REG - Oracle Power PLC - Drilling Resumes at the Northern Zone Project

Oracle PowerAnnouncement

23/07/2024 07:00

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RNS Number : 3633X  Oracle Power PLC  23 July 2024

23 July 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Drilling Resumes at the Northern Zone Project, Western Australia

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that drilling has resumed at the Northern Zone Intrusive Hosted Gold
Project (the "Northern Zone Project") located 25km east of Kalgoorlie in
Western Australia.

 

Highlights

·    Drilling underway at the Northern Zone Project to target the
shallower, up dip portion of the mineralised system that yielded a significant
intercept of 18m at 4.14g/t Au from 36m (NZRC001)¹.

·    Programme to comprise circa 1,500m of drilling to depths of
approximately 60-70m, which is estimated to take around two weeks to complete.

·    Drill spacing has been planned on a nominal 25m grid.

 

Naheed Memon, CEO of Oracle, commented: "We are delighted that drilling has
resumed at the  Northern Zone Project so soon after the recent success of the
maiden RC and AC drilling campaigns that exceeded our expectations by showing
shallower supergene gold mineralisation. This new phase of drilling will
target extensions to the first RC drill hole that Riversgold Limited drilled
that intersected an impressive 18m at 4.14g/t Au from 36m (hole NZRC001). We
will also target an identified fault, believed to be a controlling feature of
mineralisation in the area. This latest drilling phase for approximately
1,500m to depths of  60-70m is estimated to take about two weeks to
complete."

 

As previously announced by Riversgold Limited on 9 May 2023, 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 an Exploration Target of 2.5 to 4.8 million oz of
gold.

 

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 Oracle's drilling
results. It uses data from 53 historical drillholes drilled between 1998 and
2012, and seven drillholes drilled by Oracle in 2021.

 

¹ Riversgold Limited's RGL ASX announcement of 11 July  2024 "Northern Zone
Delivers Further High-Grade Gold Intercepts".

 

ENDS

 

For further information visit www.oraclepower.co.uk or contact:

 

Oracle Power PLC

Naheed Memon -
CEO
+(0) 20 7236 1177

 

Strand Hanson Limited (Nominated Adviser and Broker)

Rory Murphy, Matthew Chandler, Rob
Patrick                                  +44
(0) 20 7409 3494

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de
Salis
oracle@stbridespartners.co.uk

 

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