REG - Oracle Power PLC - Northern Zone Gold Project Drill Results
19/11/2024 07:00
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RNS Number : 7682M Oracle Power PLC 19 November 2024
19 November 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
announce that it has received the first batch of assay results from the
aircore ("AC") drilling programme undertaken during Riversgold Limited's
(ASX:RGL) ("Riversgold") fourth AC programme at the Northern Zone Intrusive
Hosted Gold Project in Western Australia (the "Northern Zone Project").
Further to the successful AC programmes completed earlier this year,
Riversgold, the Company's potential JV partner, engaged a drilling contractor
to undertake a fourth AC programme for a further 26 holes in early November
2024. 1,545m of AC drilling was completed at the Northern Zone Project, taking
the aggregate number of metres drilled this year at the Northern Zone
Project to 8,971m of AC drilling and 1,363m of reverse circulation ("RC")
drilling.
Riversgold believes that the detailed logging and assays continue to show that
a significant gold mineralisation event has taken place within the project
area.
The significant results continue to successfully intersect the mineralised
porphyry over an increasing footprint within the tenement. The confirmation of
a high-grade zone in the eastern extensional area and the extension of
anomalous gold mineralisation in north-eastern areas validates the broader
geological model. Mineralisation remains open in multiple directions, which
will require future drill testing to continue to exploit and increase the
extents of the mineralised porphyry. The Company and Riversgold will continue
to further the understanding of the project before proceeding with a maiden
Mineral Resource Estimate ("MRE").
Highlights:
o Results from the first ten holes have been received with significant
intercepts including:
o 7m @ 4.07 g/t Au from 48m, (inc. 4m @ 6.72 g/t Au from 48m) (NZAC107)
o 8m @ 2.07 g/t Au from 48m, (inc. 4m @ 3.46 g/t Au from 51m) (NZAC108)
o 4m @ 7.47 g/t Au from 49m, (inc. 2m @ 12.36 g/t Au from 51m) (NZAC113)
o 7m @ 1.16 g/t Au from 41m to EOH, (inc. 1m @ 4.13 g/t Au and 4m @ 1.5 g/t
Au) (NZAC095)
o 1m @ 1.84 g/t Au from 48m, (NZAC112)
o 2m @ 1.06 g/t Au from 42m, (NZAC094)
o 1m @ 2.58 g/t Au from 64m, (NZAC094)
o A new potential high-grade zone on the eastern extensional area of the
600m wide porphyry system has been confirmed (see Figure 1).
o These initial eastern exploratory holes have exceeded grade expectations
and continue to confirm and expand the shallow gold mineralisation associated
with the Northern Zone Project porphyry.
o The Leapfrog gold model for Northern Zone Project will be updated once all
assay results from this programme have been received, with the final 16-hole
results expected within the next week.
o A mineralisation report required to apply for a Mining Licence is expected
by end of November 2024.
o Mining Lease application to be submitted once the mineralisation report is
received.
Naheed Memon, CEO of Oracle, commented: "These are some of the best gold
results seen for the shallow parts of the Northern Zone Project to date. They
demonstrate excellent grade at relatively shallow depths over good widths and
expand the mineralisation to the far eastern side of the 600m wide porphyry.
As indicated in previous updates, the project continues to deliver material
and significant mineralised intercepts over an increasing porphyry
footprint(( 1 (#_ftn1) )). The recent set of significant high-grade gold
assays at Northern Zone Project have continued to expand the gold mineralised
footprint of the porphyry over a much larger area than originally anticipated
and it has confirmed the presence of a significant gold mineralised system. We
look forward to sharing the further drilling report results shortly."
-ENDS-
For further information contact:
Oracle Power PLC +44 (0) 203 580 4314
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) +44 (0) 20 7236 1177
Isabel de Salis, Susie Geliher
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it 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 1: Recent drill collar plan with gold grade contours from all drilling
results to date, and most recent drill intercepts in the new eastern area of
high-grade gold mineralisation.
Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super
Pit".
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant Intercepts
Hole ID From (m) To (m) Width (m) Au g/t Intercept
NZAC107 48 55 7 4.07 7m @ 4.07 g/t Au from 48m, NZAC107
including 48 52 4 6.72 Including 4m @ 6.72 g/t Au from 48m
NZAC108 48 56 8 2.07 8m @ 2.07 g/t Au from 48m, NZAC108
including 51 55 4 8.72 Including 4m @ 3.46 g/t Au from 51m
NZAC113 49 53 4 7.47 4m @ 7.47 g/t Au from 49m, NZAC113
including 51 53 2 12.36 including 2m @ 12.36 g/t Au from 51m
NZAC112 48 49 1 1.84 1m @ 1.84 g/t Au from 48m, NZAC112
NZAC094 42 44 2 1.06 2m @ 1.06 g/t Au from 42m, NZAC094
NZAC094 64 65 1 2.58 1m @ 2.58 g/t Au from 64m, NZAC094
NZAC095 41 48 7 1.16 7m @ 1.16 g/t Au from 41m to EOH, NZAC095
including 41 42 1 4.13 including 1m @ 4.13 g/t Au from 41m)
including 41 45 4 1.5 including 4m @ 1.5 g/t Au from 41m
Table 2: Northern Zone Aircore Drill Collar Locations and information in GDA
Zone 51J
Hole_ID East North Depth Dip Elevation Azimuth
NZAC086 381535 6592617 55 -90 357 0
NZAC087 381584 6592615 51 -90 357 0
NZAC088 381620 6592673 51 -90 357 0
NZAC089 381569 6592625 49 -90 357 0
NZAC090 381633 6592685 58 -90 357 0
NZAC091 381600 6592626 51 -90 357 0
NZAC092 381550 6592625 51 -90 357 0
NZAC093 381840 6592918 73 -90 357 0
NZAC094 381825 6592902 75 -90 357 0
NZAC095 381850 6592925 48 -90 357 0
NZAC096 381535 6592640 51 -90 357 0
NZAC097 381575 6592650 55 -90 357 0
NZAC098 381624 6592649 72 -90 357 0
NZAC099 381635 6592661 64 -90 357 0
NZAC100 381587 6592660 55 -90 357 0
NZAC101 381560 6592639 50 -90 357 0
NZAC102 381612 6592639 73 -90 357 0
NZAC103 381638 6592639 61 -90 357 0
NZAC104 381657 6592638 61 -90 357 0
NZAC107 381942 6592584 59 -90 357 0
NZAC108 381952 6592600 65 -90 357 0
NZAC109 381970 6592618 63 -90 357 0
NZAC110 381913 6592636 57 -90 357 0
NZAC111 381923 6592655 59 -90 357 0
NZAC112 381964 6592653 68 -90 357 0
NZAC113 381957 6592640 69 -90 357 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)
NZAC093 40 41 1 0.3
NZAC093 56 57 1 0.88
NZAC093 64 65 1 0.33
NZAC093 65 66 1 0.94
NZAC094 42 43 1 1.56
NZAC094 43 44 1 0.55
NZAC094 46 47 1 0.98
NZAC094 56 57 1 0.78
NZAC094 64 65 1 2.58
NZAC095 35 36 1 0.35
NZAC095 36 37 1 0.4
NZAC095 41 42 1 4.13
NZAC095 43 44 1 0.5
NZAC095 44 45 1 1.45
NZAC095 47 48 1 1.89
NZAC107 48 49 1 3.6
NZAC107 49 50 1 1.91
NZAC107 50 51 1 18.31
NZAC107 51 52 1 3.05
NZAC107 53 54 1 0.73
NZAC107 54 55 1 0.75
NZAC108 48 49 1 0.48
NZAC108 49 50 1 0.78
NZAC108 50 51 1 0.87
NZAC108 51 52 1 2.71
NZAC108 52 53 1 8.72
NZAC108 53 54 1 0.91
NZAC108 54 55 1 1.5
NZAC108 55 56 1 0.57
NZAC110 50 51 1 0.35
NZAC111 48 49 1 0.81
NZAC111 49 50 1 0.33
NZAC112 26 27 1 0.46
NZAC112 48 49 1 1.84
NZAC113 49 50 1 4.67
NZAC113 50 51 1 0.5
NZAC113 51 52 1 9.83
NZAC113 52 53 1 14.89
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 trialed 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 (eg '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 program 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 trailed 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 marked out with a Garmin Inreach
down-hole surveys), trenches, mine workings and other locations used in Explorer+ hand held GPS, and will be picked up by Spectrum Surveys
Mineral Resource estimation. (Kalgoorlie) using a DGPS.
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 Northeast-Southwest 25m spacing on
traverses 15-20m apart.
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 0.25 g/t Au cut-off with
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off unlimited waste zones but with a targeted grade of above 1.5g/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 program 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 (e.g. '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
appropriate sectional views.
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 (#_ftnref1) )) RGL ASX announcement 18 September 2024 "Gold Porphyry
Intercepts Continue to be Drilled by RGL"
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