OZ.V · 2022-10-19 12:00:00

Outback Provides Results from Its Property-Wide AIR-Core Drill Program at the Yeungroon GOLD Project, Victoria, Australia

Drill Results

OUTBACK PROVIDES RESULTS FROM ITS

PROPERTY-WIDE AIR-CORE DRILL

PROGRAM AT THE YEUNGROON GOLD

PROJECT, VICTORIA, AUSTRALIA

VANCOUVER, BC

Oct. 19, 2022

/CNW/ -

Outback Goldfields Corp

. (the "

Company

" or

Outback

") (TSXV: OZ) (OTCQB: OZBKF) is pleased to provide results from its reconnaissance-

style air-core drill program at its Yeungroon gold project ("

Yeungroon

" or the "

Project

"), central

Victoria, Australia

Highlights

Defined multiple broad corridors of elevated arsenic across the tenement

Numerous north-west trending zones of strong arsenic anomalism from top-of-bedrock

samples parallel to the Golden Jacket corridor have been defined northeast of the Golden

Jacket mine.

A strongly anomalous and open zone of high-arsenic, locally coincident with prominent

north-trending structural features, has been defined north of the unexplored Moondyne

target area.

Arsenic is a well established pathfinder element for high-grade gold mineralization across

the Victorian Goldfields.

Strongly anomalous gold values returned from multiple top-of-bed rock samples:

Anomalous gold results from air-core holes collared over 800 metres along trend to the

south of historical Golden Jacket mine suggest significant potential of the structure along

strike.

A broad zone of anomalous gold and arsenic from top-of-bedrock samples located over 1.4

kilometres north-east of the Golden Jacket mine define a new high-priority target area that

is open for expansion.

Deeper diamond drilling at both target areas is warranted to test for high-grade, structurally

controlled quartz reefs associated with the anomalous top-of-bedrock air-core samples.

"We are excited to update our shareholders on our exploration progress so far at our highly

prospective Yeungroon gold project,"

commented

Chris Donaldson

, CEO

. "The results of our multi-

rig drill program to date suggest that the historical Golden Jacket and Moondyne workings are not

isolated targets but appear to be part of a much larger gold system. Anomalous gold assays have

been identified for up to 800 metres south along strike of the Golden Jacket mine, and a new zone

of gold mineralization was discovered 1.5 kilometres to the northeast of the mine. More significant

is the identification of a new target zone on the western side of the tenement, near the Moondyne

reef-hosted gold target.

Although our current exploration focus is at our Ballarat West project, we will continue to evaluate

the new targets at Yeungroon and will plan additional exploration in the areas northeast of Golden

Jacket and near Moondyne. Our systematic and methodical approach to grassroots exploration

across the Victorian Goldfields is proving effective as we have now defined multiple new and

significant drill targets in areas that were previously unexplored."

Program Overview

The drill program comprised 968 metres of diamond drilling, 3,616 metres of RAB and 9,403 metres

of air-core drilling (see

March 30, 2022

news release). The focus of the composite drill program was

to investigate the structural setting and the dip- and strike-extent of reef-hosted gold mineralization

at the Golden Jacket mine as well as to map and sample the top-of-bedrock below shallow cover

across prospective trends and interpreted structural offsets identified in geophysical data from the

Golden Jacket and Moondyne target areas.

The highly portable air-core drill rig was used to sample and map the top of bedrock below cover. A

footprint of approximately 4.4 square kilometres was covered in the Golden Jacket grid and 8.5

kilometres of 100 metre spaced holes along road-side traverses were covered on the western side

of the property near the Moondyne target. Drill cuttings were analysed using a portable Xray

fluorescence spectrometer (pXRF). The focus for these analyses were pathfinder element

geochemical concentrations (e.g., arsenic). 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. Selected samples with anomalous

pathfinder elements were sent to the Gekko Assay laboratory for fire assay gold analyses. Samples

from 95 of the 591 air-core holes have been analysed for gold so far.

Based on results from this reconnaissance-style air-core drill program, multiple new drill targets have

been defined. The preliminary pXRF and gold fire assay results support the high-prospectivity of the

Yuengroon project. The Company is planning additional sampling and follow-up drilling to fully

investigate the gold mineralization potential of the Golden Jacket, Moondyne and O'Connors targets.

Golden Jacket Drilling Results

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 More, 1998). Shallow air-core holes were drilled on a grid pattern

around the Golden Jacket Mine to explore for potential extensions and parallel zones of reef-hosted

gold mineralization.

The combined drilling program has defined possible extensions to mineralization along strike to the

south for up to 800 metres from the high-grade quartz reefs historically mined in the Golden Jacket

Mine (Figure 1). Anomalous gold values were from near top-of-bedrock chip samples that also

contained highly anomalous arsenic contents. This significant strike-length of gold and arsenic

anomalism represents a priority target area for deeper diamond drilling.

A new broad zone of gold mineralization was discovered approximately 1.5 kilometres to the

northeast of the Golden Jacket mine in an area that was previously undrilled and unexplored.

Samples were submitted to the lab for gold assay based on highly anomalous arsenic contents. This

area warrants additional drilling aimed at investigating possible structural controls to local gold

mineralization as well as expanding the grid to the north where the high-arsenic trends are open

(Figure 1).

Drill intercepts from the air-core program to date is given in Table 1.

Figure 1 - Overview of drill results to date at the Golden Jacket project. Golden Jacket Mine

production from Bibby and More (1998) (CNW Group/Outback Goldfields Corp.)

Western Roadside Drilling Results

A series of roadside air-core drill hole traverses were completed on the western side of Yeungroon

to map and sample the top of bedrock along strike from the historic Moondyne gold workings as well

as across numerous project-scale, north-trending, structural corridors defined in geophysical data

(Figure 2). A summary of results from the western roadside drilling campaign is shown in Figure 2.

Figure 2 – Arsenic pXRF results of roadside air-core drilling in the western portion of the Yeungroon

tenement. The newly identified “O’Connors zone” Target is highlighted by the white dashed line, with

the Moondyne trend highlighted by the red dashed line. (CNW Group/Outback Goldfields Corp.)

The western roadside drilling program returned highly anomalous arsenic contents from zones along

trend from the Moondyne workings. These results suggest that the structural zone host to

mineralized quartz-reefs at Moondyne may extend for over 2 kilometres to the north.

A new target, O'Connors zone, has been identified between two splay faults off the project-scale

O'Connors fault (Figure 2). Air-core chip samples from across this structurally complex zone

returned highly anomalous arsenic contents covering a 1 kilometer east-west oriented transect. This

zone is within a broadly north-south trending structural corridor approximately 9 kilometres long

(Figure 2 and 3). Drill chips from this zone were also submitted for fire assay gold analysis. No

significant results were returned from this first batch of samples; however, most of the holes were

drilled to maximum depth of 15 metres on widely spaced 100 meter centres therefore the results

were not unexpected.

The relatively high-arsenic contents together with the broad, km-scale target footprint makes the

O'Connors zone a priority area for follow-up soil sampling, additional grid-based air-core drilling and

possible deeper diamond drilling.

Figure 3 - Peak arsenic grades in air core drill chip samples demonstrate a strong zone of arsenic

between splay faults off O'Connors Fault. (CNW Group/Outback Goldfields Corp.)

Table 1. Summary of Significant Intercepts from the Yeungroon air-core drill program.

HoleID

Depth From

(m)

Depth To

(m)

Interval

(m)

Gold Grade

(g/t)

OGR1284

1.87

and

2.81

OGR0013

1.5

and

0.23

OGR0403

0.53

OGR0403_B

0.12

OGR0381

0.42

OGR0235

0.3

and

0.45

OGR0786

0.42

OGR1031

0.22

OGR0233

0.2

OGR1287

0.16

OGR1036

0.12

OGR1245

0.12

OGR1247

0.12

OGR0793

0.11

True widths have not been estimated as structural measurements are unable to be determined from air-core drill holes. A full list

of drillholes with samples selected and sent for fire assay is given in Table 2.

Yeungroon Project

The 698 km

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 Project

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.

Data Collection, Verification and QA/QC

Air core samples were collected in 1 metre intervals down hole from surface to end of hole for all

holes drilled. A representative sample of each 1 metre interval was collected in chip trays as drilling

was undertaken, as well as a larger sample (nominally 1.5kg) which was retained for additional

testing where required. Basic chip logging was carried out in the field by Company geologists. This

included sample lithologies, colour, quartz veining and mineral observations, and was completed

concurrent with sampling. All samples were transported from the drill site to the Company's

exploration office in Ballarat by Outback staff.

Preliminary analysis of the samples collected in chip trays was carried out using an Olympus Vanta

portable XRF. Analysis was carried out in "Geochem mode" running two beams for a total of 30

seconds each. Based on the results of the preliminary XRF Geochemical analysis, a number of the

larger 1.5 kg samples were submitted to the Gekko Assay Laboratory in Ballarat to be analysed for

gold using fire assay analysis. Entire samples were pulverised using an LM5 pulveriser ensuring that

90% of the sample was ground to less than 75 μm before 30g subset was taken for fire assay

analysis.

For both portable XRF analysis and Fire Assay analysis, QA/QC protocols involved the insertion of

Certified Reference materials and blanks at a minimum rate of 1 for every 50 samples tested.

Reference material was routinely tested with the portable XRF for arsenic concentrations and the

results were deemed acceptable for the scope of the exploration program and specifically identifying

anomalous results above background levels. Fire assay analyses of Certified Reference materials

for and blanks returned results within acceptable tolerances.

The Qualified Person has supervised all stages of the exploration program relevant to this news

release. This includes regular visits to the drill site to supervise, drilling, logging and sample

collection practices. The qualified person also supervised the analysis of Samples using the portable

XRF and performed a number of impromptu laboratory audits at the Gekko Assay laboratory.

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

Bibby, L.M., and Moore, D.H., 1998, Charlton 1:100,000 map area geological report, Geological

Survey of Victoria Report 116, 95 p.

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.

Table 2. Table of collar and assay information for 95 drillholes submitted for fire assay gold

analyses. Collar information for all holes is posted on the Company's website. Coordinates GDA94

Z54

HoleID

Easting

Northing

Dip

Azimuth

Depth

From (m)

Depth To

(m)

Interval

(m)

Gold

Grade (g/t)

Target Zone

OGR1284

716,544

5,976,232

-60

1.87

Golden Jacket

and

2.81

Golden Jacket

OGR0013

716,328

5,974,575

-90

360

1.5

Golden Jacket

and

0.23

Golden Jacket

OGR0403

716,517

5,976,299

-90

360

0.53

Golden Jacket

OGR0403_B

716,517

5,976,297

-90

360

0.12

Golden Jacket

OGR0381

716,720

5,976,446

-90

360

0.42

Golden Jacket

OGR0235

716,391

5,974,539

-90

360

0.3

Golden Jacket

and

0.45

Golden Jacket

OGR0786

716,609

5,974,045

-90

360

0.42

Golden Jacket

OGR1031

716,279

5,974,718

-60

0.22

Golden Jacket

OGR0233

716,427

5,974,556

-90

360

0.2

Golden Jacket

OGR1287

716,657

5,976,230

-60

0.16

Golden Jacket

OGR1036

716,346

5,974,462

-60

0.12

Golden Jacket

OGR1245

716,342

5,974,546

-60

0.12

Golden Jacket

OGR1247

716,375

5,974,561

-60

0.12

Golden Jacket

OGR0793

716,625

5,973,919

-90

360

0.11

Golden Jacket

OGR0015

716,364

5,974,593

-90

360

No Significant Intercept

Golden Jacket

OGR0040

716,312

5,974,701

-90

360

No Significant Intercept

Golden Jacket

OGR0043

716,366

5,974,727

-90

360

No Significant Intercept

Golden Jacket

OGR0058

716,340

5,974,781

-90

360

No Significant Intercept

Golden Jacket

OGR0069

716,579

5,974,564

-90

360

No Significant Intercept

Golden Jacket

OGR0096

716,697

5,973,954

-90

360

No Significant Intercept

Golden Jacket

OGR0097

716,715

5,973,963

-90

360

No Significant Intercept

Golden Jacket

OGR0104

716,841

5,974,024

-90

360

No Significant Intercept

Golden Jacket

OGR0123

716,494

5,974,949

-90

360

No Significant Intercept

Golden Jacket

OGR0148

716,639

5,974,647

-90

360

No Significant Intercept

Golden Jacket

OGR0196

716,349

5,975,252

-90

360

No Significant Intercept

Golden Jacket

OGR0230

716,275

5,974,549

-90

360

No Significant Intercept

Golden Jacket

OGR0231

716,293

5,974,558

-90

360

No Significant Intercept

Golden Jacket

OGR0232

716,310

5,974,567

-90

360

No Significant Intercept

Golden Jacket

OGR0246

716,543

5,974,546

-90

360

No Significant Intercept

Golden Jacket

OGR0248

716,417

5,974,485

-90

360

No Significant Intercept

Golden Jacket

OGR0250

716,381

5,974,467

-90

360

No Significant Intercept

Golden Jacket

OGR0262

716,523

5,974,404

-90

360

No Significant Intercept

Golden Jacket

OGR0275

716,504

5,974,260

-90

360

No Significant Intercept

Golden Jacket

OGR0291

716,592

5,974,170

-90

360

No Significant Intercept

Golden Jacket

OGR0299

716,328

5,976,902

-90

360

No Significant Intercept

Golden Jacket

OGR0303

716,528

5,976,899

-90

360

No Significant Intercept

Golden Jacket

OGR0373

716,320

5,976,452

-90

360

No Significant Intercept

Golden Jacket

OGR0374

716,370

5,976,452

-90

360

No Significant Intercept

Golden Jacket

OGR0375

716,420

5,976,451

-90

360

No Significant Intercept

Golden Jacket

OGR0376

716,470

5,976,450

-90

360

No Significant Intercept

Golden Jacket

OGR0377

716,520

5,976,449

-90

360

No Significant Intercept

Golden Jacket

OGR0378

716,570

5,976,448

-90

360

No Significant Intercept

Golden Jacket

OGR0379

716,620

5,976,447

-90

360

No Significant Intercept

Golden Jacket

OGR0380

716,670

5,976,446

-90

360

No Significant Intercept

Golden Jacket

OGR0402

716,467

5,976,300

-90

360

No Significant Intercept

Golden Jacket

OGR0404

716,567

5,976,298

-90

360

No Significant Intercept

Golden Jacket

OGR0405

716,617

5,976,297

-90

360

No Significant Intercept

Golden Jacket

OGR0406

716,667

5,976,296

-90

360

No Significant Intercept

Golden Jacket

OGR0407

716,717

5,976,296

-90

360

No Significant Intercept

Golden Jacket

OGR0408

716,767

5,976,295

-90

360

No Significant Intercept

Golden Jacket

OGR0428

716,465

5,976,150

-90

360

No Significant Intercept

Golden Jacket

OGR0429

716,515

5,976,149

-90

360

No Significant Intercept

Golden Jacket

OGR0430

716,565

5,976,148

-90

360

No Significant Intercept

Golden Jacket

OGR0431

716,615

5,976,147

-90

360

No Significant Intercept

Golden Jacket

OGR0432

716,665

5,976,147

-90

360

No Significant Intercept

Golden Jacket

OGR0433

716,715

5,976,146

-90

360

No Significant Intercept

Golden Jacket

OGR0434

716,765

5,976,145

-90

360

No Significant Intercept

Golden Jacket

OGR0462

716,862

5,975,993

-90

360

No Significant Intercept

Golden Jacket

OGR0499

716,107

5,975,706

-90

360

No Significant Intercept

Golden Jacket

OGR0538

716,755

5,975,545

-90

360

No Significant Intercept

Golden Jacket

OGR0554

716,252

5,975,404

-90

360

No Significant Intercept

Golden Jacket

OGR1030

716,257

5,974,774

-60

No Significant Intercept

Golden Jacket

OGR1034

716,326

5,974,539

-60

No Significant Intercept

Golden Jacket

OGR1035

716,336

5,974,499

-60

No Significant Intercept

Golden Jacket

OGR1163

716,171

5,975,550

-90

360

No Significant Intercept

Golden Jacket

OGR1189

716,401

5,975,196

-90

360

No Significant Intercept

Golden Jacket

OGR1238

714,578

5,977,021

-90

360

No Significant Intercept

Golden Jacket

OGR1250

716,366

5,974,495

-60

No Significant Intercept

Golden Jacket

OGR1251

716,382

5,974,502

-60

No Significant Intercept

Golden Jacket

OGR1252

716,399

5,974,510

-60

No Significant Intercept

Golden Jacket

OGR1253

716,417

5,974,518

-60

No Significant Intercept

Golden Jacket

OGR1254

716,435

5,974,526

-60

No Significant Intercept

Golden Jacket

OGR1255

716,394

5,974,435

-60

No Significant Intercept

Golden Jacket

OGR1256

716,410

5,974,443

-60

No Significant Intercept

Golden Jacket

OGR1257

716,427

5,974,451

-60

No Significant Intercept

Golden Jacket

OGR1262

716,449

5,974,404

-60

No Significant Intercept

Golden Jacket

OGR1265

716,320

5,974,674

-60

No Significant Intercept

Golden Jacket

OGR1271

716,348

5,974,622

-60

No Significant Intercept

Golden Jacket

OGR1285

716,582

5,976,232

-60

No Significant Intercept

Golden Jacket

OGR1286

716,619

5,976,231

-60

No Significant Intercept

Golden Jacket

OGR1038

701,079

5,978,960

-90

360

No Significant Intercept

Western Roadsides

OGR1039

701,179

5,978,957

-90

360

No Significant Intercept

Western Roadsides

OGR1040

701,279

5,978,955

-90

360

No Significant Intercept

Western Roadsides

OGR1041

701,379

5,978,953

-90

360

No Significant Intercept

Western Roadsides

OGR1042

701,479

5,978,950

-90

360

No Significant Intercept

Western Roadsides

OGR1043

701,579

5,978,948

-90

360

No Significant Intercept

Western Roadsides

OGR1044

701,679

5,978,946

-90

360

No Significant Intercept

Western Roadsides

OGR1045

701,779

5,978,944

-90

360

No Significant Intercept

Western Roadsides

OGR1046

701,879

5,978,941

-90

360

No Significant Intercept

Western Roadsides

OGR1047

701,979

5,978,939

-90

360

No Significant Intercept

Western Roadsides

OGR1049

702,179

5,978,935

-90

360

No Significant Intercept

Western Roadsides

OGR1050

702,279

5,978,932

-90

360

No Significant Intercept

Western Roadsides

OGR1051

702,379

5,978,930

-90

360

No Significant Intercept

Western Roadsides

OGR1052

702,479

5,978,928

-90

360

No Significant Intercept

Western Roadsides

OGR1053

702,579

5,978,926

-90

360

No Significant Intercept

Western Roadsides

About Outback Goldfields Corp.:

Outback Goldfields

Corp.

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

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/October2022/19/c1294.html

%SEDAR: 00045705E

For further information:

Investor Relations and Corporate Enquiries: Email:

[email protected], Tel: +1.604.900.3450

CO: Outback Goldfields Corp.

CNW 08:00e 19-OCT-22

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