Positive Results from Geochemical Survey

 

14 June 2021

Oracle Power PLC

("Oracle", the "Company")

 

 

Positive Results from Geochemical Survey at Jundee East Gold Project, Australia

 

Oracle Power PLC (AIM:ORCP, AQSE:ORCP), is very pleased to announce what the Company considers to be highly positive geochemical sampling results from its maiden orientation survey at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia ('Jundee East' or the 'Project').  Jundee East is located ~7km due east of Northern Star's producing Jundee Gold Mine, which has a current Resource of 5.4Moz.

 

Highlights:

 

·    Geochemical soil sampling programme over the first three lines over Jundee East highlights positive responses for gold and copper using Mobile Metal Ion ("MMI") geochemical techniques designed to identify mineralisation below cover.

                                                                                                                                                                     

·    Raw multi element plots show clear variations of elevated gold and copper above buried targets of greenstone belts and intrusions located about 100 metres below surface.

 

·    These early and positive results show that indicator elements (including gold and copper) are making their way to surface at an atomic level above the main target area and provide further evidence of a mineralised system in a previously unrecognised greenstone belt, proximal to Northern Star's Jundee Gold Mine.

 

·    The programme represents a successful test for the validity of geochemical sampling, which will now be expanded to assist with maiden drill targeting, by closer infill and extensional surface sampling.

 

 

 

Naheed Memon, CEO of Oracle, commented:

 

"Jundee East represents an exceptionally exciting prospect for Oracle in one of the most prolific gold producing regions globally.  These positive results from the orientation soil geochemistry programme confirms we are on the right path to unlocking the potential of this new unexplored area.  The soil sampling programme will now be expanded to better inform a maiden drill programme which we believe will lay the foundations for a JORC Resource."

 

Ed Mead, Senior Geological consultant to Oracle Power in Australia, commented:

 

"MMI geochemical surface sampling techniques are an excellent way of assessing for the potential of mineralisation deep into the ground under significant cover. MMI has been used very successfully at places like the Havieron gold/copper discovery in the Telfer area of Western Australia, which sits around 400m at depth. The good news on these MMI results at Jundee East, is that we are seeing strong evidence of gold and copper halos above the prognosed gravity targets below the estimated 100 metres of surface cover.

 

To view the RNS with illustrative maps and diagrams, please use the following link: : http://www.rns-pdf.londonstockexchange.com/rns/7632B_1-2021-6-14.pdf

 

Jundee East MMI Results and discussion:

A three-line orientation MMI geochemical surface soil survey has been completed at Jundee East. A total of 82 MMI samples at 250m intervals were analyzed (Figure 2). MMI is a proprietary surface geochemical technique designed to detect metal ion anomalism through transported cover.

 

Results from the MMI survey indicate widespread geochemical characteristics that will require additional sampling to identify sources and targets.

 

MMI technology is an innovative analytical process that uses a unique approach to the analysis of metals in soils and related materials. Target elements are extracted using weak solutions of organic and inorganic compounds rather than conventional aggressive acid or cyanide-based digests. MMI solutions contain strong ligands, which detach and hold metal ions that were loosely bound to soil particles by weak atomic forces in aqueous solution. This extraction does not dissolve the bound forms of the metal ions. Thus, the metal ions in the MMI solutions are the chemically active or 'mobile' component of the sample. Because these mobile, loosely bound complexes are in very low concentrations, measurement is by conventional ICP-MS and the latest evolution of this technology, ICP-MS Dynamic Reaction Cell™ (DRC II™). This allows us to report very low detection limits.

 

The technique has the following advantages:

·      Few false anomalies

·      Focused, sharp anomalies

·      Excellent repeatability

·      Definition of metal zones and associations

·      Detection of deeply buried mineralisation

·      Low background values (low noise)

·      Low limits of detection

 

The technique provides analysis of 53 elements covering base metals, pathfinder elements, major elements and rare earths. This allows the generation of exploration Indices which are a combination of multiple elements to be used to generate target areas showing similarity to known deposits. The data is usually viewed after ratioing the analytical value to the calculated background: known as the Response Ratio - RR; this is especially useful when dealing with variable regolith with the project area.

 

The plots (Figure 3 and 4) show gold ('Au'), copper ('Cu') and silver ('Ag') in both formats with Au & Cu showing considerable correlation: Ag shows significantly better correlation with Cu within the RR data.

 

To assist with viewing and interpreting geochemical data, including MMI, Indices (adding specific elements together), which have been developed by various organisations to known mineralisation, globally and in Western Australia, have been used in the Company's analysis. The AAC Index has been found to be effective worldwide in defining prospective zones. The BOOD Index was developed by the Geological Survey of Western Australia that identified bismuth ('Bi'), Copper (Cu), molybdenum ('Mo') and tungsten ('W') formed a regional halo around the Boddington gold deposit in the South-West of Western Australia. The Chi index was developed by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to define the regional halo to mineralisation throughout the Yilgarn of Western Australia using the pathfinder elements arsenic ('As'), Ag, Bi, Mo, antimony ('Sb'), tin ('Sn') & W.

 

Considerably more sampling and coverage of a larger portion of the tenement will be required before any targeting judgements can be made.

 

Partial leach geochemistry appears to be working very effectively; all ongoing work is recommended to continue using this approach.

 

About The Jundee East Project:

 

The Jundee East Project is comprised of one exploration licence (E53/2140) and located ~7km due east of the Jundee Gold Mine, Figure 1. The area of the Project is 29 blocks (~90km²). The Project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems.

 

The Jundee East Project represents a previously unrecognised greenstone belt proximal to the Jundee Gold Mine, host to previous production and resource of >7Moz gold.

 

Figure 1: Jundee East Project location Map showing proximity to the Jundee Gold Mine.

 

Figure 2: Jundee East Project - Geochemical sample locations over Detailed 1VD Gravity on TMI RTP 1VD magnetics.

 

Figure 3: Jundee East Project - Geochemical sample locations and raw data plots for Au, Cu & Ag with associated exploration Indices plots (AAC, Chi, BODD).

 

Figure 4: Jundee East Project - Geochemical sample locations and Response Ratio (RR) plots for Au, Cu, Ag and derived RR exploration Indices Plot as per Figure 3.

 

Competent Persons Statement

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.

 

About Oracle Power PLC:

Oracle Power PLC is an international natural resource and power project developer listed on London's AIM market. The Company is focussed on delivering reliable and affordable power in emerging developing markets, unlocking the value of underutilised and undeveloped natural resources to provide energy security and support economic growth and development. Its initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan.  The Thar Project is a 66.1 sq km licence containing 1.4 billion tonnes of coal, where the Company, together with its partners China National Coal Development Company Ltd. (CNCDC) and the private office of His Highness Sheikh Ahmed Bin Dalmook Juma Al Maktoum, is advancing a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.

 

The Company also 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.

 

*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.

 

 

 

 

 

 

JORC Code, 2012 Edition - Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

 (Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Sampling techniques	·       The Mobile Metal Ion (MMI) soil program was sampled by hand with steel shovel and plastic scoops. A total of 82 samples were collected. ·       The depth the sample was taken varied between 20 to 30cm. ·       Samples were sieved through -2mm mesh. ·       Sample weights were approximately 300g (+/- 50g). ·       3 lines of samples on a nominal 250m x 250m grid was collected across the tenement. ·       Samples were sent to SGS Laboratories in Perth for MMI analysis.
Drilling techniques	·       No drilling has been completed on the tenement and is not being reported.
Drill sample recovery	·       No drilling has been completed on the tenement and is not being reported.
Logging	·       No drilling has been completed on the tenement and is not being reported.
Sub-sampling techniques and sample preparation	·       No drilling undertaken or reported. ·       Samples are collected from the soil profile, and stored in industry standard geochem bags (as per Greatland and SGS soil sampling protocols). ·       No further sample preparation is undertaken at the SGS Laboratory prior to analysis. ·       50g aliquots are taken from the samples for MMI analysis. ·       The sample sizes are considered appropriate for the targeted mineralisation style. ·     Based on the sample type and analytical technique, no sub- sampling has been performed.
Quality of assay  data and laboratory tests	·       The sampling and assay technique are industry standard. ·       MMI - SGS Perth Laboratory. Target mobile elements are extracted from the samples using a multi-element leaching process. Analysis was received for the following elements (in parts per billion (ppb)): Ag, As, Au, Ba, Bi, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Ga, Gd, Hg, In, La, Li, Mn, Mo, Nb, Nd, Ni, Pb, Pd, Pr, Pt, Rb, Sb, Sc, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, U, W, Y, Yb, Zn, Zr. Analysis was received for the following elements (in parts per million (ppm)): Al, Ca, Fe, K, Mg, P. ·       Industry standard collection procedures were utilised for the MMI soil survey ·       QAQC - internal laboratory repeats, standards and blanks have been undertaken. Results indicate analysis is of acceptable quality for the assays being reported.
Verification of sampling and assaying	·       No drilling undertaken or reported. ·       No adjustments to the data have been made. ·       No drilling reported. ·       Soil results have been verified by multiple company personnel. ·       Data is captured and stored on field laptops, then uploaded to the company's primary database. Data validation completed by field and office personnel.
Location of data points	·      A Garmin GPSMap62 hand-held GPS was used to define the location of the dsample locations. Sample locations are considered to be accurate to within 5m. ·      Hole collars will be picked up by licensed surveyors on completion of the drilling. ·      Zone 50 (GDA 94).
Data spacing and distribution	·      Three, 6km long traverses on a nominal  250m x 250m grid. Traverse lines were W - E orientation, with 82 samples collected. ·      No sample compositing has been applied. ·      The data collected is from the soil profile only
Orientation of data in relation to geological structure	·    Not enough data points to ascertain geological structures from geochemistry samples.
Sample security	·    The chain of custody is managed by the supervising geologist for Oracle Gold Pty Ltd
Audits or reviews	·    Data is validated upon up-loading into the master database. Any validation issues identified are investigated prior to reporting of results.

 

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	Commentary
Mineral tenement and land tenure status	· E53/2140 - 100% owned by Oracle Gold Pty Ltd, was granted on the 23/5/2021 for 5 years. The tenement is 29 blocks or ~90km2 . · This tenement is in good standing.
Exploration done by other parties	·    No Exploration has been carried out by other companies.
Geology	·    The Jundee East Project (E53/2140) is located in a previously unrecognised greenstone belt, proximal to the Jundee Gold Mine, host to previous production and resource of >7Moz gold. ·    The degree of the structural complexity of the greenstone unit within Jundee East, including multiple structures which extend from mineralised zones of the Jundee Mining area to the tenure, significantly upgrades the prospectivity for hosting structurally controlled gold mineralisation within the greenstone body.
Drill hole Information	·      No drilling has been undertaken on the project.
Data aggregation methods	·    No data aggregation methods have been used.
Relationship between mineralisation widths and intercept lengths	·  There are no relationships between soil geochemical signatures or results and mineralisation widths.
Diagrams	·      Appropriate diagrams are contained in this document.
Balanced reporting	·    Reporting of results in this report is considered balanced.
Other substantive exploration data	·    A gravity survey completed by Oracle Gold Pty Ltd.
Further work	·    The results from a small trial soil sampling program have provided positive results. The geochemical program using MMI (or similar technique) should be extended and infilled to a greater density. ·      An IP program and detailed low level aeromagnetic survey are being considered. ·      Based on further targeting programs, a maiden RC drill program will be designed.