29
January 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Northern Zone Project POW
Approved
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to update shareholders
on the farm-in by Riversgold Ltd (ASX:RGL) ("Riversgold"), on
the Northern Zone Intrusive Hosted Gold Project, which is located
25km east of Kalgoorlie in Western Australia ("Northern Zone" or
the "Project"). Refer to Figure 1 for location.
Highlights:
·
Programme of Work (PoW) has been approved by
Australia's Department of Energy, Mines, Industry Regulation and
Safety ('DEMIRS') for drilling.
·
The planned Reverse Circulate drilling campaign is
expected to move the project forward towards a maiden Mineral
Resource Estimate in 2024.
·
Northern Zone has a current Exploration Target 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:
"This next round of drilling at Northern Zone will play a
critical role in proving up the resource potential of the asset and
providing tangible value to this large gold mineralised zone, which
has a current Exploration Target of 2.5Moz-4.8Moz of
gold.
"Riversgold continues to be a committed farm-in partner,
having now invested approximately A$333,000 to the Project in
drilling and associated exploration activities to date. We
look forward to the commencement of drilling activities on site in
the coming weeks and will provide further details as
appropriate.
"This is a highly exciting prospect, and we hope to turn it
into a lucrative source of value for Oracle investors, with
Riversgold, our potential JV partner."
Figure 1: Northern Zone
Project Map showing proximity to the Kalgoorlie "Super
Pit".
About North Zone Gold Project:
The Northern Zone Project is located
25km, east-south-east of the Kalgoorlie Super Pit and is readily
accessed from the Bulong road, which is paved to within 9km of the
prospect site. The last 9km consists of 4km of a high-quality haul
road with the last 5km on a station road. The topography is flat
lying, open scrub with several historical remnant gold and nickel
excavation pits less than 5km from the prospect site.
On 9 May 2023, Riversgold and Oracle
announced the potential 80% earn-in to the Northern Zone Gold
Project by Riversgold. Riversgold undertook a 4-hole diamond drill
programme for 1,379m (with orientated core) to specifically test
the exploration model of +100m wide gold mineralisation. Riversgold
completed the drilling on 21 August 2023 and all of the core was
sent to ALS gold laboratory facility in Perth for core photographs,
cutting and assaying. Assay results were received and interpreted
by Riversgold and the work confirms the original mineralisation
model, style, widths and grades.
In December 2023, drilling
contractor DDH1 completed the drilling at Northern Zone via a
combination of HQ3 and NQ2 diamond drilling. The core was logged by
contract geologists in Kalgoorlie, with oversight from Riversgold
geologists. The detailed logging has shown that a gold
mineralisation event has introduced significant micro-fracturing
and quartz veining, with significant thicknesses of alteration also
observed. A central cross section completed as proof of model has
validated a portion of the project, with multiple untested
areas.
Located 175km due north of Northern
Zone, Saturn Metals Limited has released a Preliminary Economic
Assessment on the Apollo Hill Gold project that has a resource of
105Mt @ 0.54 g/t gold for 1.839Moz (the "Apollo Project").
Riversgold views the Apollo Project as an example of what we are
looking to achieve at Northern Zone, albeit with Northern Zone
being a potentially larger project.
Conceptually, Riversgold sees
similarities between Northern Zone and the Apollo Project, based on
the information in the PEA statement (ASX announcement dated 17
August 2023) of a large low grade heap leach operation, to further
develop the concept and plans to:
·
Undertake further metallurgical test work to
confirm the amenability of the mineralisation to leaching and
develop initial estimates of reagent consumption.
·
Undertake further drilling towards defining a
resource at Northern Zone, with step out drilling on 100m
cross-sections especially towards the untested southeast
areas.
-ENDS-
For
further information on Oracle Power Plc, visit the
Company's website
http://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
+44 (0) 20 7236 1177