REG - Oracle Power PLC - Northern Zone Gold Modelling and Project Update

Oracle PowerAnnouncement

04/12/2024 07:00

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RNS Number : 6877O  Oracle Power PLC  04 December 2024

4 December 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Northern Zone Gold Modelling and Project Update

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce an update from its Northern Zone Intrusive Hosted Gold Project
("Northern Zone Project" or the "Project").

 

Overview

 

·    Drill results from the recently completed 1,545m drill programme have
been compiled and integrated into an updated Leapfrog gold mineralisation
model (see Figure 1).

·    The dynamic Leapfrog model will now be used to inform and guide
future drilling campaigns as the Northern Zone Project matures and grows
towards a maiden Mineral Resource Estimate.

·    The continuation of the high-grade oxide zone within the 600m wide
porphyry system has been further expanded and is open in multiple directions
(see Figure 2).

·    The results of these drill holes continue to confirm and enlarge the
shallow gold mineralisation associated with the Northern Zone intrusive
porphyry.

·    Possible ore processing scenarios have been demonstrated by the
recent success of Black Cat Syndicate Ltd, at the Myhree open pit, located
only 7km to the north of Northern Zone.

·    Mining Lease application expected to be submitted early next week to
the Department of Mines Energy Industry Regulation and Safety (DEMIRS), along
with the mineralisation report compliance document

 

Naheed Memon, CEO of Oracle, commented: "As illustrated in the Leapfrog
figures within this announcement, the mineralisation envelope and footprint
continues to grow, with the 3D Leapfrog model being used to refine areas for
the next round of drilling. The drilling which has been targeting higher grade
shallow gold mineralisation, may lead to these areas being the future focus of
reverse circulation and diamond drilling below the higher-grade oxide gold
mineralisation to expedite the Project towards a maiden Mineral Resource
Estimate (MRE). We are encouraged by the recent success of Black Cat's Myhree
open pit operations(( 1 )) only 7km up the road from the Northern Zone Project
and we are assessing if similar operations can be achieved with the Northern
Zone Project after we convert the tenement to a Mining Lease. The compliance
mineralisation report required for the application is nearing completion and
we expect will be lodged early next week."

 

Further Information

The Leapfrog model (Figures 1 and 2) indicates that the mineralisation
envelope and footprint continue to grow, with the 3-dimensional (3D) Leapfrog
model being used to refine areas for the next round of drilling. The drilling,
which has been targeting higher grade shallow gold mineralisation, may lead to
these areas being the future focus of reverse circulation and diamond drilling
below the higher-grade oxide gold mineralisation. Gold mineralisation remains
open in multiple directions and will require further modelling and drill
testing as the Northern Zone Project matures. The Company will continue to
further its understanding, in conjunction with its potential JV partner,
Riversgold Limited, of the Project before proceeding with a maiden Mineral
Resource Estimate (MRE).

 

-ENDS-

 

For further information contact:

 

 Oracle Power PLC                                        +44 (0) 20 7236 1177

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser & Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick
 St Brides Partners Limited (Financial PR)               oracle@stbridespartners.co.uk

 Isabel de Salis, Susie Geliher

 

 

 

Figure 1: Cross-section of 3D Leapfrog software model. The interpretation
illustrates gold grade shells, derived from all the significant intercepts
announced to date. The model is constrained via a 25m buffer to all the drill
hole traces that have been drilled at Northern Zone Project since 2021. Refer
to Figure 2 Drill collar plan for the location of the section line.

 

Figure 2: Plan view of Leapfrog software model. The interpretation illustrates
gold grade shells, derived from all the significant intercepts announced to
date. The figure illustrates the position of the cross-section in Figure 1 and
the location of the significant intercepts reported from the most recent AC
drilling programme. There are multiple areas that remain undrilled as noted on
the diagram, with mineralisation yet to be confirmed.

(( 1 )) BC8 ASX announcement 11 November 2024  "Kal East - 4,100oz Mined
& Counting"

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