Northern Zone Project POW Approved

Oracle Power PLC

29 January 2024

 

29 January 2024

Oracle Power PLC

("Oracle" or the "Company")

Northern Zone Project POW Approved

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to update shareholders on the farm-in by Riversgold Ltd (ASX:RGL) ("Riversgold"), on the Northern Zone Intrusive Hosted Gold Project, which is located 25km east of Kalgoorlie in Western Australia ("Northern Zone" or the "Project"). Refer to Figure 1 for location.

Highlights:

·    Programme of Work (PoW) has been approved by Australia's Department of Energy, Mines, Industry Regulation and Safety ('DEMIRS') for drilling.

·    The planned Reverse Circulate drilling campaign is expected to move the project forward towards a maiden Mineral Resource Estimate in 2024.

·    Northern Zone has a current Exploration Target 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:

"This next round of drilling at Northern Zone will play a critical role in proving up the resource potential of the asset and providing tangible value to this large gold mineralised zone, which has a current Exploration Target of 2.5Moz-4.8Moz of gold.

"Riversgold continues to be a committed farm-in partner, having now invested approximately A$333,000 to the Project in drilling and associated exploration activities to date.  We look forward to the commencement of drilling activities on site in the coming weeks and will provide further details as appropriate.

"This is a highly exciting prospect, and we hope to turn it into a lucrative source of value for Oracle investors, with Riversgold, our potential JV partner."

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

About North Zone Gold Project:

The Northern Zone Project is located 25km, east-south-east of the Kalgoorlie Super Pit and is readily accessed from the Bulong road, which is paved to within 9km of the prospect site. The last 9km consists of 4km of a high-quality haul road with the last 5km on a station road. The topography is flat lying, open scrub with several historical remnant gold and nickel excavation pits less than 5km from the prospect site.

On 9 May 2023, Riversgold and Oracle announced the potential 80% earn-in to the Northern Zone Gold Project by Riversgold. Riversgold undertook a 4-hole diamond drill programme for 1,379m (with orientated core) to specifically test the exploration model of +100m wide gold mineralisation. Riversgold completed the drilling on 21 August 2023 and all of the core was sent to ALS gold laboratory facility in Perth for core photographs, cutting and assaying. Assay results were received and interpreted by Riversgold and the work confirms the original mineralisation model, style, widths and grades.

In December 2023, drilling contractor DDH1 completed the drilling at Northern Zone via a combination of HQ3 and NQ2 diamond drilling. The core was logged by contract geologists in Kalgoorlie, with oversight from Riversgold geologists. The detailed logging has shown that a gold mineralisation event has introduced significant micro-fracturing and quartz veining, with significant thicknesses of alteration also observed. A central cross section completed as proof of model has validated a portion of the project, with multiple untested areas.

Located 175km due north of Northern Zone, Saturn Metals Limited has released a Preliminary Economic Assessment on the Apollo Hill Gold project that has a resource of 105Mt @ 0.54 g/t gold for 1.839Moz (the "Apollo Project"). Riversgold views the Apollo Project as an example of what we are looking to achieve at Northern Zone, albeit with Northern Zone being a potentially larger project.

Conceptually, Riversgold sees similarities between Northern Zone and the Apollo Project, based on the information in the PEA statement (ASX announcement dated 17 August 2023) of a large low grade heap leach operation, to further develop the concept and plans to:

·              Undertake further metallurgical test work to confirm the amenability of the mineralisation to leaching and develop initial estimates of reagent consumption.

·              Undertake further drilling towards defining a resource at Northern Zone, with step out drilling on 100m cross-sections especially towards the untested southeast areas.

-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 & 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                                                                    [phone]

 

END