Outback Goldfields has secured an exploration licence for its Ballarat West tenement located 5km from the Ballarat gold mines in Victoria, Australia.
Located close to high-grade Ballarat and Creswick goldfields, the Ballarat West tenement includes 44,800ha of underexplored, highly prospective rocks of the Bendigo and Stawell zones.
Outback Goldfields chairman Craig Parry said: “Ballarat West is one of four key assets Outback has in the Victorian Goldfields.
“It’s a large package that is completely underexplored due to shallow cover despite the fact that over 17 million ounces of gold have been produced within 10km of the property.
“I believe Ballarat West represents an incredibly significant opportunity on our quest to find a multi-million-ounce discovery.”
The exploration mining company said that the property is supported by prospective rocks of the Stawell and Bendigo zones.
Based on historic alluvial workings and deep leads, the tenement is anticipated to be the local source for gold mineralisation.
To better define focus areas for exploration at the property, the company’s technical team has commenced compiling and reviewing all regional and property-scale geological, geochemical and geophysical data.
Subsequently, the team will focus on getting landholder access agreements. This will be followed by a phase one exploration programme comprising geological mapping, rock-chip sampling and soil geochemical surveys.
Outback Goldfields owns a package of four highly prospective gold projects located proximate and adjacent to the Fosterville Gold Mine in Victoria.
The firm is currently undertaking a phase one exploration programme at two of the four tenements.