REG - Oracle Power PLC - Positive Gold Assays: Northern Zone Gold Project
05/01/2022 07:00
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RNS Number : 4333X Oracle Power PLC 05 January 2022
5 January 2022
Oracle Power PLC
("Oracle", the "Company")
Positive Gold Assays Received & Exploration Target of 2.5-4.8Moz Gold
Identified:
Northern Zone Gold Project, Kalgoorlie, Western Australia
Oracle Power PLC (AIM:ORCP, AQSE:ORCP), the international natural resources
project developer, is pleased to announce that positive assay results have
been received from the maiden drilling programme at the Northern Zone Gold
Project, located 25km east of Kalgoorlie in Western Australia ("Northern Zone"
or the "Project"). This first phase of Reverse Circulation (RC) successfully
targeted gold mineralisation within a series of stacked porphyry intrusions.
Highlights:
· An Exploration Target based on historical results and the results of
the recent seven drill holes indicates 200-250Mt at 0.4-0.6g/t Au for 2.5 to
4.8Moz Gold
· Significant Results include:
o 9m @ 1.34g/t gold ('Au') from 54 metres (21OPRC001)
o 3m @ 1.43g/t Au from 51 metres (21OPRC002)
o 3m @ 0.98g/t Au from 63 metres (21OPRC002)
o 19m @ 0.81g/t Au from 63 metres (21OPRC003)
o 154m @ 0.58g/t Au from 98 metres (21OPRC004)
§ incl 4m @ 5.39g/t Au from 182 metres
· Northern Zone has been correctly interpreted as an Intrusion Related
Gold System (IRGS) with wide gold mineralised felsic porphyry intrusions.
· Intrusion Related Gold System (IRGS) deposits can host significant
ounces of gold, such as Boddington Goldmine (WA), Fort Knox (Alaska), Dublin
Gulch (Yukon) and Timbarra (NSW)
· Phase 2 drilling now in planning to target extensions to the RC holes
and additional diamond drilling and RC holes to gain a better understanding of
the geometry and extent of the deposit.
Naheed Memon, CEO of Oracle, commented:
"The gold system we have encountered at Northern Zone, has significant scale,
with an exploration target of 2.5 to 4.8Moz gold, and with the widths of
mineralisation intersected in this and historical drill programmes, gives us
confidence to move the project forward with the next phase of drilling. This
is a huge achievement and gives us the first tangible sense of what a
significant gold mining project Northern Zone could become.
"I'm also pleased to advise that the Jundee East drill programme is due to
start later this month with a drill rig secured and onsite geological services
to be provided by BMGS Consulting."
Click on, or paste the following link into your web browser, to view the
associated PDF document with pictures included:
http://www.rns-pdf.londonstockexchange.com/rns/4333X_1-2022-1-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4333X_1-2022-1-4.pdf)
Significant Results from the 7-hole RC drill programme.
21OPRC001
· 9m @ 1.34g/t Au from 54 metres
21OPRC002
· 3m @ 1.43g/t Au from 51 metres
· 3m @ 0.98g/t Au from 63 metres
· 27m @ 0.34g/t Au from 39 metres (bulk mineralised envelope within
Felsic Intrusive)
21OPRC003:
· 19m @ 0.81g/t Au from 63 metres
· 9m @ 0.33g/t Au from 122 metres
· 5m @ 0.47g/t Au from 137 metres
· 7m @ 0.34g/t Au from 191 metres
· 135m@ 0.23g/t Au from 63 metres (bulk mineralised envelope within
Felsic Intrusive)
21OPRC004
· 4m @ 2.99g/t Au from 98 metres
· 8m @ 0.54g/t Au from 119 metres
· 10m @ 0.78g/t Au from 137 metres
· 23m @ 1.40g/t Au; from 171 metres
o incl 4m @ 5.39g/t Au from 182m
· 2m @ 4.18g/t Au from 199 metres
· 6m @ 0.79g/t Au from 211 metres
· 5m @ 0.34g/t Au from 221 metres
· 7m @ 1.03g/t Au from 245 metres
· 154m @ 0.58g/t Au from 98 metres (bulk mineralised envelope within
Felsic Intrusive)
21OPRC005:
· 9m @ 0.43g/t Au; from 30 metres
· 7m @ 0.90g/t Au from 74 metres
· 10m @ 0.69g/t Au from 87 metres
· 5m @ 0.23g/t Au from 107 metres
· 4m @ 0.68g/t Au from 195 metres
· 38m @ 0.42g/t Au from 74 metres (bulk mineralised envelope within
Felsic Intrusive)
21OPRC006:
· 3m @ 0.28g/t Au from 132 metres
21OPRC007:
· 7m @ 0.50g/t Au from 87 metres
· 7m @ 0.72g/t Au from 116 metres
· 2m @ 1.21g/t Au from 129 metres (End of Hole)
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting licence (P25/2651)
which covers an area of 82 hectares (Figure 1). The Project is in an area
highly prospective for gold and is approximately 25km east of Kalgoorlie, the
home of the 'Super Pit' mine, the second largest gold mine in Australia.
Figure 1: Northern Zone Project location map showing proximity to the
Kalgoorlie "Super Pit".
Northern Zone Drill Programme and Interpretation:
The tenement is covered by either deeply weathered bedrock or transported
alluvial clays and colluvium with the geological interpretation of the
subsurface entirely dependent on interpretation of drilling results and
geophysical data.
The drill programme encountered some difficulties penetrating and maintaining
stability of the overburden with swelling clays within this zone preventing
three of the seven holes being drilled to target depth.
The overburden generally contains two separate units, with the Upper Unit
approximately 25m thick containing very high Cr (chromium), elevated Fe (iron)
+/- elevated Ni (nickel) and As (arsenic) indicating it is derived from
ultramafic units to the west and swelling montmorillonite clays are a common
weathering product of ultramafic units.
The Lower Unit occurs in the northern holes OPRC003, 4, 5, 6 & 7, shows
strong Mg (magnesium) with elevated Ni (nickel) +/- Co (cobalt) but Cr &
Fe are low which has been logged as a silicified chert siltstone. This is more
likely to be birbirite, the silica caprock derived from the weathering of
ultramafic units.
The contact between overburden and basement frequently shows elevated Au
results, probably a weak supergene effect.
Figure 2 shows the interpreted porphyry units in blue with the interpreted
extensions and additional porphyry units in yellow. The multiple porphyry
units are interpreted to now extend over about 350 metres, with true widths
currently up to ~150 metres, with historical drilling indicating depth extents
greater than 250 metres. Three main untested areas remain to be drill tested.
Additionally, most of the drilling has been orientated towards the east and at
-60(o), which is sub-parallel to the dip of the porphyry units. Figure 3-5
show drill sections through the project area.
Figure 2: Interpreted Mineralised Porphyry Units (blue and yellow polygons),
potential strike extensions highlighted by red untested circles, and Oracle
drilling (magenta dot), with all historical drilling collars and those with
gold greater than 0.25g/t Au highlighted with red asterisk. Drill sections
through the project can be seen in Figures 3-5.
Figure 3: Central Drill Section +/- 40 metres, consisting of 21OPRC003, 004,
006 and 007 shows the broad agreement between high grade gold results from
previous downdip drilling with the results from the Oracle drilling across the
interpreted system. The results suggest the interpreted dip of the felsic
units may be even shallower than previously inferred. Note that mineralisation
also occurs within the mafic units separating the felsic intrusives. The zone
of 21OPRC006 appears to be very low grade and within mafics with another
felsic zone occurring to the east also being mineralised as shown by
21OPRC007.
Figure 4: Southern Drill Section, is hampered by 21OPRC002 not penetrating to
depth; however, the results obtained in this partially tested drill hole show
mineralisation being present within the felsic units approximately 250m south
of the central section.
Figure 5: Northern Drill Section, shows some mineralisation within felsic both
to the east and west, impression is that some felsic units are preferred for
mineralisation. The central mafic zone appears essentially barren.
Geological Model and Exploration Target
The results of the drilling confirm the presence of gold mineralisation
predominately within felsic units. The very low/subdued geochemical character
of Northern Zone, with most elements below detection, (apart from Gold) is
consistent with an Intrusion Related Gold System (IRGS) deposit, such as those
listed in Table 1.
Deposit Country Region District M ozs Au Grade g/t
Fort Knox USA Alaska Tintina 5.7 0.42
Donlin Creek USA Alaska Tintina 32 2.91
Dublin Gulch Canada Yukon Tintina 4.8 0.68
Pogo USA USA Alaska Tintina 5.6 12.5
Shotgun USA Alaska Tintina 1.1 0.93
Kidston Aust Qld Lachlan Fold Belt 4.1 2.08
Timbarra Aust NSW Lachlan Fold Belt 0.396 0.78
Cadia-Ridgeway Aust NSW Lachlan Fold Belt 43.2 1.3
Sams Creek NZ Westland 1.02 1.71
Chepak Russia Magadan Central Kolyma 0.8 7.7
Malysh (Dubach) Russia Magadan Central Kolyma 0.9 4
Netchen-Khaya Russia Magadan Tenka 0.3 5
Chistoye Russia Magadan 0.4 4
Shkolnoye Vein N6 Russia Magadan Tenka 0.6 38
Boddington Aust WA SW 16.4 0.61
Table 1: IRGS Deposits
At Northern Zone, based on drilling data and the multiple porphyry units
interpreted over about 350 metres, with true widths up to ~150 metres, and
depth extents greater than 250 metres, an Exploration Target(*) of 200-250Mt @
0.4-0.6g/t Au, with a range in gold ounces of 2.5Moz to 4.8Moz, has been
identified.
(* )The potential quantity and grade of the Exploration Target is conceptual
in nature and is therefore an approximation. There has been insufficient
exploration drilling to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral Resource.
The Company will now submit a Programme of Work (POW) to the Department of
Mines, Industry Regulation and Safety to confirm timing for a Phase 2 drill
programme. The Company will focus specifically on a diamond drilling
programme to complete the extension of the holes which could not be completed
using RC, in addition to other holes to gain a better understanding of the
geometry and extent of the deposit.
Further announcements will be made in due course.
Hole_ID MGA_Grid_ID MGA_Easting MGA_Northing NAT_RL Depth Dip Azimuth
21OPRC001 MGA94Z51 381800 6592398 356 150 -60 225
21OPRC002 MGA94Z51 381887 6592499 356 76 -60 225
21OPRC003 MGA94Z51 381647 6592595 356 200 -60 225
21OPRC004 MGA94Z51 381716 6592676 356 260 -60 225
21OPRC005 MGA94Z51 381648 6592742 356 200 -60 225
21OPRC006 MGA94Z51 381798 6592745 357 144 -60 225
21OPRC007 MGA94Z52 381914 6592849 356 131 -60 225
Table 2: Collar Locations for Reverse Circulation Drill holes.
Competent Persons Statement
The Information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Mr Edward Mead,
who is a Member of the Australasian Institute of Mining and Metallurgy. Mr
Mead is a consultant to the company and employed by 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 `Australian 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 report.
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project
developer quoted on London's AIM market. The Company holds two highly
prospective gold assets in two globally significant gold regions of Western
Australia. The Northern Zone Project is located 25km east of the major gold
mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second
largest gold mine in Australia, and the Jundee East Gold Project is located
~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold
mines.
The Company is also active in the power industry in Pakistan and is working to
establish a green hydrogen production facility in association with
PowerChina. The Company's initial project is the Thar Block VI Project in
south-east Pakistan where the Company is advancing plans for a combined
lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal
gasification to urea project.
*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)
Rory Murphy, James Harris, Rob
Patrick
+44 (0) 20 7409 3494
Shard Capital (Joint Broker)
Damon Heath, Isabella Pierre
+44 (0) 20 7186 9952
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley
+44 (0) 20 7236 1177
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.
JORC Code, 2012 Edition - Table 1
SECTION 1 SAMPLING TECHNIQUES AND DATA
(Criteria in this section apply to all succeeding sections.)
Criteria Commentary
Sampling · The Reverse circulation drilling was used to obtain 1 m
samples.
techniques
· Samples were collected on a 1m basis.
· All samples were pulverized produce a 50 g charge for fire
assay.
Drilling · Reverse Circulation drilling by KTE Mining Services.
techniques
Drill sample · The supervising geologist estimated and recorded the drill
recovery of all samples during the drilling process.
recovery
Logging · All drill chips from RC drilling were logged in to a digital
logging sheet
Sub-sampling · The RC drilling rig was equipped with a rig-mounted cyclone and
static cone splitter, which provided one bulk sample of approximately 20-30
techniques and kilograms, and a representative sub-sample of approximately 2-4 kilograms for
every metre drilled.
sample
· The sample size of 2-4 kilograms is appropriate and
preparation representative of the grain size and mineralisation style of the deposit.
Quality of assay · The ALS (Perth) were used for all analysis of drill samples
submitted by Oracle Gold. The laboratory techniques below are for all samples
data and submitted to ALS and are considered appropriate for the style of
mineralisation defined within the OP North Project area:
laboratory tests
· Samples above 3Kg riffle split.
· Pulverise to 95% passing 75 microns
· 50-gram Fire Assay (Au-AA26) with AAS finish - Au.
· Aqua Regia ICP-AES Finish (ME-ICP41) - Ag, Al, As, Ba, Be, Bi,
Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc,
Sr, Th, Ti, Tl, U, V, W, Zn.
· Standards were used for external laboratory checks by Oracle
Verification of · Electronic data capture, storage and transfer as .csv.
Routine QC checks performed by contractor and independent geophysical
sampling and consultant. Data were found to be of high quality and in accordance with
contract specifications
assaying
· Laboratory standards and blank samples were inserted at regular
intervals and some duplicate samples were taken for QC checks.
Location of · A Garmin GPSMap62 hand-held GPS was used to define the location
of the sample locations. Sample locations are considered to be accurate to
data points within 5m.
· Hole collars will be picked up by licensed surveyors on
completion of the drilling.
· Zone 51 (GDA 94).
Data spacing · Current drill hole spacing is variable and dependent on specific
geological, and geophysical targets.
and distribution
· No sample compositing has been used for drilling completed by
Oracle. All results reported are the result of 1 metre downhole sample
intervals.
Orientation of data in relation to geological structure · Drill holes were designed to be perpendicular to the strike of the
interpreted porphyry units.
Sample security · The chain of custody is managed by the supervising geologist for
Oracle Gold Pty Ltd
Audits or reviews · Data is validated upon up-loading into the master database. Any
validation issues identified are investigated prior to reporting of results.
SECTION 2 REPORTING OF EXPLORATION RESULTS
(Criteria listed in the preceding section also apply to this section.)
Criteria Commentary
Mineral tenement and land tenure status · P25/2651 - 100% owned by Oracle Gold Pty Ltd, and a further for years
commenced on 21/07/2020. The tenement is 82 HA.
· This tenement is in good standing, and further extensions of term can
be applied for.
Exploration done 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 intersections were made within the area of the PL
including BNRC066 listed below.
Geology · The tenement is covered by either deeply weathered bedrock or
transported alluvial clays and colluvium with the geological interpretation of
the subsurface entirely dependent on interpretation of drilling results and
geophysical data.
· The overburden generally contains 2 separate units, with the Upper
unit approximately 25m thick containing very high Cr (Chromium), elevated Fe
(Iron) +/- elevated Ni (Nickel) and As (Arsenic) indicating it is derived from
ultramafic units to the west and swelling montmorillonite clays are a common
weathering product of ultramafic units.
· The Lower unit occurs in the northern holes OPRC003, 4, 5, 6 & 7,
shows strong Mg (Magnesium) with elevated Ni (Nickel) +/- Co (Cobalt) but Cr
& Fe are low which has been logged as a silicified chert siltstone. This
is more likely to be birbirite, the silica caprock derived from the weathering
of ultramafic units.
· The contact between overburden and basement frequently shows elevated
Au results, probably a weak supergene effect.
· Review of the lithogeochemical data agrees broadly with the
geological logging; the sequence consists of volumetrically minor basalt and
intermediate volcanics and possibly sediment intruded by large volumes of
felsic material. Logged as granodiorite from RC chips, previous workers on the
core from BNRC066 identified the host to be:
· "The main host to auriferous veins is granitic
(tonalite-trondhjemite) intrusions characterised by a medium to coarse grained
granitic texture, small mafic xenoliths and pervasive but variable
albite-hematite-pyrite alteration."
Drill hole Information · Drill hole information is contained within this release and is the
first drill program completed on the project areas.
Data aggregation methods · All intervals reported are based on 1m assays with a 0.25g/t Au
cut-off with maximum 3m internal dilution.
· The bulk mineralised intervals have no applied cut-off and include
all internal dilution.
· No upper or lower cut-off grades have been used in reporting results.
· No metal equivalent calculations are used in this report.
Relationship between mineralisation widths and intercept lengths · True widths of mineralisation have not been calculated for this
report, and as such all intersections reported are down-hole thicknesses.
Diagrams · Appropriate diagrams are contained in this document.
Balanced reporting · Reporting of results in this report is considered balanced.
Other substantive exploration data · There have been several historic drill programmes conducted on the
project area from 1998-2012. There are many significant drill intercepts
historically reported, with some of the more significant gold drilling
intercepts including:
· 9m @ 5.06 grams per tonne gold ("g/t Au") - hole BNRC017
· 1m @ 39.82 g/t Au - hole BNRC033
· 2m @ 23.27 g/t Au and 40m @1.2 g/t Au - hole BNRC069
· 6m @2.12 g/t Au and 2m @ 12.98 g/t Au - hole BNRC051
· 3m @3.72 g/t Au - BNRC067
· 217m @ 0.51 g/t Au - BNRC066
· 10m @ 2.1 g/t Au - BNRC079
· 6m @2.31 g/t Au and 3m @ 2.85 g/t Au - BNRC080
· 28m @ 0.84g/t Au and 48m @ 1.65g/t Au (including 4m at 7.7g/t Au) -
BNRC095
Further work · A substantial RC with multiple diamond tails is being planned to
extend the assessment of the project area based on the updated interpretation.
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