REG - Oracle Power PLC - Drilling Commences at Jundee East Gold Project

Oracle PowerAnnouncement

07/02/2022 07:00

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RNS Number : 8135A  Oracle Power PLC  07 February 2022

7 February 2022

Oracle Power PLC

("Oracle" or the "Company")

 

Drilling Commences at Jundee East Gold Project, Australia

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce that the drill programme over five
geochemical target areas is underway at its 100% owned Jundee East Gold
Project, located in the Eastern Goldfields region of Western Australia
("Jundee East" or the "Project"), which is located approximately 7km due east
of Northern Star's 5.4Moz Jundee Gold Mine (Figure 1).

 

Highlights

 

·    First pass Reverse Circulation ("RC") programme with 62 holes, to a
depth of 120m, for a total of 7,440m has commenced.

·    Maiden drill testing of a previously unrecognised greenstone belt
with the objective to confirm its presence.

·    Drilling to focus on five priority areas identified from a
comprehensive geochemical programme conducted in 2021 (see announcement of 31
August 2021 for further details).

·    The drill programme is expected to take between 4 to 5 weeks with
results expected approximately six to eight weeks from completion, subject to
laboratory availability.

 

Naheed Memon, CEO of Oracle, commented:

 

"It is fantastic to restart drilling again in Western Australia with this
maiden drill programme at Jundee East, which has strong indications of a newly
identified greenstone belt.  The drill programme is expected to take 4 to 5
weeks and will focus on the five highest priority areas as identified in our
2021 geochemical sampling campaign.  I look forward to providing updates from
the drill programme as we receive them over the coming weeks and months."

 

Click on or paste the following link into your web browser to view the
associated PDF document with pictures included:
http://www.rns-pdf.londonstockexchange.com/rns/8135A_1-2022-2-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8135A_1-2022-2-6.pdf)

 

About The Jundee East Project:

 

The Jundee East Project is comprised of one exploration licence (E53/2140) and
located ~7km due east of the Jundee Gold Mine (~8Moz produced, 5.4Moz in
Resources), Figure 1. The area of the Project is 29 blocks (~90km(2)). The
Project is located within the Yandal Gold Province, a Tier 1 gold belt, host
to numerous multi-million-ounce gold systems.

 

Figure 1: Jundee East Project location map showing proximity to the Jundee
Gold Mine

 

A geochemical programme covering almost the entire tenement at Jundee East
utilising the Ionic Leach(TM) technique, with a total of 884 Ionic samples on
lines 400m apart and at 200m spacing intervals, was completed in mid 2021,
with results returned in late September 2021, that generated five initial
target areas for drill testing (Figure 2).

 

Figure 2: Jundee East Project - Five Defined Target Zones highlighted on TMI
RTP (Total Magnetic Intensity Reduced to the Pole) magnetics to be drilled in
the current programme. The interpreted geochemical linears shown are inferred
to relate to zonal trends or to some unknown factor limiting the extent of
geochemical sampling responses.

 

Target 1                  Occurs in and around intersection
of several geophysical linears with strong       responses in Au, Ag,
Cu, and exploration Indices, both raw and regolith ratioed  ("RR").

Target 2                  Coherent elevated Au raw and RR
response within zone that geophysics suggests is more mafic sequence.

Target 3                  Elevated responses in RR components
of Au and Ag.

Target 4                  Elevated responses in Ag RR in
association with the inferred porphyry intrusive body on margins of batholith.

Target 5                  Elevated responses in Au, Ag and Cu
plus indices with structures but downgraded due to being within saline
drainage system which can influence results.

 

A first pass maiden drill programme utilising slimline RC drilling has been
designed, with 62 holes, to a depth of 120 metres, for a total of 7,440
metres. The drill programme is expected to take 4-5 weeks to complete as
currently designed.

 

Competent Persons Statement

The information in this announcement that relates to Exploration Results and
Exploration Targets is based on information compiled or reviewed by 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 that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which 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'.  Mr Younger is also considered a Qualified Person as defined
in the Aim Rules for Companies.

 

Mr Younger consents to the inclusion in the announcement of the matters based
on his information in the form and context in which it appears.

 

 

*ENDS*

 

 

 

For further information:

 Oracle Power PLC                            +44 (0) 203 580 4314

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser)   +44 (0) 20 7409 3494

 Rory Murphy, James Harris, Rob Patrick
 Shard Capital (Broker)                      +44 (0) 20 7186 9952

 Damon Heath, Isabella Pierre

 St Brides Partners Limited (Financial PR)

 Susie Geliher, Catherine Leftley            +44 (0) 20 7236 1177

 

About Oracle Power PLC:

Oracle Power PLC is an international natural resource and power project
developer quoted on London's AIM market.  The Company holds two highly
prospective gold assets in two globally significant gold regions of Western
Australia.  The Northern Zone Project is located 25km east of the major gold
mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second
largest gold mine in Australia, and the Jundee East Gold Project is located
~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold
mines.

 

The Company is also active in the power industry in Pakistan and is working to
establish a green hydrogen production facility in association with
PowerChina.  The Company's initial project is the Thar Block VI Project in
south-east Pakistan where the Company is advancing plans for a combined
lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal
gasification to urea project.

 

 

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