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
|
+44 (0)
203 580 4314
|
Strand Hanson Limited (Nominated Adviser & Joint
Broker)
Rory Murphy, Matthew Chandler, Rob
Patrick
|
+44 (0) 20
7409 3494
|
Global Investment Strategy UK Limited (Joint
Broker)
Samantha Esqulant
|
+44
(0) 20 7048 9432
|
St
Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis,
Isabelle Morris
|
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
(Withdrawal) Act 2018.