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RNS Number : 5817N Oracle Power PLC 26 November 2024
26 November 2024
Oracle Power PLC
("Oracle" or the "Company")
Northern Zone Project Drill Results
Final assay results from the recent drill programme include significant high
grade gold intercepts
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce that it has received the final batch of assay results from the
November 2024 aircore ("AC") drilling undertaken during Riversgold Limited's
("Riversgold" or "RGL") fourth aircore programme at the Northern Zone
Intrusive Hosted Gold Project (the "Northern Zone Project").
Highlights:
o Latest assay results include:
§ 8m @ 4.86 g/t Au from 34m (NZAC090)
- inc. 4m @ 5.09 g/t Au from 34m
- inc. 1m @ 18.22 g/t Au from 36m
- inc. 1m @ 17.96 g/t Au from 40m
§ 6m @ 3.13 g/t Au from 30m (NZAC097)
- inc. 2m @ 7.39 g/t Au from 33m
- inc. 1m @ 10.41 g/t Au from 34m
§ 5m @ 3.74 g/t Au from 31m (NZAC100)
§ 1m @ 5.72 g/t Au from 33m (NZAC092)
§ 3m @ 1.75 g/t Au from 33m (NZAC099)
o The continuation of the high-grade oxide zone within the 600m wide
porphyry system has been expanded (see Figure 1).
o The results of these drill holes continue to confirm and enlarge the
shallow gold mineralisation associated with the Northern Zone Project
porphyry.
o The dynamic Leapfrog gold model for Northern Zone Project will be updated
with these latest results in the coming weeks, which will inform and guide
future drill campaigns.
o A mineralisation report is expected at the end of November, with a Mining
Lease application to be submitted thereafter.
o Possible ore processing scenarios have been demonstrated by the recent
success of Black Cat Syndicate Ltd(1), at their Myhree open pit, located only
7km to the north of Northern Zone Project.
Naheed Memon, CEO of Oracle, commented: "The Northern Zone Project continues
to indicate significant gold intercepts and grow the footprint, and
demonstrating high grades at relatively shallow depths over good widths within
the overall 600m wide porphyry. We are particularly encouraged by the recent
success of Black Cat's Myhree open pit operations(( 1 (#_ftn1) )) only 7km
north of the Northern Zone Project and we are assessing if similar operations
would be achieved at the Northern Zone Project after we convert the tenement
to a Mining Lease - which is work in progress post the imminent completion of
the mineralisation report."
Following on from the successful aircore programmes completed in May, July and
September 2024, Riversgold (the Company's potential JV partner) engaged
drilling contractor, Australian Aircore Drilling (Mick Shorter), to undertake
a fourth aircore programme for a further 26 holes in early November 2024. A
further 1,545m of AC drilling (refer Appendix 1 for all drill data information
and significant intercepts, Tables 1, 2 and 3) was completed at the Northern
Zone Project in the most recent drilling campaign, bringing the total number
of metres drilled this year to 8,971m 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.
Today's results covering 16 holes, of which 14 intersected gold
mineralisation, with 1,545 metres drilled, continue to successfully target the
mineralised porphyry over an increasing footprint within the tenement. The
expansion of the high-grade zone in the northwestern extensional area and the
extension of anomalous gold mineralisation in eastern and north-eastern areas
continues to validate the broader geological model. Gold mineralisation
remains open in multiple directions and will require further modelling and
drill testing. We will continue to further our understanding of the Northern
Zone Project before proceeding with a maiden Mineral Resource Estimate (MRE).
Possible ore processing scenarios have been demonstrated by the recent success
of Black Cat Syndicate Ltd via their use of a turn-key funding, development
and processing package at their Myhree/Boundary open pits 2 (#_ftn2) , which
are located 7km to the north of the Northern Zone Project.
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 (Withdrawal) Act 2018, as amended.
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
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
NZAC091 48 54 6 0.59 6m @ 0.59 g/t Au from 28m, NZAC091
NZAC091 35 36 1 0.79 1m @ 0.79 g/t Au from 35m, NZAC091
NZAC087 32 36 4 0.65 4m @ 0.65 g/t Au from 32m, NZAC087
NZAC086 33 35 2 0.97 2m @ 0.97 g/t Au from 33m, NZAC086
NZAC086 54 55 1 5.48 1m @ 5.48 g/t Au from 54m (EOH), NZAC086
NZAC092 51 52 1 5.72 1m @ 5.72 g/t Au from 33m, NZAC092
NZAC101 37 40 3 1.1 3m @ 1.10 g/t Au from 37m, NZAC101
including 37 38 1 2.29 including 1m @ 2.29 g/t Au from 37m
NZAC097 30 36 6 3.13 6m @ 3.13 g/t Au from 30m, NZAC097
including 33 35 2 7.39 including 2m @ 7.39 g/t Au from 33m
including 34 35 1 10.41 including 1m @ 10.41 g/t Au from 34m
NZAC089 32 35 3 0.89 3m @ 0.89 g/t Au from 32m, NZAC089
including 32 33 1 1.22 including 1m @ 1.22 g/t Au from 32m
NZAC100 31 36 5 3.74 5m @ 3.74 g/t Au from 31m, NZAC100
NZAC099 33 36 3 1.75 3m @ 1.75 g/t Au from 33m, NZAC099
NZAC098 35 43 8 0.77 8m @ 0.77 g/t Au from 35m, NZAC098
including 35 37 2 1.55 including 2m @ 1.55 g/t Au from 35m
NZAC103 34 35 1 1.04 1m @ 1.04 g/t Au from 34m, NZAC103
NZAC102 29 36 7 0.56 7m @ 0.56 g/t Au from 29m, NZAC102
NZAC088 28 30 2 1.05 2m @ 1.05 g/t Au from 28m, NZAC088
including 28 29 1 1.49 including 1m @ 1.49 g/t Au from 28m
NZAC088 35 38 3 0.96 3m @ 0.96 g/t Au from 35m, NZAC088
including 36 37 1 1.33 including 1m @ 1.33 g/t Au from 36m
NZAC090 28 29 1 1.04 1m @ 1.04 g/t Au from 28m, NZAC090
NZAC090 34 42 8 5.09 8m @ 4.86 g/t Au from 34m, NZAC090
including 34 38 4 5.09 including 4m @ 5.09 g/t Au from 34m
including 36 37 1 18.22 including 1m @ 18.22 g/t Au from 36m
including 40 41 1 17.96 including 1m @ 17.96 g/t Au from 40m
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)
NZAC086 33 34 1 1.44
NZAC086 34 35 1 0.49
NZAC086 53 54 1 0.42
NZAC086 54 55 1 5.48
NZAC087 32 33 1 1.21
NZAC087 33 34 1 0.50
NZAC087 34 35 1 0.56
NZAC087 35 36 1 0.33
NZAC088 28 29 1 1.49
NZAC088 29 30 1 0.60
NZAC088 35 36 1 0.94
NZAC088 36 37 1 1.33
NZAC088 37 38 1 0.62
NZAC089 32 33 1 1.22
NZAC089 33 34 1 0.84
NZAC089 34 35 1 0.61
NZAC089 38 39 1 0.31
NZAC090 28 29 1 1.04
NZAC090 34 35 1 1.04
NZAC090 36 37 1 18.22
NZAC090 37 38 1 0.83
NZAC090 40 41 1 17.96
NZAC090 41 42 1 0.35
NZAC091 28 29 1 0.34
NZAC091 30 31 1 0.33
NZAC091 31 32 1 0.98
NZAC091 32 33 1 1.10
NZAC091 33 34 1 0.53
NZAC091 35 36 1 0.79
NZAC092 33 34 1 5.72
NZAC097 30 31 1 1.62
NZAC097 31 32 1 0.64
NZAC097 32 33 1 1.14
NZAC097 33 34 1 4.36
NZAC097 34 35 1 10.41
NZAC097 35 36 1 0.62
NZAC097 37 38 1 0.41
NZAC098 27 28 1 0.40
NZAC098 35 36 1 1.30
NZAC098 36 37 1 1.80
NZAC098 38 39 1 0.55
NZAC098 39 40 1 0.86
NZAC098 41 42 1 0.76
NZAC098 42 43 1 0.32
NZAC099 25 26 1 0.35
NZAC099 27 28 1 0.34
NZAC099 33 34 1 1.00
NZAC099 34 35 1 3.13
NZAC099 35 36 1 1.13
NZAC099 36 37 1 0.35
NZAC099 37 38 1 0.34
NZAC100 31 32 1 4.74
NZAC100 32 33 1 3.36
NZAC100 33 34 1 4.08
NZAC100 34 35 1 3.34
NZAC100 35 36 1 3.16
NZAC100 36 37 1 0.41
NZAC101 37 38 1 2.29
NZAC101 38 39 1 0.61
NZAC101 39 40 1 0.39
NZAC102 26 27 1 0.38
NZAC102 29 30 1 0.50
NZAC102 30 31 1 0.72
NZAC102 31 32 1 0.47
NZAC102 32 33 1 0.65
NZAC102 34 35 1 0.77
NZAC102 35 36 1 0.54
NZAC103 30 31 1 0.39
NZAC103 32 33 1 0.42
NZAC103 34 35 1 1.04
NZAC104 34 35 1 0.39
NZAC104 44 45 1 0.40
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 the
Northern Zone Project.
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 (eg 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 (eg submarine nodules) may warrant disclosure of detailed information. by 50g fire assay.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, Australian Aircore Drilling completed the program using a blade to refusal.
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 trialed 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 (eg standards, blanks, Pulverise to 95% passing 75 microns
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie 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 (eg 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 (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 gold contours are based on total gram/metres of gold for each whole
appropriate sectional views. Aircore drillhole, below the transported. Ie 24m to EOH.
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 (eg tests for lateral extensions Follow up phases of drilling to further test strike to be undertaken.
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 BC8 ASX announcement 11 November 2024 "Kal East - 4,100oz Mined &
Counting"
2 BC8 ASX announcement 11 November 2024 "Kal East - 4,100oz Mined &
Counting"
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