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PROVIDENCE PROJECT

Providence Project

Fosterville South holds one license and has applied for an additional exploration license, which combined cover 650km2, that it calls the Providence Project. The one license (EL007052) that has been granted covers the Reedy Creek goldfield and the Big Ben prospect area. Primary epizonal gold deposits are found throughout the Providence project.

Gold mineralization is hosted by Siluro-Devonian sediments as well as in association with dioritic and felsic dykes, either with quartz veins or with disseminated arsenopyrite – pyrite ± stibnite.

These primary gold deposits are structurally related to the Selwyn Block, within the Costerfield Domain and are associated with the Mid-Devonian Tabberabberan orogeny. A key feature of these deposits is that they have a characteristic metallogenic signature of Au-As-Sb mineralization, which act as a vector for finding the bonanza grade found at Fosterville.

The Providence property contains several recognized goldfields, including the Reedy Creek, Yea, Ghin Ghin and Alexandra gold fields, within which there are several high-grade historical gold producers:

The production noted above was obtained from State of Victoria Mining Surveyors and Registrar’s quarterly reports from 1864 to 1891 and annual reports issued thereafter. All of the production occurred within the Providence Property.

Within the Providence district, the Reedy Creek goldfield produced 63,558t for 48,944 oz Au at a grade of 23.6g/t Au which is 68% of the gold produced from the whole Kilmore Mining Division. Most of this goldfield lies within the Providence project. Other goldfields such as Sunday Creek, Yea and Ghin Ghin also contributed to the Division’s production. The Luckie Reefs at Alexandra is the largest producing prospect within the eastern part of the project. About 5km of strike of the Luckie Reefs corridor occurs within the project, including the main producing mines.

The Reedy Creek gold field occurs on a northwest striking corridor of which 16.5km occurs within Fosterville South’s tenement application. At the northwest end of this corridor BHP drilled an intrusion related gold and antimony mineralized breccia pipe known as Mt Piper. This prospect is excised from the tenement but illustrates the prospective nature of the corridor linking these two styles of mineralization.

The only significant drilling to have taken place within the project is from the Providence prospect at Yea and at various parts of the Ghin Ghin goldfield, which were undertaken by Perseverance Corporation Ltd in the 1990s in the search for shallow open pit oxide deposits. This area remains within the Exploration License that is under application.

Initial encouraging drilling results were achieved at both these prospect areas with:

􏰓 Ghin Ghin drilling yielding:

o GGRC03 drill hole 38m @ 1.2 g/t Auo GGRC07 drill hole 10m @ 2.9 g/t Au

􏰓 Providence drilling yielding:

o PP06 drill hole 8m @ 7.0 g/t Au from 34mo PP13 drill hole 20m @ 0.85 g/t Au from 4mo PP16 drill hole 2m @ 40.8 g/t Au from 48m

The drilling results noted above was obtained from reports filed by Perseverance Corporation Ltd. with the State of Victoria under exploration licenses that they held.

The company has been actively exploring in the Reedy Creek area with landowner access negotiations, soil and rock chip sampling of various prospects and properties. Drill targets are being developed and permits for drilling will be applied for.