19 November 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Northern Zone Gold Project
Drill Results
Oracle Power PLC (AIM:ORCP), an
international project developer, is pleased to announce that it has
received the first batch of assay results from the aircore
("AC") drilling
programme undertaken during Riversgold Limited's (ASX:RGL) ("Riversgold") fourth AC programme at
the Northern Zone Intrusive Hosted Gold Project in Western
Australia (the "Northern Zone Project").
Further to the successful AC
programmes completed earlier this year, Riversgold, the Company's
potential JV partner, engaged a drilling contractor to undertake a
fourth AC programme for a further 26 holes in early November 2024.
1,545m of AC drilling was completed at the Northern Zone Project,
taking the aggregate number of metres drilled this year at
the Northern Zone Project to 8,971m of AC drilling and 1,363m of
reverse circulation ("RC") drilling.
Riversgold believes that the
detailed logging and assays continue to show that a significant
gold mineralisation event has taken place within the project
area.
The significant results continue to
successfully intersect the mineralised porphyry over an increasing
footprint within the tenement. The confirmation of a high-grade
zone in the eastern extensional area and the extension of anomalous
gold mineralisation in north-eastern areas validates the broader
geological model. Mineralisation remains open in multiple
directions, which will require future drill testing to continue to
exploit and increase the extents of the mineralised porphyry. The
Company and Riversgold will continue to further the understanding
of the project before proceeding with a maiden Mineral Resource
Estimate ("MRE").
Highlights:
o Results from the first ten holes have been received with
significant intercepts including:
o 7m @
4.07 g/t Au from 48m, (inc. 4m @ 6.72 g/t Au from 48m)
(NZAC107)
o 8m @
2.07 g/t Au from 48m, (inc. 4m @ 3.46 g/t Au from 51m)
(NZAC108)
o 4m @
7.47 g/t Au from 49m, (inc. 2m @ 12.36 g/t Au from 51m)
(NZAC113)
o 7m @
1.16 g/t Au from 41m to EOH, (inc. 1m @ 4.13 g/t Au and 4m @ 1.5
g/t Au) (NZAC095)
o 1m @
1.84 g/t Au from 48m, (NZAC112)
o 2m @
1.06 g/t Au from 42m, (NZAC094)
o 1m @
2.58 g/t Au from 64m, (NZAC094)
o A
new potential high-grade zone on the eastern extensional area of
the 600m wide porphyry system has been confirmed (see Figure
1).
o These initial eastern exploratory holes have exceeded grade
expectations and continue to confirm and expand the shallow gold
mineralisation associated with the Northern Zone Project
porphyry.
o The
Leapfrog gold model for Northern Zone Project will be updated once
all assay results from this programme have been received, with the
final 16-hole results expected within the next week.
o A
mineralisation report required to apply for a Mining Licence is
expected by end of November 2024.
o Mining Lease application to be submitted once the
mineralisation report is received.
Naheed Memon, CEO of Oracle, commented:
"These are some of the best gold
results seen for the shallow parts of the Northern Zone Project to
date. They demonstrate excellent grade at relatively shallow depths
over good widths and expand the mineralisation to the far eastern
side of the 600m wide porphyry. As indicated in previous
updates, the project continues to deliver material and significant
mineralised intercepts over an increasing porphyry
footprint[1]. The recent set of
significant high-grade gold assays at Northern Zone Project have
continued to expand the gold mineralised footprint of the porphyry
over a much larger area than originally anticipated and it has
confirmed the presence of a significant gold mineralised system. We
look forward to sharing the further drilling report results
shortly."
-ENDS-
For
further information 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)
Isabel de Salis, Susie
Geliher
|
+44 (0) 20
7236 1177
|
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it 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 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 `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: Recent drill collar plan with gold grade contours
from all drilling results to date, and most recent drill intercepts
in the new eastern area of high-grade gold
mineralisation.
Figure 2: Northern Zone
Project Map showing proximity to the Kalgoorlie "Super
Pit".
APPENDIX 1: Drilling Information
Table 1: Northern Zone Significant
Intercepts
|
Hole ID
|
From (m)
|
To (m)
|
Width (m)
|
Au g/t
|
Intercept
|
|
NZAC107
|
48
|
55
|
7
|
4.07
|
7m @ 4.07
g/t Au from 48m, NZAC107
|
|
including
|
48
|
52
|
4
|
6.72
|
Including 4m @ 6.72 g/t Au from 48m
|
|
NZAC108
|
48
|
56
|
8
|
2.07
|
8m @ 2.07
g/t Au from 48m, NZAC108
|
|
including
|
51
|
55
|
4
|
8.72
|
Including 4m @ 3.46 g/t Au from 51m
|
|
NZAC113
|
49
|
53
|
4
|
7.47
|
4m @ 7.47
g/t Au from 49m, NZAC113
|
|
including
|
51
|
53
|
2
|
12.36
|
including
2m @ 12.36 g/t Au from 51m
|
|
NZAC112
|
48
|
49
|
1
|
1.84
|
1m @ 1.84
g/t Au from 48m, NZAC112
|
|
NZAC094
|
42
|
44
|
2
|
1.06
|
2m @ 1.06
g/t Au from 42m, NZAC094
|
|
NZAC094
|
64
|
65
|
1
|
2.58
|
1m @ 2.58
g/t Au from 64m, NZAC094
|
|
NZAC095
|
41
|
48
|
7
|
1.16
|
7m @ 1.16
g/t Au from 41m to EOH, NZAC095
|
|
including
|
41
|
42
|
1
|
4.13
|
including
1m @ 4.13 g/t Au from 41m)
|
|
including
|
41
|
45
|
4
|
1.5
|
including
4m @ 1.5 g/t Au from 41m
|
Table 2: Northern Zone Aircore
Drill Collar Locations and information in GDA Zone 51J
|
Hole_ID
|
East
|
North
|
Depth
|
Dip
|
Elevation
|
Azimuth
|
|
NZAC086
|
381535
|
6592617
|
55
|
-90
|
357
|
0
|
|
NZAC087
|
381584
|
6592615
|
51
|
-90
|
357
|
0
|
|
NZAC088
|
381620
|
6592673
|
51
|
-90
|
357
|
0
|
|
NZAC089
|
381569
|
6592625
|
49
|
-90
|
357
|
0
|
|
NZAC090
|
381633
|
6592685
|
58
|
-90
|
357
|
0
|
|
NZAC091
|
381600
|
6592626
|
51
|
-90
|
357
|
0
|
|
NZAC092
|
381550
|
6592625
|
51
|
-90
|
357
|
0
|
|
NZAC093
|
381840
|
6592918
|
73
|
-90
|
357
|
0
|
|
NZAC094
|
381825
|
6592902
|
75
|
-90
|
357
|
0
|
|
NZAC095
|
381850
|
6592925
|
48
|
-90
|
357
|
0
|
|
NZAC096
|
381535
|
6592640
|
51
|
-90
|
357
|
0
|
|
NZAC097
|
381575
|
6592650
|
55
|
-90
|
357
|
0
|
|
NZAC098
|
381624
|
6592649
|
72
|
-90
|
357
|
0
|
|
NZAC099
|
381635
|
6592661
|
64
|
-90
|
357
|
0
|
|
NZAC100
|
381587
|
6592660
|
55
|
-90
|
357
|
0
|
|
NZAC101
|
381560
|
6592639
|
50
|
-90
|
357
|
0
|
|
NZAC102
|
381612
|
6592639
|
73
|
-90
|
357
|
0
|
|
NZAC103
|
381638
|
6592639
|
61
|
-90
|
357
|
0
|
|
NZAC104
|
381657
|
6592638
|
61
|
-90
|
357
|
0
|
|
NZAC107
|
381942
|
6592584
|
59
|
-90
|
357
|
0
|
|
NZAC108
|
381952
|
6592600
|
65
|
-90
|
357
|
0
|
|
NZAC109
|
381970
|
6592618
|
63
|
-90
|
357
|
0
|
|
NZAC110
|
381913
|
6592636
|
57
|
-90
|
357
|
0
|
|
NZAC111
|
381923
|
6592655
|
59
|
-90
|
357
|
0
|
|
NZAC112
|
381964
|
6592653
|
68
|
-90
|
357
|
0
|
|
NZAC113
|
381957
|
6592640
|
69
|
-90
|
357
|
0
|
Table 3: Northern
Zone Aircore Results at > 0.3 g/t Au Grade
Cutoff
|
Hole ID
|
From (m)
|
To (m)
|
Width (m)
|
Au Grade
(g/t)
|
|
NZAC093
|
40
|
41
|
1
|
0.3
|
|
NZAC093
|
56
|
57
|
1
|
0.88
|
|
NZAC093
|
64
|
65
|
1
|
0.33
|
|
NZAC093
|
65
|
66
|
1
|
0.94
|
|
NZAC094
|
42
|
43
|
1
|
1.56
|
|
NZAC094
|
43
|
44
|
1
|
0.55
|
|
NZAC094
|
46
|
47
|
1
|
0.98
|
|
NZAC094
|
56
|
57
|
1
|
0.78
|
|
NZAC094
|
64
|
65
|
1
|
2.58
|
|
NZAC095
|
35
|
36
|
1
|
0.35
|
|
NZAC095
|
36
|
37
|
1
|
0.4
|
|
NZAC095
|
41
|
42
|
1
|
4.13
|
|
NZAC095
|
43
|
44
|
1
|
0.5
|
|
NZAC095
|
44
|
45
|
1
|
1.45
|
|
NZAC095
|
47
|
48
|
1
|
1.89
|
|
NZAC107
|
48
|
49
|
1
|
3.6
|
|
NZAC107
|
49
|
50
|
1
|
1.91
|
|
NZAC107
|
50
|
51
|
1
|
18.31
|
|
NZAC107
|
51
|
52
|
1
|
3.05
|
|
NZAC107
|
53
|
54
|
1
|
0.73
|
|
NZAC107
|
54
|
55
|
1
|
0.75
|
|
NZAC108
|
48
|
49
|
1
|
0.48
|
|
NZAC108
|
49
|
50
|
1
|
0.78
|
|
NZAC108
|
50
|
51
|
1
|
0.87
|
|
NZAC108
|
51
|
52
|
1
|
2.71
|
|
NZAC108
|
52
|
53
|
1
|
8.72
|
|
NZAC108
|
53
|
54
|
1
|
0.91
|
|
NZAC108
|
54
|
55
|
1
|
1.5
|
|
NZAC108
|
55
|
56
|
1
|
0.57
|
|
NZAC110
|
50
|
51
|
1
|
0.35
|
|
NZAC111
|
48
|
49
|
1
|
0.81
|
|
NZAC111
|
49
|
50
|
1
|
0.33
|
|
NZAC112
|
26
|
27
|
1
|
0.46
|
|
NZAC112
|
48
|
49
|
1
|
1.84
|
|
NZAC113
|
49
|
50
|
1
|
4.67
|
|
NZAC113
|
50
|
51
|
1
|
0.5
|
|
NZAC113
|
51
|
52
|
1
|
9.83
|
|
NZAC113
|
52
|
53
|
1
|
14.89
|
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 (e.g. 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
(e.g. submarine nodules) may warrant disclosure of detailed
information.
|
Every metre drilled was placed on
the ground.
6m composites were collected using a
scoop method of sampling the coarse reject sample for the first
24m.
1m sampling using a rifle splitter
was trialed on the clays, from 24m, with sampling deemed to create
a high degree risk of smearing. The clays are not wet but have a
damp characteristic. A large metal scoop was used to sample between
70-90% of material from each metre drilled, to total between 2-3kg
samples.
Standard reference material, sample
duplicates and blanks, were undertaken at 25m sample
intervals.
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 (e.g. 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).
|
Australian Aircore Drilling
completed the program using a blade to refusal.
|
|
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 pile by the company geologist.
The sample recovery was deemed
excellent for representative assays, with consistent sample
recovery and no loss though the top of the cyclone.
The cyclone was cleaned or checked
every 3m.
|
|
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 presence
of quartz veins. All other logging is qualitative.
All metre intervals from 24m to end
of hole were chip trayed and photographed.
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.
|
1m sampling using a rifle splitter
was trailed on the clays, from 24m, with sampling deemed to create
a high degree risk of smearing. The clays are not wet but have a
damp characteristic. A large metal scoop was used to sample between
70-90% of material from each metre drilled, to total between 2-3kg
samples.
Standard reference material, sample
duplicates and blanks, were undertaken at 25m sample
intervals.
Samples were sent to the laboratory
for crushing, splitting and analysis.
The use of fire assay with 50g
charge for all AC drilling provides a level of confidence in the
assay database. The sampling and assaying are considered
representative of the in-situ material.
The sample size of 2-3 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 (e.g. standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.
|
Jinnings (Kalgoorlie) were used for
all analysis of 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 has
been marked out with a Garmin Inreach Explorer+ hand held GPS, and
will be picked up by Spectrum Surveys (Kalgoorlie) using a
DGPS.
|
|
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 nominal
Northeast-Southwest 25m spacing on traverses 15-20m
apart.
|
|
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.
|
The vertical drill holes were
designed to test for supergene mineralisation or weathered primary
ore zones and are believed to be unbiased based when interpretation
is applied at modelling results.
|
|
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 are farming into the Tenement
and have committed to spend $600,000 in exploration expenditure on
the tenement within the next two years. After Riversgold achieves
80% ownership, Oracle will be required to contribute pro-rata or
dilute.
|
|
Exploration done by other
parties
|
Acknowledgment and appraisal of exploration by other
parties.
|
The majority of previous exploration
in the area was 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 is thought to be an
Intrusion Related Gold System (IRGS) style of mineral
deposit.
Further drilling will better define
the mineralisation style, and timing of the gold mineralisation
event.
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Drill hole
Information
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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.
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Refer to Tables and Figures within
the body of the release.
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Data aggregation
methods
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In
reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g. 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.
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Intersections are weighted average
grades based on a 0.25 g/t Au cut-off with unlimited waste zones
but with a targeted grade of above 1.5g/t Au.
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Relationship between
mineralisation widths and intercept lengths
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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 (e.g. 'down hole length,
true width not known').
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The diamond drilling program 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.
The Aircore drilling was vertical
and not designed for true width, but was targeting supergene
mineralisation.
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Diagrams
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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.
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See body of the announcement for
relevant diagrams and photos.
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Balanced
reporting
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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.
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The reporting of exploration results
is considered balanced by the competent person.
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Other substantive exploration
data
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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.
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See body of the
announcement.
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Further
work
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The nature and scale of planned further work (e.g. 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.
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·
Follow up phases of drilling to further test
strike to be undertaken.
·
Core from phase 1 to allow for further
metallurgical studies.
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