REG - Oracle Power PLC - Target Zone Increased with Northern Zone Drilling

Oracle PowerAnnouncement

17/07/2024 07:00

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RNS Number : 7321W  Oracle Power PLC  17 July 2024

17 July 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Gold Target Zone Increased with Latest Northern Zone Drilling

25km ESE of Kalgoorlie, Western Australia

 

Oracle Power PLC (AIM: ORCP), an international project developer, is pleased
to announce that it has received the assay results from the recently completed
Aircore (AC) drilling programme at the Northern Zone Intrusive Hosted Gold
Project, located 25 km east of Kalgoorlie in Western Australia (refer to
Figure 1 for location).

 

Highlights:

o 27 Aircore (AC) holes drilled to blade refusal have successfully more than
doubled the prospective gold system, by tagging basement geology at the
Northern Zone Gold Project. Assay results are set out in Appendix 1 below.

o The AC drilling targeted the oxide zone to fresh rock stratigraphy with the
aim of expanding the mineralised porphyry footprint, which remains open.

o Further targeted drilling is being planned over the expanded footprint of
the mineralised porphyry.

o Riversgold Limited is fully funded to promptly begin the next phase of
drilling operations at Northern Zone.

o A drilling rig has been contracted for the middle of August 2024.

o Northern Zone Gold Project is 25km east of Kalgoorlie.

o Previously announced Exploration Target at Northern Zone Gold Project 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.(( 1  (#_ftn1) ))

 

Naheed Memon, CEO of Oracle, commented:

"Immediately after receiving the results from the recent, successful RC drill
programme at the Northern Zone Project near Kalgoorlie, these AC results
indicate that we have now more than doubled the porphyry footprint, with the
full extent of these porphyries yet to be fully delineated. The vertical AC
drill holes, strategically targeted near-surface supergene mineralisation in
areas distinct from previous diamond and RC drill sites within the oxide and
fresh rock interface, revealed new target zones to the north and south of our
existing RC and diamond drilling locations. A new drill programme is expected
to start in mid-August 2024 to infill supergene zones identified with the last
round of drilling. We look forward to resuming drilling operations shortly
with the view of testing and further expanding this large porphyry system."

 

The Northern Zone Project has an Exploration Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t Au for an Exploration Target of 2.5 to 4.8 million oz of gold, as announced by RGL to the ASX on the 9 May 2023.

 

The drilling contractor, Australian Aircore Drilling, completed the 1,772m AC
drilling at the Northern Zone Project using a blade to drilling refusal, with
the cuttings being logged by Riversgold Limited's geologists. The detailed
logging and assays continue to show that a gold mineralisation event has
occurred in the project area. The drilling aimed to expand the potential for
supergene gold mineralisation and increase its spatial coverage across the
project site. Mineralisation remains open in multiple directions,
necessitating further testing of basement geology in future drilling
campaigns. Refer to Figure 2 for drilling locations, and Tables 1-3 for
location and assay results.

 

For further information visit www.oraclepower.co.uk or contact:

 

 

 Oracle Power PLC                                      +(0) 20 7236 1177

 Naheed Memon - CEO
 Strand Hanson Limited (Nominated Adviser and Broker)  +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick
 St Brides Partners Limited (Financial PR)             oracle@stbridespartners.co.uk

 Susie Geliher, Isabel de Salis

 

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

Figure 2: Northern Zone drill collar plan.

 

APPENDIX 1: Drilling Information

Table 1: Northern Zone Aircore Drill Collar Locations and Information

 Hole ID  East    North    RL   Dip  Azimuth
 NZAC001  381948  6592554  358  -90  0
 NZAC002  381849  6592404  358  -90  0
 NZAC003  381946  6592402  358  -90  0
 NZAC004  381500  6592300  358  -90  0
 NZAC005  381598  6592304  358  -90  0
 NZAC006  381699  6592302  358  -90  0
 NZAC007  381797  6592301  358  -90  0
 NZAC008  381900  6592298  358  -90  0
 NZAC009  381551  6592101  358  -90  0
 NZAC010  381649  6592098  358  -90  0
 NZAC011  381746  6592096  358  -90  0
 NZAC012  381853  6592091  358  -90  0
 NZAC013  381950  6592099  358  -90  0
 NZAC014  381899  6591900  358  -90  0
 NZAC015  381796  6591896  358  -90  0
 NZAC016  381701  6591901  358  -90  0
 NZAC017  381597  6591897  358  -90  0
 NZAC018  381497  6591901  358  -90  0
 NZAC019  381555  6592802  358  -90  0
 NZAC020  381504  6592887  358  -90  0
 NZAC021  381601  6592901  358  -90  0
 NZAC022  381700  6592895  358  -90  0
 NZAC023  381797  6592903  358  -90  0
 NZAC024  381908  6592899  358  -90  0
 NZAC025  381950  6592799  358  -90  0
 NZAC026  381941  6592748  358  -90  0
 NZAC027  381848  6592746  358  -90  0

 

 

 

Table 2: Northern Zone Significant Intercepts

 Hole ID  From (m)  To (m)  Width (m)  Average Grade  Intercept

                                       (g/t Au)
 NZAC001  45        51      6          0.20           6m @0.20g/ t Au.
 NZAC002  30        33      3          0.78           3m @0.78g/ t Au
 NZAC002  63        64      1          0.45           1m @0.45g/ t Au
 NZAC003  72        80      8          0.13           8m @0.13g/ t Au
 NZAC004  33        39      6          0.58           6m @0.58g/ t Au
 NZAC005  75        81      6          0.26            6m @0.26g/ t Au
 NZAC006  33        48      15         0.27           15m @0.27g/ t Au
 NZAC007  60        61      1          0.54           1m @0.54g/ t Au
 NZAC010  54        69      15         0.37           15m @0.37g/ t Au
 NZAC011  63        67      4          0.87           4m @0.87g/ t Au
 NZAC012  51        56      5          0.49           5m @0.49g/ t Au
 NZAC023  42        45      3          0.51           3m @0.51g/ t Au
 NZAC024  33        36      3          1.14           3m @1.14g/ t Au

 

 

Table 3: Northern Zone AC Composite Results > 0.3 Au Grade (g/t) Cutoff

 Hole ID  From (m)  To (m)  Width (m)  Au Grade (g/t)
 NZAC002  30        33      3          0.78
 NZAC002  63        64      1 (EOH)    0.45
 NZAC005  33        36      3          0.72
 NZAC005  36        39      3          0.45
 NZAC005  75        78      3          0.35
 NZAC006  45        48      3          0.65
 NZAC007  60        61      1 (EOH)    0.56
 NZAC010  30        33      3          0.33
 NZAC010  54        57      3          0.97
 NZAC010  63        66      3          0.48
 NZAC011  63        66      3          0.99
 NZAC011  66        67      1(EOH)     0.50
 NZAC012  51        54      3          0.46
 NZAC012  54        56      2 (EOH)    0.54
 NZAC023  42        45      3 (EOH)    0.51
 NZAC024  33        36      3          1.14

 

(( 1  (#_ftnref1) )) RGL ASX announcement 9 May 2023 "Farm into Significant
Porphyry Hosted Gold Project".

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