REG - Oracle Power PLC - Assay Results from Northern Zone Gold Project
19/03/2025 07:00
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RNS Number : 1939B Oracle Power PLC 19 March 2025
19 March 2025
Oracle Power PLC
("Oracle" or the "Company")
Assay Results from Northern Zone Gold Project
Assay results for two of 11 holes have been received and continue to confirm
high grade gold intercepts within a lower porphyry grade gold halo
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce the receipt of assay results for the first two Reverse Circulation
(RC) drill holes of an 11 drillhole programme for 1,289 metres recently
completed at the Northern Zone Intrusive Hosted Gold Project ("Northern
Zone"), located 25km east of Kalgoorlie in Western Australia (please refer to
Figure 1 for location).
These initial results, summarised below, indicate that the Company and
Riversgold Limited (ASX:RGL), its partner at Northern Zone, have successfully
continued to probe the porphyry over an increasing footprint within the
tenement area. The partnership is now undertaking further drilling to enhance
its understanding of the project before proceeding with preparation of a
Mineral Resource Estimate (MRE).
Highlights:
o Significant shallow gold intercepts from two RC drill holes have been
received:
§ 7m @ 3.62 g/t Au from 39m
(NZRC007)
§ 1m @ 10.81 g/t Au from
42m
(NZRC007)
§ 1m @ 12.10 g/t Au from
44m
(NZRC007)
§ 1m @ 3.97 g/t Au from
52m
(NZRC007)
The above significant intercepts sit within a larger zone of 54m @ 0.65 g/t Au
from 39m (NZRC007)
§ 5m @ 4.37 g/t Au from
37m
(NZRC008)
§ 1m @ 15.13 g/t Au from
40m
(NZRC008)
The above significant intercepts sit within a larger zone of 54m @ 0.51 g/t Au
from 37m (NZRC008)
o RC drill rig completed 11 holes for 1,289m targeting shallow depths of
100m to 120m
o The results from these drill holes continue to confirm and enlarge the
shallow gold mineralisation associated with the Northern Zone porphyry
o The dynamic Leapfrog gold model for Northern Zone will be updated with
these latest results in the coming weeks, which will serve to inform and guide
planned future drill campaigns
o A further 2,000m of drilling to test shallower mineralisation is
commencing today
Naheed Memon, CEO of Oracle, commented:
"These results from the maiden 2025 RC drill campaign at Northern Zone have
exceeded our expectations, revealing healthy grade and overall tenor within
the shallower oxide gold mineralisation at the top of the mineralised
porphyry. We have core from nine more drill holes in the lab awaiting analysis
with results expected in due course and further to this initial RC work, we
will now be undertaking a further 2,000m of drilling starting today."
For further information on Oracle, visit the Company's website at
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 & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick
+44 (0) 20 7409 3494
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 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
deposit 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.
Figure 1: Northern Zone Project Map showing proximity to major Kalgoorlie gold
projects
Figure 2: Recent drill collar plan with gold grade contours from all drilling
results to date, and most recent drill intercepts in the eastern area of
high-grade gold mineralisation 1 .
Figure 3: Cross-section of 3D Leapfrog software model. The interpretation
illustrates gold grade shells, derived from all the significant intercepts
reported to the ASX to date. The model is constrained via a 25m buffer to all
the RGL/Oracle drill hole traces that have been drilled at Northern Zone since
2021. Refer to Figure 2 drill collar plan for the location of the section
line. 2
Figure 4: Schematic oblique cross-section of the two drill holes being
reported with location map. The model is constrained via a 25m buffer to all
the RGL/Oracle drill hole traces that have been drilled at Northern Zone since
2021.
APPENDIX 1: Drilling Information
Table 1: Northern Zone Drill Collar Locations
Hole Id Type MGA_E MGA_N Elevation (m) Total Depth (m) Dip ((o)) AZM_MGA Date
NZRC007 RC 381512 6592636 356.95 120 -60 225 04/03/25
NZRC008 RC 381560 6592644 356.82 121 -60 225 03/03/25
Table 2: Northern Zone Significant Intercepts
Hole ID From (m) To (m) Width (m) Au g/t Intercept
NZRC007 39 93 54 0.65 54m @ 0.65 g/t Au from 39m
including 39 46 7 3.62 inc. 7m @ 3.62 g/t Au from 39m
including 42 43 1 10.81 inc. 1m @ 10.81 g/t Au from 42m
including 44 45 1 12.10 inc. 1m @ 12.10 g/t Au from 44m
including 52 53 1 3.97 inc. 1m @ 3.97 g/t Au from 52m
NZRC008 37 91 54 0.51 54m @ 0.51 g/t from 37m
including 37 42 5 4.37 inc. 5m @ 4.37 g/t Au from 37m
including 40 41 1 15.13 inc. 1m @ 15.13 g/t Au from 40m
Table 3: Northern Zone assay results above 0.3 g/t Au
Hole ID Depth From Depth To Width Au ppm
NZRC007 39 40 1 1.05
NZRC007 41 42 1 0.49
NZRC007 42 43 1 10.81
NZRC007 44 45 1 12.1
NZRC007 45 46 1 0.6
NZRC007 51 52 1 0.73
NZRC007 52 53 1 3.97
NZRC007 53 54 1 0.79
NZRC007 91 92 1 0.73
NZRC007 118 119 1 0.36
NZRC008 37 38 1 3.5
NZRC008 39 40 1 2.46
NZRC008 40 41 1 15.13
NZRC008 41 42 1 0.5
NZRC008 64 65 1 0.51
NZRC008 75 76 1 0.63
NZRC008 76 77 1 0.94
NZRC008 81 82 1 0.34
NZRC008 90 91 1 0.32
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 Every metre drilled was sampled at the drill rig using a rig mounted static
specialised industry standard measurement tools appropriate to the minerals cone splitter to collect 2 - 3kg sub samples.
under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad Standard reference material, sample duplicates and blanks, were automatically
meaning of sampling. placed at 25m sample intervals from the cone splitter
Include reference to measures taken to ensure sample representivity and the 1m samples were sent to the laboratory for crushing, splitting and analysis.
appropriate calibration of any measurement tools or systems used.
Analysis was undertaken by ALS laboratories (Perth) for gold assay by 50g fire
Aspects of the determination of mineralisation that are Material to the Public assay.
Report.
Samples were sent to the laboratory for crushing, splitting and analysis.
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 Analysis was undertaken by Jinnings laboratories (Kalgoorlie) for gold assay
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other by 50g fire assay.
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 air blast, Top Drill completed by reverse circulation drilling techniques using a
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard standard 5.5inch (143mm) diameter bit.
tube, depth of diamond tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc). A face sampling down hole hammer was used at all times using a bit retention
system.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Drill recovery was routinely recorded via estimation of the comparative
assessed. percentage of the volume of the sample bag by the company geologist.
Measures taken to maximise sample recovery and ensure representative nature of The sample recovery was deemed excellent for representative assays.
the samples.
The cyclone was cleaned or checked every 6m.
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 geotechnically logged All holes have been geologically logged for lithology, mineralisation and
to a level of detail to support appropriate Mineral Resource estimation, weathering. As well as whether dry, damp or wet.
mining studies and metallurgical studies.
Logging is quantitative for presence of quartz veins. All other logging is
Whether logging is qualitative or quantitative in nature. Core (or costean, qualitative.
channel, etc) photography.
A brief description of each drilling sample was recorded and a permanent
The total length and percentage of the relevant intersections logged. 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. A sub sample from the RC drill rig of approximately 2-3kg was taken from the
sample splitter off the cyclone. These assaying techniques are considered
If non-core, whether riffled, tube sampled, rotary split, etc and whether appropriate for this style of mineralisation.
sampled wet or dry.
The use of fire assay with 50g charge for all RC drilling provides a level of
For all sample types, the nature, quality and appropriateness of the sample confidence in the assay database. The sampling and assaying in considered
preparation technique. representative of the in-situ material.
Quality control procedures adopted for all sub-sampling stages to maximise The sample size of 2-4 kilograms is appropriate and representative of the
representivity of samples. grain size and mineralisation style of the deposit.
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 laboratory Jinnings (Kalgoorlie) were used for analysis of all drill samples submitted by
procedures used and whether the technique is considered partial or total. Riversgold. The laboratory techniques below are for all samples submitted to
Jinnings and are considered appropriate for the style of mineralisation
For geophysical tools, spectrometers, handheld XRF instruments, etc, the defined within the Northern Zone Project area:
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. Samples above 3Kg were riffle split.
Nature of quality control procedures adopted (eg standards, blanks, Pulverise to 95% passing 75 microns.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. 50-gram Fire Assay (FA50A) - 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 Intercepts were reviewed by 2 company personnel.
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 and The collar position of each hole was recorded using handheld GPS. The down
down-hole surveys), trenches, mine workings and other locations used in hole survey data was taken at 30m using standard down hole gyro tools.
Mineral Resource estimation.
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 Northeast-Southwest traverse at 225 deg on -60deg.
The drill holes are to further follow up on vertical drill holes. The spacing
Whether the data spacing and distribution is sufficient to establish the is sufficient to establish grade and geological continuity.
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 possible Based on logging of diamond core the drill holes appear to be orientated
structures and the extent to which this is known, considering the deposit perpendicular to strike and dip of the main mineralised structures.
type.
An interpreted fault though the middle of the mineralisation may have caused
If the relationship between the drilling orientation and the orientation of some displacement.
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. Company personnel delivered samples to Jinnings 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 The Northern Zone Project is comprised of one granted prospecting licence
material issues with third parties such as joint ventures, partnerships, (P25/2651) which covers an area of 82 hectares, and is held in the name of
overriding royalties, native title interests, historical sites, wilderness or Oracle Gold (WA) Pty Ltd.
national park and environmental settings.
RGL have farmed into the Tenement and have exceeded minimum spend of $600,000
The security of the tenure held at the time of reporting along with any known on exploration expenditure on the tenement within two years, to achieve 80%
impediments to obtaining a licence to operate in the area. ownership. RGL has notified Oracle of meeting the farmin. The JV documents are
to be formalised by December 2025. 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 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 exploration Refer to Tables and Figures within the body of the release.
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.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Intersections are weighted average grades based on a 0.001 g/t Au cut-off with
and/or minimum grade truncations (eg cutting of high grades) and cut-off unlimited waste zones but with a targeted grade of 0.4-0.6g/t Au.
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 Exploration The diamond drilling programme in 2023 confirmed the apparent widths of
Results. 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
If the geometry of the mineralisation with respect to the drill hole angle is mineralisation is still to be fully ascertained.
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 intercepts See body of the announcement for relevant diagrams and photos.
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 practicable, The reporting of exploration results is considered balanced by the competent
representative reporting of both low and high grades and/or widths should be person.
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported See body of the announcement.
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 extensions · Follow up phases of drilling to further test strike to be
or depth extensions or large-scale step-out drilling). undertaken.
Diagrams clearly highlighting the areas of possible extensions, including the · Complete a maiden MRE
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
1 RGL's ASX announcement dated 4 December 2024: "Northern Zone Gold
Modelling and Project Update"
2 RGL ASX announcement dated 4 December 2024: "Northern Zone Gold Modelling
and Project Update"
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