RNS Number : 4385D
Oracle Power PLC
03 April 2025
 

3 April 2025

Oracle Power PLC

("Oracle" or the "Company")

Further Assay Results from the Northern Zone Gold Project

An additional 1,756 samples are awaiting assay, with the results received to date continuing to confirm high grade gold intercepts within a lower grade gold halo

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that following the results of the initial two drill holes released on 19 March 2025, it has received assay results from a further five reverse circulation (RC) drill holes, four of which are highlighted below, from the 11 hole 1,289 metre programme recently completed at the Northern Zone Intrusive Hosted Gold Project ("Northern Zone"), located 25 km east of Kalgoorlie in Western Australia (refer to Figure 1 for the location).

 

A further 1,303 samples from a 1,805 metre vertical drill programme have been submitted to the laboratory with results expected over the coming weeks. Accordingly, a total of 36 drill holes for 1,756 samples are currently awaiting assay at the laboratory.

 

Highlights:

o  Significant shallow gold intercepts from four of the RC drill holes are reported as follows:

§ 15m @ 0.75 g/t Au from 35m                                                      (NZRC010)

§ 21m @ 0.53 g/t Au from 107m                                                    (NZRC010)

§ 5m @ 1.72 g/t Au from 39m                                                         (NZRC011)

§ 4m @ 0.6 g/t Au from 103m                                                         (NZRC011)

§ 6m @ 6.12 g/t Au from 35m                                                         (NZRC012)

§ 13m @ 0.73 g/t Au from 70m                                                      (NZRC012)

§ 4m @ 0.71 g/t Au from 110m                                                      (NZRC012)

§ 7m @ 0.66 g/t Au from 41m                                                         (NZRC013)

o A further 453 samples from four RC drill holes are still to be reported

o 1,303 samples have been submitted to the assay laboratory from 32 AC drill holes targeting the oxide mineralisation

o The results of recent drilling continue to confirm and enlarge the shallow gold mineralisation associated with the Northern Zone porphyry

o The dynamic Leapfrog gold model for Northern Zone will be updated with these latest results in the coming weeks, which will inform the and guide future drill campaigns

 

Naheed Memon, CEO of Oracle, commented:

"These latest results complement the previous results, and those released since late 2023, as we increase the footprint of the gold mineralisation. The results continue to meet or exceed our expectations, revealing good tenor within the shallower oxide gold mineralisation at the top of the mineralised porphyry. We have a total of 1,756 samples in the lab awaiting assay from 36 drill holes to be reported in due as we continue to advance the Northern Zone project."

 

For further information on Oracle, please visit the Company's website at http://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                                                                       +44 (0) 20 7236 1177

 

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 deposit 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.

 

Figure 1: Northern Zone Project map showing proximity to major Kalgoorlie gold projects

Figure 2: Recent drill collar plan with gold grade contours from all drilling results to date, and most recent drill intercepts in the north-western area of high-grade gold mineralisation[1].

A diagram of a structure AI-generated content may be incorrect.

Figure 3: Cross-section of 3D Leapfrog software model. The interpretation illustrates gold grade shells, derived from all the significant intercepts reported to date. The model is constrained via a 25m buffer to all the RGL/Oracle drill hole traces that have been drilled at Northern Zone since 2021. Refer to Figure 2 Drill collar plan for the location of the section line.[2]

 

A diagram of a cross section AI-generated content may be incorrect.

Figure 4: Schematic cross-section of the 5 drill holes being reported with location map. The model is constrained via a 25m buffer to all the RGL/Oracle drill hole traces that have been drilled at Northern Zone since 2021.

APPENDIX 1: Drilling Information

 

Table 1: Northern Zone Drill Collar Locations

Hole ID

Type

MGA_E

MGA_N

Elevation (m)

Total Depth (m)

Dip (o)

AZM_MGA

Date

NZRC009

381533

6592656

356.98

100

-60

225

05/03/25

NZRC010

381655

6592674

356.62

180

-60

225

07/03/25

NZRC011

381666

6592632

356.47

120

-60

225

08/03/25

NZRC012

381607

6592572

356.66

120

-60

225

08/03/25

NZRC013

381658

6592580

356.22

120

-60

225

09/03/25

 

Table 2: Northern Zone Significant Intercepts

Hole ID

From (m)

To (m)

Width (m)

Au g/t

Intercept

 

 

NZRC010

35

50

15

0.75

15m @ 0.75 g/t Au from 35m


NZRC010

107

128

21

0.53

21m @ 0.53 g/t Au from 107m


NZRC011

39

44

5

1.72

5m @ 1.72 g/t Au from 39m


NZRC011

103

107

4

0.6

4m @ 0.6 g/t Au from 103m


NZRC012

35

41

6

6.12

6m @ 6.12 g/t Au from 35m


NZRC012

70

76

6

1.03

13m @0.73 g/t Au from 70m


NZRC012

110

114

4

0.71

4m @ 0.71 g/t Au from 110m


NZRC013

41

48

7

0.66

7m @ 0.66 g/t Au from 41m


 

 

Table 3: Northern Zone assay results above 0.3 g/t Au

Hole ID

Depth From (m)

Depth To (m)

Width (m)

Au ppm

NZRC007

39

40

1

1.05

NZRC007

41

42

1

0.49

NZRC007

42

43

1

10.81

NZRC007

44

45

1

12.1

NZRC007

45

46

1

0.6

NZRC007

51

52

1

0.73

NZRC007

52

53

1

3.97

NZRC007

53

54

1

0.79

NZRC007

91

92

1

0.73

NZRC007

118

119

1

0.36

NZRC008

37

38

1

3.5

NZRC008

39

40

1

2.46

NZRC008

40

41

1

15.13

NZRC008

41

42

1

0.5

NZRC008

64

65

1

0.51

NZRC008

75

76

1

0.63

NZRC008

76

77

1

0.94

NZRC008

81

82

1

0.34

NZRC008

90

91

1

0.32

NZRC009

68

69

1

0.89

NZRC010

35

36

1

0.47

NZRC010

36

37

1

0.53

NZRC010

37

38

1

0.47

NZRC010

38

39

1

0.46

NZRC010

40

41

1

0.98

NZRC010

42

43

1

0.33

NZRC010

49

50

1

7.11

NZRC010

103

104

1

0.3

NZRC010

108

109

1

1.26

NZRC010

114

115

1

0.4

NZRC010

115

116

1

0.9

NZRC010

116

117

1

0.41

NZRC010

118

119

1

0.73

NZRC010

120

121

1

0.78

NZRC010

121

122

1

0.84

NZRC010

123

124

1

0.66

NZRC010

125

126

1

0.39

NZRC010

126

127

1

0.33

NZRC010

127

128

1

2.85

NZRC010

150

151

1

0.56

NZRC010

153

154

1

0.67

NZRC010

160

161

1

0.33

NZRC011

39

40

1

1.03

NZRC011

40

41

1

4.14

NZRC011

41

42

1

2.88

NZRC011

43

44

1

0.47

NZRC011

80

81

1

0.32

NZRC011

82

83

1

0.61

NZRC011

83

84

1

0.31

NZRC011

99

100

1

0.34

NZRC011

103

104

1

1.09

NZRC011

106

107

1

0.88

NZRC012

21

22

1

0.62

NZRC012

35

36

1

0.59

NZRC012

36

37

1

32.23

NZRC012

37

38

1

1.01

NZRC012

38

39

1

2.21

NZRC012

40

41

1

0.38

NZRC012

70

71

1

0.77

NZRC012

71

72

1

0.71

NZRC012

72

73

1

1.11

NZRC012

73

74

1

0.9

NZRC012

74

75

1

1.45

NZRC012

75

76

1

1.25

NZRC012

81

82

1

2.19

NZRC012

82

83

1

0.37

NZRC012

106

107

1

0.3

NZRC012

110

111

1

0.64

NZRC012

111

112

1

1.71

NZRC012

113

114

1

0.38

NZRC013

41

42

1

0.34

NZRC013

42

43

1

2.09

NZRC013

45

46

1

0.52

NZRC013

46

47

1

0.49

NZRC013

47

48

1

0.96

NZRC013

94

95

1

0.51

NZRC013

95

96

1

0.85

NZRC013

103

104

1

0.31

 

APPENDIX 2: JORC INFORMATION

 

The following tables are provided to ensure compliance with the JORC Code (2012 Edition) requirements for the reporting of Exploration Results at Northern Zone.

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

 

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Every metre drilled was sampled at the drill rig using a rig mounted static cone splitter to collect 2 - 3kg sub samples.

Standard reference material, sample duplicates and blanks, were automatically placed at 25m sample intervals from the cone splitter.

1m samples were sent to the laboratory for crushing, splitting and analysis.

Analysis was undertaken by ALS laboratories (Perth) for gold assay by 50g fire assay. 

Samples were sent to the laboratory for crushing, splitting and analysis.

Analysis was undertaken by Jinnings laboratories (Kalgoorlie) for gold assay by 50g fire assay.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Top Drill completed by reverse circulation drilling techniques using a standard 5.5inch (143mm) diameter bit.

A face sampling down hole hammer was used at all times using a bit retention system.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Drill recovery was routinely recorded via estimation of the comparative percentage of the volume of the sample bag by the company geologist.

The sample recovery was deemed excellent for representative assays.

The cyclone was cleaned or checked every 6m.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged.

All holes have been geologically logged for lithology, mineralisation and weathering. As well as whether dry, damp or wet.

Logging is quantitative for the presence of quartz veins. All other logging is qualitative.

A brief description of each drilling sample was recorded and a permanent record has been collected and stored in chip trays for reference.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

A sub sample from the RC drill rig of approximately 2-3kg was taken from the sample splitter off the cyclone. These assaying techniques are considered appropriate for this style of mineralisation.

The use of fire assay with 50g charge for all RC drilling provides a level of confidence in the assay database. The sampling and assaying is considered representative of the in-situ material.

The sample size of 2-4 kilograms is appropriate and representative of the grain size and mineralisation style of the deposit.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Jinnings (Kalgoorlie) were used for analysis of all drill samples submitted by Riversgold. The laboratory techniques below are for all samples submitted to Jinnings and are considered appropriate for the style of mineralisation defined within the Northern Zone Project area:

Samples above 3Kg were riffle split.

Pulverise to 95% passing 75 microns.

50-gram Fire Assay (FA50A) - Au Duplicates, Standards and Blanks were used for external laboratory checks by RGL.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

Intercepts were reviewed by 2 company personnel.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

The collar position of each hole was recorded using handheld GPS. The down hole survey data was taken at 30m using standard down hole gyro tools.

Data spacing and distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

The holes were drilled on a Northeast-Southwest traverse at 225 deg on -60deg. The drill holes are intended to further follow up on vertical drill holes. The spacing is sufficient to establish grade and geological continuity.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Based on logging of diamond core the drill holes appear to be orientated perpendicular to strike and dip of the main mineralised structures.

An interpreted fault though the middle of the mineralisation may have caused some displacement.

Sample security

The measures taken to ensure sample security.

Company personnel delivered samples to Jinnings Kalgoorlie where they were submitted for assay.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

Data reviews will be conducted on completion of further drilling

 

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

 

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

The Northern Zone Project is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares, and is held in the name of Oracle Gold (WA) Pty Ltd.

RGL have farmed into the Tenement and have exceeded minimum spend of $600,000 on exploration expenditure on the tenement within two years, to achieve 80% ownership. RGL has notified Oracle of meeting the farmin requirements. The JV documents are to be formalised by December 2025. Oracle will be required to contribute pro-rata or be diluted.

 

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

The majority of previous exploration in the area was undertaken by Northern Mining during 2007 to 2012 under the Blair North project, multiple small resource areas were identified at the George's Reward area to the south of P25/2651. Numerous gold intersections were recorded

Geology

Deposit type, geological setting and style of mineralisation.

The deposit sought is Intrusion Related Gold System (IRGS) style of mineral deposit.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Refer to Tables and Figures within the body of the announcement.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Intersections are weighted average grades based on a 0.001 g/t Au cut-off with unlimited waste zones but with a targeted grade of 0.4-0.6g/t Au.

 

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

The diamond drilling programme in 2023 confirmed the apparent widths of mineralisation as being perpendicular to foliation and veining. We believe the step out RC drilling to be the same as the diamond drilling. The true width of mineralisation is still to be fully ascertained.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See body of the announcement for relevant diagrams and photos.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

The reporting of exploration results is considered balanced by the competent person.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

See body of the announcement.

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·     Follow up phases of drilling to further test strike to be undertaken.

·     Complete a maiden MRE

 

[1] RGL ASX announcement dated 4 December 2024: "Northern Zone Gold Modelling and Project Update"

[2] RGL ASX announcement dated 4 December 2024: "Northern Zone Gold Modelling and Project Update"

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