TIDMORCP
RNS Number : 8335L
Oracle Power PLC
15 September 2021
15 September 2021
Oracle Power PLC
("Oracle", the "Company")
Drilling Underway at Northern Zone
Northern Zone Gold Project, Kalgoorlie, Western Australia
Oracle Power PLC (AIM:ORCP), the international natural resources
project developer, is pleased to announce that, as anticipated
following the approval of the Programme of Work, the drill
programme is underway at the Northern Zone Gold Project, located
25km east of Kalgoorlie in Western Australia ("Northern Zone" or
the "Project"). The first phase is to complete seven Reverse
Circulation (RC) drillholes up to 260 metres deep, for a total of
1,500 metres specifically targeting gold mineralisation within a
series of stacked porphyry intrusions.
Naheed Memon, CEO of Oracle, commented :
"It is fantastic to start Oracle's maiden Australian drill
programme at Northern Zone, and a big step forward with respect to
our Western Australian gold strategy. The drill programme will take
about two weeks to complete and I look forward to the results of
this maiden drill programme six-eight weeks from the end of
drilling as we will be assaying samples in Queensland, to expedite
results."
Click on, or paste the following link into your web browser, to
view the associated PDF document with pictures included:
http://www.rns-pdf.londonstockexchange.com/rns/8335L_1-2021-9-15.pdf
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting
licence (P25/2651) which covers an area of 82 hectares (Figure 1).
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.
Northern Zone Drilling Programme:
The tenement is covered by either deeply weathered bedrock or
transported alluvial clays and colluvium; the geological
interpretation of the subsurface is entirely dependent on
interpretation of geophysical data and primarily aeromagnetic
data.
Figure 2a & 2b show the strong response of the ultramafic
unit within the magnetic data and the distinctive arc within the
sequence.
The ultramafic is the source of nickel laterite on the tenement
which has been concentrated within the lateritic clay profile; the
nickel is likely to have been derived from the release of material
contained within the lattice of ferro-magnesian minerals.
The lesser more fragmented magnetic response to the east of the
ultramafic is inferred to be a mafic sequence based on the
significant amount of basaltic material intersected within the
tenement.
The arcuate shape is inferred to be a function of alteration
within a fold flexure given the substantial amounts of porphyritic
and granitoid units intersected in drilling.
The linears sketched in response to the magnetic texture is
generally viewed as minor faults/jogs given the apparent changes in
the continuity of the ultramafic magnetic response to the west.
The configuration of the porphyry units is interpreted from
historical drill data, and they are inferred to have a NW-NNW
orientation, this may be partially due to the NW striking faults
but there is insufficient information to adequately interpret these
effects.
The porphyry units are currently only interpreted to extend over
about 150m but are either untested or very shallowly tested by the
drilling along strike. Additionally, most of the drilling has been
orientated towards the east and at -60(o) , which is sub-parallel
to the dip of the porphyry units.
The main section of proposed drilling (four holes) is planned to
intersect the porphyry unit in proximity to the major intersections
and to confirm the interpreted "stacking" of these units.
The southern section of two holes is to test for potential
strike extensions into a zone where all drilling has been to the
east. The northern hole is to confirm the presence of mineralised
porphyry units on the southern margin of an entirely untested zone
>300m long .
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 grammes 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
Competent Persons Statement
The Information in this report that relates to exploration
results, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Mead is a consultant to the
company and employed by 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 report.
About Oracle Power PLC:
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.
*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)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
Brandon Hill Capital Limited (Joint Broker)
Oliver Stansfield +44 (0) 203 463 5000
Shard Capital (Joint Broker)
Damon Heath, Isabella Pierre +44 (0) 20 7186 9952
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177
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