Source - LSE Regulatory
RNS Number : 9995V
Oracle Power PLC
11 July 2024
 

11 July 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Northern Zone Delivers Further High-Grade Gold Intercepts

25km ESE of Kalgoorlie, Western Australia

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that it has received assay results from its recently completed Reverse Circulation (RC) 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

·    Reverse Circulation (RC) drilling at the Northern Zone Gold Project has intersected gold mineralisation both to the north and south of the maiden diamond drill hole traverse.

·    The RC drilling targeted the shallower, up dip portion of the mineralised system, yielding several significant intercepts, including:

18m @ 4.14g/t   Au from 36m (hole NZRC001)

54m @ 0.38g/t Au from 158m (hole NZRC004)

14m @ 0.76g/t Au, from 226m to end of hole (EOH) (hole NZRC004)

15m @ 0.66g/t Au, from 160m (hole NZRC005)

8m @ 0.57g/t Au, from 221m to EOH (hole NZRC005)

9m @ 0.85g/t Au, from 176m (hole NZRC006)

22m @ 0.41g/t Au, from 272m to EOH (hole NZRC006)

·    Significant results from the maiden 2023 diamond drill traverse included¹:

110m @ 0.60 g/t Au from 208m (hole RSDD02)  

16.4m @ 0.45g/t Au from 83.6m (hole RSDD003)

13m @ 0.48g/t Au from 135m (hole RSDD003)

11m @ 0.49g/t Au from 197m (hole RSDD003)

26m @ 0.44g/t Au from 231m (hole RSDD003)

47m @ 0.48g/t Au from 216m (hole RSDD01)

84m @ 0.42g/t Au from 315m (hole RSDD003)

·    Further drilling is planned to the north-east, following the mineralised porphyry.

·    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 gold²

 

Naheed Memon, CEO of Oracle, commented: "These latest results at the Northern Zone Gold Project have revealed shallower supergene gold mineralisation than anticipated and have delineated the south-west boundary of the gold system. The next phase of drilling will test extensions to the north-east, north-west and south-east, building on the diamond drill programme that encountered gold mineralisation up to depths of 450 metres and thicknesses exceeding 150 metres. A follow-up drill programme will also target an identified fault, believed to be a controlling feature of mineralisation in the area. This follow-up campaign will be finalised after we receive all assays from the recent air core programme, conducted concurrently with the RC drilling. We look forward to receiving these additional drilling results shortly."

 

The Northern Zone Gold 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 to 4.8 million oz of gold, as announced by Riversgold Limited (ASX:RGL) on the ASX on 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 more recent Oracle drilling results. It utilises data from 53 historical drillholes drilled between 1998 and 2012, and seven drillholes drilled by Oracle in 2021.

 

Change of Broker

The Company also announces that Strand Hanson Limited will act as its sole broker with immediate effect.

 

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.

 

¹Riversgold Limited (ASX:RGL) ASX announcement of 12 December 2023 "+100metre Wide Gold Intercepts at Northern Zone Project".

² Riversgold Limited (ASX:RGL) ASX announcement of 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project".

 

-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 & Broker)

Rory Murphy, Matthew Chandler, Rob Patrick

+44 (0) 20 7409 3494

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de Salis

oracle@stbridespartners.co.uk

 

Glossary for technical terms

EOH

End of hole

Au

Gold

RC

Reverse Circulation

g/t

Grams per tonne

Moz

Million ounces

MGA_E

Magnetic easting

MGA_N

Magnetic northing

AZM_MGA

Azimuth

 

Picture 2

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

 

 

 

 

 

Picture 4

 

Figure 2: Northern Zone drill collar plan.

 

 

APPENDIX 1: Drilling Information

Table 1: Northern Zone Drill Collar Locations

Hole ID

Type

MGA_E

MGA_N

Elevation

Total Depth (m)

Dip

AZM_MGA

NZRC001

RC

381532

6592585

356

200

-60

225

NZRC002

RC

381581

6592641

356

250

-60

225

NZRC003

RC

381668

6592511

356

150

-60

225

NZRC004

RC

381726

6592564

356

240

-60

225

NZRC005

RC

381725

6592457

356

229

-60

225

NZRC006

RC

381791

6592518

356

294

-60

225

 

Table 2: Northern Zone drilling significant result intercepts

Hole id

From (m)

To (m)

Width (m)

Gm/m

Av. Grade

Intercept

NZRC001

36

54

18

20.52

4.14

18m @ 4.14g/t Au

63

69

6

1.44

0.24

6m @ 0.24g/t Au

148

152

4

2.16

0.54

4m @ 0.54g/t Au

177

180

3

1.35

0.45

3m @ 0.45g/t Au

NZRC002

36

45

9

4.32

0.48

9m @ 0.48g/t Au

57

71

14

3.36

0.24

14m @ 0.24g/t Au

121

128

7

2.38

0.34

7m @ 0.34g/t Au

140

147

7

5.81

0.83

7m @ 0.83g/t Au

NZRC003

63

69

6

1.80

0.30

6m @ 0.3g/t Au

NZRC004

75

82

7

8.89

1.27

7m @ 1.27g/t Au

158

212

54

20.52

0.38

54m @ 0.38g/t Au

226

240

14

10.64

0.76

14m @ 0.76g/t Au, EOH

NZRC005

63

66

3

1.02

0.34

3m @ 0.34g/t Au

71

77

6

1.26

0.21

6m @ 0.21g/t Au

160

175

15

9.90

0.66

15m @ 0.66g/t Au

205

215

10

2.70

0.27

10m @ 0.27g/t Au

221

229

8

4.56

0.57

8m @ 0.57g/t Au, EOH

NZRC006

57

68

11

4.73

0.43

11m @ 0.43g/t Au

77

83

6

1.92

0.32

6m @ 0.32g/t Au

132

153

21

4.41

0.21

21m @ 0.21g/t Au

176

185

9

7.65

0.85

9m @ 0.85g/t Au

272

294

22

9.02

0.41

22m @ 0.41g/t Au, EOH

 

 

Table 3: Northern Zone assay results above 0.11 g/t Au


Hole ID

Depth From (m)

Depth To (m)

Au g/t

NZRC001

36

39

0.42

NZRC001

39

42

16.35

NZRC001

42

45

5.09

NZRC001

45

48

2.19

NZRC001

48

51

0.15

NZRC001

51

54

0.69

NZRC001

63

66

0.22

NZRC001

66

69

0.26

NZRC001

143

144

0.12

NZRC001

148

149

0.52

NZRC001

149

150

0.64

NZRC001

150

151

0.52

NZRC001

151

152

0.46

NZRC001

160

161

0.25

NZRC001

177

178

0.5

NZRC001

178

179

0.43

NZRC001

179

180

0.41

NZRC002

36

39

0.73

NZRC002

39

42

0.19

NZRC002

42

45

0.52

NZRC002

52

53

0.26

NZRC002

57

58

0.14

NZRC002

59

60

0.15

NZRC002

61

62

0.3

NZRC002

62

63

0.67

NZRC002

63

64

0.41

NZRC002

64

65

0.24

NZRC002

65

66

0.32

NZRC002

66

67

0.26

NZRC002

67

68

0.2

NZRC002

68

69

0.22

NZRC002

69

70

0.14

NZRC002

70

71

0.11

NZRC002

78

79

0.11

NZRC002

81

82

0.16

NZRC002

88

89

0.49

NZRC002

92

93

0.49

NZRC002

93

94

0.24

NZRC002

95

96

0.14

NZRC002

107

108

0.11

NZRC002

109

110

0.11

NZRC002

116

117

0.21

NZRC002

118

119

0.12

NZRC002

121

122

0.22

NZRC002

125

126

0.22

NZRC002

126

127

1.65

NZRC002

127

128

0.12

NZRC002

140

141

0.57

NZRC002

141

142

1.22

NZRC002

142

143

3.36

NZRC002

143

144

0.33

NZRC002

145

146

0.17

NZRC002

146

147

0.12

NZRC002

246

247

1.08

NZRC003

63

66

0.15

NZRC003

66

67

0.29

NZRC003

67

68

0.79

NZRC003

68

69

0.29

NZRC003

74

75

0.44

NZRC003

88

89

0.13

NZRC003

90

91

0.14

NZRC003

91

92

0.27

NZRC003

100

101

0.49

NZRC003

133

134

0.24

NZRC003

135

136

0.13

NZRC004

45

48

0.25

NZRC004

63

64

0.11

NZRC004

64

65

0.19

NZRC004

65

66

0.11

NZRC004

66

67

0.15

NZRC004

75

76

0.12

NZRC004

76

77

1.92

NZRC004

77

78

4.2

NZRC004

78

79

2.02

NZRC004

79

80

0.34

NZRC004

81

82

0.27

NZRC004

132

133

0.14

NZRC004

133

134

0.43

NZRC004

142

143

0.38

NZRC004

144

145

0.37

NZRC004

158

159

0.12

NZRC004

163

164

0.12

NZRC004

164

165

0.95

NZRC004

165

166

0.14

NZRC004

166

167

0.15

NZRC004

169

170

0.37

NZRC004

170

171

0.43

NZRC004

171

172

0.17

NZRC004

172

173

0.5

NZRC004

173

174

0.81

NZRC004

174

175

1.05

NZRC004

175

176

0.61

NZRC004

176

177

0.14

NZRC004

178

179

0.22

NZRC004

181

182

0.23

NZRC004

182

183

0.21

NZRC004

183

184

0.19

NZRC004

186

187

0.18

NZRC004

190

191

6.16

NZRC004

191

192

0.33

NZRC004

192

193

0.28

NZRC004

194

195

1.81

NZRC004

195

196

0.79

NZRC004

197

198

0.53

NZRC004

198

199

0.79

NZRC004

206

207

1.11

NZRC004

207

208

0.12

NZRC004

208

209

0.15

NZRC004

209

210

0.37

NZRC004

211

212

0.13

NZRC004

233

234

0.28

NZRC004

235

236

0.4

NZRC004

236

237

0.2

NZRC004

237

238

0.93

NZRC004

238

239

7.39

NZRC004

239

240

0.78

NZRC005

63

64

0.27

NZRC005

64

65

0.4

NZRC005

65

66

0.34

NZRC005

71

72

0.2

NZRC005

72

73

0.23

NZRC005

73

74

0.14

NZRC005

74

75

0.29

NZRC005

75

76

0.15

NZRC005

76

77

0.22

NZRC005

91

92

0.25

NZRC005

100

101

0.12

NZRC005

101

102

0.16

NZRC005

160

161

0.11

NZRC005

162

163

0.13

NZRC005

163

164

3.41

NZRC005

164

165

0.18

NZRC005

165

166

0.38

NZRC005

166

167

2.37

NZRC005

167

168

0.58

NZRC005

168

169

0.64

NZRC005

169

170

0.2

NZRC005

170

171

0.18

NZRC005

171

172

0.7

NZRC005

172

173

0.13

NZRC005

173

174

0.4

NZRC005

174

175

0.4

NZRC005

189

190

0.29

NZRC005

191

192

0.29

NZRC005

194

195

0.12

NZRC005

196

197

0.87

NZRC005

205

206

0.31

NZRC005

206

207

0.83

NZRC005

207

208

0.49

NZRC005

208

209

0.36

NZRC005

209

210

0.11

NZRC005

210

211

0.2

NZRC005

214

215

0.14

NZRC005

221

222

0.12

NZRC005

223

224

0.21

NZRC005

224

225

1.77

NZRC005

225

226

0.98

NZRC005

226

227

1.23

NZRC005

228

229

0.11

NZRC006

57

60

0.54

NZRC006

60

61

1.1

NZRC006

61

62

0.22

NZRC006

62

63

0.2

NZRC006

63

64

0.23

NZRC006

64

65

0.26

NZRC006

65

66

0.21

NZRC006

66

67

0.38

NZRC006

67

68

0.51

NZRC006

69

70

0.18

NZRC006

71

72

0.16

NZRC006

77

78

0.69

NZRC006

80

81

0.42

NZRC006

81

82

0.25

NZRC006

82

83

0.5

NZRC006

104

105

0.11

NZRC006

112

113

0.2

NZRC006

113

114

0.25

NZRC006

114

115

0.28

NZRC006

115

116

0.12

NZRC006

117

118

0.13

NZRC006

129

130

0.15

NZRC006

132

133

0.39

NZRC006

134

135

0.41

NZRC006

136

137

0.38

NZRC006

137

138

0.22

NZRC006

138

139

0.46

NZRC006

140

141

0.18

NZRC006

141

142

0.24

NZRC006

144

145

0.49

NZRC006

145

146

0.18

NZRC006

146

147

0.19

NZRC006

149

150

0.42

NZRC006

152

153

0.49

NZRC006

159

160

0.15

NZRC006

176

177

0.21

NZRC006

177

178

1.35

NZRC006

178

179

3.66

NZRC006

179

180

1.36

NZRC006

180

181

0.62

NZRC006

181

182

0.18

NZRC006

184

185

0.11

NZRC006

221

222

0.3

NZRC006

233

234

0.12

NZRC006

236

237

0.15

NZRC006

241

242

0.15

NZRC006

242

243

0.15

NZRC006

269

270

0.12

NZRC006

272

273

0.57

NZRC006

274

275

0.19

NZRC006

275

276

0.73

NZRC006

276

277

0.37

NZRC006

277

278

0.47

NZRC006

278

279

0.15

NZRC006

279

280

0.27

NZRC006

282

283

0.46

NZRC006

283

284

0.94

NZRC006

286

287

0.12

NZRC006

288

289

0.29

NZRC006

289

290

2.08

NZRC006

291

292

0.48

NZRC006

292

293

1.35

NZRC006

293

294

0.12

 

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
 
 
DRLGUGDRSSBDGSB
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Oracle Power PLC (ORCP)

0p (0.00%)
delayed 15:57PM