27
August 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Gold Target Zone Increased
with Latest Drilling at Northern Zone Project
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to announce that it has
received further assay results from the recently completed 1,903m
Aircore (AC) drilling campaign at the Northern Zone Intrusive
Hosted Gold Project ("Northern Zone" or the "Project").
Highlights:
o Highest
grade interval to date from shallow drilling of 27.5 g/t gold
(drill hole NZAC033) recorded over 1 metre in recently completed
drilling.
o Significant shallow gold intercepts, include:
▪
16m @ 4.69 g/t Au from 30m (drill hole
NZAC033)
▪
4m @ 6.9 g/t Au from 39m (drill hole
NZAC029)
▪
3m @ 3.32 g/t Au from 35m (drill hole
NZAC030)
▪
9m @ 1.2 g/t Au from 31m (drill hole
NZAC048)
▪
3m @ 2.68 g/t Au from 31m (drill hole
NZAC043)
▪
3m @ 2.11 g/t Au from 46m (drill hole
NZAC044)
▪
4m @ 1.47 g/t Au from 30m (drill hole
NZAC053)
o Single
metre assay of drill hole NZRC001 has now been completed returning
a higher-grade core that includes:
▪
10m @ 4.94g/t Au from 39m
(NZRC001)[1]
▪
Or 14m @ 3.6/t Au from 39m
▪
Or 18m @ 2.8g/t Au from 36m (if the same interval
as the composite).
o Further
step-out targeted drilling is now being planned over the expanded
footprint of the mineralised porphyry.
Naheed Memon, CEO of Oracle, commented:
"These latest gold results are very exciting for the Project
and it is great to be able to back up initial results at Northen
Zone, with this latest run of assays so quickly after the recent
success of our maiden RC and AC campaigns. The results indicate
that we have very significant shallow supergene and oxide gold
mineralisation and that targeting this mineralisation has generated
positive results that far exceed our expectations. We suspect that
we have a number of these high-grade zones overlying this extensive
gold mineralised porphyry system and the next drill programme will
test this expansive shallow model.
"New drilling, which is being planned, will focus on heading
to the north-east, north-west and south-east, where the maiden
diamond drilling traverse intersected mineralisation down to 450
metres and in excess of 150 metres thick in the un-weathered
underlying porphyry[2]. The identification
of a fault, believed to be a controlling feature of mineralisation
in the area will also be targeted in a follow up drill programme,
that will be finalised shortly. We look forward to the results from
the next round of drilling which we are hopeful in starting within
weeks."
As previously announced, the
Northern Zone 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) to
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 uses data from 53 historical drillholes
drilled between 1998 and 2012, and seven drillholes drilled by
Oracle in 2021.
Further Information
Drilling contractor Australian
Aircore Drilling (Mick Shorter) completed a further 26 holes for
1,903m of AC drilling at Northern Zone using a blade to drilling
refusal, with the cuttings being logged by Riversgold Limited's
("RGL") geologists. The detailed logging and assays continue to
show that a significant gold mineralisation event has occurred in
the Project area. The drilling targeted the shallower, up dip
portion of the mineralised system, that yielded a significant
composite intercept of 18m @
4.14g/t Au from 36m (drill hole
NZRC001)[3].
Single metre assay of drill hole
NZRC001 has now been completed returning a higher-grade core of
10m @ 4.94g/t Au from 38m
or 14m @ 3.6/t Au from 38m
or 18m @ 2.8g/t Au from 36m
if the same interval as the composites is used.
Recent Aircore drilling has
replicated zones of gold mineralisation seen in drill hole NZRC001
with 16m @ 4.69 g/t Au from
30m (drill hole NZAC033), 4m @ 6.9 g/t Au from 39m (drill hole
NZAC029), 3m @ 3.32 g/t Au from
35m (drill hole NZAC030) and 9m @ 1.2 g/t Au from 31m (drill hole
NZAC048).
Mineralisation remains open in
multiple directions, necessitating further drilling campaigns.
Refer to Figure 1 for drilling locations, and Tables 1-4 for
location and assay results.
*ENDS*
For
further information, visit www.oraclepower.co.uk or
contact:
Oracle Power PLC
Naheed Memon - CEO
|
+44 (0) 20
7236 1177
|
Strand Hanson Limited (Nominated Adviser &
Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20
7409 3494
|
St
Brides Partners Limited (Financial PR)
Isabel de Salis, Susie
Geliher
|
oracle@stbridespartners.co.uk
|
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 (Withdrawal)
Act 2018, as amended.
Competent Person's Statement
The information in this announcement
that relates to exploration results, 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 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 `Australasian Code for Reporting of 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.
![](https://dw6uz0omxro53.cloudfront.net/3151618/feadb6da-9f82-43c1-9afd-781065336610.gif)
Figure 1: Drill collar plan with gold grade contours from all
drilling results to date, section line (Figure 2), and proposed
next phase of drilling.
![](https://dw6uz0omxro53.cloudfront.net/3151618/55033b71-d1ac-4920-bd40-4c2fc622f579.gif)
Figure 2: Oblique Schematic cross section. 1.5 times vertical
exaggeration. Geology, supergene mineralisation and oxide
mineralisation interpretation with significant intercepts. Refer to
Location Map inset for section line. Refer to Figure 1 for all
drill hole locations and section lines.
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant
Intercepts
Hole
ID
|
From (m)
|
To (m)
|
Width (m)
|
Au g/t
|
Intercept
|
NZAC029
|
39
|
43
|
4
|
6.9
|
4m @ 6.9 g/t Au from
39m
|
NZAC029
|
54
|
56
|
2
|
1.89
|
2m @ 1.89
g/t Au from 54m
|
NZAC030
|
35
|
38
|
3
|
3.32
|
3m @ 3.32 g/t Au from
35m
|
NZAC030
|
51
|
54
|
3
|
0.6
|
3m @ 0.6
g/t Au from 51m
|
NZAC030
|
59
|
61
|
2
|
3.89
|
2m @ 3.89 g/t Au from
59m
|
NZAC031
|
34
|
35
|
1
|
1.8
|
1m @ 1.8
g/t Au from 34m
|
NZAC032
|
33
|
35
|
2
|
1.4
|
2m @ 1.4
g/t Au from 33m
|
NZAC032
|
55
|
56
|
1
|
1.16
|
1m @ 1.16
g/t Au from 55m
|
NZAC032
|
76
|
77
|
1
|
3.78
|
1m @ 3.78
g/t Au from 76m
|
NZAC032
|
88
|
91
|
3
|
1.17
|
3m @
1.17g/t Au from 88m
|
NZAC033
|
30
|
46
|
16
|
4.69
|
16m @ 4.69 g/t Au from
30m
|
NZAC034
|
32
|
33
|
1
|
1.2
|
1m @ 1.2
g/t Au from 32m
|
NZAC035
|
36
|
37
|
1
|
4.87
|
1m @ 4.87
g/t Au from 36m
|
NZAC037
|
45
|
47
|
2
|
4
|
2m @ 4.0
g/t Au from 45m
|
NZAC038
|
50
|
51
|
1
|
4.2
|
1m @ 4.2
g/t Au from 50m
|
NZAC039
|
31
|
35
|
4
|
0.64
|
3m @ 0.78
g/t Au from 32m
|
NZAC039
|
68
|
70
|
2
|
0.87
|
2m @ 0.87
g/t Au from 68m
|
NZAC040
|
49
|
50
|
1
|
2.39
|
1m @ 2.39
g/t Au from 49m
|
NZAC041
|
77
|
78
|
1
|
10
|
1m @ 10.0 g/t Au from
77m
|
NZAC042
|
38
|
39
|
1
|
0.61
|
1m @ 0.61
g/t Au from 38m
|
NZAC043
|
31
|
34
|
3
|
2.68
|
3m @ 2.68 g/t Au from
31m
|
NZAC043
|
56
|
57
|
1
|
0.79
|
1m @ 0.79
g/t Au from 56m
|
NZAC044
|
47
|
52
|
5
|
1.34
|
3m @ 2.11 g/t Au from
46m
|
NZAC047
|
51
|
52
|
1
|
1.72
|
1m @ 1.72
g/t Au from 51m
|
NZAC048
|
31
|
40
|
9
|
1.2
|
9m @ 1.2 g/t Au from
31m
|
NZAC051
|
36
|
37
|
1
|
1.66
|
1m @ 1.66
g/t Au from 36m
|
NZAC053
|
30
|
34
|
4
|
1.47
|
4m @ 1.47 g/t Au from
30m
|
NZRC001
|
38
|
48
|
10
|
4.94
|
10m @ 4.94g/t Au from
38m
|
NZRC001
|
38
|
52
|
14
|
3.6
|
or 14m @
3.6/t Au from 38m
|
NZRC001
|
36
|
54
|
18
|
2.8
|
or 18m @
2.8g/t Au from 36m
|
Table 2: Northern Zone Aircore Drill Collar Locations and information,
in GDA Zone 51J.
Hole_ID
|
East
|
North
|
Elevation
|
Depth (m)
|
Dip
|
Azimuth
|
NZAC028
|
381472
|
6592575
|
356
|
71
|
-90
|
0
|
NZAC029
|
381499
|
6592576
|
356
|
81
|
-90
|
0
|
NZAC030
|
381525
|
6592575
|
356
|
76
|
-90
|
0
|
NZAC031
|
381549
|
6592577
|
356
|
60
|
-90
|
0
|
NZAC032
|
381474
|
6592603
|
356
|
91
|
-90
|
0
|
NZAC033
|
381501
|
6592599
|
356
|
77
|
-90
|
0
|
NZAC034
|
381525
|
6592599
|
356
|
60
|
-90
|
0
|
NZAC035
|
381547
|
6592599
|
356
|
55
|
-90
|
0
|
NZAC036
|
381475
|
6592550
|
356
|
90
|
-90
|
0
|
NZAC037
|
381501
|
6592547
|
356
|
90
|
-90
|
0
|
NZAC038
|
381527
|
6592552
|
356
|
84
|
-90
|
0
|
NZAC039
|
381553
|
6592554
|
356
|
71
|
-90
|
0
|
NZAC040
|
381474
|
6592530
|
356
|
84
|
-90
|
0
|
NZAC041
|
381501
|
6592528
|
356
|
90
|
-90
|
0
|
NZAC042
|
381523
|
6592527
|
356
|
88
|
-90
|
0
|
NZAC043
|
381551
|
6592524
|
356
|
78
|
-90
|
0
|
NZAC044
|
381499
|
6592505
|
356
|
90
|
-90
|
0
|
NZAC045
|
381547
|
6592502
|
356
|
57
|
-90
|
0
|
NZAC046
|
381547
|
6592497
|
356
|
82
|
-90
|
0
|
NZAC047
|
381478
|
6592627
|
356
|
74
|
-90
|
0
|
NZAC048
|
381499
|
6592626
|
356
|
69
|
-90
|
0
|
NZAC049
|
381525
|
6592626
|
356
|
56
|
-90
|
0
|
NZAC050
|
381549
|
6592646
|
356
|
47
|
-90
|
0
|
NZAC051
|
381504
|
6592646
|
356
|
58
|
-90
|
0
|
NZAC052
|
381601
|
6592507
|
356
|
66
|
-90
|
0
|
NZAC053
|
381604
|
6592549
|
356
|
58
|
-90
|
0
|
Table 3: Northern Zone Individual metre assays from NZRC001, 002 and
006
Hole ID
|
From (m)
|
To (m)
|
Width (m)
|
Au Grade
(g/t)
|
NZRC001
|
36
|
37
|
1
|
0.09
|
NZRC001
|
37
|
38
|
1
|
0.07
|
NZRC001
|
38
|
39
|
1
|
1.26
|
NZRC001
|
39
|
40
|
1
|
22.70
|
NZRC001
|
40
|
41
|
1
|
1.11
|
NZRC001
|
41
|
42
|
1
|
0.10
|
NZRC001
|
42
|
43
|
1
|
1.16
|
NZRC001
|
43
|
44
|
1
|
0.73
|
NZRC001
|
44
|
45
|
1
|
15.65
|
NZRC001
|
45
|
46
|
1
|
0.81
|
NZRC001
|
46
|
47
|
1
|
1.07
|
NZRC001
|
47
|
48
|
1
|
4.77
|
NZRC001
|
48
|
49
|
1
|
0.07
|
NZRC001
|
49
|
50
|
1
|
0.23
|
NZRC001
|
50
|
51
|
1
|
0.02
|
NZRC001
|
51
|
52
|
1
|
0.56
|
NZRC001
|
52
|
53
|
1
|
0.07
|
NZRC001
|
53
|
54
|
1
|
0.01
|
NZRC002
|
36
|
37
|
1
|
0.83
|
NZRC002
|
37
|
38
|
1
|
0.56
|
NZRC002
|
38
|
39
|
1
|
0.10
|
NZRC002
|
39
|
43
|
1
|
2.01
|
NZRC002
|
43
|
44
|
1
|
0.68
|
NZRC002
|
44
|
45
|
1
|
0.21
|
NZRC006
|
57
|
58
|
1
|
0.02
|
NZRC006
|
58
|
59
|
1
|
0.01
|
NZRC006
|
59
|
60
|
1
|
2.67
|
Table 4: Northern Zone AC Results > 0.5 Au Grade (g/t) Cutoff
Hole ID
|
From (m)
|
To (m)
|
Width (m)
|
Au Grade
(g/t)
|
NZAC029
|
39
|
40
|
1
|
26.30
|
NZAC029
|
40
|
41
|
1
|
0.64
|
NZAC029
|
54
|
55
|
1
|
0.70
|
NZAC029
|
55
|
56
|
1
|
3.08
|
NZAC030
|
35
|
36
|
1
|
0.86
|
NZAC030
|
36
|
37
|
1
|
8.15
|
NZAC030
|
37
|
38
|
1
|
0.94
|
NZAC030
|
40
|
41
|
1
|
0.53
|
NZAC030
|
51
|
52
|
1
|
0.82
|
NZAC030
|
53
|
54
|
1
|
0.54
|
NZAC030
|
59
|
60
|
1
|
1.47
|
NZAC030
|
60
|
61
|
1
|
6.30
|
NZAC031
|
34
|
35
|
1
|
1.80
|
NZAC031
|
59
|
60
|
1
|
0.88
|
NZAC032
|
34
|
35
|
1
|
1.05
|
NZAC032
|
35
|
36
|
1
|
1.68
|
NZAC032
|
55
|
56
|
1
|
1.16
|
NZAC032
|
76
|
77
|
1
|
3.78
|
NZAC032
|
88
|
89
|
1
|
1.42
|
NZAC032
|
89
|
90
|
1
|
0.86
|
NZAC032
|
90
|
91
|
1
|
1.24
|
NZAC033
|
30
|
31
|
1
|
0.90
|
NZAC033
|
31
|
32
|
1
|
1.08
|
NZAC033
|
36
|
37
|
1
|
1.73
|
NZAC033
|
37
|
38
|
1
|
11.95
|
NZAC033
|
38
|
39
|
1
|
25.50
|
NZAC033
|
39
|
40
|
1
|
27.50
|
NZAC033
|
40
|
41
|
1
|
2.85
|
NZAC033
|
41
|
42
|
1
|
0.75
|
NZAC033
|
42
|
43
|
1
|
0.75
|
NZAC034
|
32
|
33
|
1
|
1.20
|
NZAC034
|
34
|
35
|
1
|
0.80
|
NZAC035
|
36
|
37
|
1
|
4.87
|
NZAC035
|
38
|
39
|
1
|
0.91
|
NZAC037
|
45
|
46
|
1
|
3.71
|
NZAC037
|
46
|
47
|
1
|
4.26
|
NZAC038
|
50
|
51
|
1
|
4.20
|
NZAC038
|
62
|
63
|
1
|
0.55
|
NZAC039
|
32
|
33
|
1
|
1.56
|
NZAC039
|
47
|
48
|
1
|
0.51
|
NZAC039
|
68
|
69
|
1
|
1.37
|
NZAC040
|
49
|
50
|
1
|
2.29
|
NZAC041
|
77
|
78
|
1
|
10.00
|
NZAC042
|
38
|
39
|
1
|
0.61
|
NZAC043
|
32
|
33
|
1
|
7.31
|
NZAC043
|
56
|
57
|
1
|
0.79
|
NZAC044
|
48
|
49
|
1
|
1.98
|
NZAC044
|
50
|
51
|
1
|
4.15
|
NZAC046
|
80
|
81
|
1
|
0.67
|
NZAC047
|
51
|
52
|
1
|
1.72
|
NZAC048
|
32
|
33
|
1
|
0.77
|
NZAC048
|
33
|
34
|
1
|
3.54
|
NZAC048
|
34
|
35
|
1
|
1.24
|
NZAC048
|
36
|
37
|
1
|
0.71
|
NZAC048
|
37
|
38
|
1
|
2.19
|
NZAC048
|
38
|
39
|
1
|
0.54
|
NZAC048
|
40
|
41
|
1
|
1.42
|
NZAC050
|
43
|
44
|
1
|
0.68
|
NZAC051
|
32
|
33
|
1
|
1.08
|
NZAC051
|
36
|
37
|
1
|
1.66
|
NZAC051
|
52
|
53
|
1
|
0.73
|
NZAC053
|
30
|
31
|
1
|
1.37
|
NZAC053
|
32
|
33
|
1
|
0.83
|
NZAC053
|
33
|
34
|
1
|
3.41
|
APPENDIX 2: JORC INFORMATION
The following Tables are provided to
ensure compliance with the JORC Code (2012 Edition) requirements
for the reporting of Exploration Results at Northern
Zone.
Section 1: Sampling Techniques and
Data
(Criteria in this section applies to
all succeeding sections)
Criteria
|
JORC Code explanation
|
Commentary
|
Sampling
techniques
|
Nature and quality of sampling (eg cut channels, random chips,
or specific specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of
sampling.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In
cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases, more explanation may be
required, such as where there is coarse gold that has inherent
sampling problems. Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
|
Every metre drilled was placed on
the ground.
6m composites were collected using a
scoop method of sampling the coarse reject sample for the first
24m.
1m sampling using a rifle splitter
was trialled on the clays, from 24m, with sampling deemed to create
a high degree risk of smearing. The clays are not wet, but have a
damp characteristic. A large metal scoop was used to sample between
70-90% of material from each metre drilled, to total between 2-3kg
samples.
Standard reference material, sample
duplicates and blanks, were undertaken at 25m sample
intervals.
Samples were sent to the laboratory
for crushing, splitting and analysis.
Analysis was undertaken by ALS
laboratories (Kalgoorlie) for gold assay by 50g fire
assay.
|
Drilling
techniques
|
Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and if
so, by what method, etc).
|
Australian Aircore Drilling
completed the program using a blade to refusal. A hammer was used
on 10m in hole NZAC053 due to a hard silica layer.
|
Drill sample
recovery
|
Method of recording and assessing core and chip sample
recoveries and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and
grade and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
|
Drill recovery was routinely
recorded via estimation of the comparative percentage of the volume
of the sample pile by the company geologist.
The sample recovery was deemed
excellent for representative assays, with consistent sample
recovery and no loss though the top of the cyclone.
The cyclone was cleaned or checked
every 3m.
|
Logging
|
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc) photography.
The total length and percentage of the relevant intersections
logged.
|
All holes have been geologically
logged for lithology, mineralisation and weathering. As well as
whether dry, damp or wet.
A brief description of each drilling
sample was recorded and a permanent record has been collected and
stored in chip trays for reference.
|
Sub-sampling techniques and
sample preparation
|
If
core, whether cut or sawn and whether quarter, half or all core
taken.
If
non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness
of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages
to maximise representivity of samples.
Measures taken to ensure that the sampling is representative
of the in-situ material collected, including for instance results
for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the
material being sampled.
|
1m sampling using a rifle splitter
was trialled on the clays, from 24m, with sampling deemed to create
a high degree risk of smearing. The clays are not wet, but have a
damp characteristic. A large metal scoop was used to sample between
70-90% of material from each metre drilled, to total between 2-3kg
samples.
Standard reference material, sample
duplicates and blanks, were undertaken at 25m sample
intervals.
Samples were sent to the laboratory
for crushing, splitting and analysis.
The use of fire assay with 50g
charge for all AC drilling provides a level of confidence in the
assay database. The sampling and assaying are considered
representative of the in-situ material.
The sample size of 2-3 kilograms is
appropriate and representative of the grain size and mineralisation
style of the deposit.
|
Quality of assay data and
laboratory tests
|
The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the analysis
including instrument make and model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (ie lack of bias) and precision have
been established.
|
ALS (Kalgoorlie) were used for all
analysis of drill samples submitted by Riversgold. The laboratory
techniques below are for all samples submitted to ALS and are
considered appropriate for the style of mineralisation defined
within the Reedy South Project area:
Samples above 3Kg were riffle
split.
Pulverise to 95% passing 75
microns
50-gram Fire Assay (Au-AA26) with
ICP finish - Au
Duplicates, Standards and Blanks
were used for external laboratory checks by RGL.
|
Verification of sampling and
assaying
|
The verification of significant intersections by either
independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
|
Intercepts were reviewed by 2
company personnel.
|
Location of data
points
|
Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
|
The collar position of each hole was
recorded using handheld Garmin 64S GPS in GDA Zone 51J. All holes
will be picked up by a surveyor in the near future.
|
Data spacing and
distribution
|
Data spacing for reporting of Exploration
Results.
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve estimation procedure(s)
and classifications applied.
Whether sample compositing has been applied.
|
The holes were drilled on a nominal
East-West 25m spacing on traverses 25m apart, North-
South.
On the schematic cross sections
contained in the release the drill holes are 38m apart.
|
Orientation of data in
relation to geological structure
|
Whether the orientation of sampling achieves unbiased sampling
of possible structures and the extent to which this is known,
considering the deposit type.
If
the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and reported if
material.
|
The vertical drill holes were
designed to test for supergene mineralisation or weathered primary
ore zones and are believed to be unbiased based when interpretation
is applied at modelling results.
|
Sample
security
|
The measures taken to ensure sample
security.
|
Company personnel delivered samples
to ALS Kalgoorlie where they were submitted for assay.
|
Audits or
reviews
|
The results of any audits or reviews of sampling techniques
and data.
|
Data reviews will be conducted on
completion of further drilling
|
Section 2: Reporting of Exploration
Results
(Criteria listed in the preceding
section also apply to this section)
Criteria
|
JORC Code explanation
|
Commentary
|
Mineral tenement and land
tenure status
|
Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title
interests, historical sites, wilderness or national park and
environmental settings.
The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the
area.
|
The Northern Zone Project is
comprised of one granted prospecting licence (P25/2651) which
covers an area of 82 hectares, and is held in the name of Oracle
Gold (WA) Pty Ltd.
ASX listed ASX:RGL is farming into
the Tenement and have committed to spend $600,000 in exploration
expenditure on the tenement within the next two years. After
Riversgold achieves 80% ownership, Oracle will be required to
contribute pro-rata or dilute.
|
Exploration done by other
parties
|
Acknowledgment and appraisal of exploration by other
parties.
|
The majority of previous exploration
in the area was by Northern Mining during 2007 to 2012 under the
Blair North project, multiple small resource areas were identified
at the George's Reward area to the south of P25/2651. Numerous gold
intersections were recorded
|
Geology
|
Deposit type, geological setting and style of
mineralisation.
|
The deposit is thought to be an
Intrusion Related Gold System (IRGS) style of mineral
deposit.
Further drilling will better define
the mineralisation style, and timing of the gold mineralisation
event.
|
Drill hole
Information
|
A
summary of all information material to the understanding of the
exploration results including a tabulation of the following
information for all Material drill holes:
easting and northing of the drill hole
collar
elevation or RL (Reduced Level - elevation above sea level in
metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If
the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract
from the understanding of the report, the Competent Person should
clearly explain why this is the case.
|
Refer to Tables and Figures within
the body of the release.
|
Data aggregation
methods
|
In
reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually Material and should be
stated.
Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low-grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.
|
Intersections are weighted average
grades based on a 0.001 g/t Au cut-off with unlimited waste zones
but with a targeted grade of above 1.0 g/t Au.
|
Relationship between
mineralisation widths and intercept lengths
|
These relationships are particularly important in the
reporting of Exploration Results.
If
the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
If
it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length,
true width not known').
|
The diamond drilling program in 2023
confirmed the apparent widths of mineralisation as being
perpendicular to foliation and veining. We believe the step out RC
drilling to be the same as the diamond drilling. The true width of
mineralisation is still to be fully ascertained.
The Aircore drilling was vertical
and not designed for true width.
|
Diagrams
|
Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional
views.
|
See body of the announcement for
relevant diagrams and photos.
|
Balanced
reporting
|
Where comprehensive reporting of all Exploration Results is
not practicable, representative reporting of both low and high
grades and/or widths should be practiced to avoid misleading
reporting of Exploration Results.
|
The reporting of exploration results
is considered balanced by the competent person.
|
Other substantive exploration
data
|
Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples - size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
|
See body of the
announcement.
|
Further
work
|
The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-out
drilling).
Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.
|
·
Follow up phases of drilling to further test
strike to be undertaken.
·
Core from phase 1 to allow for further
metallurgical studies.
|