TIDMORCP
RNS Number : 4677L
Oracle Power PLC
13 January 2021
13 January 2021
Oracle Power PLC
("Oracle" or the "Company")
Processing and Interpretation of Magnetics and IP Confirms
Prospectivity of Northern Zone Gold Project
Oracle Power PLC (AIM:ORCP), the international natural resources
and power project developer, is pleased to announce that it has
completed the processing and interpretation of the available
magnetic and IP (Induced Polarisation) geophysical datasets across
the Northern Zone Gold Project, located east of Kalgoorlie in
Western Australia ("Northern Zone" or the "Project").
Highlights:
-- Interpretation of geology based on magnetics supports the
model of a sequence of mafic and ultramafic volcanic rocks, with
interbedded sediments and felsic volcanics, that have been intruded
by granitic and porphyry intrusions.
-- Gold mineralisation identified to date is associated with these felsic intrusive bodies.
-- Interpretation of IP geophysics has determined there is a
strong correlation between previous drilling and IP chargeability
anomalies.
-- Targeting based on the IP inversion conducted has revealed
undrilled targets and potential for mineralisation down dip of
drill defined targets.
Naheed Memon, CEO of Oracle, commented :
"The processing of magnetics and IP geophysical data across the
Northern Zone has provided us with a direct target model for
further drilling to be undertaken. We are strongly encouraged by
the IP chargeability anomalies, which are yet to be drill tested.
In addition, down dip extensions to known mineralisation have been
identified and remain as high priority drill targets. Our next
phase of activities will involve detailed modelling of previous
drilling results, with the aim of defining a comprehensive
geological model to target further drilling."
To view the RNS with images, please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4677L_1-2021-1-12.pdf
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting
licence (P25/2651) which covers an area of 82 hectares. The Project
is in an area highly prospective for gold and is approximately 25km
east of Kalgoorlie, the home of the 'Super Pit' mine, the second
largest gold mine in Australia, 40km north of Kambalda and 55km
east-north-east from Coolgardie.
Figure 1 : Northern Zone Project location map showing proximity
to the Kalgoorlie "Super Pit".
The main host for potential gold mineralisation is the
auriferous veins in granitic intrusions in the N-S structural
corridor. However, the northern portion is covered by deep
transported material up to 70m thick, making geochemical detection
of mineralisation difficult and requiring drilling.
There have been several historic drill programmes conducted on
the project area from 1998-2012. There are many significant drill
intercepts historically reported, with some of the more significant
gold drilling intercepts including:
-- 9m @ 5.06 grams per tonne gold ("g/t Au") - hole BNRC017
-- 1m @ 39.82 g/t Au - hole BNRC033
-- 2m @ 23.27 g/t Au and 40m @1.2 g/t Au - hole BNRC069
-- 6m @2.12 g/t Au and 2m @ 12.98 g/t Au - hole BNRC051
-- 3m @3.72 g/t Au - BNRC067
-- 217m @ 0.51 g/t Au - BNRC066
-- 10m @ 2.1 g/t Au - BNRC079
-- 6m @2.31 g/t Au and 3m @ 2.85 g/t Au - BNRC080
-- 28m @ 0.84g/t Au and 48m @ 1.65g/t Au (including 4m at 7.7g/t Au) - BNRC095
Previous drilling at Northern Zone also recorded very
significant results for nickel, with some of the more notable
intercepts including:
-- 10m @ 1.07% nickel ("Ni") - hole BNRC012
-- 21m @ 1.09% Ni - hole BNR0142
-- 4m @ 1.33% Ni - hole BNRC012
-- 4m @ 1.16% Ni - hole BNR0146
Magnetic Modelling of the Northern Zone:
The interpretation of the geology based on magnetics supports a
model of a sequence of mafic and ultramafic volcanic rocks with
interbedded sediments and felsic volcanics that have intruded by
granitic and porphyry intrusions (multiple phases of felsic
intrusive activity). The gold mineralisation is associated with
these felsic intrusions.
Figure 2 : Magnetic Imagery, Regional Gold Occurrences and IP
Lines (pink)
Induced Polarisation Modelling of Northern Zone:
An IP geophysical survey was carried out over the Northern Zone
in 2010 to delineate targets for proposed diamond drilling. Three
diamond drill holes were targeted at the resulting IP anomalies and
returned significant intersections with visible gold associated
with pyrite. The success of this drilling was partly due to the
targeting of geophysical 2D IP inversion.
Six lines, two hundred metres apart, with 100m dipole-dipole
arrays were surveyed. The IP response from these data was then
inverted utilizing the Zonge 2D IP inversion routine. The results
are similar to that produced by Newexco using the UBC 2D IP.
Several anomalous chargeability responses are evident, with the
strongest response observed on the northern most line. The IP
responses appear to be strengthening to the south as well.
The gold mineralisation is associated with weak IP response. The
gold is also associated with a magnetic low and IP resistive zones
(typical felsic response). The IP response is most likely sourced
by sulphides (pyrite) within the felsic intrusions/greenstone
units.
The IP zones that have not been drilled remain as priority drill
targets, especially to the north and south where the higher IP
responses most likely reflected higher pyrite content and may be
gold. It should be noted the resistivity can be used to map the
thickness of cover (more conductive than the basement.
Figure 3 : 3D Magnetics and 2D IP Models
*ENDS*
For further information on Oracle Power Plc, visit the Company's
website http://www.oraclepower.co.uk or contact:
Oracle Power PLC +44 (0) 203 580
Naheed Memon 4314
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
Rory Murphy, James Harris, Jack Botros 3494
Brandon Hill Capital Limited (Joint Broker) +44 (0) 203 463
Oliver Stansfield 5000
Shard Capital (Joint Broker)
Damon Heath +44 (0) 20 7186
Isabella Pierre 9952
St Brides Partners Limited (Financial
PR)
Susie Geliher +44 (0) 20 7236
Catherine Leftley 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power
project developer listed on London's AIM market. The Company is
focussed on delivering reliable and affordable power in emerging
developing markets, unlocking the value of underutilised and
undeveloped natural resources to provide energy security and
support economic growth and development. Its initial project is the
Thar Block VI Project in the Thar desert in the south-east of the
Sindh province of Pakistan. The Thar Project is a 66.1 sq km
licence containing 1.4 billion tonnes of coal, where the Company,
in tandem with its partners China National Coal Development Company
Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed
Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal
mine, a 1,320MW mine mouth power plant and a proposed coal
gasification to urea project.
The Company also holds two highly prospective gold assets in two
globally significant gold regions of Western Australia. The
Northern Zone Project is located 25km east of the major gold mining
centre of Kalgoorlie, the home of the 'Super Pit' mine, the second
largest gold mine in Australia, and the Jundee East Gold Project is
located 9km east of Northern Star's Jundee Gold Mine, one of
Australia's largest gold mines.
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