23 July 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Drilling Resumes at
the Northern Zone Project, Western Australia
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to announce that
drilling has resumed at the Northern Zone Intrusive Hosted Gold
Project (the "Northern Zone Project") located 25km east of
Kalgoorlie in Western Australia.
Highlights
·
Drilling underway at the Northern Zone Project to
target the shallower, up dip portion of the mineralised system that
yielded a significant intercept of 18m at 4.14g/t Au from 36m
(NZRC001)¹.
·
Programme to comprise circa 1,500m of drilling to
depths of approximately 60-70m, which is estimated to take around
two weeks to complete.
·
Drill spacing has been planned on a nominal 25m
grid.
Naheed Memon, CEO of Oracle, commented:
"We are delighted that
drilling has resumed at the Northern Zone Project so soon
after the recent success of the maiden RC and AC drilling campaigns
that exceeded our expectations by showing shallower supergene gold
mineralisation. This new phase of drilling will target extensions
to the first RC drill hole that Riversgold Limited drilled that
intersected an impressive 18m at 4.14g/t Au from 36m (hole
NZRC001). We will also target an identified fault, believed to be a
controlling feature of mineralisation in the area. This latest
drilling phase for approximately 1,500m to depths of 60-70m
is estimated to take about two weeks to
complete."
As previously announced by
Riversgold Limited on 9 May 2023, the Northern Zone 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 an Exploration Target of 2.5 to 4.8 million
oz of gold.
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's drilling
results. It uses data from 53 historical drillholes drilled between
1998 and 2012, and seven drillholes drilled by Oracle in
2021.
¹ Riversgold
Limited's RGL ASX announcement of 11 July 2024 "Northern Zone
Delivers Further High-Grade Gold Intercepts".
ENDS
For further information visit
www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon -
CEO
+(0) 20 7236 1177
Strand Hanson Limited (Nominated
Adviser and 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