Outback Granted Silver Spoon Exploration Licence Near Fosterville GOLD MINE (
OUTBACK GRANTED SILVER SPOON EXPLORATION
LICENCE NEAR FOSTERVILLE GOLD MINE
(
TSX.V: OZ | OTCQB: OZBKF | FSE: S600)
VANCOUVER, BC
,
May 30, 2023
/CNW/ -
Outback Goldfields Corp
. (the "
Company
" or "
Outback
") (TSXV: OZ)
(OTCQB: OZBKF) is pleased to announce that the Silver Spoon Exploration Licence (EL006951) has been granted near
the world-class
Fosterville
gold mine in central
Victoria, Australia
.
"We are very excited to finally have the highly prospective Silver Spoon Exploration Licence granted," commented
Chris
Donaldson
, CEO. "The initial premise for Outback Goldfields was to explore for the next high-grade Fosterville-style
gold deposit and there is no better place to explore than a project contiguous with Agnico Eagle's
Fosterville
tenements.
We will kickoff our preliminary exploration efforts at Silver Spoon in the coming months with the goal of advancing the
Crosbie target and defining additional drill targets."
Highlights
Strong land position between two high-grade gold mines:
Silver Spoon is contiguous with Agnico Eagle's
Fosterville
exploration licences to the west and only 10 km north of Mandalay Resources Costerfield mine.
Initial fieldwork planned at Silver Spoon:
Systematic geological mapping together with soil geochemical surveys
are being planned and will commence in the coming months.
Silver Spoon Project
The grant of the Silver Spoon Exploration Licence (EL006951) from the Victorian Government's Department of Earth
Resources regulation has now been finalized. All native title obligations applicable to the licence have been resolved with a
Land Use Activity agreement in place with the Taungurung Land and Waters Council Aboriginal Corporation (TLaWC).
The Silver Spoon tenement is contiguous with Agnico Eagle's
Fosterville
tenements and centered 20 km southeast of their
world class high-grade
Fosterville
gold mine (Figure 1).
Figure 1. Map of the Silver Spoon Exploration Licence showing the location of the Crosbie gold anomaly. Historic sample
data from Motton (2002). (CNW Group/Outback Goldfields Corp.)
The Silver Spoon project straddles a significant north-trending structural corridor, the Heathcote Fault zone, that separates
the Bendigo Zone to the west from the Melbourne Zone to the east (Figure 1). Deformed and faulted Ordovician turbidites
of the Bendigo Zone host high-grade quartz-reef hosted gold mineralization at the
Fosterville
gold mine, located 20 km
west of Silver Spoon.
Previous exploration at Silver Spoon was focused on the Crosbie target, located near a contact with the Devonian aged
Crosbie granite. The Crosbie granite is prospective for gold-antimony mineralization, a hallmark geochemical signature of
the nearby
Fosterville
gold mine. The Crosbie target is marked by an open-ended, 900 by 300 metre, gold-in-soil anomaly
with anomalous gold in rock-chip samples (Figure 1). Planning is underway to commence a systematic exploration
program consisting of property-wide soil and rock geochemical surveys over prospective areas as well as to verify and
expand on results from the Crosbie anomaly.
Yeungroon Exploration Update
The first batch of samples from the recently completed Yeungroon air-core drill program have been submitted to SGS labs
for fire assay gold analyses. More sample batches to be sent over the coming weeks.
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.
References
Motton, N.T., 2002, Final Report for the period ending 22/3/2002, Toolleen Project EL3616, Annual Reports,
https://gsv.vic.gov.au
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.
The data disclosed in this news release is related to historical exploration results. Outback has not undertaken any
independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in
order to verify the results. Outback considers these geochemical results relevant as the Company is using this data as a
guide to plan exploration programs. The Company's current and future exploration work includes verification of the
historical data through new sampling.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the
Silver Spoon project.
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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For further information:
Enquiries: Email: [email protected], Tel: +1.604.604.813.3931
CO: Outback Goldfields Corp.
CNW 08:00e 30-MAY-23