REG - Oracle Power PLC - Metallurgical Results: Northern Zone Gold Project

Oracle PowerAnnouncement

09/06/2022 07:00

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RNS Number : 2923O  Oracle Power PLC  09 June 2022

9 June 2022

Oracle Power PLC

("Oracle" or the "Company")

 

 

Positive Metallurgical Results up to 90.4% Gold Recovery Received

 

Northern Zone Gold Project, Kalgoorlie, Western Australia

 

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce that positive metallurgical results have
been returned from the first of three samples from its 100% owned Northern
Zone Gold Project, located 25km east of Kalgoorlie in Western Australia
("Northern Zone" or the "Project"). The results indicate that good gold
recoveries can be achieved within six hours of 83.3%, and up to 90.4% gold
recovery over 72 hours. Based on the previously announced Exploration Target
of 200-250Mt at 0.4-0.6g/t Au for 2.5-4.8Moz Gold, the positive metallurgical
results form the basis for moving forward with drilling to define a maiden
inferred JORC resource.

 

Highlights:

·    Metallurgy Results from the first sample include:

o  Composite sample based on strongly weathered felsic units with ~30% quartz
vein material

o  Drill head grade 0.9g/t Au

o  90.4% of gold extraction after 72-hour bottle roll

o  83.3% extraction after 6 hours

o  85.3% extraction after 12 hours

o  Very low copper content into solution

·    An Exploration Target of 200-250Mt at 0.4-0.6g/t Au for 2.5-4.8Moz
gold, has been generated based on results to date.

·    Northern Zone is an Intrusion Related Gold System (IRGS) with wide
gold mineralised felsic porphyry intrusions.

·    Intrusion Related Gold System (IRGS) deposits can host significant
ounces of gold, such as Boddington Goldmine (WA), Fort Knox (Alaska), Dublin
Gulch (Yukon) and Timbarra (NSW)

·    Planning for a diamond and RC drilling programme to define a maiden
inferred JORC resource will be finalised in the coming weeks.

 

Naheed Memon, CEO of Oracle, commented:

 

"The positive metallurgy at Northern Zone is the next step for the Company to
move the project forwards.  We have defined a large exploration target of 2.5
to 4.8Moz gold, and with the widths of mineralisation intersected in this and
historical drill programmes, and now with an understanding of potential
recovery, around 90%, this ensures we are in a strong position to move to the
next step of increasing confidence in the tonnes and grade of the gold
deposit.  Northern Zone is now a priority for the Company and the main focus
of our activities in Australia.  In line with this, our exploration teams
will increase efforts on Northern Zone, moving from Jundee East, which has not
returned the results required to warrant further work at the moment."

 

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/2923O_1-2022-6-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2923O_1-2022-6-9.pdf)

 

About Northern Zone Project:

The Northern Zone is comprised of one granted prospecting licence (P25/2651)
which covers an area of 82 hectares (Figure 1). The 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.

 

Northern Zone Metallurgy Interpretation:

The gold recoveries from the first of three Northern Zone bottle roll
composite samples have been received and are very encouraging. Leaching
testwork on sample 1 from the Northern Zone Project, indicates that good gold
recoveries can be achieved at six hours for 83.3% gold recovery, and up to
90.4% gold recovery over 72 hours (Figure 2).

 

Geological Model and Exploration Target

The results of the drilling confirm the presence of gold mineralisation
predominately within felsic units. The very low/subdued geochemical character
of Northern Zone, with most elements below detection, (apart from gold) is
consistent with other Intrusion Related Gold System (IRGS) deposits.

 

At Northern Zone, based on drilling data and the multiple porphyry units
interpreted over about 350 metres, with true widths up to ~150 metres, and
depth extents greater than 250 metres, an Exploration Target(*) of 200-250Mt @
0.4-0.6g/t Au, with a range in gold ounces of 2.5Moz to 4.8Moz, has been set
as an objective.

 

(*) The potential quantity and grade of the Exploration Target is conceptual
in nature and is therefore an approximation. There has been insufficient
exploration drilling to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral Resource.

 

Next Steps

·    Receive the final two sample metallurgical bottle roll results

·    Undertake a diamond and RC drilling programme to define a maiden
inferred JORC Resource

 

Competent Persons Statement

The Information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Mr Edward Mead,
who is a Member of the Australasian Institute of Mining and Metallurgy. Mr
Mead is a consultant to the company and employed by Doraleda Pty Ltd. Mr Mead
has sufficient experience which is relevant to the style of mineralisation and
type of deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012 edition of
the `Australian Code for Reporting Exploration Results, Mineral Resources and
Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this
information in the form and context in which it appears in this report.

 

About Oracle Power PLC:

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 (http://www.oraclepower.co.uk) or contact:

 

Oracle Power PLC

Naheed Memon -
CEO
+44 (0) 203 580 4314

 

Strand Hanson Limited (Nominated Adviser & Joint Broker)

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

 

St Brides Partners Limited (Financial PR)

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

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

 

Figure 1: Northern Zone Project location map showing proximity to the
Kalgoorlie "Super Pit".

 

 

Figure 2: Northern Zone Metallurgical recoveries versus Leach time

 

 

 

 

Glossary of Technical Terms:

 

 

 Au                chemical symbol for gold
 Bottle roll test  A bottle roll test is the industry standard first step in assessing the gold
                   recovery possible by cyanide leaching.
 JORC              The Australasian Joint Ore Reserves Committee Code for Reporting of
                   Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code"
                   or "the Code"). The Code sets out minimum standards, recommendations and
                   guidelines for Public Reporting in Australasia of Exploration Results, Mineral
                   Resources and Ore Reserves
 Felsic            Igneous rocks that are relatively rich in elements that include feldspar and
                   quartz.
 Moz               million ounces
 Mt                million tonnes
 oz                troy ounce (= 31.103477 grams)

 

 

 

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