Northern Zone Delivers High-Grade Gold Intercepts

Oracle Power PLC

11 July 2024

 

11 July 2024

Oracle Power PLC

("Oracle" or the "Company")

Northern Zone Delivers Further High-Grade Gold Intercepts

25km ESE of Kalgoorlie, Western Australia

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that it has received assay results from its recently completed Reverse Circulation (RC) drilling programme at the Northern Zone Intrusive Hosted Gold Project, located 25 km east of Kalgoorlie in Western Australia (refer to Figure 1 for location).

HIGHLIGHTS

·    Reverse Circulation (RC) drilling at the Northern Zone Gold Project has intersected gold mineralisation both to the north and south of the maiden diamond drill hole traverse.

·    The RC drilling targeted the shallower, up dip portion of the mineralised system, yielding several significant intercepts, including:

o  18m @ 4.14g/t   Au from 36m (hole NZRC001)

o  54m @ 0.38g/t Au from 158m (hole NZRC004)

o  14m @ 0.76g/t Au, from 226m to end of hole (EOH) (hole NZRC004)

o  15m @ 0.66g/t Au, from 160m (hole NZRC005)

o  8m @ 0.57g/t Au, from 221m to EOH (hole NZRC005)

o  9m @ 0.85g/t Au, from 176m (hole NZRC006)

o  22m @ 0.41g/t Au, from 272m to EOH (hole NZRC006)

·    Significant results from the maiden 2023 diamond drill traverse included¹:

o  110m @ 0.60 g/t Au from 208m (hole RSDD02)  

o  16.4m @ 0.45g/t Au from 83.6m (hole RSDD003)

o  13m @ 0.48g/t Au from 135m (hole RSDD003)

o  11m @ 0.49g/t Au from 197m (hole RSDD003)

o  26m @ 0.44g/t Au from 231m (hole RSDD003)

o  47m @ 0.48g/t Au from 216m (hole RSDD01)

o  84m @ 0.42g/t Au from 315m (hole RSDD003)

·    Further drilling is planned to the north-east, following the mineralised porphyry.

·    Previously announced Exploration Target at 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 gold². 

Naheed Memon, CEO of Oracle, commented: "These latest results at the Northern Zone Gold Project have revealed shallower supergene gold mineralisation than anticipated and have delineated the south-west boundary of the gold system. The next phase of drilling will test extensions to the north-east, north-west and south-east, building on the diamond drill programme that encountered gold mineralisation up to depths of 450 metres and thicknesses exceeding 150 metres. A follow-up drill programme will also target an identified fault, believed to be a controlling feature of mineralisation in the area. This follow-up campaign will be finalised after we receive all assays from the recent air core programme, conducted concurrently with the RC drilling. We look forward to receiving these additional drilling results shortly."

The Northern Zone Gold 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) on 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 utilises data from 53 historical drillholes drilled between 1998 and 2012, and seven drillholes drilled by Oracle in 2021.

Change of Broker

The Company also announces that Strand Hanson Limited will act as its sole broker with immediate effect.

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.

^¹Riversgold Limited (ASX:RGL) ASX announcement of 12 December 2023 "+100metre Wide Gold Intercepts at Northern Zone Project".

² Riversgold Limited (ASX:RGL) ASX announcement of 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project".

-ENDS-

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

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

Glossary for technical terms

EOH	End of hole
Au	Gold
RC	Reverse Circulation
g/t	Grams per tonne
Moz	Million ounces
MGA_E	Magnetic easting
MGA_N	Magnetic northing
AZM_MGA	Azimuth

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

Figure 2: Northern Zone drill collar plan.

APPENDIX 1: Drilling Information

Table 1: Northern Zone Drill Collar Locations

Hole ID	Type	MGA_E	MGA_N	Elevation	Total Depth (m)	Dip	AZM_MGA
NZRC001	RC	381532	6592585	356	200	-60	225
NZRC002	RC	381581	6592641	356	250	-60	225
NZRC003	RC	381668	6592511	356	150	-60	225
NZRC004	RC	381726	6592564	356	240	-60	225
NZRC005	RC	381725	6592457	356	229	-60	225
NZRC006	RC	381791	6592518	356	294	-60	225

Table 2: Northern Zone drilling significant result intercepts

Hole id	From (m)	To (m)	Width (m)	Gm/m	Av. Grade	Intercept
NZRC001	36	54	18	20.52	4.14	18m @ 4.14g/t Au
	63	69	6	1.44	0.24	6m @ 0.24g/t Au
	148	152	4	2.16	0.54	4m @ 0.54g/t Au
	177	180	3	1.35	0.45	3m @ 0.45g/t Au
NZRC002	36	45	9	4.32	0.48	9m @ 0.48g/t Au
	57	71	14	3.36	0.24	14m @ 0.24g/t Au
	121	128	7	2.38	0.34	7m @ 0.34g/t Au
	140	147	7	5.81	0.83	7m @ 0.83g/t Au
NZRC003	63	69	6	1.80	0.30	6m @ 0.3g/t Au
NZRC004	75	82	7	8.89	1.27	7m @ 1.27g/t Au
	158	212	54	20.52	0.38	54m @ 0.38g/t Au
	226	240	14	10.64	0.76	14m @ 0.76g/t Au, EOH
NZRC005	63	66	3	1.02	0.34	3m @ 0.34g/t Au
	71	77	6	1.26	0.21	6m @ 0.21g/t Au
	160	175	15	9.90	0.66	15m @ 0.66g/t Au
	205	215	10	2.70	0.27	10m @ 0.27g/t Au
	221	229	8	4.56	0.57	8m @ 0.57g/t Au, EOH
NZRC006	57	68	11	4.73	0.43	11m @ 0.43g/t Au
	77	83	6	1.92	0.32	6m @ 0.32g/t Au
	132	153	21	4.41	0.21	21m @ 0.21g/t Au
	176	185	9	7.65	0.85	9m @ 0.85g/t Au
	272	294	22	9.02	0.41	22m @ 0.41g/t Au, EOH

Table 3: Northern Zone assay results above 0.11 g/t Au

Hole ID	Depth From (m)	Depth To (m)	Au g/t
NZRC001	36	39	0.42
NZRC001	39	42	16.35
NZRC001	42	45	5.09
NZRC001	45	48	2.19
NZRC001	48	51	0.15
NZRC001	51	54	0.69
NZRC001	63	66	0.22
NZRC001	66	69	0.26
NZRC001	143	144	0.12
NZRC001	148	149	0.52
NZRC001	149	150	0.64
NZRC001	150	151	0.52
NZRC001	151	152	0.46
NZRC001	160	161	0.25
NZRC001	177	178	0.5
NZRC001	178	179	0.43
NZRC001	179	180	0.41
NZRC002	36	39	0.73
NZRC002	39	42	0.19
NZRC002	42	45	0.52
NZRC002	52	53	0.26
NZRC002	57	58	0.14
NZRC002	59	60	0.15
NZRC002	61	62	0.3
NZRC002	62	63	0.67
NZRC002	63	64	0.41
NZRC002	64	65	0.24
NZRC002	65	66	0.32
NZRC002	66	67	0.26
NZRC002	67	68	0.2
NZRC002	68	69	0.22
NZRC002	69	70	0.14
NZRC002	70	71	0.11
NZRC002	78	79	0.11
NZRC002	81	82	0.16
NZRC002	88	89	0.49
NZRC002	92	93	0.49
NZRC002	93	94	0.24
NZRC002	95	96	0.14
NZRC002	107	108	0.11
NZRC002	109	110	0.11
NZRC002	116	117	0.21
NZRC002	118	119	0.12
NZRC002	121	122	0.22
NZRC002	125	126	0.22
NZRC002	126	127	1.65
NZRC002	127	128	0.12
NZRC002	140	141	0.57
NZRC002	141	142	1.22
NZRC002	142	143	3.36
NZRC002	143	144	0.33
NZRC002	145	146	0.17
NZRC002	146	147	0.12
NZRC002	246	247	1.08
NZRC003	63	66	0.15
NZRC003	66	67	0.29
NZRC003	67	68	0.79
NZRC003	68	69	0.29
NZRC003	74	75	0.44
NZRC003	88	89	0.13
NZRC003	90	91	0.14
NZRC003	91	92	0.27
NZRC003	100	101	0.49
NZRC003	133	134	0.24
NZRC003	135	136	0.13
NZRC004	45	48	0.25
NZRC004	63	64	0.11
NZRC004	64	65	0.19
NZRC004	65	66	0.11
NZRC004	66	67	0.15
NZRC004	75	76	0.12
NZRC004	76	77	1.92
NZRC004	77	78	4.2
NZRC004	78	79	2.02
NZRC004	79	80	0.34
NZRC004	81	82	0.27
NZRC004	132	133	0.14
NZRC004	133	134	0.43
NZRC004	142	143	0.38
NZRC004	144	145	0.37
NZRC004	158	159	0.12
NZRC004	163	164	0.12
NZRC004	164	165	0.95
NZRC004	165	166	0.14
NZRC004	166	167	0.15
NZRC004	169	170	0.37
NZRC004	170	171	0.43
NZRC004	171	172	0.17
NZRC004	172	173	0.5
NZRC004	173	174	0.81
NZRC004	174	175	1.05
NZRC004	175	176	0.61
NZRC004	176	177	0.14
NZRC004	178	179	0.22
NZRC004	181	182	0.23
NZRC004	182	183	0.21
NZRC004	183	184	0.19
NZRC004	186	187	0.18
NZRC004	190	191	6.16
NZRC004	191	192	0.33
NZRC004	192	193	0.28
NZRC004	194	195	1.81
NZRC004	195	196	0.79
NZRC004	197	198	0.53
NZRC004	198	199	0.79
NZRC004	206	207	1.11
NZRC004	207	208	0.12
NZRC004	208	209	0.15
NZRC004	209	210	0.37
NZRC004	211	212	0.13
NZRC004	233	234	0.28
NZRC004	235	236	0.4
NZRC004	236	237	0.2
NZRC004	237	238	0.93
NZRC004	238	239	7.39
NZRC004	239	240	0.78
NZRC005	63	64	0.27
NZRC005	64	65	0.4
NZRC005	65	66	0.34
NZRC005	71	72	0.2
NZRC005	72	73	0.23
NZRC005	73	74	0.14
NZRC005	74	75	0.29
NZRC005	75	76	0.15
NZRC005	76	77	0.22
NZRC005	91	92	0.25
NZRC005	100	101	0.12
NZRC005	101	102	0.16
NZRC005	160	161	0.11
NZRC005	162	163	0.13
NZRC005	163	164	3.41
NZRC005	164	165	0.18
NZRC005	165	166	0.38
NZRC005	166	167	2.37
NZRC005	167	168	0.58
NZRC005	168	169	0.64
NZRC005	169	170	0.2
NZRC005	170	171	0.18
NZRC005	171	172	0.7
NZRC005	172	173	0.13
NZRC005	173	174	0.4
NZRC005	174	175	0.4
NZRC005	189	190	0.29
NZRC005	191	192	0.29
NZRC005	194	195	0.12
NZRC005	196	197	0.87
NZRC005	205	206	0.31
NZRC005	206	207	0.83
NZRC005	207	208	0.49
NZRC005	208	209	0.36
NZRC005	209	210	0.11
NZRC005	210	211	0.2
NZRC005	214	215	0.14
NZRC005	221	222	0.12
NZRC005	223	224	0.21
NZRC005	224	225	1.77
NZRC005	225	226	0.98
NZRC005	226	227	1.23
NZRC005	228	229	0.11
NZRC006	57	60	0.54
NZRC006	60	61	1.1
NZRC006	61	62	0.22
NZRC006	62	63	0.2
NZRC006	63	64	0.23
NZRC006	64	65	0.26
NZRC006	65	66	0.21
NZRC006	66	67	0.38
NZRC006	67	68	0.51
NZRC006	69	70	0.18
NZRC006	71	72	0.16
NZRC006	77	78	0.69
NZRC006	80	81	0.42
NZRC006	81	82	0.25
NZRC006	82	83	0.5
NZRC006	104	105	0.11
NZRC006	112	113	0.2
NZRC006	113	114	0.25
NZRC006	114	115	0.28
NZRC006	115	116	0.12
NZRC006	117	118	0.13
NZRC006	129	130	0.15
NZRC006	132	133	0.39
NZRC006	134	135	0.41
NZRC006	136	137	0.38
NZRC006	137	138	0.22
NZRC006	138	139	0.46
NZRC006	140	141	0.18
NZRC006	141	142	0.24
NZRC006	144	145	0.49
NZRC006	145	146	0.18
NZRC006	146	147	0.19
NZRC006	149	150	0.42
NZRC006	152	153	0.49
NZRC006	159	160	0.15
NZRC006	176	177	0.21
NZRC006	177	178	1.35
NZRC006	178	179	3.66
NZRC006	179	180	1.36
NZRC006	180	181	0.62
NZRC006	181	182	0.18
NZRC006	184	185	0.11
NZRC006	221	222	0.3
NZRC006	233	234	0.12
NZRC006	236	237	0.15
NZRC006	241	242	0.15
NZRC006	242	243	0.15
NZRC006	269	270	0.12
NZRC006	272	273	0.57
NZRC006	274	275	0.19
NZRC006	275	276	0.73
NZRC006	276	277	0.37
NZRC006	277	278	0.47
NZRC006	278	279	0.15
NZRC006	279	280	0.27
NZRC006	282	283	0.46
NZRC006	283	284	0.94
NZRC006	286	287	0.12
NZRC006	288	289	0.29
NZRC006	289	290	2.08
NZRC006	291	292	0.48
NZRC006	292	293	1.35
NZRC006	293	294	0.12

 

END