Gold

Outback Goldfields (CSE: OZ) (OTCQB: OZBKF) (FSE: S600) has provided an update its Yeungroon and Glenfine projects in Australia. These are two of the company's four key assets in the highly prospective Fosterville Gold District in the Victoria goldfields in southeast Australia.


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Chris Donaldson, CEO, stated: "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."

The 698 square kilometre Yeungroon property is transected by the north-trending, crustal-scale Avoca fault, which separates the western Stawell zone from the Eastern Bendigo zone. Seven holes totalling more than 1,800 metres of rotary air-based drilling has been completed to date at the Golden Jacket reef 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, where the program 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.

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. Previous exploration drilling intersected numerous intervals of significant gold mineralization at both target areas, such as 3.8 metres of 9.0 g/t gold with 1.3 metres of 23.4 g/t gold in hole CCD01 at British Banner and 3.8 metres of 5.7 g/t gold with 0.8 metres of 21.0 g/t gold in hole PFD031 at Glenfine.

The current program consisted of 8 diamond and 12 reconnaissance reverse circulation drillholes. Results from 3 of the initial holes were reported in May, highlighted by 5.1 metres at 2.90 g/t gold including 0.3 metres at 15.02 g/t gold in hole OGA0004, and 17.30 metres at 2.66 g/t gold including 1.30 metres at 10.65 g/t gold and 0.8 metres at 9.31 g/t gold in hole 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.

OGA0006, OGA0007 and OGA0008, collared 140 metres north of OGA0004 and OGA0005 were step-out holes designed to test midway along the Reef 2 to Glenfine South corridor. Hole OGA0008, which returned 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.

OGA0002, which returned 2.4 metres at 1.86 g/t gold including 0.8 metres at 5.27 g/t gold, was drilled from the same pad as OGA0001 and intersected quartz reef-hosted mineralization along strike from the historic Glenfine South Mine. Hole OGR011 intersected a 1 metre zone of mineralization at 50 metres depth which returned 2.39 grams per tonne gold and is interpreted to be a parallel structure to Reef 2 and is thought to be open at depth.

Chris Donaldson, CEO, added: "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."

The company is well funded with its shares trading at $0.20. For more information, please visit the company's website, www.OutbackGoldfields.com, contact Chris Donaldson, CEO, at 604-900-3450 or email info@OutbackGoldfields.com.

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