Outback Commences Reconnaissance Drilling at Yeungroon
OUTBACK COMMENCES RECONNAISSANCE
DRILLING AT YEUNGROON
VANCOUVER, BC
,
March 29, 2023
/CNW/ -
Outback Goldfields Corp
. (the "
Company
" or
"
Outback
") (TSXV: OZ) (OTCQB: OZBKF) is pleased to announce the commencement of
reconnaissance-style drilling across the highly prospective O'Connors target at its Yeungroon gold
project, in the Victorian gold fields of
Australia
.
"
We are excited to kick-off this drill program at Yeungroon. The overarching goal for this phase of
drilling is to expand on our highly encouraging geochemical results from our first phase of drilling
across the recently identified O'Connor's target
," commented
Chris Donaldson
, President & CEO.
"
Drilling will cover an interpreted strike-length of over 3 kilometers and should form the basis for
additional drilling, which may include deep diamond drilling. The portable air-core rig together with
almost real-time geochemical results will allow us to get to that decision point relatively soon
."
Yeungroon Exploration
Drilling at Yeungroon is focused on the western side of the project across the newly identified,
northerly trending O'Connor's structural corridor that is spatially coincident with an open-ended, high-
arsenic geochemical anomaly (see Company news release dated
October 19
th
, 2022). Arsenic
(e.g., 10-100 ppm) is a proven pathfinder for gold mineralization in the Victorian gold fields and can
also form broad zones of elevated values peripheral to gold-bearing quartz-reefs.
A highly-portable, truck-mounted air-core drill rig is being used to map and sample the top of
bedrock below clay-rich and geochemically leached red soil cover. Over 120 holes are planned
across three east-west lines with an average depth of 15 metres. Holes will be spaced 100 metres
apart testing a north-south extent of over 3.0 kilometres. Rock-chip samples from the air-core drill
rig will be analysed daily with a pXRF (portable Xray fluorescence) instrument to provide close to
real-time geochemical data focused on arsenic contents. Based on these results, numerous deeper
holes are anticipated, targeting any anomalies identified. Selected drill samples from the program
will be submitted to a lab for multi-element geochemical analyses including fire-assays for gold.
The reconnaissance-style drill program has two primary objectives:
1. Test the potential of the O'Connors anomaly along strike for over 3 kilometers. The anomaly is
spatially coincident with a series of interpreted north-south trending faults, evident in aeromagnetic
geophysical data, interpreted to be associated with the district-scale O'Connors fault zone (Figure
1). These magnetic lineaments are interpreted to be prospective fault zones that may host gold-
bearing quartz-reefs.
Planned Air Core drilling aims to test for extensions of the O'Connors anomaly, which is currently
open along strike to north and South. The northern extent of the Moondyne mineralized trend will
also be tested. Note the position of the A to B cross-section in Figure 2. (CNW Group/Outback
Goldfields Corp.)
2. Test beneath the O'Connors geochemical anomaly to investigate the association of near-surface
high-arsenic geochemistry with quartz reef-hosted gold mineralization at depth (Figure 2).
Cross section looking north showing targeted reef structures. Note, these structures are conceptual
in nature. Previous drill holes only reached depths of 15m below surface successfully identifying the
strong arsenic anomalies at the O’Connors Target zone but were not extended to sufficient depths to
test for potential gold bearing reefs. Deeper holes are anticipated for this phase of drilling. (CNW
Group/Outback Goldfields Corp.)
Community Engagement
Outback recognises the importance of open and honest community engagement in all our exploration
activities. We approach all our exploration activities in a sustainable manner and ensure our activities
comply with the Victorian Code of Practice for Mineral Exploration. As such, community consultation
with local landowners is ongoing.
National Instrument 43-101 Disclosure
This news release has been approved by Mr.
Matthew Hernan
(FAusIMM(CP), MAIG) an
independent consultant and "Qualified Person" as defined in National Instrument 43-101,
Standards
of Disclosure for Mineral Projects
of the Canadian Securities Administrators.
About Outback Goldfields Corp.:
Outback Goldfields
Corp.
is actively exploring its package of highly prospective gold projects
located in the historic Victoria Goldfields of
Australia
. The goldfields of
Victoria
are home to some of
the highest grade and lowest cost mining in the world, including the Fosterville Gold Mine in
Victoria
~signed
Chris Donaldson
, CEO and Director
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "forward-looking statements" and "forward-looking information"
under applicable Canadian securities legislation that are not historical facts. Forward-looking
statements involve risks, uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements in this news release include, but are
not limited to, statements with respect to: the Company's business and prospects; the Company's
objectives, goals or future plans; resumption of trading in the Company's common shares; and the
business, operations, management and capitalization of the Company. Forward-looking statements
are necessarily based on a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties and other factors which may
cause actual results and future events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not limited to: general business, economic
and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political
and competitive developments; delay or failure to receive board, shareholder or regulatory
approvals; those additional risks set out in the Company's public documents filed on SEDAR at
www.sedar.com
; and other matters discussed in this news release. Accordingly, the forward-looking
statements discussed in this release, including the resumption of trading, may not occur and could
differ materially as a result of these known and unknown risk factors and uncertainties affecting the
companies. Although the Company believes that the assumptions and factors used in preparing the
forward-looking statements are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all. Except where required by law, the
Company disclaims any intention or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events, or otherwise.
SOURCE
Outback Goldfields Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2023/29/c7776.html
%SEDAR: 00045705E
For further information:
Enquiries: Email: [email protected], Tel:
+1.604.813.3931
CO: Outback Goldfields Corp.
CNW 08:00e 29-MAR-23