REG - Oracle Power PLC - Northern Zone Gold Project Drill Results
25/09/2024 07:00
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RNS Number : 5129F Oracle Power PLC 25 September 2024
25 September 2024
Oracle Power PLC
("Oracle" or the "Company")
Northern Zone Gold Project Drill Results
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
provide an update regarding the Northern Zone Intrusive Hosted Gold Project in
Western Australia (the "Northern Zone Project" or the "Project"). This
includes the full assay results (including the 8 drill holes announced on 19
September 2024) from the 1,826m aircore ("AC") drilling programme undertaken
during August and September 2024, which continue to expand the gold
mineralised footprint of the porphyry and confirm the presence of a
significant gold system at the Project.
Highlights
· New highest-grade interval to date from shallow drilling at the
Northern Zone Project
o 1m of 58.09 g/t gold within intercept of 5m @12.27 g/t Au (NZAC062)
· Significant shallow gold intercepts include:
o 7m @ 3.90 g/t Au from 35m (NZAC055)
o 4m @ 3.97 g/t Au from 32m (NZAC061)
o 4m @ 6.92 g/t Au from 57m (NZAC061)
o 5m @ 12.27 g/t Au from 32m (NZAC062) (inc. 1m @ 58.09 g/t Au from 34m)
o 11m @ 1.44 g/t Au from 29m (NZAC064)
o 29m @ 1.29 g/t Au from 54m (NZAC065)
o 5m @ 2.07 g/t Au from 46m (NZAC068)
o 6m @ 3.48 g/t Au from 73m (NZAC077)
o 8m @ 2.07 g/t Au from 50m (NZAC079)
· Targeted drilling continues to intersect the top of a large blind
porphyry system, with widths now approaching 600m (refer to Figure 1).
· Further drilling is being designed utilising Leapfrog software to
follow up these latest high-grade intercepts, and to target the expanding
footprint of the mineralised porphyry.
· Drilling continues to validate 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 2.5Moz - 4.8Moz of
gold.(( 1 ))
Naheed Memon, CEO of Oracle, commented: "These latest set of significant
high-grade gold assays at Northern Zone continue to expand the gold
mineralised footprint of the porphyry and confirm the presence of a
significant gold system, which is located just east of Kalgoorlie, Western
Australia. Plans to drill more shallow holes across the tenement are now being
developed to further explore the upper elevation of this blind porphyry, with
modelling using Leapfrog software driving the planning. As the Australian
dollar gold price approaches $4,000, this gold project is fast becoming very
interesting."
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.
Details
The Northern Zone Project located 25km east-south-east of the Kalgoorlie Super
Pit in Western Australia (refer to Figure 2 for location), is being advanced
with ASX-listed, Riversgold Limited ("Riversgold" or "RGL"), which has the
right to earn up to 80% interest in the tenement, as detailed in the Company's
announcement of 9 May 2023. The Northern Zone Project has an Exploration
Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t Au for
2.5 million oz to 4.8 million oz of gold, as announced by Riversgold on the
ASX on 9 May 2023.
Following on from successful AC programmes completed in May and July 2024,
Riversgold engaged drilling contractor Australian Aircore Drilling (Mick
Shorter) to undertake a third AC programme for a further 30 holes in late
August and early September 2024. A further 1,826m of AC drilling was completed
at the Northern Zone Project in the most recent drilling campaign, bringing
the total number of metres drilled this year to 7,426m of AC drilling and
1,363m of reverse circulation ("RC") 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 189 drillholes at the
Northern Zone Project has now been uploaded into Leapfrog software enabling
the generation of a gold grade model (refer to Figure 1). Leapfrog will now be
used to guide the next round of drilling as the Company and Riversgold (the
"JV") continue to progress the Project.
Results from the recent 30-hole AC drill programme 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 @ 0.37 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)
· 7m @ 3.9 g/t Au from 35m (NZAC055) (incl 1m at 6.84 g/t Au from 35m
and
· 2m at 6.67 g/t Au from 37m)
· 1m @ 11.39 g/t Au from 31m (NZAC057)
· 1m @ 1.21 g/t Au from 32m (NZAC058)
· 4m @ 3.97 g/t Au from 32m (NZAC061) (incl 1m at 11.88 g/t Au from
32m)
· 4m @ 6.92 g/t Au from 57m (NZAC061) (incl 1m at 26.49 g/t Au from
57m)
· 5m @ 0.53 g/t Au from 75m (NZAC061)
· 5m @ 12.27 g/t Au from 32m (NZAC062) (incl 1m at 58.09 g/t Au from
34m)
· 7m @ 0.61 g/t Au from 33m (NZAC063)
· 11m @ 1.44 g/t Au from 29m (NZAC064) (incl 1m at 4.09 g/t Au from
32m)
· 29m @ 1.29 g/t Au from 30m (NZAC065) (incl 2m at 8.39 g/t Au from 33m
and
· 1m at 6.07 g/t Au from 42m)
· 1m @ 1.09 g/t Au from 54m (NZAC066)
· 3m @ 0.52 g/t Au from 49m (NZAC067)
· 5m @ 2.07 g/t Au from 46m (NZAC068) (incl 1m at 8.74 g/t Au from 50m)
· 1m @ 1.42 g/t Au from 51m (NZAC069)
· 5m @ 1.17 g/t Au from 46m (NZAC070) (incl 1m at 5.55 g/t Au from 50m)
· 1m @ 1.05 g/t Au from 33m (NZAC072)
· 4m @ 1.75 g/t Au from 53m (NZAC072) (incl 1m at 5.48 g/t Au from 53m)
· 6m @ 3.48 g/t Au from 73m (NZAC077) (incl 1m at 16.03 g/t Au from
77m)
· 8m @ 2.07 g/t Au from 50m (NZAC079) (2m composites)
· 1m @ 1.09 g/t Au from 54m (NZAC085)
Significant shallow gold intercepts from the August 2024 AC drilling programme
include:
· 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 from the July 2024 programme targeted the shallower, up dip
portion of the mineralised system, yielding several significant intercepts,
including:
· 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 programme
included:
· 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 :
· 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 the JV is successfully continuing to probe the
porphyry over an increasing footprint within the tenement. The JV will
continue drilling to further its 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.
-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
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 by virtue of
the Market Abuse (Amendment) (EU Exit) Regulations 2019.
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 the company 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.
Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
Figure 3: Drill collar plan with gold grade contours from all drilling results
to date and section line (Figure 1).
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant Intercepts
Hole ID From (m) To (m) Width (m) Au g/t Intercept
NZAC081 27 31 4 0.63 4m @ 0.63 g/t Au from 27m
NZAC081 63 64 1 1.04 1m @ 1.04 g/t Au from 63m
NZAC082 32 33 1 0.3 1m @ 0.3 g/t Au from 32m
NZAC083 27 28 1 0.32 1m @ 0.32/t Au from 27m
NZAC083 36 38 2 0.94 2m @ 0.94 g/t Au from 36m
NZAC060 34 35 1 1.95 1m @ 1.95 g/t Au from 34m
NZAC060 56 58 2 1.22 2m @ 1.22 g/t Au from 56m
NZAC054 30 35 5 1.5 5m @ 1.5 g/t Au from 30m
NZAC054 50 51 1 0.33 1m @ 0.33 g/t Au from 50m
NZAC054 63 64 1 0.72 1m @ 0.72 g/t Au from 63m
NZAC080 30 34 4 1.05 4m @ 1.05 g/t Au from 30m
NZAC080 50 51 1 0.91 1m @ 0.91 g/t Au from 50m
NZAC056 33 35 2 2.72 2m @ 2.72 g/t Au from 33m
NZAC059 No significant intercepts reported
NZAC055 35 42 7 3.9 7m @ 3.9g/t Au from 35m
incl 35 36 1 6.84
incl 37 39 2 6.67
NZAC057 31 32 1 11.39 1m @ 11.39g/t Au from 31m
NZAC058 32 33 1 1.21 1m @ 1.21g/t Au from 32m
NZAC061 32 36 4 3.97 4m @ 3.97g/t Au from 32m
incl 32 33 1 11.88 1m @ 11.88g/t Au from 32m
NZAC061 57 61 4 6.92 4m @ 6.92g/t Au from 57m
incl 57 58 1 26.49
NZAC061 75 80 5 0.53 5m @ 0.53g/t Au from 75m
NZAC062 32 37 5 12.27 5m @ 12.27g/t Au from 32m
incl 34 35 1 58.09
NZAC063 33 40 7 0.61 7m @ 0.61g/t Au from 33m
NZAC064 29 40 11 1.44 11m @ 1.44g/t Au from 29m
incl 32 33 1 4.09
NZAC065 30 59 29 1.29 29m @ 1.29g/t Au from 30m
incl 33 35 2 8.39
incl 42 43 1 6.07
NZAC066 54 55 1 1.09 1m @ 1.09g/t Au from 54m
NZAC067 49 52 3 0.52 3m @ 0.52g/t Au from 49m
NZAC068 46 51 5 2.07 5m @ 2.07g/t Au from 46m
incl 50 51 1 8.74
NZAC069 51 52 1 1.42 1m @ 1.42g/t Au from 51m
NZAC070 46 51 5 1.17 5m @ 1.17g/t Au from 46m
incl 50 51 1 5.55
NZAC071 No significant intercepts reported
NZAC072 33 34 1 1.05 1m @ 1.05g/t Au from 33m
NZAC072 53 57 4 1.75 4m @ 1.75g/t Au from 53m
incl 53 54 1 5.48
NZAC073 No significant intercepts reported
NZAC074 No significant intercepts reported
NZAC075 No significant intercepts reported
NZAC077 73 79 6 3.48 6m @ 3.48g/t Au from 73m
incl 77 78 1 16.03
NZAC079 50 58 8 2.07 8m @ 2.07g/t Au from 50m (2m composites)
incl 50 52 2 8.03
NZAC085 54 55 1 1.09 1m @ 1.09g/t Au from 54m
Table 2: Northern Zone Aircore Drill Collar Locations and information in GDA
Zone 51J
Hole ID East North Depth Dip Elevation Azimuth
NZAC054 381486 6592615 72 -90 356.97 0
NZAC054 381486 6592615 72 -90 356.97 0
NZAC055 381512.5 6592563 84 -90 356.676 0
NZAC056 381538 6592588 60 -90 356.61 0
NZAC057 381537.5 6592538 71 -90 356.49 0
NZAC058 381562.5 6592563 61 -90 356.469 0
NZAC059 381512 6592612 58 -90 356.9 0
NZAC060 381509 6592637 58 -90 356.96 0
NZAC061 381487.5 6592588 81 -90 356.917 0
NZAC062 381562.5 6592613 46 -90 356.653 0
NZAC063 381587.5 6592638 54 -90 356.659 0
NZAC064 381600 6592650 59 -90 356.523 0
NZAC065 381612.5 6592663 59 -90 356.55 0
NZAC066 381912.5 6592550 63 -90 354.915 0
NZAC067 381900 6592537 62 -90 354.891 0
NZAC068 381925 6592563 60 -90 354.93 0
NZAC069 381887.5 6592638 61 -90 355.287 0
NZAC070 381900 6592650 57 -90 355.327 0
NZAC071 381912.5 6592663 60 -90 355.316 0
NZAC072 381937.5 6592638 66 -90 355.16 0
NZAC073 381950 6592650 69 -90 354.987 0
NZAC074 381962.5 6592663 60 -90 354.921 0
NZAC075 381825 6592875 67 -90 356.38 0
NZAC076 381837.5 6592888 28 -90 356.358 0
NZAC077 381850 6592900 88 -90 356.392 0
NZAC079 381875 6592925 90 -90 356.455 0
NZAC080 381511 6592587 71 -90 356.79 0
NZAC081 381608 6592511 64 -90 356.04 0
NZAC082 381622 6592525 60 -90 356.02 0
NZAC083 381637 6592537 71 -90 356.02 0
NZAC085 381537.5 6592563 65 -90 356.571 0
NZAC056 381538 6592588 60 -90 356.61 0
NZAC059 381512 6592612 58 -90 356.90 0
NZAC060 381509 6592637 58 -90 356.96 0
NZAC080 381511 6592587 71 -90 356.79 0
NZAC081 381608 6592511 64 -90 356.04 0
NZAC082 381622 6592525 60 -90 356.02 0
NZAC083 381637 6592537 71 -90 356.02 0
Table 3: Northern Zone Aircore Results at > 0.3 g/t Au Grade Cutoff
Hole ID From (m) To (m) Width (m) Au Grade (g/t)
NZAC054 30 31 1 0.87
NZAC054 32 33 1 0.93
NZAC054 33 34 1 1.35
NZAC054 34 35 1 4.1
NZAC054 50 51 1 0.33
NZAC054 63 64 1 0.72
NZAC056 33 34 1 5.09
NZAC056 34 35 1 0.35
NZAC060 34 35 1 1.95
NZAC060 56 57 1 0.8
NZAC060 57 58 1 1.64
NZAC080 30 31 1 2.45
NZAC080 32 33 1 0.35
NZAC080 33 34 1 1.2
NZAC080 50 51 1 0.91
NZAC081 27 28 1 0.72
NZAC081 28 29 1 0.77
NZAC081 29 30 1 0.41
NZAC081 33 34 1 0.32
NZAC081 63 64 1 1.04
NZAC082 32 33 1 0.37
NZAC083 27 28 1 0.32
NZAC083 36 37 1 1.5
NZAC083 37 38 1 0.37
NZAC055 35 36 1 6.84
NZAC055 36 37 1 2.1
NZAC055 37 38 1 7.41
NZAC055 38 39 1 5.92
NZAC055 39 40 1 0.71
NZAC055 40 41 1 1.23
NZAC055 41 42 1 3.12
NZAC057 31 32 1 11.39
NZAC061 32 33 1 11.88
NZAC061 33 34 1 0.33
NZAC061 34 35 1 3.47
NZAC061 57 58 1 26.49
NZAC061 58 59 1 0.56
NZAC061 60 61 1 0.36
NZAC061 75 76 1 1.08
NZAC061 79 80 1 1.17
NZAC062 33 34 1 0.5
NZAC062 34 35 1 58.09
NZAC062 35 36 1 2.04
NZAC062 36 37 1 0.51
NZAC063 33 34 1 1.53
NZAC063 34 35 1 0.41
NZAC063 35 36 1 1.79
NZAC064 29 30 1 1.02
NZAC064 30 31 1 2.4
NZAC064 31 32 1 2.59
NZAC064 32 33 1 4.09
NZAC064 33 34 1 1.77
NZAC064 34 35 1 0.96
NZAC064 35 36 1 1.01
NZAC064 36 37 1 0.88
NZAC064 37 38 1 0.55
NZAC064 39 40 1 0.54
NZAC065 30 31 1 0.48
NZAC065 31 32 1 0.96
NZAC065 32 33 1 2.72
NZAC065 33 34 1 11.71
NZAC065 34 35 1 5.07
NZAC065 35 36 1 0.65
NZAC065 37 38 1 1.08
NZAC065 42 43 1 6.07
NZAC065 43 44 1 1.44
NZAC065 44 45 1 0.79
NZAC065 51 52 1 2.47
NZAC065 55 56 1 1.62
NZAC065 58 59 1 0.98
NZAC066 44 45 1 0.37
NZAC066 49 50 1 0.38
NZAC066 54 55 1 1.09
NZAC067 49 50 1 0.32
NZAC067 50 51 1 0.97
NZAC068 41 42 1 0.4
NZAC068 46 47 1 1.05
NZAC068 48 49 1 0.48
NZAC068 50 51 1 8.74
NZAC069 51 52 1 1.42
NZAC070 33 34 1 0.62
NZAC070 50 51 1 5.55
NZAC071 51 52 1 0.81
NZAC072 33 34 1 1.05
NZAC072 53 54 1 5.48
NZAC072 56 57 1 1.5
NZAC073 26 27 1 0.57
NZAC073 50 51 1 0.95
NZAC074 30 31 1 0.63
NZAC074 41 42 1 0.3
NZCA074 50 51 1 0.58
NZAC077 45 46 1 0.32
NZAC077 74 75 1 0.81
NZAC077 76 77 1 0.7
NZAC077 77 78 1 16.03
NZAC077 78 79 1 3.03
NZAC079 12 18 6 0.33
NZAC079 50 52 2 8.03
NZAC079 66 68 2 0.46
NZAC085 54 55 1 1.09
APPENDIX 2: JORC INFORMATION
The following Tables are provided to ensure compliance with the JORC Code
(2012 Edition) requirements for the reporting of Exploration Results at
Northern Zone.
Section 1: Sampling Techniques and Data
(Criteria in this section applies to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific Every metre drilled was placed on the ground.
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF 6m composites were collected using a scoop method of sampling the coarse
instruments, etc). These examples should not be taken as limiting the broad reject sample for the first 24m.
meaning of sampling.
1m sampling using a rifle splitter was trailed on the clays, from 24m, with
Include reference to measures taken to ensure sample representivity and the sampling deemed to create a high degree risk of smearing. The clays are not
appropriate calibration of any measurement tools or systems used. wet but have a damp characteristic. A large metal scoop was used to sample
between 70-90% of material from each metre drilled, to total between 2-3kg
Aspects of the determination of mineralisation that are Material to the Public samples.
Report.
Standard reference material, sample duplicates and blanks, were undertaken at
In cases where 'industry standard' work has been done this would be relatively 25m sample intervals.
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other Samples were sent to the laboratory for crushing, splitting and analysis.
cases, more explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or mineralisation Analysis was undertaken by Jinnings laboratories (Kalgoorlie) for gold assay
types (e.g. submarine nodules) may warrant disclosure of detailed information. by 50g fire assay.
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Australian Aircore Drilling completed the programme using a blade to refusal.
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Drill recovery was routinely recorded via estimation of the comparative
assessed. percentage of the volume of the sample pile by the company geologist.
Measures taken to maximise sample recovery and ensure representative nature of The sample recovery was deemed excellent for representative assays, with
the samples. consistent sample recovery and no loss though the top of the cyclone.
Whether a relationship exists between sample recovery and grade and whether The cyclone was cleaned or checked every 3m.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged All holes have been geologically logged for lithology, mineralisation and
to a level of detail to support appropriate Mineral Resource estimation, weathering. As well as whether dry, damp or wet.
mining studies and metallurgical studies.
Logging is quantitative for presence of quartz veins. All other logging is
Whether logging is qualitative or quantitative in nature. Core (or costean, qualitative.
channel, etc) photography.
All metre intervals from 24m to end of hole were chip trayed and photographed.
The total length and percentage of the relevant intersections logged.
A brief description of each drilling sample was recorded and a permanent
record has been collected and stored in chip trays for reference.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. 1m sampling using a rifle splitter was trialled on the clays, from 24m, with
sampling deemed to create a high degree risk of smearing. The clays are not
If non-core, whether riffled, tube sampled, rotary split, etc and whether wet but have a damp characteristic. A large metal scoop was used to sample
sampled wet or dry. between 70-90% of material from each metre drilled, to total between 2-3kg
samples.
For all sample types, the nature, quality and appropriateness of the sample
preparation technique. Standard reference material, sample duplicates and blanks, were undertaken at
25m sample intervals.
Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples. Samples were sent to the laboratory for crushing, splitting and analysis.
Measures taken to ensure that the sampling is representative of the in-situ The use of fire assay with 50g charge for all AC drilling provides a level of
material collected, including for instance results for field confidence in the assay database. The sampling and assaying are considered
duplicate/second-half sampling. representative of the in-situ material.
Whether sample sizes are appropriate to the grain size of the material being The sample size of 2-3 kilograms is appropriate and representative of the
sampled. grain size and mineralisation style of the deposit.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Jinnings (Kalgoorlie) were used for all analysis of drill samples submitted by
procedures used and whether the technique is considered partial or total. Riversgold. The laboratory techniques below are for all samples submitted to
Jinnings and are considered appropriate for the style of mineralisation
For geophysical tools, spectrometers, handheld XRF instruments, etc, the defined within the Northern Zone Project area:
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. Samples above 3Kg were riffle split.
Nature of quality control procedures adopted (e.g. standards, blanks, Pulverise to 95% passing 75 microns
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established. 50-gram Fire Assay (FA50A) - Au Duplicates, Standards and Blanks were used for
external laboratory checks by RGL.
Verification of sampling and assaying The verification of significant intersections by either independent or Intercepts were reviewed by 2 company personnel.
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and The collar position of each hole has been picked up by Spectrum Surveys
down-hole surveys), trenches, mine workings and other locations used in (Kalgoorlie) using a DGPS.
Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
Data spacing and distribution Data spacing for reporting of Exploration Results. The holes were drilled on a nominal East-West 12.5m spacing on traverses 12.5m
apart, North- South.
Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible The vertical drill holes were designed to test for supergene mineralisation or
structures and the extent to which this is known, considering the deposit weathered primary ore zones and are believed to be unbiased based when
type. interpretation is applied at modelling results.
If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. Company personnel delivered samples to Jinnings Kalgoorlie where they were
submitted for assay.
Audits or reviews The results of any audits or reviews of sampling techniques and data. Data reviews will be conducted on completion of further drilling
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The Northern Zone Project is comprised of one granted prospecting licence
material issues with third parties such as joint ventures, partnerships, (P25/2651) which covers an area of 82 hectares, and is held in the name of
overriding royalties, native title interests, historical sites, wilderness or Oracle Gold (WA) Pty Ltd.
national park and environmental settings.
RGL are farming into the Tenement and have committed to spend $600,000 in
The security of the tenure held at the time of reporting along with any known exploration expenditure on the tenement within the next two years. After
impediments to obtaining a licence to operate in the area. Riversgold achieves 80% ownership, Oracle will be required to contribute
pro-rata or dilute.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. The majority of previous exploration in the area was by Northern Mining during
2007 to 2012 under the Blair North project, multiple small resource areas were
identified at the George's Reward area to the south of P25/2651. Numerous gold
intersections were recorded
Geology Deposit type, geological setting and style of mineralisation. The deposit is thought to be an Intrusion Related Gold System (IRGS) style of
mineral deposit.
Further drilling will better define the mineralisation style, and timing of
the gold mineralisation event.
Drill hole Information A summary of all information material to the understanding of the exploration Refer to Tables and Figures within the body of the release.
results including a tabulation of the following information for all Material
drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Intersections are weighted average grades based on a 0.001 g/t Au cut-off with
and/or minimum grade truncations (eg cutting of high grades) and cut-off unlimited waste zones but with a targeted grade of above 2.0 g/t Au.
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration The diamond drilling programme in 2023 confirmed the apparent widths of
Results. mineralisation as being perpendicular to foliation and veining. We believe the
step out RC drilling to be the same as the diamond drilling. The true width of
If the geometry of the mineralisation with respect to the drill hole angle is mineralisation is still to be fully ascertained.
known, its nature should be reported.
The Aircore drilling was vertical and not designed for true width, but was
If it is not known and only the down hole lengths are reported, there should targeting supergene mineralisation.
be a clear statement to this effect (eg 'down hole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts See body of the announcement for relevant diagrams and photos.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and Figure 1 was created using all data released to the ASX and can be found in
appropriate sectional views. news releases referred to in footnotes, with Leapfrog software, with Au grades
composited to 9m intervals and then modelled using 1g/t Au, 0.5g/t Au and
0.3g/tAu. Orientation parameters for search ellipsoid of dip 55deg, dip
azimuth 50deg, ellipsoid ratio of 3:1. Spheroidal interpolant.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, The reporting of exploration results is considered balanced by the competent
representative reporting of both low and high grades and/or widths should be person.
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported See body of the announcement.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (e.g. tests for lateral · Follow up phases of drilling to further test strike to be undertaken.
extensions or depth extensions or large-scale step-out drilling).
· Core from phase 1 to allow for further metallurgical studies.
Diagrams clearly highlighting the areas of possible extensions, including the
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
(( 1 )) RGL ASX announcement 9 May 2023 "Farm into Significant Porphyry
Hosted Gold Project"
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