Oracle Power PLC Northern Zone Mining Lease Application Submitted

RNS Number : 4090P

Oracle Power PLC

10 December 2024

 

10 December 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Mining Lease Application Submitted

Northern Zone Gold Project - Kalgoorlie

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that a Mining Lease (M25/389) application has been submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) at the Northern Zone Intrusive Hosted Gold Project ("Northern Zone Gold Project" or "Project"). The Mining Lease application can take more than 12 months and in this time the Company intends to focus on more drilling to develop the Project before proceeding with a maiden Mineral Resource Estimate.

 

Highlights:

 

·    Mining Lease (M25/389) application has been submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)

·    The Mining Lease application is based on all drilling to date at the Northern Zone Gold Project, located 25km east of Kalgoorlie

·    The Leapfrog gold mineralisation model will be used to inform and guide future drilling campaigns as the Project matures and grows.

·    The continuation of the high-grade oxide zone within the 600m wide porphyry system has been further expanded and is open in multiple directions.

 

Naheed Memon, CEO of Oracle, commented: "The lodgment of the Mining Lease application for the Northern Zone Gold Project is a great next step forward for this fast-growing project. We have drilled some very significant gold intercepts under the Kalgoorlie landscape and we have a strong belief in this project to deliver significant future value for Riversgold and Oracle Power. Conversion of the tenement status to the higher order Mining Lease will increase security of tenure of the Project to an initial 21 years and is an important next step should we wish to develop the Northern Zone Gold Project as a gold mine. We will continue to drill out this exciting project in the new year."

 

**ENDS**

 

Oracle Power PLC Naheed Memon - CEO	[phone]
Strand Hanson Limited (Nominated Adviser & Broker) Rory Murphy, Matthew Chandler, Rob Patrick	[phone]
St Brides Partners Limited (Financial PR) Isabel de Salis, Susie Geliher	[e-mail]

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018, as amended.

 

 

 

 

 

 

 

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