Northern Zone Delivers High-Grade Gold Intercepts

11 July 2024

Oracle Power PLC

("Oracle" or the "Company")

Northern Zone Delivers Further High-Grade Gold Intercepts

25km ESE of Kalgoorlie, Western Australia

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that it has received assay results from its recently completed Reverse Circulation (RC) drilling programme at the Northern Zone Intrusive Hosted Gold Project, located 25 km east of Kalgoorlie in Western Australia (refer to Figure 1 for location).

HIGHLIGHTS

·    Reverse Circulation (RC) drilling at the Northern Zone Gold Project has intersected gold mineralisation both to the north and south of the maiden diamond drill hole traverse.

·    The RC drilling targeted the shallower, up dip portion of the mineralised system, yielding several significant intercepts, including:

o  18m @ 4.14g/t   Au from 36m (hole NZRC001)

o  54m @ 0.38g/t Au from 158m (hole NZRC004)

o  14m @ 0.76g/t Au, from 226m to end of hole (EOH) (hole NZRC004)

o  15m @ 0.66g/t Au, from 160m (hole NZRC005)

o  8m @ 0.57g/t Au, from 221m to EOH (hole NZRC005)

o  9m @ 0.85g/t Au, from 176m (hole NZRC006)

o  22m @ 0.41g/t Au, from 272m to EOH (hole NZRC006)

·    Significant results from the maiden 2023 diamond drill traverse included¹:

o  110m @ 0.60 g/t Au from 208m (hole RSDD02)  

o  16.4m @ 0.45g/t Au from 83.6m (hole RSDD003)

o  13m @ 0.48g/t Au from 135m (hole RSDD003)

o  11m @ 0.49g/t Au from 197m (hole RSDD003)

o  26m @ 0.44g/t Au from 231m (hole RSDD003)

o  47m @ 0.48g/t Au from 216m (hole RSDD01)

o  84m @ 0.42g/t Au from 315m (hole RSDD003)

·    Further drilling is planned to the north-east, following the mineralised porphyry.

·    Previously announced Exploration Target at Northern Zone Gold Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for an Exploration Target of 2.5Moz - 4.8Moz of gold². 

Naheed Memon, CEO of Oracle, commented: "These latest results at the Northern Zone Gold Project have revealed shallower supergene gold mineralisation than anticipated and have delineated the south-west boundary of the gold system. The next phase of drilling will test extensions to the north-east, north-west and south-east, building on the diamond drill programme that encountered gold mineralisation up to depths of 450 metres and thicknesses exceeding 150 metres. A follow-up drill programme will also target an identified fault, believed to be a controlling feature of mineralisation in the area. This follow-up campaign will be finalised after we receive all assays from the recent air core programme, conducted concurrently with the RC drilling. We look forward to receiving these additional drilling results shortly."

The Northern Zone Gold Project has an Exploration Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t Au for 2.5 to 4.8 million oz of gold, as announced by Riversgold Limited (ASX:RGL) on the ASX on 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 more recent Oracle drilling results. It utilises data from 53 historical drillholes drilled between 1998 and 2012, and seven drillholes drilled by Oracle in 2021.

Change of Broker

The Company also announces that Strand Hanson Limited will act as its sole broker with immediate effect.

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 Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Competent Person's Statement

The information in this announcement that relates to exploration results, exploration targets, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a director of Riversgold Limited and a consultant to the company through 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 `Australasian 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 announcement.

^¹Riversgold Limited (ASX:RGL) ASX announcement of 12 December 2023 "+100metre Wide Gold Intercepts at Northern Zone Project".

² Riversgold Limited (ASX:RGL) ASX announcement of 9 May 2023 "Farm into Significant Porphyry Hosted Gold Project".

-ENDS-

For further information visit www.oraclepower.co.uk or contact:

Glossary for technical terms

Figure 1: Northern Zone Gold Project map showing proximity to the Kalgoorlie "Super Pit".

Figure 2: Northern Zone drill collar plan.

APPENDIX 1: Drilling Information

Table 1: Northern Zone Drill Collar Locations

Table 2: Northern Zone drilling significant result intercepts

Table 3: Northern Zone assay results above 0.11 g/t Au