Outback Provides Update from Its Reconnaisance Drilling Across the O'Connors Target at the Yeungroon GOLD Project, Victoria (
OUTBACK PROVIDES UPDATE FROM ITS
RECONNAISANCE DRILLING ACROSS THE
O'CONNORS TARGET AT THE YEUNGROON
GOLD PROJECT, VICTORIA
(
TSX.V: OZ | OTCQB: OZBKF | FSE: S600)
VANCOUVER, BC
,
May 2, 2023
/CNW/ -
Outback Goldfields Corp
. (the "
Company
" or
"
Outback
") (TSX.V: OZ) (OTCQB: OZBKF) is pleased to provide an update from
its reconnaissance-style air-core drill program at its Yeungroon gold project, central
Victoria,
Australia
.
"Preliminary review of geochemical portable XRF analysis has confirmed that the broad zone of
anomalous arsenic identified in the previous drill program is continuous and open to the north and
the south,"
commented
Chris Donaldson
, CEO
. "In addition, new zones of highly anomalous
arsenic have been identified to the west of the main target zone. We are now awaiting the results
from the samples dispatched for gold analyses."
Highlights
Strong pathfinder element anomalism:
Reconnaissance-style shallow air-core drilling across
the O'Connor's trend revealed broad zones of anomalous arsenic, a proven pathfinder element
for gold mineralization in the Victorian gold fields.
Prospective trends emerging parallel to O'Connors:
New zones of highly-anomalous arsenic
have been identified along a new trend, immediately west of the O'Connor's trend.
Gold analyses ongoing:
First batch of samples have been submitted to SGS labs for fire
assay gold analyses. More sample batches to be sent over the coming weeks.
Program Overview
The air-core drill program comprised 2,400 meters of shallow, top of bedrock drilling primarily along
east-west oriented roads. The focus of the drill program was to drill through baren cover rocks into
bedrock and test the along-strike potential of the previously identified broad O'Connors arsenic
anomaly, as well as to complete a series of targeted deeper holes testing for potential gold
mineralization.
A highly portable air-core drill rig (Figure 1) was used to sample and map the top of bedrock below
cover. A footprint approximately 6.0 kilometers wide and 3.2 kilometers long was tested. Drill
cuttings were analysed using a portable X-ray 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.
Figure 1 – Air-core rig drilling at the O’Connor’s zone at Yeungroon. (CNW Group/Outback
Goldfields Corp.)
Based on preliminary pXRF results, a large-scale, open-ended arsenic anomaly has been defined
and is associated with the north-northeast trending O'Connors fault and associated splay faults. The
anomaly extends for over 3 km, remains open along strike, and appears to have a wider footprint
than first anticipated. In addition, several zones of arsenic anomalism to the west of the O'Connors
target zone has been identified (Figure 2). Based on these results, zones with anomalous arsenic
are being carefully reviewed by company geologists and selected samples are being dispatched to
the SGS Assay laboratory for gold analysis by fire assay. The pXRF instrument does not reliably
measure gold concentration, therefore secondary laboratory-based analyses for gold are required.
Figure 2 - Overview of drill results to date at the O’Connors zone, showing broad zones of highly
anomalous arsenic. Note, only peak arsenic values above 250ppm are labelled. (CNW
Group/Outback Goldfields Corp.)
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.
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 three beams for a total of 30
seconds each. Based on the results of the preliminary XRF Geochemical analyses, a number of the
larger 1.5 kg samples are in the process of being selected and submitted to the SGS Assay
Laboratory in Orange (NSW) to be analyzed for gold using fire assay analysis.
For pXRF analysis QA/QC protocols involved the insertion of Certified Reference materials 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.
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 pXRF.
Community Engagement
Outback recognizes 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(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.
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.
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 gold fields 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 02-MAY-23