5 June 2024
Oracle Power
PLC
("Oracle" or the "Company")
Completion of Phase 2 Drill
Programme at Northern Zone Gold Project
25km ESE of Kalgoorlie,
Western Australia
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to announce that
the Phase 2 drilling programme has now been completed at its
Northern Zone Gold Project, located 25km ESE of Kalgoorlie in
Western Australia. Refer to Figure 1 for location map.
Highlights:
·
Reverse Circulation (RC) drilling completed - six
holes for 1,363 metres and 1,100 samples collected
·
Air Core (AC) drilling completed - 27 drill holes
for 1,772 metres, with 662 composite samples collected
·
The Phase 2 drill programme was designed
to:
o Enable estimation of a maiden JORC compliant gold resource via
the drilling of targeted step-out RC holes. These holes were
optimally orientated to test the continuation of mineralisation at
depth and along strike
o The
initial AC drilling was designed to test for supergene gold
enrichment, and was sited in previously undrilled areas of the
project
·
The Northern Zone Gold Project is located 25km ESE
of Kalgoorlie
·
Gold at Northern Zone is hosted in a porphyry
intrusion with drilled widths exceeding 100 metres in true
width
·
Previously announced Exploration Target at the
Northern Zone Gold Project of 200Mt - 250Mt at a grade of between
0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of
gold[1]
·
All samples have been submitted to ALS Kalgoorlie
for assay and results are expected to be received and announced in
early July 2024
Naheed Memon, CEO of Oracle, commented:
"Our RC and AC drilling programme progressed more efficiently
than expected, with assaying now underway at ALS Kalgoorlie. Our
objective is to achieve a Maiden JORC Resource estimation in the
coming months. The Northern Zone Gold Project, located ESE of
Kalgoorlie, has a substantial gold Exploration Target centred
around a large porphyry gold system proven to exceed 100 metres in
true width from historic drilling, and we eagerly anticipate
receipt of the assay results next month."
Figure 1: Northern Zone Project Map showing proximity to the
Kalgoorlie "Super Pit".
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 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
announcement.
-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)
+44 (0) 20 7048 9432
Samantha Esqulant
St
Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis,
Isabelle Morris
+44 (0) 20 7236 1177