25 September 2024
Oracle Power PLC
("Oracle" or the "Company")
Northern Zone Gold Project Drill Results
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to provide an update regarding the Northern Zone Intrusive Hosted Gold Project in Western Australia (the "Northern Zone Project" or the "Project"). This includes the full assay results (including the 8 drill holes announced on 19 September 2024) from the 1,826m aircore ("AC") drilling programme undertaken during August and September 2024, which continue to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system at the Project.
Highlights
· New highest-grade interval to date from shallow drilling at the Northern Zone Project
o 1m of 58.09 g/t gold within intercept of 5m @12.27 g/t Au (NZAC062)
· Significant shallow gold intercepts include:
o 7m @ 3.90 g/t Au from 35m (NZAC055)
o 4m @ 3.97 g/t Au from 32m (NZAC061)
o 4m @ 6.92 g/t Au from 57m (NZAC061)
o 5m @ 12.27 g/t Au from 32m (NZAC062) (inc. 1m @ 58.09 g/t Au from 34m)
o 11m @ 1.44 g/t Au from 29m (NZAC064)
o 29m @ 1.29 g/t Au from 54m (NZAC065)
o 5m @ 2.07 g/t Au from 46m (NZAC068)
o 6m @ 3.48 g/t Au from 73m (NZAC077)
o 8m @ 2.07 g/t Au from 50m (NZAC079)
· Targeted drilling continues to intersect the top of a large blind porphyry system, with widths now approaching 600m (refer to Figure 1).
· Further drilling is being designed utilising Leapfrog software to follow up these latest high-grade intercepts, and to target the expanding footprint of the mineralised porphyry.
· Drilling continues to validate the geological model for the previously announced Exploration Target at the Northern Zone Gold Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of gold.[1]
Naheed Memon, CEO of Oracle, commented: "These latest set of significant high-grade gold assays at Northern Zone continue to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system, which is located just east of Kalgoorlie, Western Australia. Plans to drill more shallow holes across the tenement are now being developed to further explore the upper elevation of this blind porphyry, with modelling using Leapfrog software driving the planning. As the Australian dollar gold price approaches $4,000, this gold project is fast becoming very interesting."
Figure 1: Cross-section of interpreted Au grade 3D model of Northern Zone, constrained to all existing drill holes that have been reported by Riversgold and to footnotes for all releases that contain drilling information. Refer to Figure 3 for the plan location of the section line.
Details
The Northern Zone Project located 25km east-south-east of the Kalgoorlie Super Pit in Western Australia (refer to Figure 2 for location), is being advanced with ASX-listed, Riversgold Limited ("Riversgold" or "RGL"), which has the right to earn up to 80% interest in the tenement, as detailed in the Company's announcement of 9 May 2023. 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 million oz to 4.8 million oz of gold, as announced by Riversgold on the ASX on 9 May 2023.
Following on from successful AC programmes completed in May and July 2024, Riversgold engaged drilling contractor Australian Aircore Drilling (Mick Shorter) to undertake a third AC programme for a further 30 holes in late August and early September 2024. A further 1,826m of AC drilling was completed at the Northern Zone Project in the most recent drilling campaign, bringing the total number of metres drilled this year to 7,426m of AC drilling and 1,363m of reverse circulation ("RC") drilling.
The AC holes were drilled using a blade to drilling refusal. The cuttings were logged by RGL geologists, and both the detailed logging and assays continue to show that a significant gold mineralisation event has taken place within the project area.
All historical and recent drilling data for a total of 189 drillholes at the Northern Zone Project has now been uploaded into Leapfrog software enabling the generation of a gold grade model (refer to Figure 1). Leapfrog will now be used to guide the next round of drilling as the Company and Riversgold (the "JV") continue to progress the Project.
Results from the recent 30-hole AC drill programme have been received with significant intercepts including:
· 4m @ 0.63 g/t Au from 27m (NZAC081)
· 1m @ 1.04 g/t Au from 63m (NZAC081)
· 1m @ 0.37 g/t Au from 32m (NZAC082)
· 1m @ 0.32/t Au from 27m (NZAC083)
· 2m @ 0.94 g/t Au from 36m (NZAC083)
· 1m @ 1.95 g/t Au from 34m (NZAC060)
· 2m @ 1.22 g/t Au from 56m (NZAC060)
· 5m @ 1.5 g/t Au from 30m (NZAC054)
· 1m @ 0.33 g/t Au from 50m (NZAC054)
· 1m @ 0.72 g/t Au from 63m (NZAC054)
· 4m @ 1.05 g/t Au from 30m (NZAC080)
· 1m @ 0.91 g/t Au from 50m (NZAC080)
· 2m @ 2.72 g/t Au from 33m (NZAC056)
· 7m @ 3.9 g/t Au from 35m (NZAC055) (incl 1m at 6.84 g/t Au from 35m and
· 2m at 6.67 g/t Au from 37m)
· 1m @ 11.39 g/t Au from 31m (NZAC057)
· 1m @ 1.21 g/t Au from 32m (NZAC058)
· 4m @ 3.97 g/t Au from 32m (NZAC061) (incl 1m at 11.88 g/t Au from 32m)
· 4m @ 6.92 g/t Au from 57m (NZAC061) (incl 1m at 26.49 g/t Au from 57m)
· 5m @ 0.53 g/t Au from 75m (NZAC061)
· 5m @ 12.27 g/t Au from 32m (NZAC062) (incl 1m at 58.09 g/t Au from 34m)
· 7m @ 0.61 g/t Au from 33m (NZAC063)
· 11m @ 1.44 g/t Au from 29m (NZAC064) (incl 1m at 4.09 g/t Au from 32m)
· 29m @ 1.29 g/t Au from 30m (NZAC065) (incl 2m at 8.39 g/t Au from 33m and
· 1m at 6.07 g/t Au from 42m)
· 1m @ 1.09 g/t Au from 54m (NZAC066)
· 3m @ 0.52 g/t Au from 49m (NZAC067)
· 5m @ 2.07 g/t Au from 46m (NZAC068) (incl 1m at 8.74 g/t Au from 50m)
· 1m @ 1.42 g/t Au from 51m (NZAC069)
· 5m @ 1.17 g/t Au from 46m (NZAC070) (incl 1m at 5.55 g/t Au from 50m)
· 1m @ 1.05 g/t Au from 33m (NZAC072)
· 4m @ 1.75 g/t Au from 53m (NZAC072) (incl 1m at 5.48 g/t Au from 53m)
· 6m @ 3.48 g/t Au from 73m (NZAC077) (incl 1m at 16.03 g/t Au from 77m)
· 8m @ 2.07 g/t Au from 50m (NZAC079) (2m composites)
· 1m @ 1.09 g/t Au from 54m (NZAC085)
Significant shallow gold intercepts from the August 2024 AC drilling programme include:
· 16m @ 4.69 g/t Au from 30m (NZAC033)
· 4m @ 6.9 g/t Au from 39m (NZAC029)
· 3m @ 3.32 g/t Au from 35m (NZAC030)
· 9m @ 1.2 g/t Au from 31m (NZAC048)
RC drilling from the July 2024 programme targeted the shallower, up dip portion of the mineralised system, yielding several significant intercepts, including:
· 18m @ 4.14g/t Au from 36m (NZRC001)
· 54m @ 0.38g/t Au from 158m (NZRC004)
· 14m @ 0.76g/t Au, from 226m (NZRC004)
· 15m @ 0.66g/t Au, from 160m (NZRC005)
· 8m @ 0.57g/t Au, from 221m (NZRC005)
· 9m @ 0.85g/t Au, from 176m (NZRC006)
· 22m @ 0.41g/t Au, from 272 metres to EOH (NZRC006)
Significant results from the maiden 2023 diamond drill traverse programme included:
· 110m @ 0.6 g/t Au from 208m (RSDD02)
· 5m @ 3.03g/t Au from 221m
· 1m @ 4.77g/t Au from 248m
· 1m @ 5.26g/t Au from 262m
· 13m @ 1.29g/t Au from 274m
· 16.4m @ 0.45g/t Au from 83.6m (RSDD003)
· 13m @ 0.48g/t Au from 135m (RSDD003)
· 11m @ 0.49g/t Au from 197m (RSDD003)
· 25m @ 0.44g/t Au from 231m (RSDD003)
· 47m @ 0.48g/t Au from 216m (RSDD01)
· 8m @ 0.55g/t Au from 127m (RSDD02)
· 84m @ 0.42g/t Au from 315m (RSDD003)
· 4m @ 0.52g/t Au from 34m (RSDD04)
· 8m @ 0.43g/t Au from 77m (RSDD04)
· 4m @ 0.47g/t Au from 92m (RSDD04)
Significant results from 2021 and prior RC drilling include :
· 154m @ 0.58g/t Au from 98m (21OPRC004) incl 4m @ 5.39g/t Au from 182m
· 142m @ 0.42g/t Au from 62m (BNRC081)
· 330m @ 0.49 g/t Au from 30m (BNRC066) incl 54.79m @ 1.15g/t Au from 213m
· 117.7m @ 0.35g/t Au from 120.3m (BNRC034)
· 66m @ 0.89g/t Au from 30m (BNRC069)
· 38m @ 0.47g/t Au from 73m (BNRC084)
· 29m @ 1.84g/t Au from 33m (BNRC017)
The above results indicate that the JV is successfully continuing to probe the porphyry over an increasing footprint within the tenement. The JV will continue drilling to further its understanding of the Project before proceeding with a Mineral Resource Estimate ("MRE").
Mineralisation remains open in multiple directions, necessitating further drilling campaigns. Refer to Figure 3 for drilling locations, and Tables 1 to 3 for location and assay results.
-ENDS-
For further information 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 Union (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 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
Figure 3: Drill collar plan with gold grade contours from all drilling results to date and section line (Figure 1).
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant Intercepts
| Hole ID | From (m) | To (m) | Width (m) | Au g/t | Intercept |
| NZAC081 | 27 | 31 | 4 | 0.63 | 4m @ 0.63 g/t Au from 27m |
| NZAC081 | 63 | 64 | 1 | 1.04 | 1m @ 1.04 g/t Au from 63m |
| NZAC082 | 32 | 33 | 1 | 0.3 | 1m @ 0.3 g/t Au from 32m |
| NZAC083 | 27 | 28 | 1 | 0.32 | 1m @ 0.32/t Au from 27m |
| NZAC083 | 36 | 38 | 2 | 0.94 | 2m @ 0.94 g/t Au from 36m |
| NZAC060 | 34 | 35 | 1 | 1.95 | 1m @ 1.95 g/t Au from 34m |
| NZAC060 | 56 | 58 | 2 | 1.22 | 2m @ 1.22 g/t Au from 56m |
| NZAC054 | 30 | 35 | 5 | 1.5 | 5m @ 1.5 g/t Au from 30m |
| NZAC054 | 50 | 51 | 1 | 0.33 | 1m @ 0.33 g/t Au from 50m |
| NZAC054 | 63 | 64 | 1 | 0.72 | 1m @ 0.72 g/t Au from 63m |
| NZAC080 | 30 | 34 | 4 | 1.05 | 4m @ 1.05 g/t Au from 30m |
| NZAC080 | 50 | 51 | 1 | 0.91 | 1m @ 0.91 g/t Au from 50m |
| NZAC056 | 33 | 35 | 2 | 2.72 | 2m @ 2.72 g/t Au from 33m |
| NZAC059 | No significant intercepts reported | | | ||
| NZAC055 | 35 | 42 | 7 | 3.9 | 7m @ 3.9g/t Au from 35m |
| incl | 35 | 36 | 1 | 6.84 |
|
| incl | 37 | 39 | 2 | 6.67 |
|
| NZAC057 | 31 | 32 | 1 | 11.39 | 1m @ 11.39g/t Au from 31m |
| NZAC058 | 32 | 33 | 1 | 1.21 | 1m @ 1.21g/t Au from 32m |
| NZAC061 | 32 | 36 | 4 | 3.97 | 4m @ 3.97g/t Au from 32m |
| incl | 32 | 33 | 1 | 11.88 | 1m @ 11.88g/t Au from 32m |
| NZAC061 | 57 | 61 | 4 | 6.92 | 4m @ 6.92g/t Au from 57m |
| incl | 57 | 58 | 1 | 26.49 |
|
| NZAC061 | 75 | 80 | 5 | 0.53 | 5m @ 0.53g/t Au from 75m |
| NZAC062 | 32 | 37 | 5 | 12.27 | 5m @ 12.27g/t Au from 32m |
| incl | 34 | 35 | 1 | 58.09 |
|
| NZAC063 | 33 | 40 | 7 | 0.61 | 7m @ 0.61g/t Au from 33m |
| NZAC064 | 29 | 40 | 11 | 1.44 | 11m @ 1.44g/t Au from 29m |
| incl | 32 | 33 | 1 | 4.09 |
|
| NZAC065 | 30 | 59 | 29 | 1.29 | 29m @ 1.29g/t Au from 30m |
| incl | 33 | 35 | 2 | 8.39 |
|
| incl | 42 | 43 | 1 | 6.07 |
|
| NZAC066 | 54 | 55 | 1 | 1.09 | 1m @ 1.09g/t Au from 54m |
| NZAC067 | 49 | 52 | 3 | 0.52 | 3m @ 0.52g/t Au from 49m |
| NZAC068 | 46 | 51 | 5 | 2.07 | 5m @ 2.07g/t Au from 46m |
| incl | 50 | 51 | 1 | 8.74 |
|
| NZAC069 | 51 | 52 | 1 | 1.42 | 1m @ 1.42g/t Au from 51m |
| NZAC070 | 46 | 51 | 5 | 1.17 | 5m @ 1.17g/t Au from 46m |
| incl | 50 | 51 | 1 | 5.55 |
|
| NZAC071 | No significant intercepts reported | |
| ||
| NZAC072 | 33 | 34 | 1 | 1.05 | 1m @ 1.05g/t Au from 33m |
| NZAC072 | 53 | 57 | 4 | 1.75 | 4m @ 1.75g/t Au from 53m |
| incl | 53 | 54 | 1 | 5.48 |
|
| NZAC073 | No significant intercepts reported | |
| ||
| NZAC074 | No significant intercepts reported | |
| ||
| NZAC075 | No significant intercepts reported | |
| ||
| NZAC077 | 73 | 79 | 6 | 3.48 | 6m @ 3.48g/t Au from 73m |
| incl | 77 | 78 | 1 | 16.03 |
|
| NZAC079 | 50 | 58 | 8 | 2.07 | 8m @ 2.07g/t Au from 50m (2m composites) |
| incl | 50 | 52 | 2 | 8.03 | |
| NZAC085 | 54 | 55 | 1 | 1.09 | 1m @ 1.09g/t Au from 54m |
Table 2: Northern Zone Aircore Drill Collar Locations and information in GDA Zone 51J
| Hole ID | East | North | Depth | Dip | Elevation | Azimuth |
| NZAC054 | 381486 | 6592615 | 72 | -90 | 356.97 | 0 |
| NZAC054 | 381486 | 6592615 | 72 | -90 | 356.97 | 0 |
| NZAC055 | 381512.5 | 6592563 | 84 | -90 | 356.676 | 0 |
| NZAC056 | 381538 | 6592588 | 60 | -90 | 356.61 | 0 |
| NZAC057 | 381537.5 | 6592538 | 71 | -90 | 356.49 | 0 |
| NZAC058 | 381562.5 | 6592563 | 61 | -90 | 356.469 | 0 |
| NZAC059 | 381512 | 6592612 | 58 | -90 | 356.9 | 0 |
| NZAC060 | 381509 | 6592637 | 58 | -90 | 356.96 | 0 |
| NZAC061 | 381487.5 | 6592588 | 81 | -90 | 356.917 | 0 |
| NZAC062 | 381562.5 | 6592613 | 46 | -90 | 356.653 | 0 |
| NZAC063 | 381587.5 | 6592638 | 54 | -90 | 356.659 | 0 |
| NZAC064 | 381600 | 6592650 | 59 | -90 | 356.523 | 0 |
| NZAC065 | 381612.5 | 6592663 | 59 | -90 | 356.55 | 0 |
| NZAC066 | 381912.5 | 6592550 | 63 | -90 | 354.915 | 0 |
| NZAC067 | 381900 | 6592537 | 62 | -90 | 354.891 | 0 |
| NZAC068 | 381925 | 6592563 | 60 | -90 | 354.93 | 0 |
| NZAC069 | 381887.5 | 6592638 | 61 | -90 | 355.287 | 0 |
| NZAC070 | 381900 | 6592650 | 57 | -90 | 355.327 | 0 |
| NZAC071 | 381912.5 | 6592663 | 60 | -90 | 355.316 | 0 |
| NZAC072 | 381937.5 | 6592638 | 66 | -90 | 355.16 | 0 |
| NZAC073 | 381950 | 6592650 | 69 | -90 | 354.987 | 0 |
| NZAC074 | 381962.5 | 6592663 | 60 | -90 | 354.921 | 0 |
| NZAC075 | 381825 | 6592875 | 67 | -90 | 356.38 | 0 |
| NZAC076 | 381837.5 | 6592888 | 28 | -90 | 356.358 | 0 |
| NZAC077 | 381850 | 6592900 | 88 | -90 | 356.392 | 0 |
| NZAC079 | 381875 | 6592925 | 90 | -90 | 356.455 | 0 |
| NZAC080 | 381511 | 6592587 | 71 | -90 | 356.79 | 0 |
| NZAC081 | 381608 | 6592511 | 64 | -90 | 356.04 | 0 |
| NZAC082 | 381622 | 6592525 | 60 | -90 | 356.02 | 0 |
| NZAC083 | 381637 | 6592537 | 71 | -90 | 356.02 | 0 |
| NZAC085 | 381537.5 | 6592563 | 65 | -90 | 356.571 | 0 |
| NZAC056 | 381538 | 6592588 | 60 | -90 | 356.61 | 0 |
| NZAC059 | 381512 | 6592612 | 58 | -90 | 356.90 | 0 |
| NZAC060 | 381509 | 6592637 | 58 | -90 | 356.96 | 0 |
| NZAC080 | 381511 | 6592587 | 71 | -90 | 356.79 | 0 |
| NZAC081 | 381608 | 6592511 | 64 | -90 | 356.04 | 0 |
| NZAC082 | 381622 | 6592525 | 60 | -90 | 356.02 | 0 |
| NZAC083 | 381637 | 6592537 | 71 | -90 | 356.02 | 0 |
Table 3: Northern Zone Aircore Results at > 0.3 g/t Au Grade Cutoff
| Hole ID | From (m) | To (m) | Width (m) | Au Grade (g/t) |
| NZAC054 | 30 | 31 | 1 | 0.87 |
| NZAC054 | 32 | 33 | 1 | 0.93 |
| NZAC054 | 33 | 34 | 1 | 1.35 |
| NZAC054 | 34 | 35 | 1 | 4.1 |
| NZAC054 | 50 | 51 | 1 | 0.33 |
| NZAC054 | 63 | 64 | 1 | 0.72 |
| NZAC056 | 33 | 34 | 1 | 5.09 |
| NZAC056 | 34 | 35 | 1 | 0.35 |
| NZAC060 | 34 | 35 | 1 | 1.95 |
| NZAC060 | 56 | 57 | 1 | 0.8 |
| NZAC060 | 57 | 58 | 1 | 1.64 |
| NZAC080 | 30 | 31 | 1 | 2.45 |
| NZAC080 | 32 | 33 | 1 | 0.35 |
| NZAC080 | 33 | 34 | 1 | 1.2 |
| NZAC080 | 50 | 51 | 1 | 0.91 |
| NZAC081 | 27 | 28 | 1 | 0.72 |
| NZAC081 | 28 | 29 | 1 | 0.77 |
| NZAC081 | 29 | 30 | 1 | 0.41 |
| NZAC081 | 33 | 34 | 1 | 0.32 |
| NZAC081 | 63 | 64 | 1 | 1.04 |
| NZAC082 | 32 | 33 | 1 | 0.37 |
| NZAC083 | 27 | 28 | 1 | 0.32 |
| NZAC083 | 36 | 37 | 1 | 1.5 |
| NZAC083 | 37 | 38 | 1 | 0.37 |
| NZAC055 | 35 | 36 | 1 | 6.84 |
| NZAC055 | 36 | 37 | 1 | 2.1 |
| NZAC055 | 37 | 38 | 1 | 7.41 |
| NZAC055 | 38 | 39 | 1 | 5.92 |
| NZAC055 | 39 | 40 | 1 | 0.71 |
| NZAC055 | 40 | 41 | 1 | 1.23 |
| NZAC055 | 41 | 42 | 1 | 3.12 |
| NZAC057 | 31 | 32 | 1 | 11.39 |
| NZAC061 | 32 | 33 | 1 | 11.88 |
| NZAC061 | 33 | 34 | 1 | 0.33 |
| NZAC061 | 34 | 35 | 1 | 3.47 |
| NZAC061 | 57 | 58 | 1 | 26.49 |
| NZAC061 | 58 | 59 | 1 | 0.56 |
| NZAC061 | 60 | 61 | 1 | 0.36 |
| NZAC061 | 75 | 76 | 1 | 1.08 |
| NZAC061 | 79 | 80 | 1 | 1.17 |
| NZAC062 | 33 | 34 | 1 | 0.5 |
| NZAC062 | 34 | 35 | 1 | 58.09 |
| NZAC062 | 35 | 36 | 1 | 2.04 |
| NZAC062 | 36 | 37 | 1 | 0.51 |
| NZAC063 | 33 | 34 | 1 | 1.53 |
| NZAC063 | 34 | 35 | 1 | 0.41 |
| NZAC063 | 35 | 36 | 1 | 1.79 |
| NZAC064 | 29 | 30 | 1 | 1.02 |
| NZAC064 | 30 | 31 | 1 | 2.4 |
| NZAC064 | 31 | 32 | 1 | 2.59 |
| NZAC064 | 32 | 33 | 1 | 4.09 |
| NZAC064 | 33 | 34 | 1 | 1.77 |
| NZAC064 | 34 | 35 | 1 | 0.96 |
| NZAC064 | 35 | 36 | 1 | 1.01 |
| NZAC064 | 36 | 37 | 1 | 0.88 |
| NZAC064 | 37 | 38 | 1 | 0.55 |
| NZAC064 | 39 | 40 | 1 | 0.54 |
| NZAC065 | 30 | 31 | 1 | 0.48 |
| NZAC065 | 31 | 32 | 1 | 0.96 |
| NZAC065 | 32 | 33 | 1 | 2.72 |
| NZAC065 | 33 | 34 | 1 | 11.71 |
| NZAC065 | 34 | 35 | 1 | 5.07 |
| NZAC065 | 35 | 36 | 1 | 0.65 |
| NZAC065 | 37 | 38 | 1 | 1.08 |
| NZAC065 | 42 | 43 | 1 | 6.07 |
| NZAC065 | 43 | 44 | 1 | 1.44 |
| NZAC065 | 44 | 45 | 1 | 0.79 |
| NZAC065 | 51 | 52 | 1 | 2.47 |
| NZAC065 | 55 | 56 | 1 | 1.62 |
| NZAC065 | 58 | 59 | 1 | 0.98 |
| NZAC066 | 44 | 45 | 1 | 0.37 |
| NZAC066 | 49 | 50 | 1 | 0.38 |
| NZAC066 | 54 | 55 | 1 | 1.09 |
| NZAC067 | 49 | 50 | 1 | 0.32 |
| NZAC067 | 50 | 51 | 1 | 0.97 |
| NZAC068 | 41 | 42 | 1 | 0.4 |
| NZAC068 | 46 | 47 | 1 | 1.05 |
| NZAC068 | 48 | 49 | 1 | 0.48 |
| NZAC068 | 50 | 51 | 1 | 8.74 |
| NZAC069 | 51 | 52 | 1 | 1.42 |
| NZAC070 | 33 | 34 | 1 | 0.62 |
| NZAC070 | 50 | 51 | 1 | 5.55 |
| NZAC071 | 51 | 52 | 1 | 0.81 |
| NZAC072 | 33 | 34 | 1 | 1.05 |
| NZAC072 | 53 | 54 | 1 | 5.48 |
| NZAC072 | 56 | 57 | 1 | 1.5 |
| NZAC073 | 26 | 27 | 1 | 0.57 |
| NZAC073 | 50 | 51 | 1 | 0.95 |
| NZAC074 | 30 | 31 | 1 | 0.63 |
| NZAC074 | 41 | 42 | 1 | 0.3 |
| NZCA074 | 50 | 51 | 1 | 0.58 |
| NZAC077 | 45 | 46 | 1 | 0.32 |
| NZAC077 | 74 | 75 | 1 | 0.81 |
| NZAC077 | 76 | 77 | 1 | 0.7 |
| NZAC077 | 77 | 78 | 1 | 16.03 |
| NZAC077 | 78 | 79 | 1 | 3.03 |
| NZAC079 | 12 | 18 | 6 | 0.33 |
| NZAC079 | 50 | 52 | 2 | 8.03 |
| NZAC079 | 66 | 68 | 2 | 0.46 |
| NZAC085 | 54 | 55 | 1 | 1.09 |
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 (e.g. 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 (e.g. '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 (e.g. 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 trailed 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 Jinnings laboratories (Kalgoorlie) for gold assay by 50g fire assay. |
| Drilling techniques | Drill type (e.g. 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 programme using a blade to refusal. |
| 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. Logging is quantitative for presence of quartz veins. All other logging is qualitative. All metre intervals from 24m to end of hole were chip trayed and photographed. 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | Jinnings (Kalgoorlie) were used for all analysis of drill samples submitted by Riversgold. The laboratory techniques below are for all samples submitted to Jinnings and are considered appropriate for the style of mineralisation defined within the Northern Zone Project area: Samples above 3Kg were riffle split. Pulverise to 95% passing 75 microns 50-gram Fire Assay (FA50A) - 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 has been picked up by Spectrum Surveys (Kalgoorlie) using a DGPS. |
| 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 12.5m spacing on traverses 12.5m apart, North- South. |
| 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 Jinnings 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. RGL are 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 2.0 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 programme 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, but was targeting supergene mineralisation. |
| 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. Figure 1 was created using all data released to the ASX and can be found in news releases referred to in footnotes, with Leapfrog software, with Au grades composited to 9m intervals and then modelled using 1g/t Au, 0.5g/t Au and 0.3g/tAu. Orientation parameters for search ellipsoid of dip 55deg, dip azimuth 50deg, ellipsoid ratio of 3:1. Spheroidal interpolant. |
| 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 (e.g. 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] RGL ASX announcement 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project"
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