- The Glenfine Project is one of the company’s four key assets located around the Fosterville Gold Mine
- Previous exploration drilling intersected numerous intervals of significant gold mineralization
- Two drills are currently in operation
- Geological, structural and assay data from both holes will be used to inform drill hole targeting
- Eleven diamond drill holes have so far tested for mineralization
- Outback Goldfields is an exploration mining company
- Outback Goldfields Corp. (OZ) opened trading at C$0.475 per share
Outback Goldfields (OZ) reported initial results from the first 3 holes of its drill program on its Glenfine Project, central Victoria, Australia.
The Glenfine Project is one of the company’s four key assets located around the Fosterville Gold Mine in the Victorian goldfields.
On the west side of the fault, the property is underlain by a 20 km long by one km wide, north-trending, Cambrian aged basalt 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 gold with 1.3 metres of 23.4 grams per tonne gold in hole CCD01 at British Banner and 3.8 metres of 5.7 grams per tonne gold with 0.8 metres of 21.0 grams per tonne gold in hole PFD031 at Glenfine.
Two drills are currently in operation with the first target being the southern extent of an approximately 400-metre north-south trending corridor of prospective geology along strike from the historic Glenfine South mine and the southern Reef 2 prospects. Diamond drill holes OGA0004 and OGA0005 were designed to test for extensions up-dip and down-dip of previous intercepts in the northern end of Reef 2.
Both holes cut strong zones of quartz reef such as the 5.1 meters at 2.90 grams per tonne gold including 0.3 meters at 15.02 grams per tonne gold in hole 004 and/or breccia-hosted mineralization such as the 17.30 meters at 2.66 grams per tonne gold including 1.30 meters at 10.65 grams per tonne gold and 0.8 meters at 9.31 grams per tonne gold in hole 005, in the targeted stratigraphic and structural horizons.
Hole 005 intersected a zone of sulphide-rich breccia with local fine grained visible gold at 148.5 meters downhole.
The results suggest down-dip and up-dip mineralization continuity over 100 metres in Reef 2.
Geological, structural and assay data from both holes will be used to inform drill hole targeting throughout the Reef 2 to Glenfine South corridor.
Eleven diamond drill holes have so far tested for mineralization continuity of vein-hosted mineralization along this prospective corridor, with further results to be released once assay data are received from the lab and have been interpreted.
Outback Goldfields is an exploration mining company. The company has entered into an agreement to acquire a package of highly prospective gold projects located around the Fosterville Gold Mine in Victoria, Australia.
Outback Goldfields Corp. (OZ) opened trading at C$0.475 per share.
