InvestmentPitch Media Video Discusses Outback Goldfields' Update on Completed Initial Exploration Phase on its Yeungroon Gold Property Located in Central Victoria, Australia.

VANCOUVER, British Columbia., March 31, 2022 (GLOBE NEWSWIRE) -- Outback Goldfields (TSXV:OZ) (OTCQB:OZBKF) (FSE:S600) has provided an update for its Yeungroon gold property located in Central Victoria, Australia. This is one of the company's four key assets in the highly prospective Fosterville Gold District in the Victoria goldfields in southeast Australia.

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The 698 square kilometer Yeungroon property is transected by the north-trending, crustal-scale Avoca fault, which separates the western Stawell zone from the Eastern Bendigo zone. The western side of the Yeungroon property contains the historic Golden Jacket hard-rock reef mine associated with the regional-scale, northwest-trending Golden Jacket fault. Historical mining records indicate the Golden Jacket mine produced quartz-rich ore with grades of up to 250 grams per tonne gold, however, the vertical and lateral extent of mineralization remains unknown. The eastern side of the project is underlain by Ordovician rocks of the Castlemaine group and comprises the northern extent of the Wedderburn Goldfield, where numerous small-scale, historical alluvial and hard-rock mines are located.

More than 9,300 meters in 590 holes were completed across the property with two main objectives, to expand the 600 meter long, open-ended, near-surface arsenic geochemical anomaly south of the Golden Jacket mine to the north and northeast, and to test numerous priority geophysical targets on the western side of the property along trend from the Moondyne prospect.

Shallow air-core holes were drilled on a grid pattern to the north and the northeast of the Golden Jacket Mine and along linear roadside traverses, perpendicular to the regional structural setting, covering the western side of the property. The highly portable air-core drill rig was used to sample and map the top of bedrock below cover. The air-core drill program was designed to build on encouraging results from a large grid-based, top of bedrock sampling rotary air-blast drill program, and a short diamond drill program.

A footprint of approximately 4.4 square kilometers was covered in the Golden Jacket Grid and 8.5 kilometers of road-side traverse were covered on the western side of the property. Drilling was first focused on testing the northwestern extent of the reef-hosted gold system along strike from the Golden Jacket mine, as well as testing numerous geophysical targets to the northeast and to the west of the mine along interpreted structural offsets. The Golden Jacket mine is associated with the property-scale, northwest-trending Golden Jacket fault, which transects the property for over 30 kilometres of strike length. Historical small-scale production from the Golden Jacket mine was reportedly 1,400 ounces of gold at approximately 250 grams per tonne.

Rock-chip samples from the drilling are being analysed daily using a tailored portable Xray fluorescence spectrometer workflow to measure elemental concentrations.

Chris Donaldson, CEO, stated: "We are pleased to report on our exploration progress so far at our highly-prospective Yeungroon gold property. We have recently finished the initial phase of our systematic and property-wide, multi-rig drill program where our efforts were focused on understanding the structural setting of gold mineralization peripheral to the Golden Jacket mine in addition to identifying geochemical anomalies in new and un-explored greenfields areas. Data analyses and interpretation are ongoing and will enable us to prioritize specific targets for the next round of diamond drilling."

The company is well financed with the shares trading at $0.20. on the TSX Venture Exchange having recently moved from the Canadian Securities Exchange. For more information, please visit the company's website, www.OutbackGoldfields.com, contact investor relations at 604-900-3450 or email [email protected].

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