REG - Oracle Power PLC - +100m Wide Gold Intercepts at Northern Zone
12/12/2023 07:00
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RNS Number : 4100W Oracle Power PLC 12 December 2023
12 December 2023
Oracle Power PLC
("Oracle", the "Company")
+100m Wide Gold Intercepts at Northern Zone Project
Oracle Power PLC (AIM:ORCP), is pleased to report that its potential farm-in
partner, Riversgold Ltd (ASX:RGL) ("RGL"), has received the assay results from
a diamond drilling programme at the Northern Zone Intrusive Hosted Gold
Project, which is located 26km east of Kalgoorlie in Western Australia. Refer
to Figure 1 for location. The Riversgold news release can be viewed on its
website at www.riversgold.com.au (http://www.riversgold.com.au) .
Highlights:
o Diamond drilling of entire gold-mineralised central cross-section to 450m
vertical depth has validated previous Exploration Model
o Previously announced Exploration Target 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
o High gold recovery of 92.9% (average) after 24-hour bottle roll cyanide
extraction(1)
o Drill programme has:
o Confirmed the gold mineralisation style
o Confirmed gold mineralisation widths and gold grades; and
o Structural orientation of the gold mineralisation
o Significant results from 2023 diamond drilling confirmation programme
include:
§ 110m at 0.60 g/t Au from 208m (RSDD02)
• including 2m @ 2.64g/t Au from 208m,
§ 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)
§ 26m @ 0.44g/t Au from 231m (RSDD003
§ 47m at 0.48g/t Au from 216m (RSDD01)
• including 1m at 4.74g/t Au from 244m
§ 1m at 4.04g/t Au from 262m
§ 8m at 0.55g/t Au from 127m (RSDD02)
§ 84m @ 0.42g/t Au from 315m (RSDD003)
• including 3.32m @ 2.73g/t Au from 332m,
§ 4m @ 0.52g/t Au from 34m (RSDD04)
§ 8m @ 0.43g/t Au from 77m (RSDD04)
§ 4m @ 0.47g/t Au from 92m (RSDD04)
o Significant results from 2021 and prior RC drilling include:
§ 154m at 0.58g/t Au from 98m (21OPRC004)
• including 4m at 5.39g/t Au from 182m
§ 142m at 0.42g/t Au from 62m (BNRC081)
§ 330m at 0.49 g/t Au from 30m (BNRC066)
• including 54.79m at 1.15g/t Au from 213m
§ 117.7m at 0.35g/t Au from 120.3m (BNRC034)
§ 66m at 0.89g/t Au from 30m (BNRC069)
§ 38m at 0.47g/t Au from 73m (BNRC084)
§ 29m at 1.84g/t Au from 33m (BNRC01)
Naheed Memon, CEO of Oracle, commented:
"With the Australian dollar gold price now pushing through A$3,100 an ounce,
the commerciality of these types of large-scale lower grade gold deposits
becomes significantly more viable. The potential scale of this project linked
to its good indicative conventional gold recoveries and its great location,
being so close to Kalgoorlie, makes Northern Zone a highly attractive project
to drill out. The four diamond drill holes on this cross-section confirmed
the gold prospectivity of the Northern Zone Project and we look forward to
drilling further along strike to start building a maiden JORC compliant
resource early in the new year."
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 for an Exploration Target of 2.5 to
4.8 million oz of gold, as announced by RGL on 9 May 2023.
The announcement published by Riversgold today is set out below without
material adjustment and can be found at https://www.riversgold.com.au
(https://www.riversgold.com.au) .
Riversgold Limited (ASX: RGL, Riversgold or the Company) announces that it has
received the assay results from its maiden diamond drilling program at the
Northern Zone Intrusive Hosted Gold Project located 25 km east of Kalgoorlie
in Western Australia. Refer to Figure 1 for location.
On the 9 May 2023, RGL announced the 80% earn-in to the Northern Zone Gold
Project with London listed Oracle Power Plc.(1) RGL undertook a 4-hole
diamond drill program for 1,379m (with orientated core) to specifically test
the exploration model of +100m wide gold mineralisation. The drilling was
completed on 21 August 2023 and all of the core was sent to ALS in Perth for
core photographs, cutting and assaying. Assays results have now been received
and interpreted and the work confirms the original mineralisation model,
style, widths and grades.
Oracle have been informed of these results and will be furnished with the
expenditure reports shortly that confirms the minimum requirements have been
met for the 80% earn-in.
Located 175km due north of Northern Zone, Saturn Metals Limited has released a
Preliminary Economic Assessment on the Apollo Hill Gold project that has a
resource of 105Mt @ 0.54g/t (mailto:105MT@0.54g/t) gold for 1.839Moz.(2) RGL
views the Apollo project as an example of what we are looking to achieve at
Northern Zone, albeit with Northern Zone being a potentially larger project.
Figure 1: Northern Zone Project Map showing proximity to the Kalgoorlie "Super
Pit".
About North Zone Gold Project:
The Northern Zone Project is located 26km, east-south-east of the Kalgoorlie
Super Pit and is readily accessed from the Bulong road, which is paved to
within 9km of the prospect site. The last 9kms consists of 4km of a
high-quality haul road with the last 5kms on a station road. The topography
is flat lying, open scrub with several historical remnant gold and nickel
excavation pits less than 5 kms from the prospect site.
Drilling Contractor DDH1 completed the drilling at Northern Zone using a
combination of HQ3 and NQ2 diamond drilling. The core was logged by contract
geologists in Kalgoorlie, with oversight from RGL geologists. The detailed
logging has shown that a gold mineralisation event has introduced significant
micro-fracturing and quartz veining, with significant thicknesses of
alteration also observed. A central cross section completed as proof of model
has validated (Figure 2) a portion of the project, with multiple untested
areas.
Figure 2: Northern Zone drill collar plan highlighting validated (red hatched)
area, gold mineralised zones, central cross section with untested areas.
Mineralisation remains open in all directions.
The diamond drilling mineralisation intersections (Figure 3) show a thick east
dipping zone of mineralisation across 21OPRC004, RSDD002 & RSDD003. The
hatched zones are the interpreted mineralisation zones, with the main zone
approximately 100m wide and a vertical extent 375m and remaining open at
depth.
The plan view shows the hole deviations, due to this deviation; holes
21OPRC004 and RSDD002 indicate a minimum strike length of 70m to the zone of
mineralisation.
The lack of mineralisation within the main zone in RSDD001 is inferred due to
faulting. The intersection at depth in RSDD001 correlates with the lower zone.
Figure 3: Northern Zone central Plan & Cross Section (+/-50m) including
RGL, Oracle and historic drill holes. (See Figure 2 for section line)
Conceptually, the company sees similarities between North Zone and Saturn
Metals Apollo Hill project based on the information in the PEA statement (ASX
7 August 2023) of a large low grade heap leach operation; to further develop
the concept the plans to:
· Undertake further metallurgical test work to confirm the amenability
of the mineralization to leaching and develop initial estimates of reagent
consumption
· Undertake further drilling towards defining a resource at Northern
Zone, with step out drilling on 100m X-sections especially towards the
untested southeast areas
This announcement has been authorised for release by the Board of Riversgold
Ltd.
Competent Persons Statement
The Information in this report that relates to exploration results,
exploration targets, mineral resources or ore reserves is based on information
compiled by Mr Allan Younger, who is a Member of the Australasian Institute of
Mining and Metallurgy. Mr Younger is a consultant to the company. Mr Younger
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 Younger consents to the inclusion of this
information in the form and context in which it appears in this report.
(1) RGL ASX announcement 9 May 2023 "Farm into Significant Porphyry Hosted
Gold Project"
(2) STN ASX announcement 17 August 2023 "Updated Preliminary Economic
Assessment
**ENDS**
For further information on Oracle Power Plc, visit the Company's website
http://www.oraclepower.co.uk (http://www.oraclepower.co.uk) or contact:
Oracle Power PLC
Naheed Memon -
CEO
+44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser and Joint Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
+44 (0) 20 7409 3494
Global Investment Strategy UK Limited (Joint Broker)
Samantha
Esqulant
+44 (0) 20 7048 9432
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis
+44 (0) 20 7236 1177
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.
APPENDIX 1: Drilling Information
Table 1: Northern Zone Drill Collar Locations
Hole ID Hole Type MGA Easting MGA Northing NAT_RL Max Depth Dip Azi
RSDD01 DD 381680.488 6592633.049 356.733 406 -60 215
RSDD02 DD 381755.926 6592710.878 356.667 510.1 -60 215
RSDD03 DD 381833.364 6592794.438 356.193 162.6 -60 215
RSDD04 DD 381593.727 6592554.988 356.697 300.2 -60 215
Table 2: Northern Zone Drill significant intercepts
Hole Id Width Ave Grade From To Intercept
RSDD01 47 0.48 216 263 47m @ 0.48g/t Au
Incl 1 4.74 244 245
Incl 1 4.04 262 263
RSDD02 8 0.55 127 135 8m @ 0.55g/t Au
RSDD02 8 0.31 185 193 8m @ 0.31g/t Au
RSDD02 110 0.6 208 318 110m @ 0.6g/t Au
Incl 2 2.64 208 210
Incl 5 3.03 221 226
Incl 1 9.41 225 226
Incl 1 4.77 248 249
Incl 1 5.26 262 263
Incl 13 1.29 274 287
Incl 1 6.43 277 278
RSDD02 8 0.35 355 363 8m @ 0.35g/t Au
RSDD03 16.4 0.45 83.6 100 16.4m @ 0.45g/t Au
RSDD03 13.01 0.48 135 148.01 13m @ 0.48g/t Au
RSDD03 11 0.49 197 208 11m @ 0.49g/t Au
RSDD03 26 0.44 231 257 26m @ 0.44g/t Au
Incl 1 5.44 332 333
Incl 1 5.28 352 353
RSDD03 84 0.42 315 399 84m @ 0.42g/t Au
Incl 3.32 2.73 332 335.32
RSDD03 8 0.45 481 489 11m @ 0.45g/t Au
RSDD04 4 0.52 34 38 4m @ 0.52g/t Au
RSDD04 8 0.43 77 85 8m @ 0.43g/t Au
RSDD04 4 0.47 92 96 4m @ 0.47g/t Au
Table 3: Northern Zone Drill Assays >0.25g/t Au. (Values >1g/t Au in
bold)
Hole ID From To Width Au As S%
RSDD01 40.2 41 0.8 1.64 1 0.03
RSDD01 42 43 1 0.773 1 0.1
RSDD01 73 74 1 2.08 2 0.03
RSDD01 74 75 1 0.946 1 0.03
RSDD01 112 113 1 0.648 2 0.66
RSDD01 117 118 1 2.89 2 2.26
RSDD01 128 129 1 0.279 1 0.69
RSDD01 173 174 1 0.281 2 0.31
RSDD01 174 175 1 0.362 3 0.34
RSDD01 177.5 178 0.5 0.354 2 0.17
RSDD01 195 196 1 0.269 3 0.08
RSDD01 197.53 198.5 0.97 0.262 1 0.55
RSDD01 198.5 199.5 1 0.333 2 0.51
RSDD01 216 217 1 0.72 3 0.81
RSDD01 217 218 1 1.63 4 0.32
RSDD01 224 225 1 2.6 2 0.81
RSDD01 230 231 1 1.92 3 0.25
RSDD01 238 239 1 0.727 4 0.79
RSDD01 240 241 1 0.274 3 0.23
RSDD01 244 245 1 4.74 2 0.85
RSDD01 248 249 1 0.386 4 0.55
RSDD01 249 250 1 0.412 2 0.34
RSDD01 252 253 1 0.371 4 0.43
RSDD01 254 255 1 1.67 1 0.49
RSDD01 258 259 1 0.379 1 0.33
RSDD01 259 260 1 0.316 1 0.13
RSDD01 260 261 1 0.278 1 0.32
RSDD01 262 263 1 4.04 1 1.03
RSDD01 273 274 1 0.696 1 0.1
RSDD01 280 281 1 1.78 1 1.02
RSDD01 281 282 1 0.478 1 0.46
RSDD01 284 285 1 0.531 2 0.62
RSDD02 77.7 79 1.3 0.327 2 0.005
RSDD02 122 123 1 0.423 1 0.09
RSDD02 127 128 1 0.386 2 0.31
RSDD02 128 129 1 1.02 1 0.37
RSDD02 131 132 1 1.37 2 0.66
RSDD02 132 133 1 0.281 2 0.37
RSDD02 134 135 1 1.005 1 0.15
RSDD02 138 139 1 0.274 2 0.14
RSDD02 165 166 1 1.51 1 0.23
RSDD02 176 177 1 1.265 1 0.28
RSDD02 185 186 1 0.347 1 0.29
RSDD02 186 187 1 0.333 1 0.15
RSDD02 190 191 1 1.015 1 0.1
RSDD02 192 193 1 0.401 1 0.04
RSDD02 208 209 1 4.92 1 0.1
RSDD02 209 210 1 0.364 1 0.33
RSDD02 214 215 1 0.887 2 0.28
RSDD02 221 222 1 2.03 2 0.28
RSDD02 222 223 1 0.59 1 0.4
RSDD02 223 224 1 0.326 1 0.47
RSDD02 224 225 1 2.81 2 0.47
RSDD02 225 226 1 9.41 1 0.34
RSDD02 226 227 1 0.256 1 0.33
RSDD02 232 233 1 0.259 2 0.42
RSDD02 238 239 1 0.37 3 0.4
RSDD02 239 240 1 0.711 4 0.67
RSDD02 240 241 1 0.784 3 0.56
RSDD02 241 242 1 0.283 6 0.52
RSDD02 242 243 1 0.503 8 0.61
RSDD02 244 245 1 2.74 1 0.65
RSDD02 246 247 1 0.26 2 0.45
RSDD02 247 248 1 0.334 3 0.42
RSDD02 248 249 1 4.77 2 0.85
RSDD02 249 250 1 0.252 2 0.88
RSDD02 259 260 1 0.84 2 0.24
RSDD02 262 263 1 5.26 2 0.07
RSDD02 264 265 1 0.51 1 0.19
RSDD02 270 271 1 0.281 3 0.2
RSDD02 271 272 1 0.689 3 0.16
RSDD02 273 274 1 0.73 3 0.47
RSDD02 274 275 1 1.095 4 0.57
RSDD02 275 276 1 2.21 3 0.65
RSDD02 276 277 1 0.733 4 0.67
RSDD02 277 278 1 6.43 4 0.96
RSDD02 278 279 1 0.356 2 0.27
RSDD02 280 281 1 0.532 2 0.27
RSDD02 281 282 1 0.735 2 0.38
RSDD02 282 283 1 1.395 4 0.56
RSDD02 285 286 1 2.49 1 0.45
RSDD02 286 287 1 0.447 1 0.29
RSDD02 289 290 1 0.376 2 0.53
RSDD02 297 298 1 0.29 2 0.24
RSDD02 298 299 1 0.532 3 0.31
RSDD02 301 302 1 0.72 4 0.62
RSDD02 306 307 1 0.423 1 1.88
RSDD02 307 308 1 0.589 1 1.22
RSDD02 315 316 1 0.605 2 1.12
RSDD02 316 317 1 0.423 1 1.15
RSDD02 346 347 1 1.26 1 0.4
RSDD02 356 357 1 0.311 3 0.67
RSDD02 357 358 1 0.314 1 0.45
RSDD02 359 360 1 1.015 1 0.16
RSDD02 362 363 1 0.811 1 0.21
RSDD02 365 366 1 0.33 1 0.17
RSDD02 388 389 1 0.268 1 0.66
RSDD03 83.6 85 1.4 0.431 2 0.02
RSDD03 85 86 1 0.306 1 0.03
RSDD03 86 87 1 0.312 2 0.04
RSDD03 88 89 1 1.87 1 0.15
RSDD03 89 90 1 0.309 1 0.06
RSDD03 91 92 1 0.397 2 0.03
RSDD03 92 93 1 0.592 3 0.09
RSDD03 96 97 1 0.459 2 0.03
RSDD03 97 98 1 0.477 1 0.1
RSDD03 98 99 1 0.556 2 0.14
RSDD03 99 100 1 0.796 1 0.28
RSDD03 105 106 1 0.254 1 0.16
RSDD03 112 113 1 0.909 2 1.02
RSDD03 113 114 1 0.271 1 0.36
RSDD03 135 136.01 1.01 1.94 1 0.38
RSDD03 136.01 137 0.99 1.795 1 0.35
RSDD03 138 138.98 0.98 0.362 1 0.24
RSDD03 141.98 143 1.02 0.308 1 0.14
RSDD03 144 145 1 0.949 1 0.16
RSDD03 147 148.01 1.01 0.338 1 0.21
RSDD03 157 158 1 0.984 1 0.66
RSDD03 176 177 1 0.458 1 0.31
RSDD03 183 184 1 0.382 1 0.12
RSDD03 197 198 1 1.37 1 0.28
RSDD03 198 199 1 0.811 2 0.12
RSDD03 199 200 1 0.297 1 0.22
RSDD03 200 201 1 0.29 1 0.44
RSDD03 203 204 1 1.3 1 0.51
RSDD03 206 207 1 0.417 1 0.18
RSDD03 207 208 1 0.479 1 0.19
RSDD03 210 211 1 0.329 1 0.43
RSDD03 217 218 1 0.303 1 0.15
RSDD03 223 224 1 0.565 1 0.18
RSDD03 231 232 1 0.309 2 0.3
RSDD03 233 234 1 1.58 1 0.66
RSDD03 239 240 1 0.497 1 0.25
RSDD03 246 247 1 0.971 2 0.56
RSDD03 248 249 1 1.53 1 0.29
RSDD03 252 253 1 3.83 1 0.54
RSDD03 253 254 1 0.364 2 0.25
RSDD03 256 257 1 0.31 2 0.58
RSDD03 283 284 1 0.613 4 0.98
RSDD03 286 287 1 0.302 4 0.77
RSDD03 294.08 295 0.92 0.302 3 0.35
RSDD03 311 312 1 0.577 2 0.41
RSDD03 315 316 1 0.764 2 0.26
RSDD03 318 319 1 0.317 1 0.14
RSDD03 319 319.68 0.68 0.266 2 0.38
RSDD03 320.65 321.59 0.94 0.349 2 0.3
RSDD03 324 325 1 0.36 1 0.37
RSDD03 327 328 1 0.755 1 0.33
RSDD03 332 333 1 5.44 1 0.29
RSDD03 333.88 334.48 0.6 4.44 2 0.62
RSDD03 334.48 335.32 0.84 1.07 1 0.48
RSDD03 337 338 1 0.342 2 0.35
RSDD03 338 339 1 0.263 3 0.12
RSDD03 339 340 1 1.7 2 0.28
RSDD03 342 343 1 0.829 1 0.5
RSDD03 343 344 1 0.476 1 0.29
RSDD03 346 347 1 1.035 1 0.31
RSDD03 348 349 1 0.425 2 0.44
RSDD03 350 351 1 0.95 2 0.22
RSDD03 351 352 1 0.54 1 0.33
RSDD03 352 353 1 5.28 1 0.45
RSDD03 358 359.61 1.61 0.739 1 0.17
RSDD03 359.61 360 0.39 0.433 1 0.58
RSDD03 365 366 1 0.316 2 0.25
RSDD03 370 371 1 1.02 1 0.25
RSDD03 374 375 1 0.343 2 0.68
RSDD03 382 383 1 0.63 1 0.64
RSDD03 384.48 385 0.52 0.296 1 0.59
RSDD03 385.45 386.14 0.69 0.665 1 0.71
RSDD03 386.14 387 0.86 0.377 1 0.38
RSDD03 393 394 1 0.483 2 0.43
RSDD03 395 396 1 0.277 1 0.96
RSDD03 398 399 1 1.54 1 0.76
RSDD03 399 400 1 0.253 2 0.53
RSDD03 408 408.68 0.68 0.374 2 0.49
RSDD03 413.78 414.37 0.59 0.279 1 0.62
RSDD03 441 442 1 0.332 2 0.46
RSDD03 443 444 1 0.293 1 0.33
RSDD03 446 447 1 0.354 1 0.23
RSDD03 447 448 1 0.349 2 0.26
RSDD03 454 455 1 2.72 1 0.57
RSDD03 471 472 1 0.402 1 0.13
RSDD03 472 473 1 0.374 1 0.3
RSDD03 475 476 1 0.656 1 0.1
RSDD03 481 482 1 0.45 1 0.27
RSDD03 486 487 1 1.285 1 0.52
RSDD03 487 488 1 0.386 1 0.32
RSDD03 488 489 1 0.372 1 0.43
RSDD04 34 35 1 0.756 10 0.02
RSDD04 35 36 1 0.536 1 0.01
RSDD04 36 37 1 0.374 3 0.04
RSDD04 37 38 1 0.394 1 0.03
RSDD04 77 78 1 2.18 2 0.01
RSDD04 81 82 1 0.33 4 0.21
RSDD04 84 85 1 0.277 3 0.1
RSDD04 92 93 1 0.692 5 1.2
RSDD04 93 94 1 0.499 2 1.62
RSDD04 95 96 1 0.67 2 1.9
RSDD04 104 105 1 0.661 1 0.32
RSDD04 124 125 1 0.509 1 0.21
RSDD04 136 137 1 0.762 1 0.41
RSDD04 146 147 1 0.376 3 0.3
RSDD04 152 153 1 0.656 6 3.15
RSDD04 157 158 1 0.353 1 0.25
APPENDIX 2.
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 · The samples were whole core HQ3 or NQ2 sized, with roller
specific specialised industry standard measurement tools appropriate to the pre-collars.
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.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Diamond core HQ3 or NQ2 sized, with roller pre-collars. The core
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or has been oriented with standard and modern down hole orientation techniques.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries · Recovery logs were recorded by the field geologist. Recovery was
and results assessed. excellent even through broken ground.
· 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.
Logging · Whether core and chip samples have been geologically and · The core has been professionally logged by Kalgoorlie based
geotechnically logged to a level of detail to support appropriate Mineral consultant and contract geologists with oversight from RGL geologists. 100% of
Resource estimation, mining studies and metallurgical studies. the core has been logged.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · The core has been sampled as half core at the completion of full
taken. geological and structural logging.
· 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.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · ALS (Perth) were used for all analysis of drill samples submitted by
laboratory procedures used and whether the technique is considered partial or RGL. The laboratory techniques below are for all samples submitted to ALS and
total. are considered appropriate for the style of mineralisation defined within the
Northern Zone Project area:
· For geophysical tools, spectrometers, handheld XRF instruments,
etc, the parameters used in determining the analysis including instrument make · Pulverise to 95% passing 75 microns
and model, reading times, calibrations factors applied and their derivation,
etc. · 4 Acid Digest (ME-ICP41) - Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr,
Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V,
· Nature of quality control procedures adopted (eg standards, blanks, W, Zn.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Au-ICP22 - Au.
· Ore Grade 4 Acid Digest ICP-AES Finish (Au-GRA22)
· Standards were used for external laboratory checks by RGL.
· Duplicates were used for external laboratory checks by RGL.
Verification of sampling and assaying · The verification of significant intersections by either independent · Intercepts were reviewed by 2 company personnel.
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.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · The collar position of each hole was recorded using handheld GPS.
and down-hole surveys), trenches, mine workings and other locations used in The down hole survey data was taken at 30m using standard down hole gyro
Mineral Resource estimation. tools.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · The holes were drilled on a single section, between existing RC
holes. This spacing is sufficient to establish grade and geological continuity
· Whether the data spacing and distribution is sufficient to of this particular drill section.
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.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · RGL is yet to drill further sections. Based on logging of diamond
possible structures and the extent to which this is known, considering the core the section and drill holes appear to be orientated perpendicular to
deposit type. strike and dip of the main mineralised structures.
· 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.
Sample security · The measures taken to ensure sample security. · The core was collected from the rig by BMGS contract geologists and
stored securely in their Kalgoorlie yard where it was logged. The core was
then strapped and wrapped and shipped via commercial transport to ALS in
Perth.
Audits or reviews · The results of any audits or reviews of sampling techniques and · Data reviews will be conducted when all of the final assay results
data. have been received from the lab.
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 · The Northern Zone Project is comprised of one granted prospecting
agreements or material issues with third parties such as joint ventures, licence (P25/2651) which covers an area of 82 hectares, and is held in the
partnerships, overriding royalties, native title interests, historical sites, name of Oracle Gold (WA) Pty Ltd.
wilderness or national park and environmental settings.
· RGL are farming into the Tenement and have committing to spend
· The security of the tenure held at the time of reporting along with $600,000 in exploration expenditure on the tenement within the next two years.
any known impediments to obtaining a licence to operate in the area. 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. · See reference in the body of the announcement.
· 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 intersections were made within the area of the PL including
BNRC066 listed below.
Geology · Deposit type, geological setting and style of mineralisation. · The deposit sought is (Intrusion Related Gold System (IRGS) style
of mineral deposit.
Drill hole Information · A summary of all information material to the understanding of the · Refer to Tables and Figures within the body of the release.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o 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.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Intersections are weighted average grades based on a 0.001 g/t Au
maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off with unlimited waste zones but with a targeted grade of 0.4-0.6g/t Au.
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.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The diamond drilling confirmed the apparent widths of
Exploration Results. mineralization intersection in the RC drilling. The true width of
mineralization is still to be fully ascertained.
· 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').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · See body of the announcement for relevant diagrams and photos.
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.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · The reporting of exploration results is considered balanced by the
practicable, representative reporting of both low and high grades and/or competent person.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · See body of the announcement
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.
Further work · The nature and scale of planned further work (eg tests for lateral · The initial aims of the first phase of diamond drilling exploration
extensions or depth extensions or large-scale step-out drilling). at Northern Zone has confirmed the mineralisation style, confirmed the very
wide widths of mineralisation, and confirmed gold grades and gold
· Diagrams clearly highlighting the areas of possible extensions, distribution.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · Follow up phases to test strike to be undertaken.
· Core from phase 1 to allow for further metallurgical studies.
l
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