"The focus for Outback continues to be drill target generation," commented
Along with our systematic geoscience work, we have been diligently negotiating landholder access agreements across both properties. Our focussed ESG and exploration efforts in 2022 and Q1 of 2023 should put us in a great position for a drill program within the coming months."
Exploration is ongoing across the Yeungroon and Ballarat West projects, focused on drill target generation.
- Yeungroon: Follow-up drilling across the newly defined O'Connor's structural corridor is planned to commence in
April 2023 . - Ballarat West: Follow-up soil and rock geochemical surveys are ongoing across the newly defined Berry Sauce target.
Silver Spoon : The grant of the Exploration Licence, adjacent to Agnico Eagle'sFosterville tenements, is anticipated in the coming weeks.
- The Company is reviewing and evaluating all potential partnership opportunities across the project portfolio.
- Sufficient funds to execute follow-up exploration programs through 2023.
- Land access negotiations with local landowners are ongoing.
Exploration at Yeungroon is focused on the western side of the project area across the newly identified, northerly trending O'Connor's structural corridor (see
A roadside air-core drilling program is planned and scheduled to commence in the coming months. The program is designed to follow-up encouraging high-arsenic anomalism (a proven pathfinder-element for gold mineralization in the Victorian gold fields) identified in the previous reconnaissance-style drill program across the O'Connors corridor (see
Therefore, the two primary objectives for the upcoming air-core drill program are:
1. | Test beneath the O'Connors anomaly to investigate the association of near-surface high-arsenic geochemistry with quartz reef-hosted gold mineralisation at depth (Figure 1 shows the relatively shallow overburden at the O'Connors Target zone with respect to the modelled target zones). |
2. | Test the potential of the O'Connors anomaly along strike. The anomaly is spatially coincident with a series of interpreted faults, evident in aeromagnetic geophysical data, interpreted to be associated with the district-scale O'Connors Fault. Figure 2 shows the O'Connors geochemical anomaly spatially associated with the multiple north-west trending magnetic lineaments interpreted to be prospective fault zones that may host gold-bearing quartz-reefs. |
Exploration at Ballarat West is focused on the recently defined Berry Sauce corridor (see
The Company is awaiting the final grant of the Exploration Licence (EL006951), which is anticipated to be approved in the coming weeks. All native title obligations applicable to the licence have now been resolved with a Land Use Activity agreement in place with the Taungurung Land and Waters Council Aboriginal Corporation (TLaWC). The licence is now at the final stage of approval with the
The Company is actively exploring all avenues to accelerate corporate growth including potential project-level partnerships on all of the four projects. Due to market conditions and an uncertain financing market, management will continue to be prudent with the treasury and maintain focus on conserving cash.
The Company has granted 140,000 stock options at an exercise price of
Outback recognizes 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 is ongoing.
This news release has been approved by Mr.
References
1. Phillips, G.N., 2010, Geoscience Victoria Special Publication, 54 p.
2. Reported in: Independent QP Report for the
~signed
_________________________________________________________________________ |
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
© Canada Newswire, source