REG - Oracle Power PLC - Gold Project Updates

Oracle PowerAnnouncement

22/12/2021 07:01

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RNS Number : 3860W  Oracle Power PLC  22 December 2021

 

22 December 2021

 

Oracle Power PLC

("Oracle", the "Company" or the "Group")

 

Gold Project Updates

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce an update relating to the Company's strategy
gold exploration projects in Western Australia.

 

Highlights

 

Jundee East Gold Project

·    Slimline Reverse Circulation ('RC') track-mounted drill rig secured
for the Jundee East Gold Project with mobilisation to site expected in late
January or early February.

·    As previously announced, five targets have been identified by the
Company from geochemical sampling undertaken to date for the maiden drill
programme.

·    Objective of maiden drill campaign is to confirm the presence of a
previously unrecognised greenstone belt proximal to Northern Star's Jundee
Gold Mine. The Jundee East Gold Project is located within the Yandal Gold
Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold
systems.

 

Northern Zone Gold Project

·    Assays results from the first phase of drilling are now being
finalised by ALS Global and the Company expects to receive the results in late
December or early January for internal processing and analysis.  Initial
reports from the laboratory are very encouraging.

·    As previously announced, the first phase RC drill programme was
completed in October 2021 and tested up to a depth of 260 metres, mainly
targeting gold mineralisation within a series of stacked porphyry intrusions,
with 1,161 assay samples dispatched to ALS Global for processing.

·    As previously announced the Northern Zone Gold Project is in an area
highly prospective for gold and is approximately 25km east of Kalgoorlie, the
home of the 'Super Pit' mine, the second largest gold mine in Australia.

o  Historic drill intercepts include:

§ 9m @ 5.06 g/t Au - hole BNRC017

§ 1m @ 39.82 g/t Au - hole BNRC033

§ 3m @ 3.72 g/t Au - hole BNRC067

§ 2m @ 23.27 g/t Au and 40m @1.2 g/t Au - hole BNRC069

§ 6m @2.12 g/t Au and 2m @ 12.98 g/t Au - hole BNRC051

 

Naheed Memon, CEO of Oracle, commented:

 

"We continue to push forward with our exploration campaigns at both Jundee
East and Northern Zone and we look forward to 2022 which we hope will yield
positive results from both assets.

 

"We are extremely eager to commence drilling at Jundee East, which will
represent the first drill testing of the potential new greenstone belt
discovered by the Oracle team following our acquisition of the licences last
year.  This project is located in one of the best postcodes for gold large
gold discoveries in Western Australia, and we have identified five priority
targets from geochemical sampling which will guide our drilling activities
during this campaign.

 

"At the Northern Zone, we are expecting the assay results to be returned
before the end of the month after a short delay at the laboratory.  We remain
very optimistic about these assays and once they have been processed and
analysed by our team internally, we will publish to the market.  Previous
results from Northern Zone have demonstrated good widths and grades and we
remain bullish about the potential for this project to deliver compelling
results from our work campaigns in 2022."

 

*ENDS*

 

For further information:

 Oracle Power PLC                             +44 (0) 203 580 4314

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

 Rory Murphy, James Harris, Rob Patrick
 Brandon Hill Capital Limited (Joint Broker)  +44 (0) 203 463 5000

 Oliver Stansfield
 Shard Capital (Joint Broker)                 +44 (0) 20 7186 9952

 Damon Heath

 Isabella Pierre

 St Brides Partners Limited (Financial PR)    +44 (0) 20 7236 1177

 Susie Geliher

 Catherine Leftley

 

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's initial project is the Thar Block VI Project in the Thar desert
in the south-east of the Sindh province of 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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