REG - Oracle Power PLC - Gold Exploration Update

Oracle PowerAnnouncement

07/03/2022 07:00

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RNS Number : 7741D  Oracle Power PLC  07 March 2022

7 March 2022

Oracle Power PLC

("Oracle", the "Company")

 

Gold Exploration Update:

Drilling Completed at Jundee East Gold Project & Drilling to Commence at
Northern Zone

 

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

 

Highlights

 

Jundee East

·    Maiden drill testing of a previously unrecognised greenstone belt
completed with the objective to confirm its presence and develop a better
understanding of its gold resource potential

·    First pass Reverse Circulation (RC) programme consisted of 54 holes,
to a maximum depth of 153 metres, for a total of 3,830 metres.

·    Drilling focussed 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 was completed on time, with results expected in
approximately six-eight weeks (subject to laboratory availability).

 

Northern Zone

·    Diamond drilling to start in the coming weeks at Northern Zone
(located 25km east of Kalgoorlie) to improve the Company's understanding of
the geometry and extent of the project, which has an Exploration Target of
200-250Mt at 0.4-0.6g/t Au for 2.5 to 4.8Moz Gold

·    Further announcements will be made in due course to confirm the
commencement of drilling and detail the objectives of the programme

 

Naheed Memon, CEO of Oracle, commented:

 

"Our work in Western Australia is intensifying; building on the work completed
in 2021 which demonstrated that we have not one, but two highly prospective
projects which may have the potential to become future gold mines.

 

"The maiden drill programme at Jundee East is a big milestone for us as this
is the first time that modern drilling has been applied to this newly
discovered greenstone belt.  We expect the assay results in six-eight weeks'
time, subject to lab availability, and this will give us a clearer indication
of the style of mineralisation we are looking at.

 

"As for Northern Zone, we intend to keep our momentum and build on the
fantastic results that we received in January.  Having a current Exploration
Target of 2.5-4.8Moz for this project certainly shows that we have the scale
and potential resource quantum to establish a gold mining operation and we are
delighted to have secured a Diamond Drill rig to ensure that our work here is
expedited.  I look forward to sharing more news about our drilling plans at
Northern Zone in the coming weeks."

 

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/7741D_1-2022-3-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7741D_1-2022-3-6.pdf)

 

About The Jundee East Project:

 

The Jundee East Project is comprised of one exploration licence (E53/2140)
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 Total
Magnetic Intensity Reverse to 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 Ratio'd.

Target 2                  Coherent elevated Au raw and
Regolith Ratio'd response within zone that geophysics suggests is more mafic
sequence.

Target 3                  Elevated responses in Regolith
Ratio'd components of Au and Ag.

Target 4                  Elevated responses in Ag Regolith
Ratio'd  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 now
been completed with 54 holes, to a maximum depth of 153 metres, for a total of
3,830 metres. The design programme had 62 holes for 7,560 metres, with the
difference relating to some design collars not being accessible due to
drainage, and basement geology originally thought to be at 80 metres depth
based on gravity data, actually being intersected in most drill holes at
around 60 metres.

 

Competent Persons Statement

The information in this announcement that relates to Exploration Results and
Exploration Targets is based on information compiled or reviewed by Edward
Mead, who is a Member of the Australasian Institute of Mining and
Metallurgy.  Mr Mead is a consultant to the company. Mr Mead 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 Mead 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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