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] 

 

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."

 

Text Box 1


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

Naheed Memon - CEO

+(0) 20 7236 1177

Strand Hanson Limited (Nominated Adviser and Broker)

Rory Murphy, Matthew Chandler, Rob Patrick

+44 (0) 20 7409 3494

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de Salis      

oracle@stbridespartners.co.uk

 

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.

Picture 2

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

Picture 4

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

(g/t Au)

Intercept

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] RGL ASX announcement 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project".

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 or visit 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.
 
END
 
 
DRLEDLBFZDLFBBX