Northern Zone Gold Project Drill Results

Oracle Power PLC
25 September 2024
 

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

1m  of 58.09 g/t gold within intercept of 5m @12.27 g/t Au (NZAC062)

·    Significant shallow gold intercepts include:

7m @ 3.90 g/t Au from 35m (NZAC055)

4m @ 3.97 g/t Au from 32m (NZAC061)

4m @ 6.92 g/t Au from 57m (NZAC061)

5m @ 12.27 g/t Au from 32m (NZAC062) (inc. 1m @ 58.09 g/t Au from 34m)

11m @ 1.44 g/t Au from 29m (NZAC064)

29m @ 1.29 g/t Au from 54m (NZAC065)

5m @ 2.07 g/t Au from 46m (NZAC068)

6m @ 3.48 g/t Au from 73m (NZAC077)

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."

 

Picture 1

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.

 

 

Picture 2

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"

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings