17 May 2024
Oracle Power PLC
("Oracle", the
"Company")
Drilling to Commence Next Week at
Northern Zone Gold Project, Western Australia
Oracle Power PLC (AIM:ORCP), is pleased to note
that drilling is set to commence next week at the Northern
Zone Gold Project, located 25 km east of Kalgoorlie in Western
Australia (the "Northern Zone Gold Project"), which is being
advanced by its partner, Riversgold Ltd (ASX:RGL).
HIGHLIGHTS
· Two
drill rigs contracted to commence drilling at Northern Zone Gold
Project next week.
·
Drilling designed to enable estimation of a maiden JORC
compliant gold resource.
·
Gold at the Northern Zone Gold Project is hosted in a
porphyry intrusion with drilled widths exceeding 100m in true
width.
·
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 an exploration target of 2.5Moz - 4.8Moz of gold.
Naheed Memon,
CEO of Oracle, commented: "It is great that this step-out
drilling programme at the Northern Zone Gold Project is drill-ready
and two drill rigs have been contracted to commence drilling from
mid-next week. We have a very large gold exploration target here,
which is centred around a large porphyry gold system that has been
proven to be +100m in true width."
DETAILS
The Northern Zone Gold Project has an
exploration target of 200Mt to 250Mt at a grade of 0.4 g/t to 0.6
g/t Au for an exploration target of 2.5Moz to 4.8Moz of 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.
The contracted drill rigs are a reverse
circulation ("RC") drill rig and an air core ("AC") drill rig,
which will start drilling at its Northern Zone Gold Project next
week, located 25 km east of Kalgoorlie in Western Australia. Refer
to Figure 1 for location.
On the 9 May 2023, RGL announced the 80%
earn-in to the Northern Zone Gold Project with Oracle. RGL
undertook a 4-hole diamond drill programme for 1,379m (with
orientated core) to specifically test the exploration model of
+100m wide gold mineralisation. The RGL drilling confirmed the
original mineralisation model, style, widths, and
grades.
Figure 1: Northern Zone Project Map showing
proximity to the Kalgoorlie "Super Pit".
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
|