RC Drilling Underway at Northern Zone Gold Project

Oracle Power PLC

28 May 2024

 

28 May 2024

Oracle Power PLC

("Oracle" or the "Company")

RC Drilling Underway at Northern Zone Gold Project

25km ESE of Kalgoorlie, Western Australia

Oracle Power PLC (AIM:ORCP), is pleased to report that its partner, Riversgold Ltd (ASX:RGL), has commenced a reverse circulation ("RC") drilling programme at the Northern Zone Gold Project located 25 km east of Kalgoorlie in Western Australia, and air core ("AC") drilling is also progressing well.

Highlights

·    RC drilling at Northern Zone Gold Project commenced with 4 holes for 700m out of the 6 holes planned completed

·    Drilling of step out holes designed to enable estimation of a maiden JORC compliant gold resource

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

·    AC drilling, designed to test the project for supergene gold, progressing well with 11 holes for 783m completed

·    Expenditure by Riversgold on current drilling will add to the expenditure of A$600,000 required to trigger the intended 80:20 joint venture between Oracle and Riversfold

·    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 gold 

Naheed Memon, CEO of Oracle, commented: "Drilling is now well underway with the RC and AC drilling programmes progressing well focused on delivering a Maiden JORC Resource estimation in the coming months. The Northern Zone Gold Project, located just to the east of Kalgoorlie, has a substantial gold Exploration Target centred around a large porphyry gold system proven to exceed +100m in true width from previous drilling; we eagerly anticipate the results of this programme."

DETAILS

The following is extracted from an announcement made by Riversgold yesterday:

The Northern Zone Project has an Exploration Target of 200 to 250Mt at a grade of 0.4 g/t to 0.6 g/t Au for an Exploration Target of 2.5 to 4.8Moz 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.

Topdrill is undertaking the RC drilling, Figure 2 to 6, with Australian Aircore Drilling doing the AC.

Saturn Metals Limited has released a Preliminary Economic Assessment ("PEA") on the Apollo Hill Gold Project, which is located 175km due north of Northern Zone. With a resource estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz, this development serves as a benchmark for RGL's aspirations at Northern Zone, albeit with the potential for Northern Zone to be an even larger project.

Conceptually, the Company draws parallels between Northern Zone and Saturn Metals' Apollo Hill Project, discerning similarities based on the PEA statement released by Saturn Metals (ASX 7 August 2023), which suggests the potential for a sizeable low-grade heap leach operation.

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

Figure 2: Topdrill RC rig on site at the Northern Zone Project

Figure 3: Topdrill RC rig on site at the Northern Zone Project

Figure 4: Topdrill RC rig on site at the Northern Zone Project

Figure 5: Topdrill RC rig samples and logging geology on site at the Northern Zone Project

Figure 6: Logging geology on site at the Northern Zone Project

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]

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