Outback Goldfields Corp. (OTCQB: OZBKF) gained 57.35 percent on Friday, closing its weekend trading at $0.55497. Outback Goldfields stock has been trading in the $0.55497 to $0.55497 range. Over the past month, OZBKF stock has experienced a 4.6% rise with a 30-day average daily volume of 12.60K shares. As the OZBKF stock rose in absence of current news, we can then point to recent developments to provide a more thorough understanding of OZBKF.
How did things go recently?
In Victoria, Australia, Outback Goldfields owns a package of four highly prospective gold projects which are located adjacent and nearby the Fosterville Gold Mine. The initial Phase 1 exploration program has commenced on two of the four OZBKF tenements. Some of the world’s highest grade and lowest cost mining occurs in the Goldfields of Victoria, Australia.
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The Outback Goldfields last week provided an update on its exploration activities, which are continuing to expand in the world-famous Victorian Goldfields.
- One of the objectives of OZBKF is to systematically explore the feasibility of two of its four projects.
- OZBKF’s projects Glenfine and Yeungroon are at the center of Phase 1 of the 2021 exploration program.
- Both OZBKF’s Ballarat West and Silver Spoon tenements are seeking exploration licenses.
- Currently, OZBKF is working on enhancing the Glenfine gold project exploration program by targeting high-grade quartz reefs.
- Approximately 400 meters of prospective geology lies in an approximately north-south trending corridor between the historic Glenfine South mine and the southern Reef 2 prospects.
- Mineralization continuity along this trend has been tested in eight diamond drill holes so far.
- OZBKF has sent the samples to the lab for analysis.
- Second drill rig has been put into operation.
Outback Goldfields (OZBKF) will be using reverse circulation drills (RCs) for the purpose of checking for parallel structures in the Glenfine to Reef pipeline in a cost-efficient manner. Once drilling has been completed along the Reef 2 to Glenfine South corridor and land access has been completed on the Glenfine project, OZBKF plans additional targets such as British Banner to be drill tested.