REG - Oracle Power PLC - Northern Zone Gold Project Drill Results

Oracle PowerAnnouncement

19/09/2024 17:30

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RNS Number : 9426E  Oracle Power PLC  19 September 2024

19 September 2024

Oracle Power PLC

("Oracle" or the "Company")

Northern Zone Gold Project Drill Results

 

Oracle Power PLC (AIM:ORCP), an international project developer, notes the
announcement released on the ASX by its farm-in partner, Riversgold Limited
(ASX: RGL) ("Riversgold") on 18 September 2024 and is pleased to provide an
update on the Northern Zone Gold Project in Western Australia ("Northern Zone"
or the "Project").

 

Highlights

·    The latest aircore drilling at Northern Zone, located 25km east of
Kalgoorlie, continues to tag the top of an extensive gold-bearing porphyry
system.

·    Drilling has tagged the top of a blind porphyry system, with widths
now approaching 600m.

·    Drill results from the first 8 of the 30 completed holes have now
been received, further validating the geological model for the previously
announced Exploration Target at the Project of 200Mt - 250Mt at a grade of 0.4
g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of gold(1).

·    Further drilling results will be announced in due course.

 

Naheed Memon, CEO of Oracle, commented:

 

"Riversgold's exploration and resource definition work at Northern Zone
continues to yield promising results. These latest results demonstrate that
the porphyry system discovered at Northern Zone may be larger than originally
indicated extending up to 600m in width. Northern Zone is in a highly active
and exciting phase of work as planning continues to drill across the tenement
to further explore the upper elevation of this blind porphyry. We look forward
to receiving and providing further assay results in the coming weeks as we
begin to get a true picture of the potential size and scale of this exciting
discovery."

 

(1) The potential quantity and grade of the Exploration Target is conceptual
in nature. There has been insufficient exploration to estimate a Mineral
Resource and it is uncertain if further exploration will result in the
estimation of a Mineral Resource. The reader is advised that an Exploration
Target is based on existing drill results and geological observations from
drilling as well as interpretation of multiple available datasets. The
Exploration Target is based on historical third party and Oracles drilling
results. It uses data from 53 historical drillholes drilled between 1998 and
2012, and 7 drillholes drilled by Oracle in 2021.

 

The below excerpt is taken from yesterday's Riversgold's ASX announcement
without any material changes. The full Riversgold announcement can be viewed
here: http://www.rns-pdf.londonstockexchange.com/rns/9426E_1-2024-9-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9426E_1-2024-9-19.pdf)

 

For further information visit 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 & Broker)

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

 

St Brides Partners Limited (Financial PR)

Isabel de Salis, Susie
Geliher
+44 (0) 20 7236 1177

 

 

Riversgold's ("RGL") ASX announcement:

 

GOLD PORPHYRY INTERCEPTS CONTINUE TO BE DRILLED

NEAR KALGOORLIE

 

Highlights

 

·    The latest aircore drilling at Northern Zone, located 25km east of
Kalgoorlie, continues to tag the top

of an extensive gold-bearing porphyry system.

·    Drilling has tagged the top of a large, blind porphyry system, with
widths now approaching 600m (refer to Figure 1).

·    Drill results from the first 8 of 30 completed holes have been
received, further validating the geological

model for the previously announced Exploration Target at the Northern Zone
Gold Project of 200Mt

·    250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for an Exploration Target
of 2.5Moz - 4.8Moz of gold.(*)

·    Further drilling results are pending.

 

(*) RGL's ASX announcement of 9 May 2023 "Farm into Significant Porphyry
Hosted Gold Project"

 

Figure 1: Cross-section of interpreted Au grade 3D model of Northern Zone,
constrained to all existing drill holes that have been reported by Riversgold
and to footnotes for all releases that contain drilling information. Refer to
Figure 3 for the plan location of the section line.

 

David Lenigas, Chairman of Riversgold, said: "Our latest drilling and
geological modelling at Northern Zone has confirmed the presence of
significant gold within this expansive, yet still undefined, massive porphyry
system located just east of Kalgoorlie, Western Australia. We've now
identified that the porphyry system may be much larger than originally
prognosed, with one section, as shown in this release, extending up to 600m in
width. We are developing plans to drill across the tenement to further explore
the upper elevation of this blind porphyry. Additional drill results are
pending, and this gold project is fast becoming very interesting."

 

Riversgold Limited (ASX: RGL, Riversgold or the Company) is pleased to
announce that it has received the first

batch of assay results from aircore (AC) drilling undertaken during
Riversgold's third 2024 aircore program at

the Northern Zone Intrusive Hosted Gold Project, located 25km east-south-east
of the Kalgoorlie Super Pit in

Western Australia (refer to Figure 2 for location).

 

Following on from our successful aircore programs completed in May and July
2024, Riversgold engaged drilling contractor, Australian Aircore Drilling
(Mick Shorter), to undertake a third aircore program for a further 30 holes in
late August and early September 2024. 1,826m of AC drilling was completed at
Northern Zone in the most recent drilling campaign bringing the total number
of metres drilled this year to 5,501m of AC drilling and 1,363m of reverse
circulation drilling.

 

The AC holes were drilled using a blade to drilling refusal. The cuttings were
logged by RGL geologists, and both the detailed logging and assays continue to
show that a significant gold mineralisation event has taken place within the
project area.

 

All historical and recent drilling data for a total of 167 drillholes at the
Northern Zone Project has now been uploaded into Leapfrog software and has
enabled the Company to generate a gold grade model (refer Figure 1 above).
Leapfrog will now be used to guide the next round of drilling, as we continue
to build the project.

 

Results from the first 8 holes of the most recent 30-hole program have been
received with significant intercepts including:

§ 4m @ 0.63 g/t Au from 27m (NZAC081)

§ 1m @ 1.04 g/t Au from 63m (NZAC081)

§ 1m @ 0.3 g/t Au from 32m (NZAC082)

§ 1m @ 0.32/t Au from 27m (NZAC083)

§ 2m @ 0.94 g/t Au from 36m (NZAC083)

§ 1m @ 1.95 g/t Au from 34m (NZAC060)

§ 2m @ 1.22 g/t Au from 56m (NZAC060)

§ 5m @ 1.5 g/t Au from 30m (NZAC054)

§ 1m @ 0.33 g/t Au from 50m (NZAC054)

§ 1m @ 0.72 g/t Au from 63m (NZAC054)

§ 4m @ 1.05 g/t Au from 30m (NZAC080)

§ 1m @ 0.91 g/t Au from 50m (NZAC080)

§ 2m @ 2.72 g/t Au from 33m (NZAC056)

 

Significant shallow gold intercepts from the July AC program include 1 :

 

§

·    16m @ 4.69 g/t Au from 30m (NZAC033)

·    4m @ 6.9 g/t Au from 39m (NZAC029)

·    3m @ 3.32 g/t Au from 35m (NZAC030)

·    9m @ 1.2 g/t Au from 31m (NZAC048)

RC drilling targeted the shallower, up dip portion of the mineralised system,
yielding several significant intercepts, including(( 2 )):

 

§ 18m @ 4.14g/t Au from 36m (NZRC001)

§ 54m @ 0.38g/t Au from 158m (NZRC004)

§ 14m @ 0.76g/t Au, from 226m (NZRC004)

§ 15m @ 0.66g/t Au, from 160m (NZRC005)

§ 8m @ 0.57g/t Au, from 221m (NZRC005)

§ 9m @ 0.85g/t Au, from 176m (NZRC006)

·     22m @ 0.41g/t Au, from 272 metres to EOH (NZRC006)

·

 

Significant results from the maiden 2023 diamond drill traverse
included(( 3 )):

 

·

·     110m @ 0.6 g/t Au from 208m (RSDD02)

·     5m @ 3.03g/t Au from 221m

·     1m @ 4.77g/t Au from 248m

·     1m @ 5.26g/t Au from 262m

·     13m @ 1.29g/t Au from 274m

·     16.4m @ 0.45g/t Au from 83.6m (RSDD003)

·     13m @ 0.48g/t Au from 135m (RSDD003)

·     11m @ 0.49g/t Au from 197m (RSDD003)

·     25m @ 0.44g/t Au from 231m (RSDD003)

·     47m @ 0.48g/t Au from 216m (RSDD01)

·     8m @ 0.55g/t Au from 127m (RSDD02)

·     84m @ 0.42g/t Au from 315m (RSDD003)

·     4m @ 0.52g/t Au from 34m (RSDD04)

·     8m @ 0.43g/t Au from 77m (RSDD04)

·     4m @ 0.47g/t Au from 92m (RSDD04)

 

Significant results from 2021 and prior RC drilling include(( 4 )):

 

·     154m @ 0.58g/t Au from 98m (21OPRC004) incl 4m @ 5.39g/t Au from
182m

·     142m @ 0.42g/t Au from 62m (BNRC081)

·     330m @ 0.49 g/t Au from 30m (BNRC066) incl 54.79m @ 1.15g/t Au from
213m

·     117.7m @ 0.35g/t Au from 120.3m (BNRC034)

·     66m @ 0.89g/t Au from 30m (BNRC069)

·     38m @ 0.47g/t Au from 73m (BNRC084)

·     29m @ 1.84g/t Au from 33m (BNRC017)

 

The above results indicate that we are successfully continuing to probe the
porphyry over an increasing footprint within the tenement. We will continue
drilling to further our understanding of the project before proceeding with a
Mineral Resource Estimate (MRE).

 

Mineralisation remains open in multiple directions, necessitating further
drilling campaigns. Refer to Figure 3 for drilling locations, and Tables 1 to
3 for location and assay results.

 

Saturn Metals Limited has released a Preliminary Economic Assessment (PEA) on
the Apollo Hill Gold Project which is located 175km due north of Northern
Zone. With a resource estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz 5 
(#_ftn5) , this development serves as a benchmark for our aspirations at
Northern Zone, albeit with the potential for Northern Zone to be an even
larger project.

 

Conceptually, the Company draws parallels between Northern Zone and Saturn
Metals' Apollo Hill Project, discerning similarities based on the PEA
statement released by Saturn Metals (ASX announcement of 7 August 2023), which
suggests the potential for a sizeable low-grade heap leach operation.

 

 

Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super
Pit".

 

Competent Person's Statement

The Information in this announcement that relates to exploration results,
exploration targets, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of
Mining and Metallurgy. Mr Mead is a director of Riversgold Limited and a
consultant to Oracle through 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
`Australasian 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 announcement.

 

 

 1  RGL ASX announcement 27 August 2024 "Gold Grades Continue to Impress at
Northern Zone"

 2  RGL ASX announcement 11 July 2024 "Northern Zone Delivers Further
High-Grade Gold Intercepts"

 3  RGL ASX announcement 12 December 2023 "+100metre Wide Gold Intercepts at
Northern Zone Project".

 4  RGL ASX announcement 12 December 2023 "+100metre Wide Gold Intercepts at
Northern Zone Project".

 5  STN ASX announcement of 17 August 2023 "Updated Preliminary Economic
Assessment".

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