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Vancouver, British Columbia–(Newsfile Corp. – January 14, 2021) – Outback Goldfields (CSE:OZ) announced the commencement of a Phase 1 exploration program on its highly prospective gold projects located in the historic Victorian goldfields of Australia, home to some of the highest grade and lowest cost mining in the world. Two of the company’s four key assets, located around the Fosterville Gold Mine in the Victorian goldfields, will be subject to significant exploration programs starting in the first quarter of 2021.

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Chris Donaldson, CEO, stated: “We are excited to commence a significant exploration program in the heart of the prolific Victorian goldfields. The primary objective of Phase 1 across the project portfolio is gold discovery via systematic target generation followed by drill testing. Outback has the premier package of tenements both proximate and adjacent to the Fosterville mine. Our technical team is eager to initiate exploration using modern methods.”

The Glenfine project is centered on a 30-kilometer 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 kilometer long by approximately 1 kilometer 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.

High-grade quartz reef-hosted gold mineralization has also been drilled at two primary target areas, the British Banner and Glenfine targets. Previous operators intersected numerous intervals of significant gold mineralization 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 tome gold with 0.8 metres of 21.0 grams per tonne gold in hole PFD031 at Glenfine.

Based on a 3D compilation of all available historic drill hole data, gold mineralization is considered open along strike and at depth at both prospects. A significant field program is planned at Glenfine consisting of 4,000 metres of diamond drilling and concurrent property-scale induced polarization geophysics. Drilling will test the vertical and lateral extent of structurally controlled, quartz reef-hosted, high-grade gold mineralization at the British Banner and Glenfine targets.

IP geophysics will be used to investigate extensions of the known mineralized reef systems and to target the mineralization potential of deformed sedimentary rocks near the underexplored, 20 km long contact with the Glenfine dome. These new geophysical data, together with previously completed airborne magnetics and regional gravity will be used to refine additional drill targets.

The western side of the 698 square kilometer Yeungroon project contains the historic Golden Jacket hard-rock reef mine associated with the regional-scale, northwest-trending Golden Jacket fault which cuts Ordovician rocks of the Stawell Zone. Historic mining records indicate the Golden Jacket mine produced quartz-rich ore with grades of up to 250 grams per tonne gold. Shallow cover over most of the tenement hinders exploration along the interpreted strike-extent of the Golden Jacket fault.

A property-scale airborne magnetic geophysical survey is planned to assist with structural interpretation of the Golden Jacket fault and other regionally important mineralized structures. Higher-resolution ground surveys over prospect sites will follow to help refine the local structural model and aid drill targeting.

A soil geochemical survey aimed at defining the mineralization potential of key structures and structural intersections will be completed following the geophysical survey. These soil-geochemical surveys will also include expanding the footprints of the high-arsenic Wedderburn soil anomalies located on the eastern side of the property. Follow-up top of bedrock RAB drilling of defined coincident geophysical and geochemical anomalies is also planned to assist with refining new drill targets.

Outback Goldfields is well financed having recently raised over $11 million.

For more information, please visit the company’s website, www.OutbackGoldfields.com, contact Chris Donaldson, CEO, at 604-900-3450 or email [email protected].

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