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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oracle Power Plc | AQSE:ORCP.GB | Aquis Stock Exchange | Ordinary Share | GB00B23JN426 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.001 | 7.14% | 0.015 | 0.012 | 0.018 | 0.0173 | 0.014 | 0.014 | 7,996,089 | 15:30:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2023 to Feb 2025
TIDMORCP
RNS Number : 9027J
Oracle Power PLC
21 August 2023
21 August 2023
Oracle Power PLC
("Oracle" or the "Company")
Northern Zone Update: Completion
of Diamond Drilling
Oracle Power PLC, an international project developer, is pleased to announce an update in relation to further development of Northern Zone project by Riversgold Limited ("Riversgold"). On 9 May 2023, Oracle announced signing of a binding Heads of Agreement with ASX listed Riversgold to farm-in to licence P25/2651, known as the Northern Zone Gold Project, located 26 km east of Kalgoorlie in Western Australia (the "Northern Zone" or the "Project").
Riversgold has today announced it has completed its maiden diamond drilling programme at the Northern Zone.
Drilling Highlights:
-- Diamond drilling of entire central cross-section to 450m vertical depth completed to validate exploration model
-- Previously announced exploration target of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold from historical drilling
-- Visible alteration on all holes exceeded initial expectations with all four holes drilled deeper than planned
-- Programme aim was to:
o Confirm the mineralisation style
o Mineralisation widths and gold grades
o Oriented core to gather structural orientation of the mineralisation
-- Drill cores are now being moved to ALS in Perth for cutting, photography and assay
CEO of Oracle, Naheed Memon, commented: "I am very pleased to see this promising update on our Northern Zone asset from Rivergold. Prior to this, Oracle's work at the Northern Zone, had established that the gold system encountered at the project has potential scale, with a multi-million-ounce gold exploration target. This has been substantiated today with very wide zones of intense alteration in all four diamond drill holes demonstrating the high gold prospectivity. We will eagerly await further updates on gold grades and widths in due course.
"Following Oracle's initial exploratory work leading to the diamond drilling programme, Riversgold took little time to get on the ground at Northern Zone. With a local, and ASX listed partner who has exploration and development expertise in the region, we are well placed to deliver for the benefit of our shareholders, and we look forward to sharing further updates of the results of the drilling as we work towards firming the gold prospect at Northern Zone."
The announcement published by Riversgold today is set out below without material adjustment and can be found at https://www.riversgold.com.au/investors/asx-announcements/
"Riversgold Limited (ASX: RGL, Riversgold or the Company) announces that it has completed its maiden diamond drilling program at the Northern Zone Intrusive Hosted Gold Project located 26 km east of Kalgoorlie in Western Australia. Refer to Figure 1 for location.
On the 9 May 2023, RGL announced the acquisition of an 80% earn-in to Northern Zone. A 4 hole, 1,379m oriented core diamond drilling program has now been completed and RGL expects to complete the earn-in commitments for the 80% interest in the tenement, once the assays and reporting have been completed.
The Northern Zone Project has an Exploration Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t for an exploration target of 2.5 to 4.8 million oz of Gold, announced by RGL to the ASX on the 9 May 2023.
Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The reader is advised that an Exploration Target is based on existing drill results and geological observations from drilling as well as interpretation of multiple available datasets. The exploration target is based on historical and Oracle drilling results. It uses data from 53 historical drillholes drilled between 1998 and 2012, and 7 drillholes drilled by Oracle in 2021. Refer to Appendix 1 for further information with respect to these exploration results.
The initial aims of the first phase of diamond drilling exploration at Northern Zone are to confirm the mineralisation style, confirm the very wide widths of gold mineralisation seen previously in the RC Drilling, and confirm gold grades and gold distribution. Secondly, the aims are to generate mineral orientation and structural information and lastly to generate sufficient core to allow for both metallurgical studies and allow for the geophysical characterisation of the core with the view of potential using this information to fast track and better define the size of the mineralised envelope, through improved drill design. RGL is optimistic that all these aims and milestones can be achieved from the drill core.
David Lenigas, Executive Chairman of RGL, said: "The very wide zones of intense alteration in all 4 diamond drill holes on this X section demonstrates the high gold prospectivity of the Northern Zone Project and endorses RGL's investment in this project in a well-endowed Province, which is seeing the emergence of intrusive related gold hosted mineralised systems as a genuine host to gold mineralisation. The big questions on actual gold grades and widths will be answered when ALS complete their work in their Perth facilities over the coming weeks."
The Northern Zone Project is located 26km, 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 9kms consists of 4km of a high-quality haul road with the last 5kms on a station road. The topography is flat lying, open scrub with several historical remnant gold and nickel excavation pits less than 5 kms from the prospect site.
Drilling Contractor DDH1 completed the drilling at Northern Zone using a combination of HQ3 and NQ2 diamond drilling. The core was logged by contract geologists BMGS in Kalgoorlie, with oversight from RGL geologists. The detailed logging showed that the host rock to the mineralisation is structurally competent and tonalitic in composition. The mineralisation event has introduced significant micro-fracturing and quartz veining, which acts as the conduit for the significant thicknesses of silica, albite, hematite and fine-grained pyrite alteration (Figure 2, Table 1). This style of alteration is the typical alteration pattern associated with intrusive gold related mineralisation. Internal to the broad zones of alteration are narrower zones of more intense alteration and complete textural destruction of the host rock (Figure 3).
Cautionary Statement: RGL has not yet quantitatively determined whether the core is gold mineralised or not. The core photograph is provided to support RGL ' s hypothesis that Northern Zone is likely to be an Intrusive Relative Gold Deposit (IRGD) model where mineralisation occurs in microfractures associated with hydrothermal fluids which is visually evident in the core and is associated with alteration of the more brittle host rock. The diamond drill holes are within a central drill section where RC drill results for gold were previously reported (See ASX release 9 May 2023 " Farm into Significant Porphyry Hosted Gold Project "
Next Steps
RGL will:
-- Complete logging of the core, -- Undertake core cutting and sampling of the core,
-- Complete interpretation of the geological and assay results upon receipt of the assay results,
-- Undertake further metallurgical test work if warranted, -- Undertake further drilling towards defining a resource at Northern Zone.
Competent Persons Statement
The Information in this report that relates to exploration results, exploration targets, mineral resources or ore reserves is based on information compiled by Mr Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is a consultant to the company. Mr Younger 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 Younger consents to the inclusion of this information in the form and context in which it appears in this report."
APPIX 1: Drilling Information
Table 1: Collar Locations for RGL's Phase 1 Diamond Drilling Program (MGA94 Z50)
Hot Features
Premium
Hole ID Easting Northing Dip/Azimuth RL Final Depth
(m)
RSDD01 381675 6592555 -60/215 356 300
-------- --------- ------------ ---- ------------
RSDD02 381775 6592715 -60/215 356 406
-------- --------- ------------ ---- ------------
RSDD03 381835 6592795 -60/215 356 510.1
-------- --------- ------------ ---- ------------
RSDD04 381595 6592555 -60/215 356 162.6
-------- --------- ------------ ---- ------------
Table 2: Northern Zone Alteration Details
Hole Final Intense Intense Intense All Alteration All Alteration All Alteration
ID Depth Alteration Alteration Alteration From (m) To (m) DH Width
(m) From (m) To (m) DH Width (m)
(m)
RSDD01 300. 209 262 53 73 297
------- ------------ ------------ ------------ --------------- --------------- ---------------
284 296 12
------- ------------ ------------ ------------ --------------- ---------------
232 260 28 224
------- ------------ ------------ ------------ --------------- --------------- ---------------
RSDD02 406 137 140 3 115 406 291
------- ------------ ------------ ------------ --------------- --------------- ---------------
266 278 12
------- ------------ ------------ ------------ --------------- --------------- ---------------
280 322 42
------------ ------------ ------------
338 343 5
------------ ------------ ------------
349 351 2
------------ ------------ ------------
402 405 3
------- ------------ ------------ ------------ --------------- --------------- ---------------
RSDD03 510.1 252 262 10 87 502 415
------- ------------ ------------ ------------ --------------- --------------- ---------------
277 310 33
------- ------------ ------------ ------------ --------------- --------------- ---------------
419 423 4
------------ ------------ ------------
436 442 6
------------ ------------ ------------
449 458 9
------- ------------ ------------ ------------ --------------- --------------- ---------------
RSDD04 162.6 131 154 23 25 155 130
------- ------------ ------------ ------------ --------------- --------------- ---------------
APPIX 2
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 (eg cut channels, * The samples were whole core HQ3 or NQ2 sized, with
random chips, or specific specialised industry roller pre-collars.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * The core is yet to be cut or assayed and as such no
examples should not be taken as limiting the broad statements as to mineralisation within the core can
meaning of sampling. be made.
* 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 (eg
submarine nodules) may warrant disclosure of detailed
information.
------------------------------------------------------------ ------------------------------------------------------------
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Diamond core HQ3 or NQ2 sized, with roller
hammer, rotary air blast, auger, Bangka, sonic, etc) pre-collars. The core has been oriented with standard
and details (eg core diameter, triple or standard and modern down hole orientation techniques.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
------------------------------------------------------------ ------------------------------------------------------------
Drill sample
recovery * Method of recording and assessing core and chip * Recovery logs were recorded by the field geologist.
sample recoveries and results assessed. Recovery was excellent even through broken ground.
* 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.
------------------------------------------------------------ ------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * The core has been professionally logged by Kalgoorlie
and geotechnically logged to a level of detail to based consultant and contract geologists with
support appropriate Mineral Resource estimation, oversight from RGL geologists. 100% of the core has
mining studies and metallurgical studies. been logged.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
------------------------------------------------------------ ------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * The core is currently still whole and has not been
and sample half or all core taken. sampled. It will be sampled as half core at the
preparation completion of full geological and structural logging.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry. * No sub sampling has been applied to the core.
* 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.
------------------------------------------------------------ ------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * The core is yet to be submitted to the laboratory for
data and assaying and laboratory procedures used and whether assaying.
laboratory the technique is considered partial or total.
tests
* 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 (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
------------------------------------------------------------ ------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * The core is yet to be submitted to the laboratory for
and assaying either independent or alternative company personnel. assaying.
* 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.
------------------------------------------------------------ ------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate drill * The collar position of each hole was recorded using
points holes (collar and down-hole surveys), trenches, mine handheld GPS. The down hole survey data was taken at
workings and other locations used in Mineral Resource 30m using standard down hole gyro tools.
estimation.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
------------------------------------------------------------ ------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * The holes were drilled on a single section, between
distribution existing RC holes. This spacing is sufficient to
establish grade and geological continuity of this
* Whether the data spacing and distribution is particular drill section.
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.
------------------------------------------------------------ ------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * This is currently unknown, as RGL is yet to assay the
in relation sampling of possible structures and the extent to core and final detailed logging is ongoing.
to which this is known, considering the deposit type.
geological
structure
* 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.
------------------------------------------------------------ ------------------------------------------------------------
Sample
security * The measures taken to ensure sample security. * The core was collected from the rig by BMGS contract
geologists and stored securely in their Kalgoorlie
yard where it was logged. The core was then strapped
and wrapped and shipped via commercial transport to
ALS in Perth.
------------------------------------------------------------ ------------------------------------------------------------
Audits
or reviews * The results of any audits or reviews of sampling * Data reviews will be conducted when all of the final
techniques and data. assay results have been received from the lab.
------------------------------------------------------------ ------------------------------------------------------------
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The Northern Zone Project is comprised of one granted
and land including agreements or material issues with third prospecting licence (P25/2651) which covers an area
tenure status parties such as joint ventures, partnerships, of 82 hectares, and is held in the name of Oracle
overriding royalties, native title interests, Gold (WA) Pty Ltd.
historical sites, wilderness or national park and
environmental settings.
* RGL are farming into the Tenement and following this
program are expected to have earned an 80% interest.
* 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.
--------------------------------------------------------------- --------------------------------------------------------------
Exploration
done by * Acknowledgment and appraisal of exploration by other * See reference in the body of the announcement.
other parties 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 intersections were made
within the area of the PL including BNRC066 listed
below.
--------------------------------------------------------------- --------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The deposit sought is IGR style of mineral deposit.
mineralisation.
--------------------------------------------------------------- --------------------------------------------------------------
Drill hole
Information * A summary of all information material to the * No assays of the drill holes have been submitted or
understanding of the exploration results including a assayed yet. The Drill Hole logs will be completed
tabulation of the following information for all once the assay have been received.
Material drill holes:
o easting and northing of the
drill hole collar
o elevation or RL (Reduced Level
- elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o 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.
--------------------------------------------------------------- --------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * As there has been no assay data received, no data
methods techniques, maximum and/or minimum grade truncations aggregation has been applied to the assay grades and
(eg cutting of high grades) and cut-off grades are no metals equivalence calculations have been
usually Material and should be stated. undertaken.
* 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.
--------------------------------------------------------------- --------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * As RGL has not undertaken any assaying yet no comment
mineralisation reporting of Exploration Results. can be made about mineralisation widths.
widths and
intercept
lengths * 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 (eg 'down hole length, true width not known').
--------------------------------------------------------------- --------------------------------------------------------------
Diagrams
* Appropriate maps and sections (with scales) and * See body of the announcement for relevant diagrams
tabulations of intercepts should be included for any and photos.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
--------------------------------------------------------------- --------------------------------------------------------------
Balanced
reporting * Where comprehensive reporting of all Exploration * No assay grades are reported in this announcement,
Results is not practicable, representative reporting and reference to alteration is to indicate the style
of both low and high grades and/or widths should be of mineralisation or potential deposit type.
practiced to avoid misleading reporting of
Exploration Results.
* The reporting of exploration results is considered
balanced by the competent person.
--------------------------------------------------------------- --------------------------------------------------------------
Other * See body of the announcement
substantive * Other exploration data, if meaningful and material,
exploration should be reported including (but not limited to):
data 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.
--------------------------------------------------------------- --------------------------------------------------------------
Further
work * The nature and scale of planned further work (eg * The initial aims of the first phase of diamond
tests for lateral extensions or depth extensions or drilling exploration at Northern Zone are to confirm
large-scale step-out drilling). the mineralisation style, confirm the very wide
widths of mineralisation seen previously on the
central section that the diamond drilling has been
* Diagrams clearly highlighting the areas of possible completed on, and confirm gold grades and gold
extensions, including the main geological distribution. Secondly, the aims are to generate
interpretations and future drilling areas, provided mineral orientation and structural information and
this information is not commercially sensitive. lastly to generate sufficient core to allow for both
metallurgical studies and allow for the geophysical
characterisation of the core with the view of
potentially using this information to fast track and
better define the size of the mineralised envelope,
through improved drill design.
--------------------------------------------------------------- --------------------------------------------------------------
*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 and Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis +44 (0) 20 7236 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish one of the largest green hydrogen production facilities in the region.
About Northern Zone Project :
The Northern Zone Project is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares (Figure 1). The Project is located 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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