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Outback Goldfields Satisfies Requirements to Earn 51% Interest in the Glenfine Project
VANCOUVER, BC, June 3, 2021 /CNW/ - Outback Goldfields Corp. (the "Company" or "Outback") (CSE: OZ) (OTCQB: OZBKF) (FSE: S600) is pleased to report that it has
About this update from Valkea Resources Corp
[{"type":"text","content":" VANCOUVER, BC, June 3, 2021 /CNW/ - Outback Goldfields Corp. (the \"Company\" or \"Outback\") (CSE: OZ) (OTCQB: OZBKF) (FSE: S600) 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 kilome...