19
September 2024
Oracle Power
PLC
("Oracle" or the "Company")
Northern Zone Gold Project
Drill Results
Oracle Power PLC (AIM:ORCP), an
international project developer, notes the announcement released on
the ASX by its farm-in partner, Riversgold
Limited (ASX: RGL) ("Riversgold") on 18
September 2024 and is pleased to provide an
update on the Northern Zone Gold Project in Western Australia
("Northern Zone" or the "Project").
Highlights
·
The latest aircore drilling at Northern Zone,
located 25km east of Kalgoorlie, continues to tag the top of an
extensive gold-bearing porphyry system.
·
Drilling has tagged the top of a blind porphyry
system, with widths now approaching 600m.
·
Drill results from the first 8 of the 30 completed
holes have now been received, further validating the geological
model for the previously announced Exploration Target at the
Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for
2.5Moz - 4.8Moz of gold1.
·
Further drilling results will be announced in due
course.
Naheed Memon, CEO of Oracle,
commented:
"Riversgold's exploration and
resource definition work at Northern Zone continues to yield
promising results. These latest results demonstrate that the
porphyry system discovered at Northern Zone may be larger than
originally indicated extending up to 600m in width. Northern Zone
is in a highly active and exciting phase of work as planning
continues to drill across the tenement to further explore the upper
elevation of this blind porphyry. We look forward to receiving and
providing further assay results in the coming weeks as we begin to
get a true picture of the potential size and scale of this exciting
discovery."
1 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 third party and Oracles
drilling results. It uses data from 53 historical drillholes
drilled between 1998 and 2012, and 7 drillholes drilled by Oracle
in 2021.
The below excerpt is taken from
yesterday's Riversgold's ASX announcement without any material
changes. The full Riversgold announcement can be viewed
here: http://www.rns-pdf.londonstockexchange.com/rns/9426E_1-2024-9-19.pdf
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)
Isabel de Salis, Susie
Geliher
+44 (0) 20 7236 1177
Riversgold's ("RGL") ASX
announcement:
GOLD PORPHYRY INTERCEPTS
CONTINUE TO BE DRILLED
NEAR
KALGOORLIE
Highlights
·
The latest aircore drilling at Northern Zone,
located 25km east of Kalgoorlie, continues to tag the
top
of an extensive gold-bearing
porphyry system.
·
Drilling has tagged the top of a large, blind
porphyry system, with widths now approaching 600m (refer to Figure
1).
·
Drill results from the first 8 of 30 completed
holes have been received, further validating the
geological
model for the previously announced
Exploration Target at the 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
gold.*
·
Further drilling results are pending.
* RGL's ASX announcement of 9
May 2023 "Farm into Significant Porphyry Hosted Gold
Project"
Figure 1: Cross-section of interpreted Au grade 3D model of
Northern Zone, constrained to all existing drill holes that have
been reported by Riversgold and to footnotes for all releases that
contain drilling information. Refer to Figure 3 for the plan
location of the section line.
David Lenigas, Chairman of Riversgold,
said: "Our latest drilling and geological modelling
at Northern Zone has confirmed the presence of significant gold
within this expansive, yet still undefined, massive porphyry system
located just east of Kalgoorlie, Western Australia. We've now
identified that the porphyry system may be much larger than
originally prognosed, with one section, as shown in this release,
extending up to 600m in width. We are developing plans to drill
across the tenement to further explore the upper elevation of this
blind porphyry. Additional drill results are pending, and this gold
project is fast becoming very interesting."
Riversgold Limited (ASX: RGL,
Riversgold or the
Company) is pleased to
announce that it has received the first
batch of assay results from aircore
(AC) drilling undertaken during Riversgold's third 2024 aircore
program at
the Northern Zone Intrusive Hosted
Gold Project, located 25km east-south-east of the Kalgoorlie Super
Pit in
Western Australia (refer to Figure 2
for location).
Following on from our successful
aircore programs completed in May and July 2024, Riversgold engaged
drilling contractor, Australian Aircore Drilling (Mick Shorter), to
undertake a third aircore program for a further 30 holes in late
August and early September 2024. 1,826m of AC drilling was
completed at Northern Zone in the most recent drilling campaign
bringing the total number of metres drilled this year to 5,501m of
AC drilling and 1,363m of reverse circulation drilling.
The AC holes were drilled using a
blade to drilling refusal. The cuttings were logged by RGL
geologists, and both the detailed logging and assays continue to
show that a significant gold mineralisation event has taken place
within the project area.
All historical and recent drilling
data for a total of 167 drillholes at the Northern Zone Project has
now been uploaded into Leapfrog software and has enabled the
Company to generate a gold grade model (refer Figure 1 above). Leapfrog will now be
used to guide the next round of drilling, as we continue to build
the project.
Results from the first 8 holes of
the most recent 30-hole program have been received with significant
intercepts including:
§ 4m @ 0.63 g/t Au from 27m
(NZAC081)
§ 1m @ 1.04 g/t Au from 63m
(NZAC081)
§ 1m @ 0.3 g/t Au from 32m
(NZAC082)
§ 1m @ 0.32/t Au from 27m
(NZAC083)
§ 2m @ 0.94 g/t Au from 36m
(NZAC083)
§ 1m @ 1.95 g/t Au from 34m
(NZAC060)
§ 2m @ 1.22 g/t Au from 56m
(NZAC060)
§ 5m @ 1.5 g/t Au from 30m
(NZAC054)
§ 1m @ 0.33 g/t Au from 50m
(NZAC054)
§ 1m @ 0.72 g/t Au from 63m
(NZAC054)
§ 4m @ 1.05 g/t Au from 30m
(NZAC080)
§ 1m @ 0.91 g/t Au from 50m
(NZAC080)
§ 2m @ 2.72 g/t Au from 33m
(NZAC056)
Significant shallow gold intercepts
from the July AC program include[1]:
§
·
16m @ 4.69 g/t Au
from 30m (NZAC033)
·
4m @ 6.9 g/t Au
from 39m (NZAC029)
·
3m @ 3.32 g/t Au
from 35m (NZAC030)
·
9m @ 1.2 g/t Au
from 31m (NZAC048)
RC drilling targeted the shallower,
up dip portion of the mineralised system, yielding several
significant intercepts, including[2]:
§ 18m @ 4.14g/t Au from 36m
(NZRC001)
§ 54m @ 0.38g/t Au from 158m
(NZRC004)
§ 14m @ 0.76g/t Au, from 226m
(NZRC004)
§ 15m @ 0.66g/t Au, from 160m
(NZRC005)
§ 8m @ 0.57g/t Au, from 221m
(NZRC005)
§ 9m @ 0.85g/t Au, from 176m
(NZRC006)
·
22m @ 0.41g/t Au,
from 272 metres to EOH (NZRC006)
·
Significant results from the maiden
2023 diamond drill traverse included[3]:
·
·
110m @ 0.6 g/t Au
from 208m (RSDD02)
·
5m @ 3.03g/t Au
from 221m
·
1m @ 4.77g/t Au
from 248m
·
1m @ 5.26g/t Au
from 262m
·
13m @ 1.29g/t Au
from 274m
·
16.4m @ 0.45g/t
Au from 83.6m (RSDD003)
·
13m @ 0.48g/t Au
from 135m (RSDD003)
·
11m @ 0.49g/t Au
from 197m (RSDD003)
·
25m @ 0.44g/t Au
from 231m (RSDD003)
·
47m @ 0.48g/t Au
from 216m (RSDD01)
·
8m @ 0.55g/t Au
from 127m (RSDD02)
·
84m @ 0.42g/t Au
from 315m (RSDD003)
·
4m @ 0.52g/t Au
from 34m (RSDD04)
·
8m @ 0.43g/t Au
from 77m (RSDD04)
·
4m @ 0.47g/t Au
from 92m (RSDD04)
Significant results from 2021 and
prior RC drilling include[4]:
·
154m @ 0.58g/t Au
from 98m (21OPRC004) incl 4m @ 5.39g/t Au from
182m
·
142m @ 0.42g/t Au
from 62m (BNRC081)
·
330m @ 0.49 g/t
Au from 30m (BNRC066) incl 54.79m @ 1.15g/t Au from
213m
·
117.7m @ 0.35g/t
Au from 120.3m (BNRC034)
·
66m @ 0.89g/t Au
from 30m (BNRC069)
·
38m @ 0.47g/t Au
from 73m (BNRC084)
·
29m @ 1.84g/t Au
from 33m (BNRC017)
The above results indicate that we
are successfully continuing to probe the porphyry over an
increasing footprint within the tenement. We will continue drilling
to further our understanding of the project before proceeding with
a Mineral Resource Estimate (MRE).
Mineralisation remains open in
multiple directions, necessitating further drilling campaigns.
Refer to Figure 3 for drilling locations, and Tables 1 to 3 for
location and assay results.
Saturn Metals Limited has released a
Preliminary Economic Assessment (PEA) on the Apollo Hill Gold Project
which is located 175km due north of Northern Zone. With a resource
estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz[5], this development serves as a benchmark for our
aspirations at Northern Zone, albeit with the potential for
Northern Zone to be an even larger project.
Conceptually, the Company draws
parallels between Northern Zone and Saturn Metals' Apollo Hill
Project, discerning similarities based on the PEA statement
released by Saturn Metals (ASX announcement of 7 August 2023),
which suggests the potential for a sizeable low-grade heap leach
operation.
Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
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 Oracle 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.
[1] RGL ASX announcement 27 August 2024
"Gold Grades Continue to Impress at Northern Zone"
[2] RGL ASX announcement 11 July 2024
"Northern Zone Delivers Further High-Grade Gold
Intercepts"
[3] RGL ASX
announcement 12 December 2023 "+100metre Wide Gold Intercepts at
Northern Zone Project".
[4] RGL ASX
announcement 12 December 2023 "+100metre Wide Gold Intercepts at
Northern Zone Project".
[5] STN ASX
announcement of 17 August 2023 "Updated Preliminary Economic
Assessment".