REG - Oracle Power PLC - Northern Zone Project POW Approved

Oracle PowerAnnouncement

29/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240129:nRSc1727Ba&default-theme=true

RNS Number : 1727B  Oracle Power PLC  29 January 2024

29 January 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Northern Zone Project POW Approved

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
update shareholders on the farm-in by Riversgold Ltd (ASX:RGL)
("Riversgold"), on the Northern Zone Intrusive Hosted Gold Project, which is
located 25km east of Kalgoorlie in Western Australia ("Northern Zone" or the
"Project"). Refer to Figure 1 for location.

 

Highlights:

·    Programme of Work (PoW) has been approved by Australia's Department
of Energy, Mines, Industry Regulation and Safety ('DEMIRS') for drilling.

·    The planned Reverse Circulate drilling campaign is expected to move
the project forward towards a maiden Mineral Resource Estimate in 2024.

·    Northern Zone has a current Exploration Target 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.

 

Naheed Memon, CEO of Oracle, commented:

 

"This next round of drilling at Northern Zone will play a critical role in
proving up the resource potential of the asset and providing tangible value to
this large gold mineralised zone, which has a current Exploration Target of
2.5Moz-4.8Moz of gold.

 

"Riversgold continues to be a committed farm-in partner, having now invested
approximately A$333,000 to the Project in drilling and associated exploration
activities to date.  We look forward to the commencement of drilling
activities on site in the coming weeks and will provide further details as
appropriate.

 

"This is a highly exciting prospect, and we hope to turn it into a lucrative
source of value for Oracle investors, with Riversgold, our potential JV
partner."

Figure 1: Northern Zone Project Map showing proximity to the Kalgoorlie "Super
Pit".

 

About North Zone Gold Project:

The Northern Zone Project is located 25km, east-south-east of the Kalgoorlie
Super Pit and is readily accessed from the Bulong road, which is paved to
within 9km of the prospect site. The last 9km consists of 4km of a
high-quality haul road with the last 5km on a station road. The topography is
flat lying, open scrub with several historical remnant gold and nickel
excavation pits less than 5km from the prospect site.

 

On 9 May 2023, Riversgold and Oracle announced the potential 80% earn-in to
the Northern Zone Gold Project by Riversgold. Riversgold undertook a 4-hole
diamond drill programme for 1,379m (with orientated core) to specifically test
the exploration model of +100m wide gold mineralisation. Riversgold completed
the drilling on 21 August 2023 and all of the core was sent to ALS gold
laboratory facility in Perth for core photographs, cutting and assaying. Assay
results were received and interpreted by Riversgold and the work confirms the
original mineralisation model, style, widths and grades.

 

In December 2023, drilling contractor DDH1 completed the drilling at Northern
Zone via a combination of HQ3 and NQ2 diamond drilling. The core was logged by
contract geologists in Kalgoorlie, with oversight from Riversgold geologists.
The detailed logging has shown that a gold mineralisation event has introduced
significant micro-fracturing and quartz veining, with significant thicknesses
of alteration also observed. A central cross section completed as proof of
model has validated a portion of the project, with multiple untested areas.

 

Located 175km due north of Northern Zone, Saturn Metals Limited has released a
Preliminary Economic Assessment on the Apollo Hill Gold project that has a
resource of 105Mt @ 0.54 g/t gold for 1.839Moz (the "Apollo Project").
Riversgold views the Apollo Project as an example of what we are looking to
achieve at Northern Zone, albeit with Northern Zone being a potentially larger
project.

 

Conceptually, Riversgold sees similarities between Northern Zone and the
Apollo Project, based on the information in the PEA statement (ASX
announcement dated 17 August 2023) of a large low grade heap leach operation,
to further develop the concept and plans to:

·              Undertake further metallurgical test work to
confirm the amenability of the mineralisation to leaching and develop initial
estimates of reagent consumption.

·              Undertake further drilling towards defining a
resource at Northern Zone, with step out drilling on 100m cross-sections
especially towards the untested southeast areas.

 

-ENDS-

 

For further information on Oracle Power Plc, visit the Company's website
http://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 & Joint Broker)

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

 

Global Investment Strategy UK Limited (Joint Broker)

Samantha
Esqulant
+44 (0) 20 7048 9432

 

St Brides Partners Limited (Financial PR)

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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUWAARSBUAUUR