Fosterville South Exploration Ltd. (“Fosterville South,” “FSX,” or
the “Company”) (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU0) is
pleased to announce the results of the annual general meeting of
the shareholders on August 8, 2023.
At the annual general meeting, shareholders
approved all motions put forth, including the re-election of Bryan
Slusarchuk, Neil (Rex) Motton, John Lewins, Charles Hethey, Liza
Gazis and Robert McMorran to the Board of Directors. The
shareholders also approved the appointment of BDO Canada LLP as the
auditors of the Company, the 10% rolling stock option plan and the
securities based compensation plan (the “SBC Plan”).
The SBC Plan’s purpose is to (i) provide the
Company with a mechanism to attract, retain, and motivate highly
qualified directors, officers, employees, and consultants; (ii)
align the interest of such directors, officers, employees, and
consultants with that of other shareholders of the Company; and
(iii) enable and encourage them to participate in the long-term
growth of the Company.
The SBC Plan permits the grant of Restricted
Share Units (as defined in the Equity Plan) and Deferred Share
Units (as defined in the SBC Plan) (Restricted Share Units and
Deferred Share Units collectively referred to as “Awards”). The
maximum number of Awards that may be granted under the SBC Plan is
fixed at 6,823,938. Further, the maximum number of shares for which
Awards and other share compensation issuable to: (i) any
participant shall not exceed 5% of the outstanding shares within
any one year period, (ii) a consultant shall not exceed 2% of the
outstanding shares within any one year period; and (ii) insiders as
a group shall not exceed 10% of the outstanding shares. No persons
providing investor relations activities may be granted Awards under
the SBC Plan. All Awards are subject to a mandatory one year
vesting requirement. Additional details of the SBC Plan are set
forth in the Company’s information circular dated July 7, 2023.
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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