Requirements To Earn Interest In The Glenfine Project
VANCOUVER - Outback Goldfields Corp. 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.
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 meters of 8.96 g/t gold with 1.3 meters of 23.4 g/t gold in hole CCD01 (reported in Mele, 2016). Mineralization at British Banner remains open in multiple directions.