11 July 2024
Oracle Power PLC
("Oracle" or the
"Company")
Northern Zone Delivers Further
High-Grade Gold Intercepts
25km ESE of Kalgoorlie, Western
Australia
Oracle Power PLC (AIM:ORCP), an international
project developer, is pleased to announce that it has received
assay results from its recently completed Reverse Circulation (RC)
drilling programme at the Northern Zone Intrusive Hosted Gold
Project, located 25 km east of Kalgoorlie in Western Australia
(refer to Figure 1 for location).
HIGHLIGHTS
·
Reverse Circulation (RC) drilling at the Northern Zone Gold
Project has intersected gold mineralisation both to the north and
south of the maiden diamond drill hole traverse.
· The
RC drilling targeted the shallower, up dip portion of the
mineralised system, yielding several significant intercepts,
including:
o 18m @
4.14g/t Au from 36m (hole NZRC001)
o 54m @ 0.38g/t
Au from 158m (hole NZRC004)
o 14m @ 0.76g/t
Au, from 226m to end of hole (EOH) (hole NZRC004)
o 15m @ 0.66g/t
Au, from 160m (hole NZRC005)
o 8m @ 0.57g/t
Au, from 221m to EOH (hole NZRC005)
o 9m @ 0.85g/t
Au, from 176m (hole NZRC006)
o 22m @ 0.41g/t
Au, from 272m to EOH (hole NZRC006)
·
Significant results from the maiden 2023 diamond drill
traverse included¹:
o 110m @ 0.60 g/t
Au from 208m (hole RSDD02)
o 16.4m @ 0.45g/t
Au from 83.6m (hole RSDD003)
o 13m @ 0.48g/t
Au from 135m (hole RSDD003)
o 11m @ 0.49g/t
Au from 197m (hole RSDD003)
o 26m @ 0.44g/t
Au from 231m (hole RSDD003)
o 47m @ 0.48g/t
Au from 216m (hole RSDD01)
o 84m @ 0.42g/t
Au from 315m (hole RSDD003)
·
Further drilling is planned to the north-east, following the
mineralised porphyry.
·
Previously announced Exploration Target at Northern Zone Gold
Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for
an Exploration Target of 2.5Moz - 4.8Moz of gold².
Naheed Memon,
CEO of Oracle, commented: "These latest results at the Northern
Zone Gold Project have revealed shallower supergene gold
mineralisation than anticipated and have delineated the south-west
boundary of the gold system. The next phase of drilling will test
extensions to the north-east, north-west and south-east, building
on the diamond drill programme that encountered gold mineralisation
up to depths of 450 metres and thicknesses exceeding 150 metres. A
follow-up drill programme will also target an identified fault,
believed to be a controlling feature of mineralisation in the area.
This follow-up campaign will be finalised after we receive all
assays from the recent air core programme, conducted concurrently
with the RC drilling. We look forward to receiving these additional
drilling results shortly."
The Northern Zone Gold Project has an
Exploration Target of 200 to 250 million tonnes at a grade of 0.4
g/t to 0.6 g/t Au for 2.5 to 4.8 million oz of gold, as announced
by Riversgold Limited (ASX:RGL) on the ASX on 9 May
2023.
Cautionary
Statement: The potential quantity and grade of
the Exploration Target is conceptual in nature. There has been
insufficient exploration to estimate a Mineral Resource and it is
uncertain if further exploration will result in the estimation of a
Mineral Resource. The reader is advised that an Exploration Target
is based on existing drill results and geological observations from
drilling as well as interpretation of multiple available datasets.
The Exploration Target is based on historical and more recent
Oracle drilling results. It utilises data from 53 historical
drillholes drilled between 1998 and 2012, and seven drillholes
drilled by Oracle in 2021.
Change of
Broker
The Company also announces that Strand Hanson
Limited will act as its sole broker with immediate
effect.
This
announcement contains inside information for the purposes of
Article 7 of EU Regulation No. 596/2014, which forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal)
Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU
Exit) Regulations 2019.
Competent
Person's Statement
The information in this announcement that
relates to exploration results, exploration targets, mineral
resources or ore reserves is based on information compiled by Mr
Edward Mead, who is a Fellow of the Australasian Institute of
Mining and Metallurgy. Mr Mead is a director of Riversgold Limited
and a consultant to the company through Doraleda Pty Ltd. 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 `Australasian 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
announcement.
¹Riversgold Limited (ASX:RGL) ASX announcement of 12 December
2023 "+100metre Wide Gold Intercepts at Northern Zone
Project".
² Riversgold
Limited (ASX:RGL) ASX announcement of 9 May 2023 "Farm into
Significant Porphyry Hosted Gold Project".
-ENDS-
For further information visit
www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon -CEO
|
+44 (0) 203 580 4314
|
Strand Hanson Limited (Nominated Adviser &
Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20 7409 3494
|
St Brides Partners Limited (Financial
PR)
Susie Geliher, Isabel de Salis
|
oracle@stbridespartners.co.uk
|
Glossary for
technical terms
EOH
|
End of hole
|
Au
|
Gold
|
RC
|
Reverse Circulation
|
g/t
|
Grams per tonne
|
Moz
|
Million ounces
|
MGA_E
|
Magnetic easting
|
MGA_N
|
Magnetic northing
|
AZM_MGA
|
Azimuth
|
Figure 1: Northern Zone Gold Project map
showing proximity to the Kalgoorlie "Super Pit".
Figure 2: Northern Zone drill collar
plan.
APPENDIX 1: Drilling
Information
Table 1: Northern Zone Drill Collar
Locations
Hole ID
|
Type
|
MGA_E
|
MGA_N
|
Elevation
|
Total Depth
(m)
|
Dip
|
AZM_MGA
|
NZRC001
|
RC
|
381532
|
6592585
|
356
|
200
|
-60
|
225
|
NZRC002
|
RC
|
381581
|
6592641
|
356
|
250
|
-60
|
225
|
NZRC003
|
RC
|
381668
|
6592511
|
356
|
150
|
-60
|
225
|
NZRC004
|
RC
|
381726
|
6592564
|
356
|
240
|
-60
|
225
|
NZRC005
|
RC
|
381725
|
6592457
|
356
|
229
|
-60
|
225
|
NZRC006
|
RC
|
381791
|
6592518
|
356
|
294
|
-60
|
225
|
Table 2: Northern Zone drilling
significant result intercepts
Hole id
|
From (m)
|
To (m)
|
Width (m)
|
Gm/m
|
Av. Grade
|
Intercept
|
NZRC001
|
36
|
54
|
18
|
20.52
|
4.14
|
18m @ 4.14g/t
Au
|
63
|
69
|
6
|
1.44
|
0.24
|
6m @
0.24g/t Au
|
148
|
152
|
4
|
2.16
|
0.54
|
4m @
0.54g/t Au
|
177
|
180
|
3
|
1.35
|
0.45
|
3m @
0.45g/t Au
|
NZRC002
|
36
|
45
|
9
|
4.32
|
0.48
|
9m @
0.48g/t Au
|
57
|
71
|
14
|
3.36
|
0.24
|
14m @
0.24g/t Au
|
121
|
128
|
7
|
2.38
|
0.34
|
7m @
0.34g/t Au
|
140
|
147
|
7
|
5.81
|
0.83
|
7m @
0.83g/t Au
|
NZRC003
|
63
|
69
|
6
|
1.80
|
0.30
|
6m @
0.3g/t Au
|
NZRC004
|
75
|
82
|
7
|
8.89
|
1.27
|
7m @
1.27g/t Au
|
158
|
212
|
54
|
20.52
|
0.38
|
54m @ 0.38g/t
Au
|
226
|
240
|
14
|
10.64
|
0.76
|
14m @ 0.76g/t Au,
EOH
|
NZRC005
|
63
|
66
|
3
|
1.02
|
0.34
|
3m @
0.34g/t Au
|
71
|
77
|
6
|
1.26
|
0.21
|
6m @
0.21g/t Au
|
160
|
175
|
15
|
9.90
|
0.66
|
15m @ 0.66g/t
Au
|
205
|
215
|
10
|
2.70
|
0.27
|
10m @
0.27g/t Au
|
221
|
229
|
8
|
4.56
|
0.57
|
8m @ 0.57g/t Au,
EOH
|
NZRC006
|
57
|
68
|
11
|
4.73
|
0.43
|
11m @
0.43g/t Au
|
77
|
83
|
6
|
1.92
|
0.32
|
6m @
0.32g/t Au
|
132
|
153
|
21
|
4.41
|
0.21
|
21m @
0.21g/t Au
|
176
|
185
|
9
|
7.65
|
0.85
|
9m @ 0.85g/t
Au
|
272
|
294
|
22
|
9.02
|
0.41
|
22m @ 0.41g/t Au,
EOH
|
Table 3: Northern Zone assay results
above 0.11 g/t Au