Outback Completes Initial Phase of Exploration ON the Yeungroon GOLD Property
OUTBACK COMPLETES INITIAL PHASE OF
EXPLORATION ON THE YEUNGROON GOLD
PROPERTY
TSX.V: OZ OTCQB: OZBKF FSE: S600
VANCOUVER, BC
,
March 30, 2022
/CNW/ -
Outback Goldfields Corp
. (the "
Company
" or
"
Outback
") (TSXV: OZ) is pleased to provide an update on exploration activities at its Yeungroon
gold property located in central
Victoria, Australia
.
"We are pleased to report on our exploration progress so far at our highly-prospective Yeungroon
gold property,"
commented
Chris Donaldson
, CEO.
"We have recently finished the initial phase of
our systematic and property-wide, multi-rig drill program where our efforts were focused on
understanding the structural setting of gold mineralization peripheral to the Golden Jacket mine in
addition to identifying geochemical anomalies in new and un-explored greenfields areas. Data
analyses and interpretation are ongoing and will enable us to prioritize specific targets for the next
round of diamond drilling."
Highlights
Significant air-core drill program completed:
Over 9,300 meters in 590 holes were
completed across the property with two main objectives:
Expand the 600 meter long, open-ended, near-surface arsenic geochemical anomaly south
of the Golden Jacket mine to the north and northeast; and,
Test numerous priority geophysical targets on the western side of the property along trend
from the Moondyne prospect.
Yeungroon Drill Program
Shallow air-core holes were drilled on a grid pattern to the north and the northeast of the Golden
Jacket Mine and along linear roadside traverses, perpendicular to the regional structural setting,
covering the western side of the property (Figure 1). The highly portable air-core drill rig was used
to sample and map the top of bedrock below cover. The air-core drill program was designed to build
on encouraging results from a large grid-based, top of bedrock sampling rotary air-blast (RAB) drill
program, and a short diamond drill program (see
January 25
th
2022
news release). A footprint of
approximately 4.4 square kilometers was covered in the Golden Jacket Grid and 8.5 kilometers of
road-side traverse were covered on the western side of the property.
Drilling was first focused on testing the northwestern extent of the reef-hosted gold system along
strike from the Golden Jacket mine, as well as testing numerous geophysical targets to the
northeast and to the west of the mine along interpreted structural offsets. The Golden Jacket mine is
associated with the property-scale, northwest-trending Golden Jacket fault, which transects the
property for over 30 kilometres of strike length. Historical small-scale production from the Golden
Jacket mine was reportedly 1,400 ounces of gold at approximately 250 grams per tonne (Bibby and
Moore, 1998).
Map showing the areas of focus for Phase 1 drill program. Background is 1st vertical derivative
magnetics. Geochemical results are pending. (CNW Group/Outback Goldfields Corp.)
Rock-chip samples from the drilling are being analysed daily using a tailored portable Xray
fluorescence spectrometer (pXRF) workflow to measure elemental concentrations from prepared
sample mounts as well as QA/QC samples. The focus for these analyses is pathfinder element
geochemical concentrations (e.g., arsenic). Portable XRF analyses are ongoing and anomalous
samples will be sent to the lab for fire assay gold analyses and results will be reported once
received and compiled.
The relationship between gold mineralization and disseminated arsenopyrite and high-arsenic
contents in host rocks peripheral to gold-bearing quartz reefs is well established throughout the
Victorian Goldfields (e.g., Arne et al., 2008) and has been used to focus exploration and vector to
high-grade mineralization. Using the pXRF has allowed the technical team to streamline the analyses
and make informed exploration decisions in the field based on a key suite of pathfinder elements.
Yeungroon Project
The 698 km
2
Yeungroon property is transected by the north-trending, crustal-scale Avoca fault,
which separates the western Stawell zone from the Eastern Bendigo zone. The western side of the
Yeungroon property contains the historic Golden Jacket hard-rock reef mine associated with the
regional-scale, northwest-trending Golden Jacket fault. Historical mining records indicate the Golden
Jacket mine produced quartz-rich ore with grades of up to 250 grams per tonne gold (Bibby and
More, 1998), however, the vertical and lateral extent of mineralization remains unknown.
The eastern side of the project is underlain by Ordovician rocks of the Castlemaine group and
comprises the northern extent of the Wedderburn Goldfield, where numerous small-scale, historical
alluvial and hard-rock mines are located.
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 has commenced and is ongoing.
National Instrument 43-101 Disclosure
This news release has been approved by Mr.
Matthew Hernan
(FAusIMM, 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.
Some data disclosed in this news release relating to sampling and drilling results is historical in
nature. Neither the Company nor a qualified person has yet verified this data and therefore investors
should not place undue reliance on such data. In some cases, the data may be unverifiable due to
lack of drill core. Mineralization hosted on adjacent and/or nearby and/or geologically similar
properties is not necessarily indicative of mineralization hosted on the Company's property.
References
Arne, D.C., House, E., and Lisitsin, V., 2008, Lithogeochemical haloes surrounding central Victorian
gold deposits: Part 1 – Primary alteration, Geoscience Victoria Gold Undercover Report 4, 95 p.
Bibby, L.M., and Moore, D.H., 1998, Charlton 1:100,000 map area geological report, Geological
Survey of Victoria Report 116, 95 p.
Edwards, J., Moore, D.H., Lynn, S.F., and Bibby, L.M., 2001, Wedderburn 1:100,000 map area
geological report, Geological Survey of Victoria Report 122, 118 p.
About Outback Goldfields Corp.:
Outback Goldfields
Corp.
is a well financed exploration mining company that is actively exploring
its package of highly prospective gold projects located around the Fosterville Gold Mine in
Victoria
.
The goldfields of
Victoria
are home to some of the highest grade and lowest cost mining in the
world.
~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.
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CO: Outback Goldfields Corp.
CNW 07:30e 30-MAR-22