TIDMORCP
RNS Number : 6070Z
Oracle Power PLC
24 May 2021
24 May 2021
Oracle Power PLC
("Oracle", the "Company")
Jundee East Gold Project, Australia - Exploration Tenement
Granted
Oracle Power PLC (AIM: ORCP), the AIM listed natural resources
and power project developer, is pleased to announce the granting of
exploration tenement E53/2140 which contains the Jundee East Gold
Project, located in the Eastern Goldfields region of Western
Australia ('Jundee East' or the 'Project').
To view the RNS with illustrative maps and diagrams, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6070Z_1-2021-5-24.pdf
Highlights
-- The Project represents a previously unrecognised significant
greenstone belt proximal to Northern Star's Jundee Gold Mine, host
to previous production and resource of over 7Moz gold
-- Geochemical soil sampling programme over three lines
totalling approximately 240 samples was completed with assay
results pending and expected in late May 2021
-- Ground based gravity survey completed over key target areas
targeting modelled greenstone unit and interpreted felsic intrusive
body
-- Induced Polarisation (IP) survey to be considered as next
step once geochemical soil sample assays are returned
-- The granting of E53/2140 now allows ground disturbing
activities such as drilling, with a drill programme to be designed
on collation of outstanding exploration results
Naheed Memon, CEO of Oracle, commented :
"The granting of the Jundee East exploration tenement, located
only 7km due east of one of Australia's largest gold mines, is a
great milestone that allows drilling to commence once final
targeting programmes have been completed. The initial orientation
soil geochemistry programme results are expected in the coming
weeks, and this information will be integrated with the recent
gravity survey over the prime targets previously reported. Oracle
is optimistic that these two programmes will provide valuable
information to understand the scale of targets identified within
the Project area in preparation for drill targeting."
About The Jundee East Project:
The Jundee East Project is comprised of one exploration licence
(E53/2140) and located 7km due east of the Jundee Gold Mine, Figure
1. The area of the Project is 29 blocks (89.3km(2) ). The Project
is located within the Yandal Gold Province, a Tier 1 gold belt,
host to numerous multi-million-ounce gold systems.
The Jundee East Project represents a previously unrecognised
greenstone belt (Figure 2) proximal to the Jundee Gold Mine, host
to previous production and resource of >7Moz gold.
Gravity data is one of the main tools used in exploring under
transported sedimentary cover, which is one of the primary
challenges facing minerals exploration in Western Australia. The
data can be used to create 3D models of the subsurface, providing a
better understanding of the structure and geological setting. A
gravity map of the Jundee region is shown in Figure 3.
A comparison between the gravity response of the Jundee Gold
Mine and the Project provides a similar level of density response.
The gravity mapping suggests that major portion of the Project is
potentially located in an unrecognised Greenstone Belt which is
approximately 20km long and 5km wide with a noticeable 'bend' (with
some portion in Granites).
Detailed 3D modelling of gravity-based response shows a strong
degree of correlation of gravity response between that of the
Jundee Gold Mine and the Project which further supports the initial
2D interpretation in Figure 3.
Figure 1 : Jundee East Project location Map showing proximity to
the Jundee Gold Mine
The degree of the structural complexity of the greenstone unit
within the Project including multiple structures which extend from
mineralised zones of the Jundee Mining Camp into the tenure
significantly upgrades the prospectivity for hosting structurally
controlled gold mineralisation within the greenstone body. The
interpreted late-stage intrusion occurring towards the
central-eastern margin of the tenure represents a priority target
in itself.
Figure 2: Jundee East Project - Magnetic TMI overlaid on
Geology
Figure 3: Jundee East Project - 2D and 3D Modelling of
Gravity
A detail GPS gravity survey (Figure 4) has been completed over
the Jundee East Project.
The survey consisted of 352 detail gravity survey stations
comprising 13 West-East trending lines with a line spacing of 250
metres and station intervals of 250 metres. An extension, on the
west margin of the survey was done, consisting of 50 detail gravity
stations. The completed Jundee East Gravity Survey comprised of 402
stations over 22 lines.
Figure 4: Jundee East Project - Magnetics Reverse to Pole First
Vertical Derivative with the location of Gravity Stations
The data (Figure 5 and 6) from the detailed Gravity Survey,
clearly shows a gravity low within magnetic/gravity high. The
gravity low coincides with a magnetic low. This observed response
is consistent with the interpretation of felsic/porphyry intruding
a greenstone unit.
Figure 5: Jundee East Project - Recent gravity data over TMI
magnetics
Figure 6: Jundee East Project - Magnetic and Gravity low feature
the focus of geochemical sampling.
Competent Persons Statement
The Information in this report that relates to exploration
results, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Mead is a consultant to the
company. Mr Mead has sufficient experience which is relevant to the
style of mineralisation and type of deposits under consideration
and to the activity that he is undertaking to qualify as a
Competent Person as defined in the 2012 edition of the `Australian
Code for Reporting Exploration Results, Mineral Resources and Ore
Reserves' (the JORC Code). Mr Mead consents to the inclusion of
this information in the form and context in which it appears in
this report.
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer listed on London's AIM market. The Company is
focussed on delivering reliable and affordable power in emerging
developing markets, unlocking the value of underutilised and
undeveloped natural resources to provide energy security and
support economic growth and development. Its initial project is the
Thar Block VI Project in the Thar desert in the south-east of the
Sindh province of Pakistan. The Thar Project is a 66.1 sq km
licence containing 1.4 billion tonnes of coal, where the Company,
together with its partners China National Coal Development Company
Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed
Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal
mine, a 1,320MW mine mouth power plant and a proposed coal
gasification to urea project.
The Company also holds two highly prospective gold assets in two
globally significant gold regions of Western Australia. The
Northern Zone Project is located 25km east of the major gold mining
centre of Kalgoorlie, the home of the 'Super Pit' mine, the second
largest gold mine in Australia, and the Jundee East Gold Project is
located 9km east of Northern Star's Jundee Gold Mine, one of
Australia's largest gold mines.
*ENDS*
For further information on Oracle Power Plc, visit the Company's
website http://www.oraclepower.co.uk or contact:
Oracle Power PLC +44 (0) 203 580
Naheed Memon 4314
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Rob Patrick 3494
Brandon Hill Capital Limited (Joint Broker) +44 (0) 203 463
Oliver Stansfield 5000
Shard Capital (Joint Broker)
Damon Heath +44 (0) 20 7186
Isabella Pierre 9952
St Brides Partners Limited (Financial
PR)
Susie Geliher +44 (0) 20 7236
Catherine Leftley 1177
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