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Oracle Power PLC announced on 12 October 2021 the completion of the first phase of Reverse Circulation (RC) drilling at its Northern Zone Gold Project in Western Australia. Drillholes reached depths of up to 260 metres, and 1,161 samples were dispatched to ALS Global. The project covers 82 hectares and is located 25km east of Kalgoorlie.
| Date | 12 Oct 2021 |
| Time | 09:30:07 |
| Category | Corporate updates |
| ID | 7966O |
12 October 2021
Oracle Power PLC
("Oracle", the "Company")
Drilling Completed at Northern Zone Gold Project, Western Australia
Oracle Power PLC (AIM:ORCP, AQSE:ORCP), the international natural resources project developer, is pleased to announce that the first phase of Reverse Circulation (RC) drilling has been successfully completed at the Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia ("Northern Zone" or the "Project").
Highlights:
· First phase Reverse Circulation (RC) drilling has been completed
· Drillholes up to 260 metres deep mainly targeting gold mineralisation within a series of stacked porphyry intrusions
· 1,161 samples have been dispatched to ALS Global
Naheed Memon, CEO of Oracle, commented:
"I am pleased to report the successful conclusion of our maiden drill programme at Northern Zone. The geophysical analysis completed earlier in 2021 points to an extremely exciting new gold zone and I Iook forward to sharing the results of the drilling once received from the laboratory."
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.
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/7966O_1-2021-10-12.pdf
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.
*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
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.
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company 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.
The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility in association with PowerChina. The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.