REG - Oracle Power PLC - Mineralisation Report Underway at Northern Zone

Oracle PowerAnnouncement

30/10/2024 07:00

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RNS Number : 1046K  Oracle Power PLC  30 October 2024

30 October 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Mineralisation Report Underway and Application for a Mining Licence at the
Northern Zone Project

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to
announce an important update from its Northern Zone Intrusive Hosted Gold
Project in Western Australia (the "Northern Zone Project" or the "Project").

 

Overview:

 

o  All drilling at the Project uploaded into Leapfrog Geo, a geological 3D
modelling software, enabling the Company to generate a gold grade model (refer
to Figure 1).

o  A high impact drilling campaign has been designed in Leapfrog to follow up
the latest high-grade intercepts, and to optimally target the expanding
footprint of the mineralised porphyry.

o  The upcoming aircore (AC) drill campaign will comprise 28 drill holes of
approximately 1,960m and will look to target and extend previous higher grade
gold intercepts via a series of SW-NE orientated extensional lines using a
nominal 20m spacing (refer to Figure 3).

o  The mineralisation at the Project remains open in multiple directions,
leading to further drilling campaigns planned to test for the potential
extents of the mineralised porphyry.

o  A mineralisation report is set to be completed in the near term, and an
application to convert the tenement to a mining licence is set to be made.

o  Drilling continues to validate the geological model for the previously
announced Exploration Target at the Northern Zone Gold Project of 200Mt -
250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of gold 1 
(#_ftn1)

 

Naheed Memon, CEO of Oracle, commented: "The Northern Zone Project continues
with the next stage of drilling targeting an increasing porphyry footprint. We
have now made the decision to complete a mineralisation report so that an
application can be made to convert the tenement to a mining licence. The
recent set of high-grade gold assays at the Northern Zone Project have
continued to expand the gold mineralised footprint of the porphyry over a much
larger area than originally thought and it has confirmed the presence of a
significant gold mineralised system.  Given its location, 25km east of
Kalgoorlie, it has the benefit of being highly accessible with sufficient
infrastructure. Gold prices have now surpassed US$2,750/ounce, which
ultimately bodes well for the project, something the board was hopeful of when
it embarked on this project."

-ENDS-

For further information contact:

 

 Oracle Power PLC                                        +44 (0) 20 7236 1177

 Naheed Memon - CEO

 Strand Hanson Limited (Nominated Adviser & Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick

 St Brides Partners Limited (Financial PR)               oracle@stbridespartners.co.uk

 Isabel de Salis, Susie Geliher

 

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.

 

Figure 1: Cross-section of interpreted Au grade 3D model of the Northern Zone
Project, prepared by the Leapfrog software, constrained to all existing drill
holes that have been reported by Riversgold. Refer to Figure 4 for the plan
location of the section line.

 

Figure 2: Northern Zone Project Map showing proximity to the Kalgoorlie "Super
Pit".

Figure 3: Proposed drill collar plan with gold grade contours from all
drilling results to date.

Figure 4: Drill collar plan with gold grade contours from all drilling results
to date and section line.

 

 1  (#_ftnref1) RGL ASX announcement 9 May 2023 "Farm into Significant
Porphyry Hosted Gold Project"

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