OZ.V · 2021-10-26 12:00:00

Outback Updates Shareholders on Exploration Activities at Yeungroon and Reports Final Results from Drill Holes at Glenfine

Drill Results

Outback Updates Shareholders on Exploration

Activities at Yeungroon and Reports Final

Results from Drill Holes at Glenfine

(CSE: OZ, OTCQB: OZBKF, FSE: S600)

VANCOUVER, BC

Oct. 26, 2021

/CNW/ -

Outback Goldfields Corp.

(the "

Company

" or

"Outback") (CSE: OZ) is pleased to provide an update on drilling activities at its Yeungroon project

and to report the final results from its recently completed drill program on its Glenfine project, central

Victoria, Australia

"We are excited to update shareholders on drilling progress at our Yeungroon project, located in

the heart of the Victorian Goldfields. A diamond drill rig is currently in operation and focused on

investigating the extent of high-grade gold mineralization historically mined at the Golden Jacket

mine. Most holes to date have intersected zones of quartz veining with locally high sulfide

contents. Drill core samples are being rushed for analysis and additional drill holes are planned,"

commented

Chris Donaldson

, CEO

A rotary air based ("

RAB

") drill has been mobilized on site to commence a systematic program of

drilling along and across the strike-extent of the property-scale Golden Jacket fault. Over 1,800

metres of RAB drilling has been completed to date and geochemical results from top-of-bedrock

samples will help guide future diamond drilling.

Results have also been received from the Company's final holes at the multi-rig drill program at

Glenfine. The program was focused on evaluating the continuity of gold mineralization within a

significant corridor of prospective geology between the Reef 2 and Glenfine South prospects.

Outback's Ballarat-based technical team successfully completed the program while dealing with

multiple government-issued lockdowns and analytical delays.

Chris Donaldson

stated,

"the most recent results from the Company's step-out holes demonstrate

the high-potential of the corridor for additional reef-hosted gold targets. Together with our

previously reported drill results that confirmed strong grade continuity within Reef 2 suggest that

additional drilling is warranted to fully evaluate the resource potential of this exciting trend.

Highlights

Seven diamond drill holes have been completed at Yeungroon:

Drilling is systematically

testing the down-dip and along-strike potential of the Golden Jacket reef, host to the historic

high-grade Golden Jacket mine.

A large property-scale RAB drill program has commenced:

RAB drilling is targeting top-of-

bedrock across the property to focus future exploration.

Final drill results from Glenfine:

Identified multiple gold-bearing structures along the

prospective Reef 2 to Glenfine South corridor. Tighter spaced follow-up drilling is

recommended.

Yeungroon Drill Program

The Yeungroon diamond drill program is designed to test the high-grade gold potential along strike

and below the historic Golden Jacket mine (see news release dated

August 25

, 2021) and based

on 3D modeling of historic mining records numerous priority areas were defined. Seven holes for

630 metres have so far been completed and more holes are planned based on encouraging visual

results (e.g., sulfide-bearing quartz reefs). The drill holes to date have covered a northwest-trending

strike extent of 100 metres and have tested down to 115 metres. Core samples are being

dispatched to the lab daily.

The historical 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. A RAB drill has

been mobilized to the property and the Company has commenced a program of tight grid of holes,

on 20 metre centres, peripheral to, and along strike from the Golden Jacket mine. Grid lines are

northeast-oriented and spaced 60 metres apart. A program of long, east-west traverses comprised

of a series of 50 metre spaced holes on a broad grid pattern and along roads is set to commence

after the near-mine grid. These property-wide holes will test the strike extent of the Golden Jacket

fault in addition to testing parallel structures. The RAB holes are designed to test the bedrock below

post-mineralization cover rocks and are being drilled to 10 to 15 metres depth. Real-time portable

XRF analyses focused on pathfinder element geochemistry are being conducted to guide follow-up

holes and hole sequencing. Geochemical and lithological results from top-of-bedrock samples will

help define future drill programs.

Glenfine Drill Program

The final batch of results from the multi-rig drill program at the Glenfine property have been received

and interpreted. The drill program was focused on targeting high-grade, quartz reef-hosted gold

mineralization (see news release dated

May 3

, 2021). The first target was the southern extent of a

~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 (Figure 1). A total of 8 diamond and

12 reconnaissance reverse circulation ("

") drillholes have tested for mineralization continuity of

vein-hosted mineralization along this prospective corridor. Results from these holes are reported in

Table 1.

Results from three of the initial holes were previously reported (OGA001, OGA004, and OGA005;

see news release data

May 19

, 2021), highlighted by 5.1 metres at 2.90 g/t gold including 0.3

metres at 15.02 g/t gold (OGA0004) and 17.30 metres at 2.66 g/t gold including 1.30 metres at

10.65 g/t gold and

0.8 m

at 9.31 g/t gold (OGA0005). Both holes cut strong zones of quartz reef-

and/or breccia-hosted mineralization in the targeted stratigraphic and structural horizons. The results

suggest down-dip and up-dip mineralization continuity over 100 metres in the northern end of Reef 2

(Figure 4).

OGA006, OGA007 and OGA008, collared 140 metres north of OGA004 and OGA005 were step-

out holes designed to test midway along the Reef 2 to Glenfine South corridor. Hole OGA008 (2.4

metres at 4.76 g/t gold including 0.8 metres at 6.71 g/t gold) intercepted the top of a zone of reef-

hosted gold mineralization with potential for extension of up to 50 metres down-dip (Figure 3).

OGA002 (2.4 metres at 1.86 g/t gold including 0.8 metres at 5.27 g/t gold; Table 1) was drilled from

the same pad as OGA001 and intersected quartz reef-hosted mineralization along strike from the

historic Glenfine South Mine (Figure 2).

A series of reconnaissance RC drillholes were also completed to test for parallel structures east of

the Reef 2 to Glenfine South corridor (Figure 1). Hole OGR011 intersected a zone of mineralization

interpreted to be a parallel structure to Reef 2 and is thought to be open at depth (Figure 4).

Table 1. Assay results – Glenfine Project

From (m)

To (m)

Interval (m)

Gold (g/t)

Comments

OGA0005

138.7

156

17.3

2.66

Reported Previously

incl

145.9

152

6.1

4.71

incl

147.5

148.8

1.3

10.65

incl

151.2

152

0.8

9.31

OGA0004

67.1

77.8

10.7

1.5

Reported Previously

incl

70.2

75.3

5.1

2.9

incl

70.2

70.5

0.3

15.02

and

79.4

83.4

0.56

OGA0002

189

191.4

2.4

1.86

See Section A – A'

incl

189

189.8

0.8

5.27

OGA0008

78.7

79.2

0.5

2.91

See Section B – B'

And

90.4

2.4

4.76

Incl

88.8

89.6

0.8

6.71

OGR011

2.39

See Section C – C'

OGA0001

no significant intercepts

OGA0003

no significant intercepts

OGA0006

no significant intercepts

OGA0007

no significant intercepts

OGR001

no significant intercepts

OGR002

no significant intercepts

OGR003

no significant intercepts

OGR004

no significant intercepts

OGR005

no significant intercepts

OGR006

no significant intercepts

OGR007

no significant intercepts

OGR008

no significant intercepts

OGR009

no significant intercepts

OGR010

no significant intercepts

OGR012

no significant intercepts

Calculations are uncut and length-weighted using a 0.10 g/t gold cutoff with less than 1.6 m of internal dilution.

Intervals are downhole core lengths. True widths are approximately 90% for holes OGA002, OGA004, OGA008 and OGR011 and 30% for OGA0005.

Core recovery through the fault-hosted mineralization in OGA0004 was approximately 62%, whilst 100% recovery was achieved in the intercepts reported for OGA0002,

OGA0005 and OGA0007.

Map showing the location of the reported drillholes and the location of the cross sections in Figures

2, 3 and 4. Historic drill holes (CCM Drill_Collars) are shown as brown collars. (CNW

Group/Outback Goldfields Corp.)

Figure 1. Map showing the location of the reported drillholes and the location of the cross sections

in Figures 2, 3 and 4. Historic drill holes (CCM Drill_Collars) are shown as brown collars.

Cross section (A-A’) looking north showing the location of OGA004 and OGA005 intercepts in

relations to historic intercepts. (CNW Group/Outback Goldfields Corp.)

Figure 2. Cross section (A-A') looking north showing the location of OGA004 and OGA005

intercepts in relations to historic intercepts.

Cross section (B-B’) looking north showing the location of OGA0008 intercepts. (CNW

Group/Outback Goldfields Corp.)

Figure 3. Cross section (B-B') looking north showing the location of OGA0008 intercepts.

Cross section (C-C’) looking north showing the location of mineralization intercepted in drillhole

OGR0011. Historic results for PFD031 and PFD019A are also shown and results for OGA0004 and

OGA0005 were previously reported on May 19th, 2021. (CNW Group/Outback Goldfields Corp.)

Figure 4. Cross section (C-C') looking north showing the location of mineralization intercepted in

drillhole OGR0011. Historic results for PFD031 and PFD019A are also shown (see references

below) and results for OGA0004 and OGA0005 were previously reported on

May 19

, 2021.

Table 2. Collar Data

Drill hole ID

*East (m)

North (m)

RL (m)

Dip (°)

Azimuth (°)

RC (m)

DD (m)

Total (m)

OGA0001

727192

5805211

194

-55

101.15

282.6

OGA0002

727192

5805211

194

-65

101.15

356.8

OGA0003

727192

5805211

194

-72

101.15

322.8

OGA0004

727180

5804887

183.8

-60

101.15

182.6

OGA0005

727180

5804887

183.8

-85

249.15

182.9

OGA0006

727200

5805026

193.75

-55

296.2

OGA0007

727200

5805026

193.75

-75

311.9

OGA0008

727200

5805026

193.75

-65

350.8

OGR001

727198

5805130

196.94

-75

101.15

OGR002

727235.8

5805126

197.4

-75

101.15

115

136.7

251.7

OGR003

727274.1

5805123

197.56

-75

101.15

103

185

288

OGR004

727319

5805081

196.03

-65

101.15

OGR005

727395

5805073

195.03

-60

101.15

105.2

158.7

263.9

OGR006

727259

5804829

181.26

-65

281.15

OGR007

727278.5

5804826

181.71

-60

101.15

OGR008

727354.1

5804824

184.74

-60

101.15

OGR009

727435.8

5804822

187.24

-60

101.15

OGR010

727476.8

5804685

186.6

-60

101.15

OGR011

727424.5

5804937

189.28

-60

101.15

OGR012

727343.8

5805081

195.86

-80

101.15

Total

980.2

2,767

3,747.2

*GDA94 Zone 54

Yeungroon Project

The 698 km

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. Historic 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, historic

alluvial and hard-rock mines are located.

Glenfine Project

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*).

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.

Quality Assurance and Quality Control

All sample assay results have been monitored through Outback's quality assurance / quality control

(QA/QC) program. Drill core was sawn in half at Outback's core logging and processing facility in

Ballarat, VIC. Half the core was sampled and shipped in sealed and secure bags to the Gekko

Assay Laboratory in Ballarat, VIC. Samples were prepared using standard preparation procedures

(dry, crush and pulverise at 75 micron mesh). Gold was analyzed by fire assay on a 30 gram sample

with an AAS finish (atomic absorption spectroscopy). Gekko Assay Laboratory is accredited for

compliance with ISO/IEC 17025 Testing by National Association of Testing Authorities,

Australia

(NATA)

In addition to Gekko Assay Laboratory QA/QC protocols, Outback implements an internal QA/QC

program that includes the insertion of standards and blanks into the sample stream.

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. He supervised the drill program and

verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical

information in this news release.

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

*EL5344 Annual Exploration Report (

July 25

, 2018) and EL5434 Annual Exploration Report

(

October 28

, 2016);

http://gsv.vic.gov.au/

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

Survey of Victoria Report 116, 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 goldfields of

Victoria

is 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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2021/26/c5693.html

%SEDAR: 00045705E

For further information:

Investor Relations and Corporate Enquiries: Email:

[email protected], Tel: +1.604.900.3450

CO: Outback Goldfields Corp.

CNW 06:30e 26-OCT-21

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