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Outback Goldfields (CSE:OZ) ramps up exploration
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  • The current exploration program at the Glenfine project is focused on targeting high-grade, quartz reef-hosted gold mineralization
  • An additional drill rig has been mobilized and drilling has commenced
  • The current exploration program at the Yeungroon project is focused on understanding the structural setting and geochemical footprints of known mineralization as well as defining additional high-grade targets
  • Property-wide RAB exploration program slated to drill 400+ holes
  • Outback Goldfields Corp. is an exploration mining company
  • Outback Goldfields Corp. opened trading at C$0.45 per share

Outback Goldfields Corp (OZ) has updated its ongoing and expanding exploration activities in the heart of the prolific Victorian Goldfields.

"Over the last few months, we have assembled a top-notch exploration team on the ground, established a Ballarat-based site office and are now efficiently exploring. The addition of extra drill rigs will aid in our testing of drill targets and our ultimate goal of making the next world-class discovery that the Victorian Goldfields are known for," commented Chris Donaldson, CEO.

Exploration updates:

  • Drilling at Glenfine:
    • An additional drill rig has been mobilized and drilling has commenced
    • Initial samples have been sent to the lab for analyses
    • Diamond drilling continues at the Reef 2 to Glenfine South target
  • Target generation at Yeungroon:
    • Remote sensing LiDAR survey over the Wedderburn target area is scheduled
    • Property-wide RAB exploration program slated to drill 400+ holes

Outback continues to systematically explore two of its four key projects. Phase 1 of the 2021 exploration program is focused on the Glenfine and Yeungroon projects. Exploration license applications for both the Ballarat West and Silver Spoon tenements are well underway.

Exploration Summary:

Glenfine project - The current exploration program at the Glenfine project is focused on targeting high-grade, quartz reef-hosted gold mineralization. The first target area being tested is an approximately 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 (Figures 1 and 2). Eight diamond drill holes have so far tested for mineralization continuity along with this trend. Initial samples have been sent to the lab for analysis.

Schematic long-section from the southern Reef 2 prospect to the northern Glenfine South mine showing the priority target area. Map showing section line in Figure 2. *Figures for illustrative purposes only. (CNW Group/Outback Goldfields Corp.)

A second drill rig has been mobilised to the site. The focus for this reverse circulation (RC) drill will be to test for parallel structures in the Glenfine to Reef 2 corridor in a cost-effective manner.

Additional targets on the Glenfine project, such as British Banner, will be drill tested once land access has been finalized and drilling along the Reef 2 to Glenfine South corridor is complete.

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.

Figure 2: Map showing the main target areas at the Glenfine project. Note section line for Figure 1.

Yeungroon Project - The current exploration program at the Yeungroon project is focused on understanding the structural setting and associated geochemical footprints of known mineralization (e.g., Golden Jacket and Wedderburn targets) as well as defining additional high-grade, reef-hosted targets along key faults.

A geospatial services contractor has been engaged to complete a high-resolution LiDAR (light detection and ranging) survey over the eastern side of the property including the northern extent of the Wedderburn goldfield.

Previous exploration in these areas by Petratherm Pty. Ltd (ASX:PTR) identified numerous untested, north-trending arsenic-in-soil anomalies considered prospective for reef-hosted gold mineralization. The LiDAR data will be used to identify all areas of historic disturbance potentially related to surface mineralization and to provide robust topographic control for future modelling and ground-based surveys. Data from the recently completed property-scale airborne geophysical survey at Yeungroon has been received and is being interpreted. Structural targets are currently being refined and prioritized.

Follow up plans to systematically investigate the geophysical targets are being finalised. Over 400 RAB (Rotary Air-blast) holes are proposed with an average depth of 10m . These holes will test prospective faults and structural intersections below widespread post-mineralization cover rocks. Contracts and land access agreements for the program are being finalised.

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 Yeungroon project 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 (Vicmine report ID 373410***); however, the vertical and lateral extent of mineralization has yet to be tested by drilling.

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.

Outback Goldfields Corp. is an exploration mining company with a package of four highly prospective gold projects located proximate and adjacent to the Fosterville Gold Mine in Victoria, Australia.

Outback Goldfields Corp. opened trading at C$0.45 per share.

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