Drilling Underway at Northern Zone

RNS Number : 8335L

Oracle Power PLC

15 September 2021

 

15 September 2021

Oracle Power PLC

("Oracle", the "Company")

Drilling Underway at Northern Zone

Northern Zone Gold Project, Kalgoorlie, Western Australia

Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that, as anticipated following the approval of the Programme of Work, the drill programme is underway  at the Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia ("Northern Zone" or the "Project"). The first phase is to complete seven Reverse Circulation (RC) drillholes up to 260 metres deep, for a total of ~1,500 metres specifically targeting gold mineralisation within a series of stacked porphyry intrusions.

Naheed Memon, CEO of Oracle, commented :

"It is fantastic to start Oracle's maiden Australian drill programme at Northern Zone, and a big step forward with respect to our Western Australian gold strategy. The drill programme will take about two weeks to complete and I look forward to the results of this maiden drill programme six-eight weeks from the end of drilling as we will be assaying samples in Queensland, to expedite results."

Click on, or paste the following link into your web browser, to view the associated PDF document with pictures included:  http://www.rns-pdf.londonstockexchange.com/rns/8335L_1-2021-9-15.pdf

About Northern Zone Project:

The Northern Zone is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares (Figure 1). The Project is in an area highly prospective for gold and is approximately 25km east of Kalgoorlie,   the home of the 'Super Pit' mine, the second largest gold mine in Australia,   40km north of Kambalda and 55km east-north-east from Coolgardie.  

Northern Zone Drilling Programme:

The tenement is covered by either deeply weathered bedrock or transported alluvial clays and colluvium; the geological interpretation of the subsurface is entirely dependent on interpretation of geophysical data and primarily aeromagnetic data.

Figure 2a & 2b show the strong response of the ultramafic unit within the magnetic data and the distinctive arc within the sequence.

The ultramafic is the source of nickel laterite on the tenement which has been concentrated within the lateritic clay profile; the nickel is likely to have been derived from the release of material contained within the lattice of ferro-magnesian minerals.

The lesser more fragmented magnetic response to the east of the ultramafic is inferred to be a mafic sequence based on the significant amount of basaltic material intersected within the tenement.

The arcuate shape is inferred to be a function of alteration within a fold flexure given the substantial amounts of porphyritic and granitoid units intersected in drilling.

The linears sketched in response to the magnetic texture is generally viewed as minor faults/jogs given the apparent changes in the continuity of the ultramafic magnetic response to the west.

The configuration of the porphyry units is interpreted from historical drill data, and they are inferred to have a NW-NNW orientation, this may be partially due to the NW striking faults but there is insufficient information to adequately interpret these effects.

The porphyry units are currently only interpreted to extend over about 150m but are either untested or very shallowly tested by the drilling along strike. Additionally, most of the drilling has been orientated towards the east and at -60^o, which is sub-parallel to the dip of the porphyry units.

The main section of proposed drilling (four holes) is planned to intersect the porphyry unit in proximity to the major intersections and to confirm the interpreted "stacking" of these units.

The southern section of two holes is to test for potential strike extensions into a zone where all drilling has been to the east. The northern hole is to confirm the presence of mineralised porphyry units on the southern margin of an entirely untested zone >300m long . 

There have been several historic drill programmes conducted on the project area from 1998-2012. There are many significant drill intercepts historically reported, with some of the more significant gold drilling intercepts including:

· 9m @ 5.06 grammes per tonne gold ("g/t Au") - hole BNRC017

· 1m @ 39.82 g/t Au - hole BNRC033

· 2m @ 23.27 g/t Au and 40m @1.2 g/t Au - hole BNRC069

· 6m @2.12 g/t Au and 2m @ 12.98 g/t Au - hole BNRC051

· 3m @3.72 g/t Au - BNRC067

· 217m @ 0.51 g/t Au - BNRC066

· 10m @ 2.1 g/t Au - BNRC079

· 6m @2.31 g/t Au and 3m @ 2.85 g/t Au - BNRC080

· 28m @ 0.84g/t Au and 48m @ 1.65g/t Au (including 4m at 7.7g/t Au) - BNRC095  

Competent Persons Statement

The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to the company and employed by 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.

About Oracle Power PLC:

The Company also holds two highly prospective gold assets in two globally significant gold regions of Western Australia.  The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.

*ENDS*

For further information on Oracle Power Plc, visit the Company's website http://www.oraclepower.co.uk or contact:

Oracle Power PLC

Naheed Memon - CEO  [phone]

Strand Hanson Limited (Nominated Adviser)

Rory Murphy, James Harris, Rob Patrick                                                   [phone]

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield  [phone]

Shard Capital (Joint Broker)

Damon Heath, Isabella Pierre  [phone]

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley                                                               [phone]

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.

 

END

 

 

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