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On 19 March 2025, Oracle Power PLC and partner Riversgold Limited announced the receipt of assay results for two of 11 Reverse Circulation (RC) drill holes from a 1,289-meter programme at the Northern Zone Gold Project in Western Australia. The results include 7m @ 3.62 g/t Au from 39m in hole NZRC007 and 5m @ 4.37 g/t Au from 37m in hole NZRC008. A further 2,000 meters of drilling commenced on the same day.
| Date | 19 Mar 2025 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 1939B |
19 March 2025
Oracle Power PLC
("Oracle" or the "Company")
Assay Results from Northern Zone Gold Project
Assay results for two of 11 holes have been received and continue to confirm high grade gold intercepts within a lower porphyry grade gold halo
Oracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce the receipt of assay results for the first two Reverse Circulation (RC) drill holes of an 11 drillhole programme for 1,289 metres recently completed at the Northern Zone Intrusive Hosted Gold Project ("Northern Zone"), located 25km east of Kalgoorlie in Western Australia (please refer to Figure 1 for location).
These initial results, summarised below, indicate that the Company and Riversgold Limited (ASX:RGL), its partner at Northern Zone, have successfully continued to probe the porphyry over an increasing footprint within the tenement area. The partnership is now undertaking further drilling to enhance its understanding of the project before proceeding with preparation of a Mineral Resource Estimate (MRE).
Highlights:
o Significant shallow gold intercepts from two RC drill holes have been received:
§ 7m @ 3.62 g/t Au from 39m (NZRC007)
§ 1m @ 10.81 g/t Au from 42m (NZRC007)
§ 1m @ 12.10 g/t Au from 44m (NZRC007)
§ 1m @ 3.97 g/t Au from 52m (NZRC007)
The above significant intercepts sit within a larger zone of 54m @ 0.65 g/t Au from 39m (NZRC007)
§ 5m @ 4.37 g/t Au from 37m (NZRC008)
§ 1m @ 15.13 g/t Au from 40m (NZRC008)
The above significant intercepts sit within a larger zone of 54m @ 0.51 g/t Au from 37m (NZRC008)
o RC drill rig completed 11 holes for 1,289m targeting shallow depths of 100m to 120m
o The results from these drill holes continue to confirm and enlarge the shallow gold mineralisation associated with the Northern Zone porphyry
o The dynamic Leapfrog gold model for Northern Zone will be updated with these latest results in the coming weeks, which will serve to inform and guide planned future drill campaigns
o A further 2,000m of drilling to test shallower mineralisation is commencing today
Naheed Memon, CEO of Oracle, commented:
"These results from the maiden 2025 RC drill campaign at Northern Zone have exceeded our expectations, revealing healthy grade and overall tenor within the shallower oxide gold mineralisation at the top of the mineralised porphyry. We have core from nine more drill holes in the lab awaiting analysis with results expected in due course and further to this initial RC work, we will now be undertaking a further 2,000m of drilling starting today."
For further information on Oracle, visit the Company's website at http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser & 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
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 deposit 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 1: Northern Zone Project Map showing proximity to major Kalgoorlie gold projects
Figure 2: Recent drill collar plan with gold grade contours from all drilling results to date, and most recent drill intercepts in the eastern area of high-grade gold mineralisation[1].
Figure 3: Cross-section of 3D Leapfrog software model. The interpretation illustrates gold grade shells, derived from all the significant intercepts reported to the ASX to date. The model is constrained via a 25m buffer to all the RGL/Oracle drill hole traces that have been drilled at Northern Zone since 2021. Refer to Figure 2 drill collar plan for the location of the section line.[2]
Figure 4: Schematic oblique cross-section of the two drill holes being reported with location map. The model is constrained via a 25m buffer to all the RGL/Oracle drill hole traces that have been drilled at Northern Zone since 2021.
Table 1: Northern Zone Drill Collar Locations
|
Hole Id |
Type |
MGA_E |
MGA_N |
Elevation (m) |
Total Depth (m) |
Dip (o) |
AZM_MGA |
Date |
|
NZRC007 |
RC |
381512 |
6592636 |
356.95 |
120 |
-60 |
225 |
04/03/25 |
|
NZRC008 |
RC |
381560 |
6592644 |
356.82 |
121 |
-60 |
225 |
03/03/25 |
Table 2: Northern Zone Significant Intercepts
|
Hole ID |
From (m) |
To (m) |
Width (m) |
Au g/t |
Intercept |
|
|
|
|
|||||||
|
NZRC007 |
39 |
93 |
54 |
0.65 |
54m @ 0.65 g/t Au from 39m |
|
|
|
including |
39 |
46 |
7 |
3.62 |
inc. 7m @ 3.62 g/t Au from 39m |
|
|
|
including |
42 |
43 |
1 |
10.81 |
inc. 1m @ 10.81 g/t Au from 42m |
|
|
|
including |
44 |
45 |
1 |
12.10 |
inc. 1m @ 12.10 g/t Au from 44m |
|
|
|
including |
52 |
53 |
1 |
3.97 |
inc. 1m @ 3.97 g/t Au from 52m |
|
|
|
NZRC008 |
37 |
91 |
54 |
0.51 |
54m @ 0.51 g/t from 37m |
|
|
|
including |
37 |
42 |
5 |
4.37 |
inc. 5m @ 4.37 g/t Au from 37m |
|
|
|
including |
40 |
41 |
1 |
15.13 |
inc. 1m @ 15.13 g/t Au from 40m |
|
Table 3: Northern Zone assay results above 0.3 g/t Au
|
Hole ID |
Depth From |
Depth To |
Width |
Au ppm |
|
NZRC007 |
39 |
40 |
1 |
1.05 |
|
NZRC007 |
41 |
42 |
1 |
0.49 |
|
NZRC007 |
42 |
43 |
1 |
10.81 |
|
NZRC007 |
44 |
45 |
1 |
12.1 |
|
NZRC007 |
45 |
46 |
1 |
0.6 |
|
NZRC007 |
51 |
52 |
1 |
0.73 |
|
NZRC007 |
52 |
53 |
1 |
3.97 |
|
NZRC007 |
53 |
54 |
1 |
0.79 |
|
NZRC007 |
91 |
92 |
1 |
0.73 |
|
NZRC007 |
118 |
119 |
1 |
0.36 |
|
NZRC008 |
37 |
38 |
1 |
3.5 |
|
NZRC008 |
39 |
40 |
1 |
2.46 |
|
NZRC008 |
40 |
41 |
1 |
15.13 |
|
NZRC008 |
41 |
42 |
1 |
0.5 |
|
NZRC008 |
64 |
65 |
1 |
0.51 |
|
NZRC008 |
75 |
76 |
1 |
0.63 |
|
NZRC008 |
76 |
77 |
1 |
0.94 |
|
NZRC008 |
81 |
82 |
1 |
0.34 |
|
NZRC008 |
90 |
91 |
1 |
0.32 |
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.
(Criteria in this section applies to all succeeding sections)
|
Criteria |
JORC Code explanation |
Commentary |
|
Sampling techniques |
Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. 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. |
Every metre drilled was sampled at the drill rig using a rig mounted static cone splitter to collect 2 - 3kg sub samples. Standard reference material, sample duplicates and blanks, were automatically placed at 25m sample intervals from the cone splitter 1m samples were sent to the laboratory for crushing, splitting and analysis. Analysis was undertaken by ALS laboratories (Perth) for gold assay by 50g fire assay. Samples were sent to the laboratory for crushing, splitting and analysis. Analysis was undertaken by Jinnings laboratories (Kalgoorlie) for gold assay by 50g fire assay. |
|
Drilling techniques |
Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
Top Drill completed by reverse circulation drilling techniques using a standard 5.5inch (143mm) diameter bit. A face sampling down hole hammer was used at all times using a bit retention system. |
|
Drill sample recovery |
Method of recording and assessing core and chip sample recoveries and results assessed. 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. |
Drill recovery was routinely recorded via estimation of the comparative percentage of the volume of the sample bag by the company geologist. The sample recovery was deemed excellent for representative assays. The cyclone was cleaned or checked every 6m. |
|
Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. |
All holes have been geologically logged for lithology, mineralisation and weathering. As well as whether dry, damp or wet. Logging is quantitative for presence of quartz veins. All other logging is qualitative. A brief description of each drilling sample was recorded and a permanent record has been collected and stored in chip trays for reference. |
|
Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. 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. |
A sub sample from the RC drill rig of approximately 2-3kg was taken from the sample splitter off the cyclone. These assaying techniques are considered appropriate for this style of mineralisation. The use of fire assay with 50g charge for all RC drilling provides a level of confidence in the assay database. The sampling and assaying in considered representative of the in-situ material. The sample size of 2-4 kilograms is appropriate and representative of the grain size and mineralisation style of the deposit. |
|
Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. 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. |
Jinnings (Kalgoorlie) were used for analysis of all drill samples submitted by Riversgold. The laboratory techniques below are for all samples submitted to Jinnings and are considered appropriate for the style of mineralisation defined within the Northern Zone Project area: Samples above 3Kg were riffle split. Pulverise to 95% passing 75 microns. 50-gram Fire Assay (FA50A) - Au Duplicates, Standards and Blanks were used for external laboratory checks by RGL. |
|
Verification of sampling and assaying |
The verification of significant intersections by either independent or alternative company personnel. 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. |
Intercepts were reviewed by 2 company personnel. |
|
Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. |
The collar position of each hole was recorded using handheld GPS. The down hole survey data was taken at 30m using standard down hole gyro tools. |
|
Data spacing and distribution |
Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is 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. |
The holes were drilled on a Northeast-Southwest traverse at 225 deg on -60deg. The drill holes are to further follow up on vertical drill holes. The spacing is sufficient to establish grade and geological continuity. |
|
Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 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. |
Based on logging of diamond core the drill holes appear to be orientated perpendicular to strike and dip of the main mineralised structures. An interpreted fault though the middle of the mineralisation may have caused some displacement. |
|
Sample security |
The measures taken to ensure sample security. |
Company personnel delivered samples to Jinnings Kalgoorlie where they were submitted for assay. |
|
Audits or reviews |
The results of any audits or reviews of sampling techniques and data. |
Data reviews will be conducted on completion of further drilling |
(Criteria listed in the preceding section also apply to this section)
|
Criteria |
JORC Code explanation |
Commentary |
|
Mineral tenement and land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 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. |
The Northern Zone Project is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares, and is held in the name of Oracle Gold (WA) Pty Ltd. RGL have farmed into the Tenement and have exceeded minimum spend of $600,000 on exploration expenditure on the tenement within two years, to achieve 80% ownership. RGL has notified Oracle of meeting the farmin. The JV documents are to be formalised by December 2025. Oracle will be required to contribute pro-rata or dilute.
|
|
Exploration done by other parties |
Acknowledgment and appraisal of exploration by other 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 gold intersections were recorded |
|
Geology |
Deposit type, geological setting and style of mineralisation. |
The deposit sought is (Intrusion Related Gold System (IRGS) style of mineral deposit. |
|
Drill hole Information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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. |
Refer to Tables and Figures within the body of the release. |
|
Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. 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. |
Intersections are weighted average grades based on a 0.001 g/t Au cut-off with unlimited waste zones but with a targeted grade of 0.4-0.6g/t Au.
|
|
Relationship between mineralisation widths and intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. 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'). |
The diamond drilling programme in 2023 confirmed the apparent widths of mineralisation as being perpendicular to foliation and veining. We believe the step out RC drilling to be the same as the diamond drilling. The true width of mineralisation is still to be fully ascertained. |
|
Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
See body of the announcement for relevant diagrams and photos. |
|
Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
The reporting of exploration results is considered balanced by the competent person. |
|
Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): 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. |
See body of the announcement. |
|
Further work |
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
· Follow up phases of drilling to further test strike to be undertaken. · Complete a maiden MRE |
[1] RGL's ASX announcement dated 4 December 2024: "Northern Zone Gold Modelling and Project Update"
[2] RGL ASX announcement dated 4 December 2024: "Northern Zone Gold Modelling and Project Update"