Outback Satisfies Requirements to Earn 51% Interest in Glenfine
Outback Goldfields Corp. (the “Company” or “Outback”) (CSE: OZ) is pleased to report that it has notified its earn-in partners that it has satisfied the exploration expenditure requirements to acquire 51% ownership in the Glenfine project. The Company is moving forward with exploration activities that will earn a further 29% ownership interest in due course as per the joint venture agreement.
“Outback owns four key assets in the Victorian Goldfields. We have been extremely pleased with our exploration activities on the Glenfine project. It was the most drill-ready of all our properties and had recently-discovered highly prospective mineralization. We have now spent the required $1 million on exploration activities to earn a 51% ownership interest and have begun the administrative process to register our ownership interest. Outback has the option to further increase to 80% ownership over the next 2.5 years, which would put Glenfine closer in-line with the other 3 properties that are all 100% owned,” commented Chris Donaldson, CEO.
Key points of the earn-in:
$1,000,000 spend to acquire 51% ownership, now completed
Additional $2,000,000 spend to acquire 80% in the next 2.5 years
Once 80% ownership is acquired, options are to enter into an 80/20 JV or negotiate to own 100%
Glenfine Program Outline
Outback is more than half-way through its planned 4,000 meter drill program on the Glenfine project (see news release dated February 16th, 2021). The Company has now completed over 2,200 meters of diamond drilling and over 850 meters of reverse circulation drilling focused primarily along the Glenfine South to Reef 2 corridor. Drilling has tested for mineralization continuity up-dip and down-dip along Reef 2 and has also tested for mineralization continuity along strike between the Glenfine South Mine and the Reef 2 targets. Initial results were outlined in the May 19, 2021 news release highlighted by an interval of 17.30 meters at 2.66 grams per tonne (g/t) gold in OGA0005. Further results from the remaining holes are pending and will be released once the assays are received from the lab and have been interpreted.
Outback is in the process of mobilizing the drill rigs from the Glenfine South - Reef 2 corridor to the British Banner target, 7.5 kilometers to the north. Drilling at British Banner will test for along-strike continuity of north-trending, gold-bearing quartz veins. Previous exploration drilling at British Banner intersected numerous zones of gold mineralization such as 3.8 metres of 8.96 g/t gold with 1.3 metres of 23.4 g/t gold in hole CCD01 (reported in Mele, 2016). Mineralization at British Banner remains open in multiple directions.
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.
Mele, S., 2016, Cape Clear Project exploration licence 5434, Victoria, Annual Report for the period 1st October 2015 to 30th September 2016, Earth Resource Development, Department of State Development, Business and Innovation, http://gsv.vic.gov.au/, 24 p.
Data Verification and National Instrument 43-101 Disclosure
Some data disclosed in this news release relating to sampling and drilling results are historical in nature. Neither the Company nor a Qualified Person, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), have verified the 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. The technical information disclosed in this news release has been reviewed and approved by Christopher Leslie, P.Geo., a Qualified Person as defined by NI 43-101.
About Outback Goldfields Corp
Outback Goldfields Corp. is a well financed exploration mining company having recently raised over $11 million. The Company has now completed the acquisition of a package of highly prospective gold projects located around the Fosterville Gold Mine in Victoria, Australia and has commenced a Phase 1 exploration program on two of the Company’s four key assets. The goldfields of Victoria are home to some of the highest grade and lowest cost mining in the world.