OUTBACK PROVIDES RESULTS FROM ITS PROPERTY-WIDE AIR-CORE DRILL PROGRAM AT THE YEUNGROON GOLD PROJECT, VICTORIA, AUSTRALIA

OUTBACK PROVIDES RESULTS FROM ITS PROPERTY-WIDE AIR-CORE DRILL PROGRAM AT THE YEUNGROON GOLD PROJECT, VICTORIA, AUSTRALIA

Outback Goldfields Corp . (the " Company " or " Outback ") (TSXV: OZ) (OTCQB: OZBKF) is pleased to provide results from its reconnaissance-style air-core drill program at its Yeungroon gold project (" Yeungroon " or the " Project "), central Victoria, Australia .

Highlights
  • Defined multiple broad corridors of elevated arsenic across the tenement :
    • Numerous north-west trending zones of strong arsenic anomalism from top-of-bedrock samples parallel to the Golden Jacket corridor have been defined northeast of the Golden Jacket mine.
    • A strongly anomalous and open zone of high-arsenic, locally coincident with prominent north-trending structural features, has been defined north of the unexplored Moondyne target area.
    • Arsenic is a well established pathfinder element for high-grade gold mineralization across the Victorian Goldfields.
  • Strongly anomalous gold values returned from multiple top-of-bed rock samples:
    • Anomalous gold results from air-core holes collared over 800 metres along trend to the south of historical Golden Jacket mine suggest significant potential of the structure along strike.
    • A broad zone of anomalous gold and arsenic from top-of-bedrock samples located over 1.4 kilometres north-east of the Golden Jacket mine define a new high-priority target area that is open for expansion.
    • Deeper diamond drilling at both target areas is warranted to test for high-grade, structurally controlled quartz reefs associated with the anomalous top-of-bedrock air-core samples.

"We are excited to update our shareholders on our exploration progress so far at our highly prospective Yeungroon gold project," commented Chris Donaldson , CEO . "The results of our multi-rig drill program to date suggest that the historical Golden Jacket and Moondyne workings are not isolated targets but appear to be part of a much larger gold system. Anomalous gold assays have been identified for up to 800 metres south along strike of the Golden Jacket mine, and a new zone of gold mineralization was discovered 1.5 kilometres to the northeast of the mine. More significant is the identification of a new target zone on the western side of the tenement, near the Moondyne reef-hosted gold target.

Although our current exploration focus is at our Ballarat West project, we will continue to evaluate the new targets at Yeungroon and will plan additional exploration in the areas northeast of Golden Jacket and near Moondyne. Our systematic and methodical approach to grassroots exploration across the Victorian Goldfields is proving effective as we have now defined multiple new and significant drill targets in areas that were previously unexplored."

Program Overview

The drill program comprised 968 metres of diamond drilling, 3,616 metres of RAB and 9,403 metres of air-core drilling (see March 30, 2022 news release). The focus of the composite drill program was to investigate the structural setting and the dip- and strike-extent of reef-hosted gold mineralization at the Golden Jacket mine as well as to map and sample the top-of-bedrock below shallow cover across prospective trends and interpreted structural offsets identified in geophysical data from the Golden Jacket and Moondyne target areas.

The highly portable air-core drill rig was used to sample and map the top of bedrock below cover. A footprint of approximately 4.4 square kilometres was covered in the Golden Jacket grid and 8.5 kilometres of 100 metre spaced holes along road-side traverses were covered on the western side of the property near the Moondyne target. Drill cuttings were analysed using a portable Xray 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. Selected samples with anomalous pathfinder elements were sent to the Gekko Assay laboratory for fire assay gold analyses. Samples from 95 of the 591 air-core holes have been analysed for gold so far.

Based on results from this reconnaissance-style air-core drill program, multiple new drill targets have been defined. The preliminary pXRF and gold fire assay results support the high-prospectivity of the Yuengroon project. The Company is planning additional sampling and follow-up drilling to fully investigate the gold mineralization potential of the Golden Jacket, Moondyne and O'Connors targets.

Golden Jacket Drilling Results

The 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. Historical small-scale production from the Golden Jacket mine was reportedly 1,400 ounces of gold at approximately 250 grams per tonne (Bibby and More, 1998). Shallow air-core holes were drilled on a grid pattern around the Golden Jacket Mine to explore for potential extensions and parallel zones of reef-hosted gold mineralization.

The combined drilling program has defined possible extensions to mineralization along strike to the south for up to 800 metres from the high-grade quartz reefs historically mined in the Golden Jacket Mine (Figure 1). Anomalous gold values were from near top-of-bedrock chip samples that also contained highly anomalous arsenic contents. This significant strike-length of gold and arsenic anomalism represents a priority target area for deeper diamond drilling.

A new broad zone of gold mineralization was discovered approximately 1.5 kilometres to the northeast of the Golden Jacket mine in an area that was previously undrilled and unexplored. Samples were submitted to the lab for gold assay based on highly anomalous arsenic contents. This area warrants additional drilling aimed at investigating possible structural controls to local gold mineralization as well as expanding the grid to the north where the high-arsenic trends are open (Figure 1).

Drill intercepts from the air-core program to date is given in Table 1.

Figure 1 - Overview of drill results to date at the Golden Jacket project. Golden Jacket Mine production from Bibby and More (1998) (CNW Group/Outback Goldfields Corp.)

Western Roadside Drilling Results

A series of roadside air-core drill hole traverses were completed on the western side of Yeungroon to map and sample the top of bedrock along strike from the historic Moondyne gold workings as well as across numerous project-scale, north-trending, structural corridors defined in geophysical data (Figure 2).  A summary of results from the western roadside drilling campaign is shown in Figure 2.

Figure 2 – Arsenic pXRF results of roadside air-core drilling in the western portion of the Yeungroon tenement. The newly identified

The western roadside drilling program returned highly anomalous arsenic contents from zones along trend from the Moondyne workings. These results suggest that the structural zone host to mineralized quartz-reefs at Moondyne may extend for over 2 kilometres to the north.

A new target, O'Connors zone, has been identified between two splay faults off the project-scale O'Connors fault (Figure 2). Air-core chip samples from across this structurally complex zone returned highly anomalous arsenic contents covering a 1 kilometer east-west oriented transect. This zone is within a broadly north-south trending structural corridor approximately 9 kilometres long (Figure 2 and 3). Drill chips from this zone were also submitted for fire assay gold analysis. No significant results were returned from this first batch of samples; however, most of the holes were drilled to maximum depth of 15 metres on widely spaced 100 meter centres therefore the results were not unexpected.

The relatively high-arsenic contents together with the broad, km-scale target footprint makes the O'Connors zone a priority area for follow-up soil sampling, additional grid-based air-core drilling and possible deeper diamond drilling.

Figure 3 - Peak arsenic grades in air core drill chip samples demonstrate a strong zone of arsenic between splay faults off O'Connors Fault. (CNW Group/Outback Goldfields Corp.)

Table 1. Summary of Significant Intercepts from the Yeungroon air-core drill program.

HoleID

Depth From
(m)

Depth To
(m)

Interval
(m)

Gold Grade
(g/t)

OGR1284

3

5

2

1.87

and

24

25

1

2.81

OGR0013

22

23

1

1.5

and

27

32

5

0.23

OGR0403

10

12

2

0.53

OGR0403_B

0

1

1

0.12

OGR0381

6

7

1

0.42

OGR0235

3

4

1

0.3

and

12

13

1

0.45

OGR0786

13

14

1

0.42

OGR1031

3

4

1

0.22

OGR0233

28

29

1

0.2

OGR1287

2

3

1

0.16

OGR1036

39

40

1

0.12

OGR1245

21

22

1

0.12

OGR1247

39

40

1

0.12

OGR0793

8

9

1

0.11




True widths have not been estimated as structural measurements are unable to be determined from air-core drill holes. A full list
of drillholes with samples selected and sent for fire assay is given in Table 2.



Yeungroon Project

The 698 km 2 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 Project 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 two beams for a total of 30 seconds each. Based on the results of the preliminary XRF Geochemical analysis, a number of the larger 1.5 kg samples were submitted to the Gekko Assay Laboratory in Ballarat to be analysed for gold using fire assay analysis. Entire samples were pulverised using an LM5 pulveriser ensuring that 90% of the sample was ground to less than 75 μm before 30g subset was taken for fire assay analysis.

For both portable XRF analysis and Fire Assay analysis, QA/QC protocols involved the insertion of Certified Reference materials and blanks 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. Fire assay analyses of Certified Reference materials for and blanks returned results within acceptable tolerances.

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 portable XRF and performed a number of impromptu laboratory audits at the Gekko Assay laboratory.

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 and is ongoing.

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.

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

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.

Table 2. Table of collar and assay information for 95 drillholes submitted for fire assay gold analyses. Collar information for all holes is posted on the Company's website. Coordinates GDA94 Z54

HoleID

Easting

Northing

Dip

Azimuth

Depth
From (m)

Depth To
(m)

Interval
(m)

Gold
Grade (g/t)

Target Zone

OGR1284

716,544

5,976,232

-60

70

3

5

2

1.87

Golden Jacket

and





24

25

1

2.81

Golden Jacket

OGR0013

716,328

5,974,575

-90

360

22

23

1

1.5

Golden Jacket

and





27

32

5

0.23

Golden Jacket

OGR0403

716,517

5,976,299

-90

360

10

12

2

0.53

Golden Jacket

OGR0403_B

716,517

5,976,297

-90

360

0

1

1

0.12

Golden Jacket

OGR0381

716,720

5,976,446

-90

360

6

7

1

0.42

Golden Jacket

OGR0235

716,391

5,974,539

-90

360

3

4

1

0.3

Golden Jacket

and





12

13

1

0.45

Golden Jacket

OGR0786

716,609

5,974,045

-90

360

13

14

1

0.42

Golden Jacket

OGR1031

716,279

5,974,718

-60

74

3

4

1

0.22

Golden Jacket

OGR0233

716,427

5,974,556

-90

360

28

29

1

0.2

Golden Jacket

OGR1287

716,657

5,976,230

-60

70

2

3

1

0.16

Golden Jacket

OGR1036

716,346

5,974,462

-60

74

39

40

1

0.12

Golden Jacket

OGR1245

716,342

5,974,546

-60

70

21

22

1

0.12

Golden Jacket

OGR1247

716,375

5,974,561

-60

70

39

40

1

0.12

Golden Jacket

OGR0793

716,625

5,973,919

-90

360

8

9

1

0.11

Golden Jacket

OGR0015

716,364

5,974,593

-90

360

No Significant Intercept

Golden Jacket

OGR0040

716,312

5,974,701

-90

360

No Significant Intercept

Golden Jacket

OGR0043

716,366

5,974,727

-90

360

No Significant Intercept

Golden Jacket

OGR0058

716,340

5,974,781

-90

360

No Significant Intercept

Golden Jacket

OGR0069

716,579

5,974,564

-90

360

No Significant Intercept

Golden Jacket

OGR0096

716,697

5,973,954

-90

360

No Significant Intercept

Golden Jacket

OGR0097

716,715

5,973,963

-90

360

No Significant Intercept

Golden Jacket

OGR0104

716,841

5,974,024

-90

360

No Significant Intercept

Golden Jacket

OGR0123

716,494

5,974,949

-90

360

No Significant Intercept

Golden Jacket

OGR0148

716,639

5,974,647

-90

360

No Significant Intercept

Golden Jacket

OGR0196

716,349

5,975,252

-90

360

No Significant Intercept

Golden Jacket

OGR0230

716,275

5,974,549

-90

360

No Significant Intercept

Golden Jacket

OGR0231

716,293

5,974,558

-90

360

No Significant Intercept

Golden Jacket

OGR0232

716,310

5,974,567

-90

360

No Significant Intercept

Golden Jacket

OGR0246

716,543

5,974,546

-90

360

No Significant Intercept

Golden Jacket

OGR0248

716,417

5,974,485

-90

360

No Significant Intercept

Golden Jacket

OGR0250

716,381

5,974,467

-90

360

No Significant Intercept

Golden Jacket

OGR0262

716,523

5,974,404

-90

360

No Significant Intercept

Golden Jacket

OGR0275

716,504

5,974,260

-90

360

No Significant Intercept

Golden Jacket

OGR0291

716,592

5,974,170

-90

360

No Significant Intercept

Golden Jacket

OGR0299

716,328

5,976,902

-90

360

No Significant Intercept

Golden Jacket

OGR0303

716,528

5,976,899

-90

360

No Significant Intercept

Golden Jacket

OGR0373

716,320

5,976,452

-90

360

No Significant Intercept

Golden Jacket

OGR0374

716,370

5,976,452

-90

360

No Significant Intercept

Golden Jacket

OGR0375

716,420

5,976,451

-90

360

No Significant Intercept

Golden Jacket

OGR0376

716,470

5,976,450

-90

360

No Significant Intercept

Golden Jacket

OGR0377

716,520

5,976,449

-90

360

No Significant Intercept

Golden Jacket

OGR0378

716,570

5,976,448

-90

360

No Significant Intercept

Golden Jacket

OGR0379

716,620

5,976,447

-90

360

No Significant Intercept

Golden Jacket

OGR0380

716,670

5,976,446

-90

360

No Significant Intercept

Golden Jacket

OGR0402

716,467

5,976,300

-90

360

No Significant Intercept

Golden Jacket

OGR0404

716,567

5,976,298

-90

360

No Significant Intercept

Golden Jacket

OGR0405

716,617

5,976,297

-90

360

No Significant Intercept

Golden Jacket

OGR0406

716,667

5,976,296

-90

360

No Significant Intercept

Golden Jacket

OGR0407

716,717

5,976,296

-90

360

No Significant Intercept

Golden Jacket

OGR0408

716,767

5,976,295

-90

360

No Significant Intercept

Golden Jacket

OGR0428

716,465

5,976,150

-90

360

No Significant Intercept

Golden Jacket

OGR0429

716,515

5,976,149

-90

360

No Significant Intercept

Golden Jacket

OGR0430

716,565

5,976,148

-90

360

No Significant Intercept

Golden Jacket

OGR0431

716,615

5,976,147

-90

360

No Significant Intercept

Golden Jacket

OGR0432

716,665

5,976,147

-90

360

No Significant Intercept

Golden Jacket

OGR0433

716,715

5,976,146

-90

360

No Significant Intercept

Golden Jacket

OGR0434

716,765

5,976,145

-90

360

No Significant Intercept

Golden Jacket

OGR0462

716,862

5,975,993

-90

360

No Significant Intercept

Golden Jacket

OGR0499

716,107

5,975,706

-90

360

No Significant Intercept

Golden Jacket

OGR0538

716,755

5,975,545

-90

360

No Significant Intercept

Golden Jacket

OGR0554

716,252

5,975,404

-90

360

No Significant Intercept

Golden Jacket

OGR1030

716,257

5,974,774

-60

74

No Significant Intercept

Golden Jacket

OGR1034

716,326

5,974,539

-60

74

No Significant Intercept

Golden Jacket

OGR1035

716,336

5,974,499

-60

74

No Significant Intercept

Golden Jacket

OGR1163

716,171

5,975,550

-90

360

No Significant Intercept

Golden Jacket

OGR1189

716,401

5,975,196

-90

360

No Significant Intercept

Golden Jacket

OGR1238

714,578

5,977,021

-90

360

No Significant Intercept

Golden Jacket

OGR1250

716,366

5,974,495

-60

70

No Significant Intercept

Golden Jacket

OGR1251

716,382

5,974,502

-60

70

No Significant Intercept

Golden Jacket

OGR1252

716,399

5,974,510

-60

70

No Significant Intercept

Golden Jacket

OGR1253

716,417

5,974,518

-60

70

No Significant Intercept

Golden Jacket

OGR1254

716,435

5,974,526

-60

70

No Significant Intercept

Golden Jacket

OGR1255

716,394

5,974,435

-60

70

No Significant Intercept

Golden Jacket

OGR1256

716,410

5,974,443

-60

70

No Significant Intercept

Golden Jacket

OGR1257

716,427

5,974,451

-60

70

No Significant Intercept

Golden Jacket

OGR1262

716,449

5,974,404

-60

70

No Significant Intercept

Golden Jacket

OGR1265

716,320

5,974,674

-60

70

No Significant Intercept

Golden Jacket

OGR1271

716,348

5,974,622

-60

70

No Significant Intercept

Golden Jacket

OGR1285

716,582

5,976,232

-60

70

No Significant Intercept

Golden Jacket

OGR1286

716,619

5,976,231

-60

70

No Significant Intercept

Golden Jacket

OGR1038

701,079

5,978,960

-90

360

No Significant Intercept

Western Roadsides

OGR1039

701,179

5,978,957

-90

360

No Significant Intercept

Western Roadsides

OGR1040

701,279

5,978,955

-90

360

No Significant Intercept

Western Roadsides

OGR1041

701,379

5,978,953

-90

360

No Significant Intercept

Western Roadsides

OGR1042

701,479

5,978,950

-90

360

No Significant Intercept

Western Roadsides

OGR1043

701,579

5,978,948

-90

360

No Significant Intercept

Western Roadsides

OGR1044

701,679

5,978,946

-90

360

No Significant Intercept

Western Roadsides

OGR1045

701,779

5,978,944

-90

360

No Significant Intercept

Western Roadsides

OGR1046

701,879

5,978,941

-90

360

No Significant Intercept

Western Roadsides

OGR1047

701,979

5,978,939

-90

360

No Significant Intercept

Western Roadsides

OGR1049

702,179

5,978,935

-90

360

No Significant Intercept

Western Roadsides

OGR1050

702,279

5,978,932

-90

360

No Significant Intercept

Western Roadsides

OGR1051

702,379

5,978,930

-90

360

No Significant Intercept

Western Roadsides

OGR1052

702,479

5,978,928

-90

360

No Significant Intercept

Western Roadsides

OGR1053

702,579

5,978,926

-90

360

No Significant Intercept

Western Roadsides

About Outback Goldfields Corp.:

Outback Goldfields  Corp. is actively exploring its package of highly prospective gold projects located around the Fosterville Gold Mine in Victoria . The goldfields of Victoria are home to some of the highest grade and lowest cost mining in the world.

~signed

Chris Donaldson , CEO and Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

Outback Goldfields Corp. Logo (CNW Group/Outback Goldfields Corp.)

SOURCE Outback Goldfields Corp.

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Outback Goldfields Welcomes George Salamis as Strategic Advisor

Outback Goldfields Welcomes George Salamis as Strategic Advisor

Outback Goldfields Corp. (TSXV: OZ) (OTC Pink: OZBKF) (the "Company" or "Outback") is pleased to announce that, further to its announcement of the Letter of Intent to acquire S2 Resources' gold assets located in the Central Lapland district of Finland (see March 1, 2024 news release), Mr. George Salamis has agreed join Outback as a strategic and technical advisor.

Mr. Salamis offers a wealth of technical and strategic expertise in the Central Lapland district, having worked as Vice President of Riddarhyttan Resources AB and advancing what is now known as the Kittilä Mine until its sale to Agnico Eagle in 2006. The Kittila mine is Europe's largest producing gold mine, originally discovered by the Finish Geological Survey (GTK) in the late 1990's and then sold to Riddarhyttan as a small, shallow resource of less than 300,000 ounces of gold1. Riddarhyttan conducted extensive drilling and engineering studies on the project, growing it to over 2.8 million ounces of contained gold by 20041. Agnico went on to acquire Riddarhyttan in 2005 and since then, has identified over 7.9 million ounces of gold resources on the project1. In 2023, the Kittila mine produced 234,402 ounces of gold, and is expected to produce 230,000 ounces in 20242.

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OUTBACK ANNOUNCES $5 MILLION FINANCING

OUTBACK ANNOUNCES $5 MILLION FINANCING

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

TSX.V: OZ  |  OTCQB: OZBKF |  FSE: S600

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OUTBACK ANNOUNCES ACQUISITION OF FINNISH GOLD PROJECT PORTFOLIO FROM S2 RESOURCES AND CONCURRENT $5 MILLION FINANCING

OUTBACK ANNOUNCES ACQUISITION OF FINNISH GOLD PROJECT PORTFOLIO FROM S2 RESOURCES AND CONCURRENT $5 MILLION FINANCING

TSX.V: OZ   |   OTCQB: OZBKF   |   FSE: S600

Outback Goldfields Corp . (the " Company " or " Outback ") (TSXV: OZ) (OTCQB: OZBKF) is pleased to announce that it has entered into a letter of intent dated February 16, 2024 (the Letter of Intent ") with S2 Resources Ltd. (" S2 ") to acquire all of S2's highly prospective portfolio of gold projects in Finland (the " S2 Finnish Projects "), by way of an acquisition (the " Transaction ") of S2's wholly-owned Finnish subsidiary, Sakumpu Exploration Oy (the " S2 Subsidiary "). On March 1, 2024 Outback notified S2 that it was satisfied with the results of its due diligence investigation, and the parties are now committed to proceeding with the Transaction subject to the terms and conditions set out in the Letter of Intent. Depending on the price and size of the Offering (as defined below), the Transaction may constitute a "Reverse Takeover" of Outback in accordance with Policy 5.2 Changes of Business and Reverse Takeover s of the TSX Venture Exchange (the " TSXV ").

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OUTBACK GOLDFIELDS DEFINES MULTIPLE NEW GOLD TARGETS AT THE GLENFINE PROJECT, VICTORIA

OUTBACK GOLDFIELDS DEFINES MULTIPLE NEW GOLD TARGETS AT THE GLENFINE PROJECT, VICTORIA

(TSX.V: OZ, OTCQB: OZBKF, FSE: S600)

Outback Goldfields Corp . (the " Company " or " Outback ") (TSXV: OZ) (OTCQB: OZBKF) is pleased to provide an update on exploration activities across its Glenfine project in the heart of the Victorian goldfields of Australia .

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Lode Gold: 2024 Year-End Review and 2025 Outlook

Lode Gold: 2024 Year-End Review and 2025 Outlook

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to provide a year-end update.

Dear Investors,

I am excited to update you on our progress since I took over as CEO less than a year ago, just before Christmas in December 2023. With the support of the board, key shareholders, and the dedicated Lode Gold team, we have raised $6M since March 2024 and completed numerous tasks to reorganize the Company. These efforts have positioned us for future success and growth, and I am grateful for the continued support and confidence you have shown in our vision.

Strategy: Create Two Pure Play Companies to Unlock Value and Attract New Investors

Last year, around this time, I met with bankers to discuss how we plan to unlock value by spinning out the Company's assets to create two pure-play companies. This strategy resonated with many as Lode Gold has key assets situated in highly prospective mining regions in Canada and the United States. This initiative immediately creates two $7M companies from one $7M entity, thereby generating accretive value for shareholders.

Focus on Intrinsic Asset Value vs Market Cap: Do some small-cap stocks outperform large-cap investments in the long run?

Clifford Asness, who played a key role in building Goldman Sachs' Global Alpha before founding AQR, and now manages over $33 billion in assets, published a whitepaper that challenged the Efficient Market Theory. It stipulated that value may be factored into price with large-cap companies, but it may not be the case with small-cap stocks1. It states that with small or micro-cap stocks, the Less-Efficient-Market Hypothesis often holds. Why? The market is inherently inefficient due to a fragmented shareholder base and a lack of distribution, awareness and liquidity. As such, if capital is patient, investing in a small-cap stock may result in a higher return on investment in the long run compared to a large-cap stock.

In the case of Lode Gold, the intrinsic value, verified with a third-party NI 43-101 technical report, has an NPV USD $370M, yet the market cap trades at a fraction of the real value. Notwithstanding, a planned spin-out transaction valued at an additional $7.65M (pre-money value to current Lode Gold shareholders) has already obtained conditional approval.

This is a value proposition, validated by smart money: strategic investors and institutional shareholders; a total of four own approximately 60%. Intrigued by the potential of this undervalued play, I accepted the challenge of leading its turnaround and growth.

Near-Term: Gold Orogen spin out to unlock value for shareholders

The company has three key orogenic assets, with proven gold endowment.

To unlock value for shareholders; immediately we are spinning out the Canadian assets into a new company, Gold Orogen. Each Lode Gold shareholder will get shares of Gold Orogen; via a tax-efficient spin-out.

Additionally, a $3M raise has been completed at Gold Orogen, based on a $7.65M pre-money valuation. The current valuation for Lode Gold, the parent company, is at $7M. We are topping up with an additional $1.5M to ensure a $4.5M investment program for 2025 at Gold Orogen; as such both the assets in Yukon and NB will be drilled in the upcoming exploration season in the new year. Post-money, Gold Orogen will be at $12M+.

A gold asset on the Mother Lode Belt with MRE: 1 (M&I) + 2 (Inferred) Moz Au and a 2023 PEA: USD $370M (NPV 5%) will remain in the parent co, Lode Gold. Lode Gold intends to pursue a high grade underground mine opportunity. This project sits on 100% privately owned patented land where the mining license was suspended in 1942 due to the war effort.

Spin Out Unlocks Shareholder Value: Confirmed gold endowment and RIRGS on Tombstone Belt

The spin-out will result in the formation of two pure-play companies, each focused on specific areas of exploration in Canada and the US.

Company 1: Spin Co - Gold Orogen

Asset 1:

  • 27 km strike, 99.5 km2in Yukon, prolific Tombstone Belt (Snowline, 3 Aces, Sitka Gold)
  • Total of four Reduced Intrusive Targets (RIRGS)

Asset 2:

  • New Brunswick: Created one of the largest land packages (420 km2)
  • Geological analogue to New Found Gold, Galway, Calibre Mining and Puma-Kinross
  • Confirmed gold endowment

Company 2: Parent - Lode Gold

Lode Gold is the first company to evaluate this project from an underground perspective.

  • Brownfield, previously mined at 8 g/t in the 1940's.
  • 4 km strike on the 190 km mineralized Mother Lode Belt: 50,000,000 oz produced
  • 100% owned private and patented land: 3,351 acres, Mariposa County
  • California: 700 permitted mines; 14 gold
  • Mine suspended in 1942 due to gold prohibition in WWII
  • Target: 2 Moz underground 5 g/t Au
  • Typical Orogenic Deposit with Structural Controls
  • 3 Step-Out Holes hit structure (up to 1,200 m)
  • 2 nearby mines were up to 1,800 m deep at 13 g/t
  • 43,000 m drilled with 23 km of underground workings
  • 11% of the veins (2 of 7 deposits) exploited; mostly in the first 250 m
  • 2023 MRE: 1 Moz (M&I) + 2 Moz (Inferred)
  • 2023 PEA at USD $2,000/oz Au: After-tax NPV (5%) USD $370M, 31% IRR, 11 years LOM
  • Close to road, rail, power, water

Milestones Achieved in 2024:

1. Executed Spin Out Plan

  • Received conditional acceptance from the TSXV for the spinout transaction

2. Improved Capital Structure

  • Lode Gold added two additional key institutional and strategic shareholders
  • For $3M, a 19.9% strategic joint venture partner with strong technical expertise, was added to the new Spin Co
  • Tight share structure: 10:1 consolidation. About 40.000,000 shares outstanding for both companies

3. Cleaned Up Balance Sheet

  • Converted a secured debt holder to be the second-largest shareholder
  • Repaid shareholder working capital loan
  • Resolved a legacy lawsuit and eliminated a $1.6M liability

4. Enhanced Value of Assets in Yukon, New Brunswick and California

  • New Brunswick:
    • Created one of the largest land packages in the province, potentially a district play
    • Completed comprehensive geophysics and soil sampling to define drill targets
  • Yukon:
    • Identified four RIRGS targets for exploration work in 2025
    • Confirmed RIRGS at WIN; high bismuth : gold ratio, gold-bearing sheeted quartz veins, hosted in hornfels
  • California:
    • The first to review the project from an underground perspective
    • Completed Geological Model: 11% of the veins exploited, in 2 out of 7 deposits. Most extraction in the first 250 m. 3 step-out holes at depth, mineralized and hit structure, a typical orogenic deposit
    • Commissioned NI 43-101 to update the 2023 MRE

5. Strengthening the Lode Gold Team

  • Enhanced bench strength by adding key personnel to the technical and marketing teams, visit our website to view their full bios (lode-gold.com)
  • Addition of Martin Stratte, Lode Gold's former Director of the Board, to our Advisory Team. He was previously on the permitting team at Castle Mountain, Equinox Gold (2018-2021). The project was acquired for $200 million in 2018, and it was permitted in 2021

Upcoming Catalysts in 2025

  • Spin Co: Shareholders get shares of a new company
  • Drilling to investigate 4 RIRGS reduced intrusive targets in Yukon Tombstone Belt, 200 km from Snowline
  • Drilling in New Brunswick assets upon systematic exploration: geophysics, soil sampling, mapping, geochemistry
  • California: Revised NI 43-101 Mineral Resource Estimate (updating 2023 MRE and investigating high grade underground potential)
  • California: Evaluate reactivating a previous mine, where the license was suspended during WWII

Invest in One Company, Get Shares of Two Companies: Optionality on three key assets

Investing in Lode Gold presents an exciting opportunity for shareholders to benefit from an advanced gold exploration project and a forthcoming spinoff with two high-value assets. This strategic move is aimed at unlocking maximum value for investors, who will gain exposure to three highly prospective gold assets through shares in two separate companies.

Wishing you a season filled with joy and prosperity.

Yours truly,

Wendy T. Chan. CEO & Director

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.

In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 420 km2 and a 42 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 309 km2 package covering a 25 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.

In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 8 g/t Au in the 1940's.

Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.

The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment ("PEA"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.

All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Information Contact

Winfield Ding
CFO
info@lode-gold.com
+1-416-915-4257

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the completion of the transaction and the timing thereof, the expected benefits of the transaction to shareholders of the Company, the structure, terms and conditions of the transaction and the execution of a definitive agreement, the timing of submission to the CSE and TSXV, Gold Orogen raising an additional $1,500,000 and the anticipated use of proceeds. Forward-Looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-Looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: that the Company and GRM will be able to negotiate the definitive agreement on the terms and within the time frame expected, that the Company and GRM will be able to make submissions to the CSE and TSXV within the time frame expected, that the Company and GRM will be able to obtain shareholder approval for the transaction, that the Company and GRM will be able to obtain necessary third party and regulatory approvals required for the transaction, if completed, that the transaction will provide the expected benefits to the Company and its shareholders.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of the Company and GRM to negotiate the definitive agreement on the terms and conditions and within the timeframe expected, the failure of the Company and GRM to make submissions to the CSE and TSXV within the timeframe expected, the failure of the Company and GRM to obtain shareholder approval for the transaction, the failure of the Company and GRM to obtain all necessary approvals for the transaction, and r other risks detailed from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

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RETRANSMISSION: Grande Portage Completes Non-Brokered Private Placement

RETRANSMISSION: Grande Portage Completes Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") announces that after consultation with its registered finders, the Company has now concluded its non-brokered private placement under Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption. As previously announced on November 13, 2024, the Company sold 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Company had filed an offering document related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com

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Grande Portage Completes Non-Brokered Private Placement

Grande Portage Completes Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") announces that after consultation with its registered finders, the Company has now concluded its non-brokered private placement under Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption. As previously announced on November 13, 2024, the Company sold 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Company had filed an offering document related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com

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Pinnacle Provides Updates on Proposed Acquisition of El Potrero Gold-Silver Project in Mexico, and on Canada Postal Strike and Mailing of the Company's 2024 Annual General Meeting Materials

Pinnacle Provides Updates on Proposed Acquisition of El Potrero Gold-Silver Project in Mexico, and on Canada Postal Strike and Mailing of the Company's 2024 Annual General Meeting Materials

(TheNewswire)

Pinnacle Silver and Gold Corp.

VANCOUVER, BRITISH COLUMBIA, December 10, 2024 TheNewswire - (TSXV: PINN; OTC:NRGOF; Frankfurt: P9J) Pinnacle Silver and Gold Corp. (" Pinnacle " or the " Company ") is providing an update on the proposed acquisition of a staged option to acquire up to a 100% interest, subject to a 2% NSR, in the Potrero gold-silver project in Durango, Mexico, as announced in Pinnacle news release of Oct. 28, 2024 .

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Element79 Gold Corp Provides Corporate Update with Focus on Peru, Nevada Projects

Element79 Gold Corp Provides Corporate Update with Focus on Peru, Nevada Projects

(TheNewswire)

Element79 Gold Corp.

Consistent progress towards near term renewal of surface rights access in Peru

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