REG - Oracle Power PLC - Northern Zone Mining Lease Application Submitted

Oracle PowerAnnouncement

10/12/2024 07:00

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RNS Number : 4090P  Oracle Power PLC  10 December 2024

10 December 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Mining Lease Application Submitted

Northern Zone Gold Project - Kalgoorlie

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that a Mining Lease (M25/389) application has been submitted to the
Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) at the
Northern Zone Intrusive Hosted Gold Project ("Northern Zone Gold Project" or
"Project"). The Mining Lease application can take more than 12 months and in
this time the Company intends to focus on more drilling to develop the Project
before proceeding with a maiden Mineral Resource Estimate.

 

Highlights:

 

·    Mining Lease (M25/389) application has been submitted to the
Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)

·    The Mining Lease application is based on all drilling to date at the
Northern Zone Gold Project, located 25km east of Kalgoorlie

·    The Leapfrog gold mineralisation model will be used to inform and
guide future drilling campaigns as the Project matures and grows.

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

 

Naheed Memon, CEO of Oracle, commented: "The lodgment of the Mining Lease
application for the Northern Zone Gold Project is a great next step forward
for this fast-growing project. We have drilled some very significant gold
intercepts under the Kalgoorlie landscape and we have a strong belief in this
project to deliver significant future value for Riversgold and Oracle Power.
Conversion of the tenement status to the higher order Mining Lease will
increase security of tenure of the Project to an initial 21 years and is an
important next step should we wish to develop the Northern Zone Gold Project
as a gold mine. We will continue to drill out this exciting project in the new
year."

 

**ENDS**

 

 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 (Withdrawal) Act 2018, as amended.

 

 

 

 

 

 

 

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