Outback Goldfields Ramps Up Exploration
Outback Goldfields Ramps Up Exploration
(CSE: OZ, OTCQB: OZBKF, FSE: S600)
VANCOUVER, BC
,
May 3, 2021
/CNW/ -
Outback Goldfields Corp
. (the "
Company
" or
"Outback") (CSE: OZ) (OTCQB: OZBKF) (FSE: S600) is pleased to provide an update on its
ongoing and expanding exploration activities in the heart of the prolific Victorian Goldfields.
"Over the last few months, we have assembled a top-notch exploration team on the ground,
established a Ballarat-based site office and are now efficiently exploring. The addition of extra drill
rigs will aid in our testing of drill targets and our ultimate goal of making the next world-class
discovery that the Victorian Goldfields are known for,"
commented
Chris Donaldson
, CEO.
Exploration updates:
Drilling at Glenfine:
An additional drill rig has been mobilised and drilling has commenced
Initial samples have been sent to the lab for analyses
Diamond drilling continues at the Reef 2 to Glenfine South target
Target generation at Yeungroon:
Remote sensing LiDAR survey over the Wedderburn target area is scheduled
Property-wide RAB exploration program slated to drill 400+ holes
Outback continues to systematically explore two of its four key projects. Phase 1 of the 2021
exploration program is focused on the Glenfine and Yeungroon projects (see Outback News
Releases dated
February 16
th
, 2021
and
March 2
nd
, 2021
). Exploration license applications for both
the Ballarat West and Silver Spoon tenements are well underway.
Exploration Summary:
Glenfine project -
The current exploration program at the Glenfine project is focused on targeting
high-grade, quartz reef-hosted gold mineralization. The first target area being tested is an
approximately 400 metre north-south trending corridor of prospective geology between- and along
strike- from the historic Glenfine South mine and the southern Reef 2 prospects (Figures 1 and 2).
Eight diamond drill holes have so far tested for mineralization continuity along this trend. Initial
samples have been sent to the lab for analyses.
Schematic long-section from the southern Reef 2 prospect to the northern Glenfine South mine
showing the priority target area. Map showing section line in Figure 2.
*Figures for illustrative
purposes only. (CNW Group/Outback Goldfields Corp.)
Figure 1: Schematic long-section from the southern Reef 2 prospect to the northern Glenfine South
mine showing the priority target area. Map showing section line in Figure 2. *Figures for
illustrative purposes only.
A second drill rig has been mobilised to site. The focus for this reverse circulation (RC) drill will be to
test for parallel structures in the Glenfine to Reef 2 corridor in a cost-effective manner.
Additional targets on the Glenfine project, such as British Banner, will be drill tested once land
access has been finalised and drilling along the Reef 2 to Glenfine South corridor is complete.
The Glenfine project is centered on a 30 km section of the north-trending, crustal-scale Avoca fault
which juxtaposes Cambrian rocks of the Stawell zone to the west with Ordovician rocks of the
Bendigo zone to the east. On the west side of the fault the property is underlain by a 20 km long by
~1 km wide, north-trending, Cambrian aged basalt dome termed the Glenfine Dome where widely
spaced historic drilling along its eastern and western margins have outlined numerous occurrences of
gold mineralization hosted near the basalt and meta-sediment contact. Previous exploration drilling
intersected numerous intervals of significant gold mineralization at both target areas, such as 3.8
metres of 9.0 grams per tonne (g/t) Au with 1.3 metres of 23.4 g/t Au in hole CCD01 at British
Banner and 3.8 metres of 5.7 g/t Au with 0.8 metres of 21.0 g/t Au in hole PFD031 at Glenfine (see
EL5344 2018 and EL5434 2016 Annual Reports*).
Map showing the main target areas at the Glenfine project. Note section line for Figure 1. (CNW
Group/Outback Goldfields Corp.)
Figure 2: Map showing the main target areas at the Glenfine project. Note section line for Figure 1.
Yeungroon Project -
The current exploration program at the Yeungroon project is focused on
understanding the structural setting and associated geochemical footprints of known mineralization
(e.g., Golden Jacket and Wedderburn targets) as well as defining additional high-grade, reef-hosted
targets along key faults. A geospatial services contractor has been engaged to complete a high-
resolution LiDAR (light detection and ranging) survey over the eastern side of the property including
the northern extent of the Wedderburn goldfield. Previous exploration in these areas by Petratherm
Pty. Ltd (ASX:PTR) identified numerous untested, north-trending arsenic-in-soil anomalies
considered prospective for reef-hosted gold mineralization (see Petratherm's announcement dated
March 27
, 2020). The LiDAR data will be used to identify all areas of historic disturbance potentially
related to surface mineralization and to provide robust topographic control for future modelling and
ground-based surveys. Data from the recently completed property-scale airborne geophysical
survey at Yeungroon (see Outback
news released dated
March 2
nd
, 2021
) has been received and is
being interpreted. Structural targets are currently being refined and prioritised.
Follow up plans to systematically investigate the geophysical targets are being finalised. Over 400
RAB (Rotary Air-blast) holes are proposed with an average depth of
10m
. These holes will test
prospective faults and structural intersections below widespread post-mineralization cover rocks.
Contracts and land access agreements for the program are being finalised.
The 698 km
2
Yeungroon project 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 project contains the historic Golden Jacket hard-rock reef mine associated with the
regional-scale, northwest-trending Golden Jacket fault. Historic mining records indicate the Golden
Jacket mine produced quartz-rich ore with grades of up to 250 grams per tonne gold (Vicmine report
ID 373410***); however, the vertical and lateral extent of mineralization has yet to be tested by
drilling.
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, historic
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.
References
*EL5344 Annual Exploration Report (
July 25
th
, 2018) and EL5434 Annual Exploration Report
(
October 28
th
, 2016);
http://gsv.vic.gov.au/
** VICMINE Report GSR-94 (Finlay and Douglas, 1992)
***
http://gsv.vic.gov.au/
Data Verification
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. The technical
information disclosed in this News Release has been reviewed and approved by
Christopher Leslie
,
P. Geo., a qualified person as defined by National Instrument 43-101.
About Outback Goldfields Corp.:
Outback Goldfields Corp.
is a well financed exploration mining company holding a package of four
highly prospective gold projects located proximate and adjacent to the Fosterville Gold Mine in
Victoria, Australia
. The initial Phase 1 exploration program is now underway on two of the four
company tenements. The Goldfields of
Victoria, Australia
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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For further information:
Investor Relations and Corporate Enquiries: Email:
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CO: Outback Goldfields Corp.
CNW 07:00e 03-MAY-21