27 August 2024
Oracle Power PLC
("Oracle" or the "Company")
Gold Target Zone Increased with Latest Drilling at Northern Zone Project
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that it has received further assay results from the recently completed 1,903m Aircore (AC) drilling campaign at the Northern Zone Intrusive Hosted Gold Project ("Northern Zone" or the "Project").
Highlights:
o Highest grade interval to date from shallow drilling of 27.5 g/t gold (drill hole NZAC033) recorded over 1 metre in recently completed drilling.
o Significant shallow gold intercepts, include:
▪ 16m @ 4.69 g/t Au from 30m (drill hole NZAC033)
▪ 4m @ 6.9 g/t Au from 39m (drill hole NZAC029)
▪ 3m @ 3.32 g/t Au from 35m (drill hole NZAC030)
▪ 9m @ 1.2 g/t Au from 31m (drill hole NZAC048)
▪ 3m @ 2.68 g/t Au from 31m (drill hole NZAC043)
▪ 3m @ 2.11 g/t Au from 46m (drill hole NZAC044)
▪ 4m @ 1.47 g/t Au from 30m (drill hole NZAC053)
o Single metre assay of drill hole NZRC001 has now been completed returning a higher-grade core that includes:
▪ 10m @ 4.94g/t Au from 39m (NZRC001)[1]
▪ Or 14m @ 3.6/t Au from 39m
▪ Or 18m @ 2.8g/t Au from 36m (if the same interval as the composite).
o Further step-out targeted drilling is now being planned over the expanded footprint of the mineralised porphyry.
Naheed Memon, CEO of Oracle, commented:
"These latest gold results are very exciting for the Project and it is great to be able to back up initial results at Northen Zone, with this latest run of assays so quickly after the recent success of our maiden RC and AC campaigns. The results indicate that we have very significant shallow supergene and oxide gold mineralisation and that targeting this mineralisation has generated positive results that far exceed our expectations. We suspect that we have a number of these high-grade zones overlying this extensive gold mineralised porphyry system and the next drill programme will test this expansive shallow model.
"New drilling, which is being planned, will focus on heading to the north-east, north-west and south-east, where the maiden diamond drilling traverse intersected mineralisation down to 450 metres and in excess of 150 metres thick in the un-weathered underlying porphyry[2]. The identification of a fault, believed to be a controlling feature of mineralisation in the area will also be targeted in a follow up drill programme, that will be finalised shortly. We look forward to the results from the next round of drilling which we are hopeful in starting within weeks."
As previously announced, 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 2.5 to 4.8 million oz of gold, as announced by Riversgold Limited (ASX:RGL) to the ASX on 9 May 2023.
Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The reader is advised that an Exploration Target is based on existing drill results and geological observations from drilling as well as interpretation of multiple available datasets. The Exploration Target is based on historical and more recent Oracle drilling results. It uses data from 53 historical drillholes drilled between 1998 and 2012, and seven drillholes drilled by Oracle in 2021.
Further Information
Drilling contractor Australian Aircore Drilling (Mick Shorter) completed a further 26 holes for 1,903m of AC drilling at Northern Zone using a blade to drilling refusal, with the cuttings being logged by Riversgold Limited's ("RGL") geologists. The detailed logging and assays continue to show that a significant gold mineralisation event has occurred in the Project area. The drilling targeted the shallower, up dip portion of the mineralised system, that yielded a significant composite intercept of 18m @ 4.14g/t Au from 36m (drill hole NZRC001)[3].
Single metre assay of drill hole NZRC001 has now been completed returning a higher-grade core of 10m @ 4.94g/t Au from 38m or 14m @ 3.6/t Au from 38m or 18m @ 2.8g/t Au from 36m if the same interval as the composites is used.
Recent Aircore drilling has replicated zones of gold mineralisation seen in drill hole NZRC001 with 16m @ 4.69 g/t Au from 30m (drill hole NZAC033), 4m @ 6.9 g/t Au from 39m (drill hole NZAC029), 3m @ 3.32 g/t Au from 35m (drill hole NZAC030) and 9m @ 1.2 g/t Au from 31m (drill hole NZAC048).
Mineralisation remains open in multiple directions, necessitating further drilling campaigns. Refer to Figure 1 for drilling locations, and Tables 1-4 for location and assay results.
*ENDS*
For further information, visit www.oraclepower.co.uk or contact:
| Oracle Power PLC Naheed Memon - CEO
| +44 (0) 20 7236 1177 |
| Strand Hanson Limited (Nominated Adviser & Broker) Rory Murphy, Matthew Chandler, Rob Patrick
| +44 (0) 20 7409 3494 |
| St Brides Partners Limited (Financial PR) Isabel de Salis, Susie Geliher | 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.
Competent Person's Statement
The information in this announcement that relates to exploration results, 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 consultant to the Company. 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 of 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: Drill collar plan with gold grade contours from all drilling results to date, section line (Figure 2), and proposed next phase of drilling.
Figure 2: Oblique Schematic cross section. 1.5 times vertical exaggeration. Geology, supergene mineralisation and oxide mineralisation interpretation with significant intercepts. Refer to Location Map inset for section line. Refer to Figure 1 for all drill hole locations and section lines.
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant Intercepts
| Hole ID | From (m) | To (m) | Width (m) | Au g/t | Intercept |
| NZAC029 | 39 | 43 | 4 | 6.9 | 4m @ 6.9 g/t Au from 39m |
| NZAC029 | 54 | 56 | 2 | 1.89 | 2m @ 1.89 g/t Au from 54m |
| NZAC030 | 35 | 38 | 3 | 3.32 | 3m @ 3.32 g/t Au from 35m |
| NZAC030 | 51 | 54 | 3 | 0.6 | 3m @ 0.6 g/t Au from 51m |
| NZAC030 | 59 | 61 | 2 | 3.89 | 2m @ 3.89 g/t Au from 59m |
| NZAC031 | 34 | 35 | 1 | 1.8 | 1m @ 1.8 g/t Au from 34m |
| NZAC032 | 33 | 35 | 2 | 1.4 | 2m @ 1.4 g/t Au from 33m |
| NZAC032 | 55 | 56 | 1 | 1.16 | 1m @ 1.16 g/t Au from 55m |
| NZAC032 | 76 | 77 | 1 | 3.78 | 1m @ 3.78 g/t Au from 76m |
| NZAC032 | 88 | 91 | 3 | 1.17 | 3m @ 1.17g/t Au from 88m |
| NZAC033 | 30 | 46 | 16 | 4.69 | 16m @ 4.69 g/t Au from 30m |
| NZAC034 | 32 | 33 | 1 | 1.2 | 1m @ 1.2 g/t Au from 32m |
| NZAC035 | 36 | 37 | 1 | 4.87 | 1m @ 4.87 g/t Au from 36m |
| NZAC037 | 45 | 47 | 2 | 4 | 2m @ 4.0 g/t Au from 45m |
| NZAC038 | 50 | 51 | 1 | 4.2 | 1m @ 4.2 g/t Au from 50m |
| NZAC039 | 31 | 35 | 4 | 0.64 | 3m @ 0.78 g/t Au from 32m |
| NZAC039 | 68 | 70 | 2 | 0.87 | 2m @ 0.87 g/t Au from 68m |
| NZAC040 | 49 | 50 | 1 | 2.39 | 1m @ 2.39 g/t Au from 49m |
| NZAC041 | 77 | 78 | 1 | 10 | 1m @ 10.0 g/t Au from 77m |
| NZAC042 | 38 | 39 | 1 | 0.61 | 1m @ 0.61 g/t Au from 38m |
| NZAC043 | 31 | 34 | 3 | 2.68 | 3m @ 2.68 g/t Au from 31m |
| NZAC043 | 56 | 57 | 1 | 0.79 | 1m @ 0.79 g/t Au from 56m |
| NZAC044 | 47 | 52 | 5 | 1.34 | 3m @ 2.11 g/t Au from 46m |
| NZAC047 | 51 | 52 | 1 | 1.72 | 1m @ 1.72 g/t Au from 51m |
| NZAC048 | 31 | 40 | 9 | 1.2 | 9m @ 1.2 g/t Au from 31m |
| NZAC051 | 36 | 37 | 1 | 1.66 | 1m @ 1.66 g/t Au from 36m |
| NZAC053 | 30 | 34 | 4 | 1.47 | 4m @ 1.47 g/t Au from 30m |
| NZRC001 | 38 | 48 | 10 | 4.94 | 10m @ 4.94g/t Au from 38m |
| NZRC001 | 38 | 52 | 14 | 3.6 | or 14m @ 3.6/t Au from 38m |
| NZRC001 | 36 | 54 | 18 | 2.8 | or 18m @ 2.8g/t Au from 36m |
Table 2: Northern Zone Aircore Drill Collar Locations and information, in GDA Zone 51J.
| Hole_ID | East | North | Elevation | Depth (m) | Dip | Azimuth |
| NZAC028 | 381472 | 6592575 | 356 | 71 | -90 | 0 |
| NZAC029 | 381499 | 6592576 | 356 | 81 | -90 | 0 |
| NZAC030 | 381525 | 6592575 | 356 | 76 | -90 | 0 |
| NZAC031 | 381549 | 6592577 | 356 | 60 | -90 | 0 |
| NZAC032 | 381474 | 6592603 | 356 | 91 | -90 | 0 |
| NZAC033 | 381501 | 6592599 | 356 | 77 | -90 | 0 |
| NZAC034 | 381525 | 6592599 | 356 | 60 | -90 | 0 |
| NZAC035 | 381547 | 6592599 | 356 | 55 | -90 | 0 |
| NZAC036 | 381475 | 6592550 | 356 | 90 | -90 | 0 |
| NZAC037 | 381501 | 6592547 | 356 | 90 | -90 | 0 |
| NZAC038 | 381527 | 6592552 | 356 | 84 | -90 | 0 |
| NZAC039 | 381553 | 6592554 | 356 | 71 | -90 | 0 |
| NZAC040 | 381474 | 6592530 | 356 | 84 | -90 | 0 |
| NZAC041 | 381501 | 6592528 | 356 | 90 | -90 | 0 |
| NZAC042 | 381523 | 6592527 | 356 | 88 | -90 | 0 |
| NZAC043 | 381551 | 6592524 | 356 | 78 | -90 | 0 |
| NZAC044 | 381499 | 6592505 | 356 | 90 | -90 | 0 |
| NZAC045 | 381547 | 6592502 | 356 | 57 | -90 | 0 |
| NZAC046 | 381547 | 6592497 | 356 | 82 | -90 | 0 |
| NZAC047 | 381478 | 6592627 | 356 | 74 | -90 | 0 |
| NZAC048 | 381499 | 6592626 | 356 | 69 | -90 | 0 |
| NZAC049 | 381525 | 6592626 | 356 | 56 | -90 | 0 |
| NZAC050 | 381549 | 6592646 | 356 | 47 | -90 | 0 |
| NZAC051 | 381504 | 6592646 | 356 | 58 | -90 | 0 |
| NZAC052 | 381601 | 6592507 | 356 | 66 | -90 | 0 |
| NZAC053 | 381604 | 6592549 | 356 | 58 | -90 | 0 |
Table 3: Northern Zone Individual metre assays from NZRC001, 002 and 006
| Hole ID | From (m) | To (m) | Width (m) | Au Grade (g/t) |
| NZRC001 | 36 | 37 | 1 | 0.09 |
| NZRC001 | 37 | 38 | 1 | 0.07 |
| NZRC001 | 38 | 39 | 1 | 1.26 |
| NZRC001 | 39 | 40 | 1 | 22.70 |
| NZRC001 | 40 | 41 | 1 | 1.11 |
| NZRC001 | 41 | 42 | 1 | 0.10 |
| NZRC001 | 42 | 43 | 1 | 1.16 |
| NZRC001 | 43 | 44 | 1 | 0.73 |
| NZRC001 | 44 | 45 | 1 | 15.65 |
| NZRC001 | 45 | 46 | 1 | 0.81 |
| NZRC001 | 46 | 47 | 1 | 1.07 |
| NZRC001 | 47 | 48 | 1 | 4.77 |
| NZRC001 | 48 | 49 | 1 | 0.07 |
| NZRC001 | 49 | 50 | 1 | 0.23 |
| NZRC001 | 50 | 51 | 1 | 0.02 |
| NZRC001 | 51 | 52 | 1 | 0.56 |
| NZRC001 | 52 | 53 | 1 | 0.07 |
| NZRC001 | 53 | 54 | 1 | 0.01 |
| NZRC002 | 36 | 37 | 1 | 0.83 |
| NZRC002 | 37 | 38 | 1 | 0.56 |
| NZRC002 | 38 | 39 | 1 | 0.10 |
| NZRC002 | 39 | 43 | 1 | 2.01 |
| NZRC002 | 43 | 44 | 1 | 0.68 |
| NZRC002 | 44 | 45 | 1 | 0.21 |
| NZRC006 | 57 | 58 | 1 | 0.02 |
| NZRC006 | 58 | 59 | 1 | 0.01 |
| NZRC006 | 59 | 60 | 1 | 2.67 |
Table 4: Northern Zone AC Results > 0.5 Au Grade (g/t) Cutoff
| Hole ID | From (m) | To (m) | Width (m) | Au Grade (g/t) |
| NZAC029 | 39 | 40 | 1 | 26.30 |
| NZAC029 | 40 | 41 | 1 | 0.64 |
| NZAC029 | 54 | 55 | 1 | 0.70 |
| NZAC029 | 55 | 56 | 1 | 3.08 |
| NZAC030 | 35 | 36 | 1 | 0.86 |
| NZAC030 | 36 | 37 | 1 | 8.15 |
| NZAC030 | 37 | 38 | 1 | 0.94 |
| NZAC030 | 40 | 41 | 1 | 0.53 |
| NZAC030 | 51 | 52 | 1 | 0.82 |
| NZAC030 | 53 | 54 | 1 | 0.54 |
| NZAC030 | 59 | 60 | 1 | 1.47 |
| NZAC030 | 60 | 61 | 1 | 6.30 |
| NZAC031 | 34 | 35 | 1 | 1.80 |
| NZAC031 | 59 | 60 | 1 | 0.88 |
| NZAC032 | 34 | 35 | 1 | 1.05 |
| NZAC032 | 35 | 36 | 1 | 1.68 |
| NZAC032 | 55 | 56 | 1 | 1.16 |
| NZAC032 | 76 | 77 | 1 | 3.78 |
| NZAC032 | 88 | 89 | 1 | 1.42 |
| NZAC032 | 89 | 90 | 1 | 0.86 |
| NZAC032 | 90 | 91 | 1 | 1.24 |
| NZAC033 | 30 | 31 | 1 | 0.90 |
| NZAC033 | 31 | 32 | 1 | 1.08 |
| NZAC033 | 36 | 37 | 1 | 1.73 |
| NZAC033 | 37 | 38 | 1 | 11.95 |
| NZAC033 | 38 | 39 | 1 | 25.50 |
| NZAC033 | 39 | 40 | 1 | 27.50 |
| NZAC033 | 40 | 41 | 1 | 2.85 |
| NZAC033 | 41 | 42 | 1 | 0.75 |
| NZAC033 | 42 | 43 | 1 | 0.75 |
| NZAC034 | 32 | 33 | 1 | 1.20 |
| NZAC034 | 34 | 35 | 1 | 0.80 |
| NZAC035 | 36 | 37 | 1 | 4.87 |
| NZAC035 | 38 | 39 | 1 | 0.91 |
| NZAC037 | 45 | 46 | 1 | 3.71 |
| NZAC037 | 46 | 47 | 1 | 4.26 |
| NZAC038 | 50 | 51 | 1 | 4.20 |
| NZAC038 | 62 | 63 | 1 | 0.55 |
| NZAC039 | 32 | 33 | 1 | 1.56 |
| NZAC039 | 47 | 48 | 1 | 0.51 |
| NZAC039 | 68 | 69 | 1 | 1.37 |
| NZAC040 | 49 | 50 | 1 | 2.29 |
| NZAC041 | 77 | 78 | 1 | 10.00 |
| NZAC042 | 38 | 39 | 1 | 0.61 |
| NZAC043 | 32 | 33 | 1 | 7.31 |
| NZAC043 | 56 | 57 | 1 | 0.79 |
| NZAC044 | 48 | 49 | 1 | 1.98 |
| NZAC044 | 50 | 51 | 1 | 4.15 |
| NZAC046 | 80 | 81 | 1 | 0.67 |
| NZAC047 | 51 | 52 | 1 | 1.72 |
| NZAC048 | 32 | 33 | 1 | 0.77 |
| NZAC048 | 33 | 34 | 1 | 3.54 |
| NZAC048 | 34 | 35 | 1 | 1.24 |
| NZAC048 | 36 | 37 | 1 | 0.71 |
| NZAC048 | 37 | 38 | 1 | 2.19 |
| NZAC048 | 38 | 39 | 1 | 0.54 |
| NZAC048 | 40 | 41 | 1 | 1.42 |
| NZAC050 | 43 | 44 | 1 | 0.68 |
| NZAC051 | 32 | 33 | 1 | 1.08 |
| NZAC051 | 36 | 37 | 1 | 1.66 |
| NZAC051 | 52 | 53 | 1 | 0.73 |
| NZAC053 | 30 | 31 | 1 | 1.37 |
| NZAC053 | 32 | 33 | 1 | 0.83 |
| NZAC053 | 33 | 34 | 1 | 3.41 |
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 Northern Zone.
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 specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively 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 cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | Every metre drilled was placed on the ground. 6m composites were collected using a scoop method of sampling the coarse reject sample for the first 24m. 1m sampling using a rifle splitter was trialled on the clays, from 24m, with sampling deemed to create a high degree risk of smearing. The clays are not 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 samples. Standard reference material, sample duplicates and blanks, were undertaken at 25m sample intervals. Samples were sent to the laboratory for crushing, splitting and analysis. Analysis was undertaken by ALS laboratories (Kalgoorlie) for gold assay by 50g fire assay. |
| Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, 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). | Australian Aircore Drilling completed the program using a blade to refusal. A hammer was used on 10m in hole NZAC053 due to a hard silica layer. |
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | Drill recovery was routinely recorded via estimation of the comparative percentage of the volume of the sample pile by the company geologist. The sample recovery was deemed excellent for representative assays, with consistent sample recovery and no loss though the top of the cyclone. The cyclone was cleaned or checked every 3m. |
| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. | All holes have been geologically logged for lithology, mineralisation and weathering. As well as whether dry, damp or wet. 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. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. | 1m sampling using a rifle splitter was trialled on the clays, from 24m, with sampling deemed to create a high degree risk of smearing. The clays are not 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 samples. Standard reference material, sample duplicates and blanks, were undertaken at 25m sample intervals. Samples were sent to the laboratory for crushing, splitting and analysis. The use of fire assay with 50g charge for all AC drilling provides a level of confidence in the assay database. The sampling and assaying are considered representative of the in-situ material. The sample size of 2-3 kilograms is appropriate and representative of the 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 procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | ALS (Kalgoorlie) were used for all analysis of drill samples submitted by Riversgold. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined within the Reedy South Project area: Samples above 3Kg were riffle split. Pulverise to 95% passing 75 microns 50-gram Fire Assay (Au-AA26) with ICP finish - 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 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. | Intercepts were reviewed by 2 company personnel. |
| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. | The collar position of each hole was recorded using handheld Garmin 64S GPS in GDA Zone 51J. All holes will be picked up by a surveyor in the near future. |
| Data spacing and distribution | Data spacing for reporting of Exploration Results. 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. | The holes were drilled on a nominal East-West 25m spacing on traverses 25m apart, North- South. On the schematic cross sections contained in the release the drill holes are 38m apart. |
| Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 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. | The vertical drill holes were designed to test for supergene mineralisation or weathered primary ore zones and are believed to be unbiased based when interpretation is applied at modelling results. |
| Sample security | The measures taken to ensure sample security. | Company personnel delivered samples to ALS 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 material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | The Northern Zone Project is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares, and is held in the name of Oracle Gold (WA) Pty Ltd. ASX listed ASX:RGL is farming into the Tenement and have committed to spend $600,000 in exploration expenditure on the tenement within the next two years. After 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 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. | Refer to Tables and Figures within the body of the release. |
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off 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. | Intersections are weighted average grades based on a 0.001 g/t Au cut-off with unlimited waste zones but with a targeted grade of above 1.0 g/t Au. |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). | The diamond drilling program in 2023 confirmed the apparent widths of 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 mineralisation is still to be fully ascertained. The Aircore drilling was vertical and not designed for true width. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts 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 appropriate sectional views. | See body of the announcement for relevant diagrams and photos. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | The reporting of exploration results is considered balanced by the competent person. |
| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported 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. | See body of the announcement. |
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | · Follow up phases of drilling to further test strike to be undertaken. · Core from phase 1 to allow for further metallurgical studies. |
[1]Riversgold Limited (ASX:RGL) ASX announcement of 11 July 2024 "Northern Zone Delivers Further High-Grade Gold Intercepts"
[2] Riversgold Limited (ASX:RGL) ASX announcement of 12 December 2023 "100m Wide Gold Intercepts at Northern Zone Project"
[3] Riversgold Limited (ASX:RGL) ASX announcement of 11 July 2024 "Northern Zone Delivers Further High-Grade Gold Intercepts"
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