Drilling starting at Northern Zone Gold Project

Oracle Power PLC

17 May 2024

 

17 May 2024

Oracle Power PLC

("Oracle", the "Company")

Drilling to Commence Next Week at Northern Zone Gold Project, Western Australia

Oracle Power PLC (AIM:ORCP), is pleased to note that drilling is set to commence next week at the  Northern Zone Gold Project, located 25 km east of Kalgoorlie in Western Australia (the "Northern Zone Gold Project"), which is being advanced by its partner, Riversgold Ltd (ASX:RGL).

HIGHLIGHTS

·    Two drill rigs contracted to commence drilling at Northern Zone Gold Project next week.

·    Drilling designed to enable estimation of a maiden JORC compliant gold resource.

·    Gold at the Northern Zone Gold Project is hosted in a porphyry intrusion with drilled widths exceeding 100m in true width.

·    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 an exploration target of 2.5Moz - 4.8Moz of gold.

Naheed Memon, CEO of Oracle, commented: "It is great that this step-out drilling programme at the Northern Zone Gold Project is drill-ready and two drill rigs have been contracted to commence drilling from mid-next week. We have a very large gold exploration target here, which is centred around a large porphyry gold system that has been proven to be +100m in true width."

DETAILS

The Northern Zone Gold Project has an exploration target of 200Mt to 250Mt at a grade of 0.4 g/t to 0.6 g/t Au for an exploration target of 2.5Moz to 4.8Moz of gold, as announced by RGL to the ASX on the 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 Oracle drilling results. It uses data from 53 historical drillholes drilled between 1998 and 2012, and 7 drillholes drilled by Oracle in 2021.

The contracted drill rigs are a reverse circulation ("RC") drill rig and an air core ("AC") drill rig, which will start drilling at its Northern Zone Gold Project next week, located 25 km east of Kalgoorlie in Western Australia. Refer to Figure 1 for location.

On the 9 May 2023, RGL announced the 80% earn-in to the Northern Zone Gold Project with Oracle. RGL undertook a 4-hole diamond drill programme for 1,379m (with orientated core) to specifically test the exploration model of +100m wide gold mineralisation. The RGL drilling confirmed the original mineralisation model, style, widths, and grades.

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

Competent Person's Statement

The information in this report 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 'Australian 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 report.

-ENDS-

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

Oracle Power PLC Naheed Memon - CEO	[phone]
Strand Hanson Limited (Nominated Adviser & Joint Broker) Rory Murphy, Matthew Chandler, Rob Patrick	[phone]
Global Investment Strategy UK Limited (Joint Broker) Samantha Esqulant	[phone]
St Brides Partners Limited (Financial PR) Susie Geliher, Isabel de Salis, Isabelle Morris	[e-mail]

 

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