(TSX.V: OZ, OTCQB: OZBKF, FSE:
S600)
VANCOUVER, BC, Aug. 24,
2023 /CNW/ - Outback Goldfields Corp.
(the "Company" or "Outback") (TSXV: OZ) (OTCQB:
OZBKF) is pleased to provide an update from
its reconnaissance-style, air-core drill program at its
Yeungroon gold project, central Victoria,
Australia. The purpose of the wide-spaced, top of bedrock
drilling was to expand on, and sample fresh bedrock below a broad
and open-ended, 3 kilometre long, near-surface pathfinder element
anomaly.
Highlights
- Assays confirm broad gold-arsenic anomaly in bedrock samples
over 3-kilometre strike length: Drilling across the O'Connors
geophysical trend revealed broad zones of strongly anomalous
arsenic and gold comparable to that observed in alteration halos
proximal to other central Victorian gold-bearing quartz reefs.
- Wide-spaced top-of-bedrock drilling effective first
step: Grid-based, shallow drilling across numerous blind and
concealed geophysical targets proved to be a key and cost-effective
first step at generating new drill targets.
- Anomalies are open along strike: Encouraging gold
results at the northern and southern ends of the anomalies supports
the potential for further extensions along strike.
- Planning for follow up drilling of high-potential drill
targets now underway: Results suggest that drilling may have
intersected low-grade gold halos proximal to high-grade gold
bearing quartz reef structures. Numerous targets have now been
identified and planning is underway for follow up drilling to test
these targets at depth and along strike.
"We are very pleased with our exploration campaign and
results at O'Connors. The wide-spaced, air-core drill program
was designed to explore below young cover rocks and sample the top
of fresh bedrock," commented Chris
Donaldson, CEO. "Sampling of these chips, in places logged
as quartz-rich, revealed numerous areas with strongly anomalous
gold values interpreted to be distal mineralization related to
concealed and potentially mineralized quartz reefs. The main
O'Connors multi-element trend is open to the north and south and
has been defined for over 3 kilometres along strike. This broad
anomaly, as well as other parallel trends, warrants tighter spaced
air-core drilling and as well as deep diamond drilling to test for
structurally controlled quartz-reef hosted gold mineralization at
depth below these shallow anomalies."
Program Overview
The focus of the grid-based, shallow reconnaissance-style drill
program was to drill through barren cover rocks and map and sample
the top of bedrock (see May
2nd, 2023 news release). This air-core drill
program (Phase 2), expanded on the previously reported Phase 1
air-core drill program (see October
19th, 2022 news release), comprised 2,400 metres
of shallow, top of bedrock drilling primarily along east-west
oriented roads (Figure 1). A highly portable air-core drill rig was
used to sample and map the top of bedrock below cover. A
footprint of approximately 6.0 kilometres wide and 3.2 kilometres
long was tested along three roads spaced approximately 1.5
kilometres apart. Holes were vertical and collared on 100-metre
centers along the roads and were drilled to an average depth of 17
metres. Cuttings from each drill run were analysed using a portable
x-ray fluorescence spectrometer (pXRF). The focus for these
analyses was pathfinder element geochemical concentrations (e.g.,
arsenic). Based on these results, together with the identification
of quartz chips in the drill cuttings, a total of 1462 samples were
then selected for follow up laboratory testing using low-detection
fire assay gold analyses. These analyses represent only 60% of
total metres drilled therefore additional gold analyses from other
holes are warranted.
The program was successful at defining a new broad zone of gold
anomalism associated with a large-scale, open-ended arsenic
anomaly. The coincident gold and arsenic anomalies are spatially
associated with the north-northeast trending O'Connors fault and
related splay faults (Figure 1).
The Geological Survey of Victoria published a study in 2008 focused on
the geochemistry of host rocks and alteration halos surrounding
central Victorian gold deposits. The study inferred that low-grade
gold halos may extend between 30 and 90 metres from primary
mineralized structures (e.g., quartz reefs) with grade thresholds
between 10 ppb and 100 ppb gold (Arne et al., 2008).The peak gold
values from the O'Connors air-core drill program of up to 0.43 g/t
(432 ppb) Au and 0.27 g/t (270 ppb) Au (Figures 1 and 2) are
therefore considered highly anomalous and represent immediate
targets to systematically drill test. The O'Connors gold-arsenic
anomaly extends for over 3 kilometres and remains open along
strike. In addition, several zones of gold-arsenic anomalism to the
west of the O'Connors trend has also been identified (Western
Trend, Figure 2).
The Company's systematic approach to evaluating compelling new
geophysical anomalies and lineaments concealed below young cover
rocks has proved very effective at defining numerous new target
areas. The current exploration thesis is that drilling to date has
intersected multiple low-grade gold halos within the broader
arsenic anomaly possibly associated with proximal and concealed
high-grade gold bearing quartz reefs. Numerous high-potential
targets have now been identified. A multi-phase program consisting
of infill air-core holes to constrain the spatial extent of the
near-surface geochemical footprint(s) together with deeper diamond
core holes to gain valuable structural information is being planned
to better evaluate the high-grade gold potential of the area and
test for proximal gold-bearing quartz reefs (e.g., Figure 2).
Yeungroon Project
The 698 km2 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. 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 three beams for a total of 30
seconds each. Based on the results of the preliminary XRF
Geochemical analyses, two batches of samples were selected and sent
for low detection gold analysis. The first batch of samples was
analysed by the SGS laboratory on Orange, the second was submitted
to the Gekko Assay laboratory in Ballarat.
The assay process used at both the SGS laboratory and involved
the complete pulverisation of approximately 1.5kg samples such that
80% of the sample passed through a 75µm mesh. A 30g charge was then
fire assayed with final analysis completed via ICP-MS (inductively
coupled plasma mass spectroscopy)
The Gekko laboratory involved the complete pulverisation of
approximately 1.5kg samples such that 80% of the sample passed
through a 75µm mesh. A 50g charge was then fire assayed with final
analysis completed via AAS (atomic absorption spectroscopy).
For pXRF analysis and assay submissions to both SGS and Gekko
Laboratories, QA/QC protocols involved the insertion of Certified
Reference materials 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.
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 pXRF.
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(CP), 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.
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.
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 are 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.