REG - Oracle Power PLC - Jundee East: Substantial New Greenstone Belt

Oracle PowerAnnouncement

08/03/2021 07:05

RNS Number : 4092R
  
Oracle Power PLC
  
08 March 2021
  
 

8 March 2021
Oracle Power PLC
("Oracle", the "Company")
 
Jundee East Gold Project - Western Australia
 
Gravity Survey Reveals Substantial New Greenstone Belt and Intrusion Target
 
Oracle Power PLC (AIM:ORCP), the AIM listed natural resources and power project developer, is pleased to announce that the recent gravity survey conducted across the Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia ('Jundee East' or the 'Project'), has confirmed the presence of a newly identified substantial greenstone belt located directly adjacent and east of the Jundee Gold Mine.  In addition, a high priority felsic intrusive related target has also been identified.
 
HIGHLIGHTS:
 
·    A newly identified substantial greenstone belt has been delineated within the Jundee East as part of the latest gravity survey and processing undertaken by Oracle
·    Greenstone is the key host rock for gold mineralisation in the Jundee area
·    The blind greenstone belt is modelled to occur within 100m of the surface
o  The greenstone belt is located 9km due east of the Jundee Gold Mine which has produced over 7Moz Au.
·    Interpreted felsic intrusive body covers an extent of 1.2 x 1.5km
§ Structural setting of intrusive body represents a compelling target due to its proximity to a major regional fault
§ Intrusions can add structural complexity and enhance structural development favourable for hosting gold mineralisation bodies.
 
Naheed Memon, CEO of Oracle, commented:
 
"We have further increased our confidence in the Jundee East target with the compelling results from the gravity survey Oracle has undertaken.  Independent processing and interpretation work on the survey, conducted by Value Adding Resources in Australia, has confirmed the presence of a new substantial greenstone belt in a favourable structural setting located in close proximity to the Jundee Gold Mine.  The high priority intrusion related target has been modelled across an extent of 12km and commences within 100m of surface.
 
Follow up activities are now being planned. The programme will include planning and permitting of aircore drilling across the primary target areas.  The aircore drilling programme aims to directly target mineralisation and get a further understanding of the bedrock lithologies."
 
To view the RNS with images, please use the following link: 
http://www.rns-pdf.londonstockexchange.com/rns/4092R_1-2021-3-7.pdf
 
Jundee East Project:
 
 
Figure 1: Gravity Inversion Model- Jundee East
 
Figure 2: Jundee East Project location Map showing proximity to the Jundee Gold Mine
 
The Jundee East Project is comprised of one exploration licence under application (E53/2140) and located about 7km due east of the Jundee Gold Mine. The area of the Project is 29 blocks (89.3km2). The Project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems.
 
The Jundee East Project represents a previously unrecognised greenstone belt covering an area of 80km2, proximal to the Jundee Gold Mine, host to previous production and resource of >7Moz gold.
 
Gravity data is one of the main tools used in exploring under sediment cover, which is one of the primary challenges facing minerals exploration. The data can be used to create 3D models of the subsurface, providing a better understanding of the structure and geological setting. A gravity map of the Jundee region is shown below.
 
Figure 3: Gravity Data Imagery and 1VD Magnetic Imagery
 
A comparison between the gravity response of the Jundee Gold Mine and the Project provides a similar level of density response. The gravity mapping suggests that major portion of the Project is potentially located in an unrecognised Greenstone Belt which is approximately 20km long and 5km wide with a noticeable 'bend' (with some portion in Granites). This is contrary to the magnetic interpretation (potentially different due to sediment cover).
 
Detailed 3D modelling of gravity-based response shows a strong degree of correlation of gravity response between that of the Jundee Gold Mine and Project which further supports the initial 2D interpretation in Figure 3.
 
The degree of the structural complexity of the greenstone unit within the Project including multiple structures which extend from mineralised zones of the Jundee Mining Camp into the tenure significantly upgrades the prospectivity for hosting structurally controlled gold mineralisation within the greenstone body.
 
About Oracle Power PLC:
 
Oracle Power PLC is an international natural resource and power project developer listed on London's AIM market. The Company is focussed on delivering reliable and affordable power in emerging developing markets, unlocking the value of underutilised and undeveloped natural resources to provide energy security and support economic growth and development. Its initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan.  The Thar Project is a 66.1 sq km licence containing 1.4 billion tonnes of coal, where the Company, together with its partners China National Coal Development Company Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.
 
The Company also 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.
 
*ENDS*
 
For further information on Oracle Power Plc, visit the Company's website http://www.oraclepower.co.uk or contact:
 




Oracle Power PLC
Naheed Memon


+44 (0) 203 580 4314




Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Jack Botros


+44 (0) 20 7409 3494




Brandon Hill Capital Limited (Joint Broker)
Oliver Stansfield


+44 (0) 203 463 5000




Shard Capital (Joint Broker)
Damon Heath
Isabella Pierre
 
St Brides Partners Limited (Financial PR)
Susie Geliher
Catherine Leftley


+44 (0) 20 7186 9952
 
 
 
+44 (0) 20 7236 1177




 

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