold mineralisation.
The Wild Dog Project consists of two ELAs, ELA
2516 and ELA 2761, located on the island of New Britain and about
50 km southwest of Rabaul and Kokopo, PNG.
The Kesar Creek Project consists of one ELA (ELA
2711), and is located 10 km west of the Kainantu Gold Mine owned
and operated by K92 Mining Inc.
WDR has done significant work on various
projects in the past two years, generating multiple high priority
drill targets.
On behalf of FSXBryan SlusarchukChief Executive Officer and
Director
Forward-Looking Statements
Information set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance.
Fosterville South cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
many material factors, many of which are beyond their respective
control. Such factors include, among other things: risks and
uncertainties relating to Fosterville South's limited operating
history, its exploration and development activities on the
Lauriston, Golden Mountain, Providence and Beechworth Properties
and the need to comply with environmental and governmental
regulations. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the forward
looking information. Except as required under applicable securities
legislation, Fosterville South does not undertake to publicly
update or revise forward-looking information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information: Adam
Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833)
923-3334, Email: info@fostervillesouth.com
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