REG - Oracle Power PLC - Completion of Phase 2 Drill Programme

Oracle PowerAnnouncement

05/06/2024 10:45

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RNS Number : 2292R  Oracle Power PLC  05 June 2024

5 June 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Completion of Phase 2 Drill Programme at Northern Zone Gold Project

25km ESE of Kalgoorlie, Western Australia

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce  that the Phase 2 drilling programme has now been completed at its
Northern Zone Gold Project, located 25km ESE of Kalgoorlie in Western
Australia. Refer to Figure 1 for location map.

 

Highlights:

·    Reverse Circulation (RC) drilling completed - six holes for 1,363
metres and 1,100 samples collected

·    Air Core (AC) drilling completed - 27 drill holes for 1,772 metres,
with 662 composite samples collected

·    The Phase 2 drill programme was designed to:

o  Enable estimation of a maiden JORC compliant gold resource via the
drilling of targeted step-out RC holes. These holes were optimally orientated
to test the continuation of mineralisation at depth and along strike

o  The initial AC drilling was designed to test for supergene gold
enrichment, and was sited in previously undrilled areas of the project

·    The Northern Zone Gold Project is located 25km ESE of Kalgoorlie

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

·    Previously announced Exploration Target at the Northern Zone Gold
Project of 200Mt - 250Mt at a grade of between 0.4 g/t Au - 0.6 g/t Au for
2.5Moz - 4.8Moz of gold(( 1 ))

·    All samples have been submitted to ALS Kalgoorlie for assay and
results are expected to be received and announced in early July 2024

 

Naheed Memon, CEO of Oracle, commented:

"Our RC and AC drilling programme progressed more efficiently than expected,
with assaying now underway at ALS Kalgoorlie. Our objective is to achieve a
Maiden JORC Resource estimation in the coming months. The Northern Zone Gold
Project, located ESE of Kalgoorlie, has a substantial gold Exploration Target
centred around a large porphyry gold system proven to exceed 100 metres in
true width from historic drilling, and we eagerly anticipate receipt of the
assay results next month."

 

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

 

 

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
`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 announcement.

 

-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)               +44 (0) 20 7048 9432

Samantha Esqulant

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de Salis, Isabelle Morris
                                   +44 (0)
20 7236 1177

 

 

(( 1 )) Riversgold Limited's (RGL) ASX announcement 9 May 2023 "Farm into
Significant Porphyry Hosted Gold Project".

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