Target Zone Increased with Northern Zone Drilling

Oracle Power PLC

17 July 2024

 

17 July 2024

Oracle Power PLC

("Oracle" or the "Company")

Gold Target Zone Increased with Latest Northern Zone Drilling

25km ESE of Kalgoorlie, Western Australia

Oracle Power PLC (AIM: ORCP), an international project developer, is pleased to announce that it has received the assay results from the recently completed Aircore (AC) 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:

o 27 Aircore (AC) holes drilled to blade refusal have successfully more than doubled the prospective gold system, by tagging basement geology at the Northern Zone Gold Project. Assay results are set out in Appendix 1 below.

o The AC drilling targeted the oxide zone to fresh rock stratigraphy with the aim of expanding the mineralised porphyry footprint, which remains open.

o Further targeted drilling is being planned over the expanded footprint of the mineralised porphyry.

o Riversgold Limited is fully funded to promptly begin the next phase of drilling operations at Northern Zone.

o A drilling rig has been contracted for the middle of August 2024.

o Northern Zone Gold Project is 25km east of Kalgoorlie.

o 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.^[1] 

Naheed Memon, CEO of Oracle, commented:

"Immediately after receiving the results from the recent, successful RC drill programme at the Northern Zone Project near Kalgoorlie, these AC results indicate that we have now more than doubled the porphyry footprint, with the full extent of these porphyries yet to be fully delineated. The vertical AC drill holes, strategically targeted near-surface supergene mineralisation in areas distinct from previous diamond and RC drill sites within the oxide and fresh rock interface, revealed new target zones to the north and south of our existing RC and diamond drilling locations. A new drill programme is expected to start in mid-August 2024 to infill supergene zones identified with the last round of drilling. We look forward to resuming drilling operations shortly with the view of testing and further expanding this large porphyry system."

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 an Exploration Target of 2.5 to 4.8 million oz of gold, as announced by RGL to the ASX on the 9 May 2023.

The drilling contractor, Australian Aircore Drilling, completed the 1,772m AC drilling at the Northern Zone Project using a blade to drilling refusal, with the cuttings being logged by Riversgold Limited's geologists. The detailed logging and assays continue to show that a gold mineralisation event has occurred in the project area. The drilling aimed to expand the potential for supergene gold mineralisation and increase its spatial coverage across the project site. Mineralisation remains open in multiple directions, necessitating further testing of basement geology in future drilling campaigns. Refer to Figure 2 for drilling locations, and Tables 1-3 for location and assay results.

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

Oracle Power PLC Naheed Memon - CEO	+(0) 20 7236 1177
Strand Hanson Limited (Nominated Adviser and Broker) Rory Murphy, Matthew Chandler, Rob Patrick	[phone]
St Brides Partners Limited (Financial PR) Susie Geliher, Isabel de Salis	[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, 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.

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

Figure 2: Northern Zone drill collar plan.

APPENDIX 1: Drilling Information

Table 1: Northern Zone Aircore Drill Collar Locations and Information

Hole ID	East	North	RL	Dip	Azimuth
NZAC001	381948	6592554	358	-90	0
NZAC002	381849	6592404	358	-90	0
NZAC003	381946	6592402	358	-90	0
NZAC004	381500	6592300	358	-90	0
NZAC005	381598	6592304	358	-90	0
NZAC006	381699	6592302	358	-90	0
NZAC007	381797	6592301	358	-90	0
NZAC008	381900	6592298	358	-90	0
NZAC009	381551	6592101	358	-90	0
NZAC010	381649	6592098	358	-90	0
NZAC011	381746	6592096	358	-90	0
NZAC012	381853	6592091	358	-90	0
NZAC013	381950	6592099	358	-90	0
NZAC014	381899	6591900	358	-90	0
NZAC015	381796	6591896	358	-90	0
NZAC016	381701	6591901	358	-90	0
NZAC017	381597	6591897	358	-90	0
NZAC018	381497	6591901	358	-90	0
NZAC019	381555	6592802	358	-90	0
NZAC020	381504	6592887	358	-90	0
NZAC021	381601	6592901	358	-90	0
NZAC022	381700	6592895	358	-90	0
NZAC023	381797	6592903	358	-90	0
NZAC024	381908	6592899	358	-90	0
NZAC025	381950	6592799	358	-90	0
NZAC026	381941	6592748	358	-90	0
NZAC027	381848	6592746	358	-90	0

Table 2: Northern Zone Significant Intercepts

Hole ID	From (m)	To (m)	Width (m)	Average Grade (g/t Au)	Intercept
NZAC001	45	51	6	0.20	6m @0.20g/ t Au.
NZAC002	30	33	3	0.78	3m @0.78g/ t Au
NZAC002	63	64	1	0.45	1m @0.45g/ t Au
NZAC003	72	80	8	0.13	8m @0.13g/ t Au
NZAC004	33	39	6	0.58	6m @0.58g/ t Au
NZAC005	75	81	6	0.26	6m @0.26g/ t Au
NZAC006	33	48	15	0.27	15m @0.27g/ t Au
NZAC007	60	61	1	0.54	1m @0.54g/ t Au
NZAC010	54	69	15	0.37	15m @0.37g/ t Au
NZAC011	63	67	4	0.87	4m @0.87g/ t Au
NZAC012	51	56	5	0.49	5m @0.49g/ t Au
NZAC023	42	45	3	0.51	3m @0.51g/ t Au
NZAC024	33	36	3	1.14	3m @1.14g/ t Au

Table 3: Northern Zone AC Composite Results > 0.3 Au Grade (g/t) Cutoff

Hole ID	From (m)	To (m)	Width (m)	Au Grade (g/t)
NZAC002	30	33	3	0.78
NZAC002	63	64	1 (EOH)	0.45
NZAC005	33	36	3	0.72
NZAC005	36	39	3	0.45
NZAC005	75	78	3	0.35
NZAC006	45	48	3	0.65
NZAC007	60	61	1 (EOH)	0.56
NZAC010	30	33	3	0.33
NZAC010	54	57	3	0.97
NZAC010	63	66	3	0.48
NZAC011	63	66	3	0.99
NZAC011	66	67	1(EOH)	0.50
NZAC012	51	54	3	0.46
NZAC012	54	56	2 (EOH)	0.54
NZAC023	42	45	3 (EOH)	0.51
NZAC024	33	36	3	1.14

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^[1] RGL ASX announcement 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project".

 

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