25 September 2024

Oracle Power PLC

("Oracle" or the "Company")

Northern Zone Gold Project Drill Results

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to provide an update regarding the Northern Zone Intrusive Hosted Gold Project in Western Australia (the "Northern Zone Project" or the "Project"). This includes the full assay results (including the 8 drill holes announced on 19 September 2024) from the 1,826m aircore ("AC") drilling programme undertaken during August and September 2024, which continue to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system at the Project. 

Highlights

·    New highest-grade interval to date from shallow drilling at the Northern Zone Project

o  1m  of 58.09 g/t gold within intercept of 5m @12.27 g/t Au (NZAC062)

·    Significant shallow gold intercepts include:

o  7m @ 3.90 g/t Au from 35m (NZAC055)

o  4m @ 3.97 g/t Au from 32m (NZAC061)

o  4m @ 6.92 g/t Au from 57m (NZAC061)

o  5m @ 12.27 g/t Au from 32m (NZAC062) (inc. 1m @ 58.09 g/t Au from 34m)

o  11m @ 1.44 g/t Au from 29m (NZAC064)

o  29m @ 1.29 g/t Au from 54m (NZAC065)

o  5m @ 2.07 g/t Au from 46m (NZAC068)

o  6m @ 3.48 g/t Au from 73m (NZAC077)

o  8m @ 2.07 g/t Au from 50m (NZAC079)

·    Targeted drilling continues to intersect the top of a large blind porphyry system, with widths now approaching 600m (refer to Figure 1).

·    Further drilling is being designed utilising  Leapfrog software to follow up these latest high-grade intercepts, and to target the expanding footprint of the mineralised porphyry.

·    Drilling continues to validate the geological model for the previously announced Exploration Target at the Northern Zone Gold Project of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of gold.^[1]

Naheed Memon, CEO of Oracle, commented: "These latest set of significant high-grade gold assays at Northern Zone continue to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system, which is located just east of Kalgoorlie, Western Australia. Plans to drill more shallow holes across the tenement are now being developed to further explore the upper elevation of this blind porphyry, with modelling using Leapfrog software driving the planning. As the Australian dollar gold price approaches $4,000, this gold project is fast becoming very interesting."

Figure 1: Cross-section of interpreted Au grade 3D model of Northern Zone, constrained to all existing drill holes that have been reported by Riversgold and to footnotes for all releases that contain drilling information. Refer to Figure 3 for the plan location of the section line.

Details

The Northern Zone Project located 25km east-south-east of the Kalgoorlie Super Pit in Western Australia (refer to Figure 2 for location), is being advanced with ASX-listed, Riversgold Limited ("Riversgold" or "RGL"), which has the right to earn up to 80% interest in the tenement, as detailed in the Company's announcement of 9 May 2023. 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 Au for 2.5 million oz to 4.8 million oz of gold, as announced by Riversgold on the ASX on 9 May 2023.

Following on from successful AC programmes completed in May and July 2024, Riversgold engaged drilling contractor Australian Aircore Drilling (Mick Shorter) to undertake a third AC programme for a further 30 holes in late August and early September 2024. A further 1,826m of AC drilling was completed at the Northern Zone Project in the most recent drilling campaign, bringing the total number of metres drilled this year to 7,426m of AC drilling and 1,363m of reverse circulation ("RC") drilling.

The AC holes were drilled using a blade to drilling refusal. The cuttings were logged by RGL geologists, and both the detailed logging and assays continue to show that a significant gold mineralisation event has taken place within the project area.

All historical and recent drilling data for a total of 189 drillholes at the Northern Zone Project has now been uploaded into Leapfrog software enabling the generation of a gold grade model (refer to Figure 1). Leapfrog will now be used to guide the next round of drilling as the Company and Riversgold (the "JV") continue to progress the Project.

Results from the recent 30-hole AC drill programme have been received with significant intercepts including:

·    4m @ 0.63 g/t Au from 27m (NZAC081)

·    1m @ 1.04 g/t Au from 63m (NZAC081)

·    1m @ 0.37 g/t Au from 32m (NZAC082)

·    1m @ 0.32/t Au from 27m (NZAC083)

·    2m @ 0.94 g/t Au from 36m (NZAC083)

·    1m @ 1.95 g/t Au from 34m (NZAC060)

·    2m @ 1.22 g/t Au from 56m (NZAC060)

·    5m @ 1.5 g/t Au from 30m (NZAC054)

·    1m @ 0.33 g/t Au from 50m (NZAC054)

·    1m @ 0.72 g/t Au from 63m (NZAC054)

·    4m @ 1.05 g/t Au from 30m (NZAC080)

·    1m @ 0.91 g/t Au from 50m (NZAC080)

·    2m @ 2.72 g/t Au from 33m (NZAC056)

·    7m @ 3.9 g/t Au from 35m (NZAC055) (incl 1m at 6.84 g/t Au from 35m and

·    2m at 6.67 g/t Au from 37m)

·    1m @ 11.39 g/t Au from 31m (NZAC057)

·    1m @ 1.21 g/t Au from 32m (NZAC058)

·    4m @ 3.97 g/t Au from 32m (NZAC061) (incl 1m at 11.88 g/t Au from 32m)

·    4m @ 6.92 g/t Au from 57m (NZAC061) (incl 1m at 26.49 g/t Au from 57m)

·    5m @ 0.53 g/t Au from 75m (NZAC061)

·    5m @ 12.27 g/t Au from 32m (NZAC062) (incl 1m at 58.09 g/t Au from 34m)

·    7m @ 0.61 g/t Au from 33m (NZAC063)

·    11m @ 1.44 g/t Au from 29m (NZAC064) (incl 1m at 4.09 g/t Au from 32m)

·    29m @ 1.29 g/t Au from 30m (NZAC065) (incl 2m at 8.39 g/t Au from 33m and

·    1m at 6.07 g/t Au from 42m)

·    1m @ 1.09 g/t Au from 54m (NZAC066)

·    3m @ 0.52 g/t Au from 49m (NZAC067)

·    5m @ 2.07 g/t Au from 46m (NZAC068) (incl 1m at 8.74 g/t Au from 50m)

·    1m @ 1.42 g/t Au from 51m (NZAC069)

·    5m @ 1.17 g/t Au from 46m (NZAC070) (incl 1m at 5.55 g/t Au from 50m)

·    1m @ 1.05 g/t Au from 33m (NZAC072)

·    4m @ 1.75 g/t Au from 53m (NZAC072) (incl 1m at 5.48 g/t Au from 53m)

·    6m @ 3.48 g/t Au from 73m (NZAC077) (incl 1m at 16.03 g/t Au from 77m)

·    8m @ 2.07 g/t Au from 50m (NZAC079) (2m composites)

·    1m @ 1.09 g/t Au from 54m (NZAC085)

Significant shallow gold intercepts from the August 2024 AC drilling programme include:

·    16m @ 4.69 g/t Au from 30m (NZAC033)

·    4m @ 6.9 g/t Au from 39m (NZAC029)

·    3m @ 3.32 g/t Au from 35m (NZAC030)

·    9m @ 1.2 g/t Au from 31m (NZAC048)

RC drilling from the July 2024 programme targeted the shallower, up dip portion of the mineralised system, yielding several significant intercepts, including: 

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

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

·  14m @ 0.76g/t Au, from 226m (NZRC004)

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

·  8m @ 0.57g/t Au, from 221m (NZRC005)

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

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

Significant results from the maiden 2023 diamond drill traverse programme included:

·  110m @ 0.6 g/t Au from 208m (RSDD02)

·  5m @ 3.03g/t Au from 221m

·  1m @ 4.77g/t Au from 248m

·  1m @ 5.26g/t Au from 262m

·  13m @ 1.29g/t Au from 274m

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

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

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

·  25m @ 0.44g/t Au from 231m (RSDD003)

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

·  8m @ 0.55g/t Au from 127m (RSDD02)

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

·  4m @ 0.52g/t Au from 34m (RSDD04)

·  8m @ 0.43g/t Au from 77m (RSDD04)

·  4m @ 0.47g/t Au from 92m (RSDD04)

Significant results from 2021 and prior RC drilling include :

·  154m @ 0.58g/t Au from 98m (21OPRC004) incl 4m @ 5.39g/t Au from 182m

·  142m @ 0.42g/t Au from 62m (BNRC081)

·  330m @ 0.49 g/t Au from 30m (BNRC066) incl 54.79m @ 1.15g/t Au from 213m

·  117.7m @ 0.35g/t Au from 120.3m (BNRC034)

·  66m @ 0.89g/t Au from 30m (BNRC069)

·  38m @ 0.47g/t Au from 73m (BNRC084)

·  29m @ 1.84g/t Au from 33m (BNRC017)

The above results indicate that the JV is successfully continuing to probe the porphyry over an increasing footprint within the tenement. The JV will continue drilling to further its understanding of the Project before proceeding with a Mineral Resource Estimate ("MRE").

Mineralisation remains open in multiple directions, necessitating further drilling campaigns. Refer to Figure 3 for drilling locations, and Tables 1 to 3 for location and assay results.

-ENDS-

For further information contact:

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.

Figure 3: Drill collar plan with gold grade contours from all drilling results to date and section line (Figure 1).

APPENDIX 1: Drilling Information

Table 1: Northern Zone Significant Intercepts

Table 2:  Northern Zone Aircore Drill Collar Locations and information in GDA Zone 51J

Table 3: Northern Zone Aircore Results at > 0.3 g/t Au Grade Cutoff

APPENDIX 2: JORC INFORMATION

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)

Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)