19 November 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 announce that it has received the first batch of assay results from the aircore ("AC") drilling programme undertaken during Riversgold Limited's (ASX:RGL) ("Riversgold") fourth AC programme at the Northern Zone Intrusive Hosted Gold Project in Western Australia (the "Northern Zone Project").
Further to the successful AC programmes completed earlier this year, Riversgold, the Company's potential JV partner, engaged a drilling contractor to undertake a fourth AC programme for a further 26 holes in early November 2024. 1,545m of AC drilling was completed at the Northern Zone Project, taking the aggregate number of metres drilled this year at the Northern Zone Project to 8,971m of AC drilling and 1,363m of reverse circulation ("RC") drilling.
Riversgold believes that the detailed logging and assays continue to show that a significant gold mineralisation event has taken place within the project area.
The significant results continue to successfully intersect the mineralised porphyry over an increasing footprint within the tenement. The confirmation of a high-grade zone in the eastern extensional area and the extension of anomalous gold mineralisation in north-eastern areas validates the broader geological model. Mineralisation remains open in multiple directions, which will require future drill testing to continue to exploit and increase the extents of the mineralised porphyry. The Company and Riversgold will continue to further the understanding of the project before proceeding with a maiden Mineral Resource Estimate ("MRE").
Highlights:
o Results from the first ten holes have been received with significant intercepts including:
o 7m @ 4.07 g/t Au from 48m, (inc. 4m @ 6.72 g/t Au from 48m) (NZAC107)
o 8m @ 2.07 g/t Au from 48m, (inc. 4m @ 3.46 g/t Au from 51m) (NZAC108)
o 4m @ 7.47 g/t Au from 49m, (inc. 2m @ 12.36 g/t Au from 51m) (NZAC113)
o 7m @ 1.16 g/t Au from 41m to EOH, (inc. 1m @ 4.13 g/t Au and 4m @ 1.5 g/t Au) (NZAC095)
o 1m @ 1.84 g/t Au from 48m, (NZAC112)
o 2m @ 1.06 g/t Au from 42m, (NZAC094)
o 1m @ 2.58 g/t Au from 64m, (NZAC094)
o A new potential high-grade zone on the eastern extensional area of the 600m wide porphyry system has been confirmed (see Figure 1).
o These initial eastern exploratory holes have exceeded grade expectations and continue to confirm and expand the shallow gold mineralisation associated with the Northern Zone Project porphyry.
o The Leapfrog gold model for Northern Zone Project will be updated once all assay results from this programme have been received, with the final 16-hole results expected within the next week.
o A mineralisation report required to apply for a Mining Licence is expected by end of November 2024.
o Mining Lease application to be submitted once the mineralisation report is received.
Naheed Memon, CEO of Oracle, commented: "These are some of the best gold results seen for the shallow parts of the Northern Zone Project to date. They demonstrate excellent grade at relatively shallow depths over good widths and expand the mineralisation to the far eastern side of the 600m wide porphyry. As indicated in previous updates, the project continues to deliver material and significant mineralised intercepts over an increasing porphyry footprint[1]. The recent set of significant high-grade gold assays at Northern Zone Project have continued to expand the gold mineralised footprint of the porphyry over a much larger area than originally anticipated and it has confirmed the presence of a significant gold mineralised system. We look forward to sharing the further drilling report results shortly."
-ENDS-
For further information contact:
| Oracle Power PLC Naheed Memon - CEO | +44 (0) 203 580 4314 |
| 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 | +44 (0) 20 7236 1177 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it 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.
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Figure 1: Recent drill collar plan with gold grade contours from all drilling results to date, and most recent drill intercepts in the new eastern area of high-grade gold mineralisation.
Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant Intercepts
| Hole ID | From (m) | To (m) | Width (m) | Au g/t | Intercept |
| NZAC107 | 48 | 55 | 7 | 4.07 | 7m @ 4.07 g/t Au from 48m, NZAC107 |
| including | 48 | 52 | 4 | 6.72 | Including 4m @ 6.72 g/t Au from 48m |
| NZAC108 | 48 | 56 | 8 | 2.07 | 8m @ 2.07 g/t Au from 48m, NZAC108 |
| including | 51 | 55 | 4 | 8.72 | Including 4m @ 3.46 g/t Au from 51m |
| NZAC113 | 49 | 53 | 4 | 7.47 | 4m @ 7.47 g/t Au from 49m, NZAC113 |
| including | 51 | 53 | 2 | 12.36 | including 2m @ 12.36 g/t Au from 51m |
| NZAC112 | 48 | 49 | 1 | 1.84 | 1m @ 1.84 g/t Au from 48m, NZAC112 |
| NZAC094 | 42 | 44 | 2 | 1.06 | 2m @ 1.06 g/t Au from 42m, NZAC094 |
| NZAC094 | 64 | 65 | 1 | 2.58 | 1m @ 2.58 g/t Au from 64m, NZAC094 |
| NZAC095 | 41 | 48 | 7 | 1.16 | 7m @ 1.16 g/t Au from 41m to EOH, NZAC095 |
| including | 41 | 42 | 1 | 4.13 | including 1m @ 4.13 g/t Au from 41m) |
| including | 41 | 45 | 4 | 1.5 | including 4m @ 1.5 g/t Au from 41m |
Table 2: Northern Zone Aircore Drill Collar Locations and information in GDA Zone 51J
| Hole_ID | East | North | Depth | Dip | Elevation | Azimuth |
| NZAC086 | 381535 | 6592617 | 55 | -90 | 357 | 0 |
| NZAC087 | 381584 | 6592615 | 51 | -90 | 357 | 0 |
| NZAC088 | 381620 | 6592673 | 51 | -90 | 357 | 0 |
| NZAC089 | 381569 | 6592625 | 49 | -90 | 357 | 0 |
| NZAC090 | 381633 | 6592685 | 58 | -90 | 357 | 0 |
| NZAC091 | 381600 | 6592626 | 51 | -90 | 357 | 0 |
| NZAC092 | 381550 | 6592625 | 51 | -90 | 357 | 0 |
| NZAC093 | 381840 | 6592918 | 73 | -90 | 357 | 0 |
| NZAC094 | 381825 | 6592902 | 75 | -90 | 357 | 0 |
| NZAC095 | 381850 | 6592925 | 48 | -90 | 357 | 0 |
| NZAC096 | 381535 | 6592640 | 51 | -90 | 357 | 0 |
| NZAC097 | 381575 | 6592650 | 55 | -90 | 357 | 0 |
| NZAC098 | 381624 | 6592649 | 72 | -90 | 357 | 0 |
| NZAC099 | 381635 | 6592661 | 64 | -90 | 357 | 0 |
| NZAC100 | 381587 | 6592660 | 55 | -90 | 357 | 0 |
| NZAC101 | 381560 | 6592639 | 50 | -90 | 357 | 0 |
| NZAC102 | 381612 | 6592639 | 73 | -90 | 357 | 0 |
| NZAC103 | 381638 | 6592639 | 61 | -90 | 357 | 0 |
| NZAC104 | 381657 | 6592638 | 61 | -90 | 357 | 0 |
| NZAC107 | 381942 | 6592584 | 59 | -90 | 357 | 0 |
| NZAC108 | 381952 | 6592600 | 65 | -90 | 357 | 0 |
| NZAC109 | 381970 | 6592618 | 63 | -90 | 357 | 0 |
| NZAC110 | 381913 | 6592636 | 57 | -90 | 357 | 0 |
| NZAC111 | 381923 | 6592655 | 59 | -90 | 357 | 0 |
| NZAC112 | 381964 | 6592653 | 68 | -90 | 357 | 0 |
| NZAC113 | 381957 | 6592640 | 69 | -90 | 357 | 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) |
| NZAC093 | 40 | 41 | 1 | 0.3 |
| NZAC093 | 56 | 57 | 1 | 0.88 |
| NZAC093 | 64 | 65 | 1 | 0.33 |
| NZAC093 | 65 | 66 | 1 | 0.94 |
| NZAC094 | 42 | 43 | 1 | 1.56 |
| NZAC094 | 43 | 44 | 1 | 0.55 |
| NZAC094 | 46 | 47 | 1 | 0.98 |
| NZAC094 | 56 | 57 | 1 | 0.78 |
| NZAC094 | 64 | 65 | 1 | 2.58 |
| NZAC095 | 35 | 36 | 1 | 0.35 |
| NZAC095 | 36 | 37 | 1 | 0.4 |
| NZAC095 | 41 | 42 | 1 | 4.13 |
| NZAC095 | 43 | 44 | 1 | 0.5 |
| NZAC095 | 44 | 45 | 1 | 1.45 |
| NZAC095 | 47 | 48 | 1 | 1.89 |
| NZAC107 | 48 | 49 | 1 | 3.6 |
| NZAC107 | 49 | 50 | 1 | 1.91 |
| NZAC107 | 50 | 51 | 1 | 18.31 |
| NZAC107 | 51 | 52 | 1 | 3.05 |
| NZAC107 | 53 | 54 | 1 | 0.73 |
| NZAC107 | 54 | 55 | 1 | 0.75 |
| NZAC108 | 48 | 49 | 1 | 0.48 |
| NZAC108 | 49 | 50 | 1 | 0.78 |
| NZAC108 | 50 | 51 | 1 | 0.87 |
| NZAC108 | 51 | 52 | 1 | 2.71 |
| NZAC108 | 52 | 53 | 1 | 8.72 |
| NZAC108 | 53 | 54 | 1 | 0.91 |
| NZAC108 | 54 | 55 | 1 | 1.5 |
| NZAC108 | 55 | 56 | 1 | 0.57 |
| NZAC110 | 50 | 51 | 1 | 0.35 |
| NZAC111 | 48 | 49 | 1 | 0.81 |
| NZAC111 | 49 | 50 | 1 | 0.33 |
| NZAC112 | 26 | 27 | 1 | 0.46 |
| NZAC112 | 48 | 49 | 1 | 1.84 |
| NZAC113 | 49 | 50 | 1 | 4.67 |
| NZAC113 | 50 | 51 | 1 | 0.5 |
| NZAC113 | 51 | 52 | 1 | 9.83 |
| NZAC113 | 52 | 53 | 1 | 14.89 |
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 (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 (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 trialed 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 program 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 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. 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 marked out with a Garmin Inreach Explorer+ hand held GPS, and will be 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 Northeast-Southwest 25m spacing on traverses 15-20m 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 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 (e.g. 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 0.25 g/t Au cut-off with unlimited waste zones but with a targeted grade of above 1.5g/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 (e.g. '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, 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. |
| 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. |
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