wheat paddocks in Victoria

Yuengroon – Orogenic Gold Project (EL6897), Victoria (Outback Goldfields, 100%)

The Yuengroon Project is located approximately 80km north-east of Bendigo and covers a large area of 687 km2 over the historic northern Wedderburn Goldfield. The tenure extends westwards to cover a large strike continuance (32 kilometres) of the Golden Jacket Fault which shows several important historical gold occurrences. The western area has only been lightly explored and is mostly under shallow cover.

Recorded historical gold production from the Wedderburn field is 140,000 Oz. These finds came mainly from alluvial workings but also included some shallow reef mining down to the water table which occurs at approximately 20 metres depth. Very little modern drilling has occurred to test for depth extensions of the reef systems below the water table.

There are two notable recorded historic mine occurrences along the Golden Jack Fault. The Golden Jacket Mine comprises a shallow small-scale shaft reef mine worked to just 46 metres depth. Total recorded production was 171.7 tonnes of ore which produced 1,385 Oz of gold. Whilst only a small historic working the grade is exceptional, running at an average of 250.1 g/t Au. The Nine Mile Reef is a larger historical mine, which was worked down to 131 metres depth and mined 43,571 tonnes of ore producing 16,236 Oz of gold (average grade 11.6 g/t Au) (Source: Victorian State Government GeoVic database).

On 16 December 2020 the Company completed a transaction to sell its Victorian gold project assets to Outback Goldfields Corp. (“Outback Goldfields”) in exchange for shares in Outback Goldfields (refer ASX announcement dated 16 December 2020 ‘Sale of Victorian Assets Successfully Closed’).

The Transaction has resulted in Outback Goldfields acquiring the Company’s gold projects located in Victoria, Australia (“the Project”), including the Company’s Yuengroon Gold Project (EL 6897 & ELA 7280).

Yuengroon

EL6897 (Yuengroon) Location Map, showing historical mine sites and known major faults.