RNS16 Nov 2020 07:12
16 November 2020
Oracle Power PLC
("Oracle", or the "Company")
Acquisition of Two Highly Prospective Gold Projects in Western Australia
Oracle Power PLC, the AIM listed natural resources and power project developer, is pleased to announce the acquisition of two highly prospective gold projects in Western Australia. The acquisition of these assets, which are both located in world class gold mining districts, advances the Company's strategy to become an international developer of high quality natural resources and power projects, offering investors exposure to multiple commodities and value trigger events.
Overview:
· Acquisition of two highly prospective gold projects located in Western Australia:
o 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
§ Multiple significant drill intercepts recorded from historical drill programmes conducted by Northern Mining Limited, with some of the more notable intercepts including:
· 9m @ 5.06 grams per tonne gold ("g/t Au") - hole BNRC017
· 1m @ 39.82 g/t Au - hole BNRC033
· 3m @ 3.72 g/t Au - hole BNRC067
· 2m @ 23.27 g/t Au and 40m @1.2 g/t Au - hole BNRC069
· 6m @ 2.12 g/t Au and 2m @ 12.98 g/t Au - hole BNRC051
· 3m @ 3.72 g/t Au - hole BNRC067
· 30m @ 1.5 g/t Au - hole BNRC081
· 217m @ 0.51 g/t Au - hole BNRC066
· 10m @ 2.1 g/t Au - hole BNRC079
· 6m @ 2.31 g/t Au and 3m @ 2.85 g/t Au - hole BNRC080
· 28m @ 0.84g/t Au and 48m @ 1.65g/t Au (including 4m at 7.7g/t Au) - hole BNRC095
o The Jundee East Project is located about 9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines
§ Potential new buried greenstone belt identified from gravity modelling, highlighting prospective new target areas for gold exploration at Jundee East very close to one of Australia's Tier 1 gold mines
· Acquisition of the Northern Zone Project and Jundee East Project satisfied by a payment of £90,000 in cash and the issue of 42,857,143 new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") (the "Consideration Shares")
o Warrants to subscribe for 42,857,143 Ordinary Shares in the Company exercisable at a price of 1.1p for 24 months from issue will also be issued to the vendor (the "Warrants")
§ Both the Consideration Shares and any new Ordinary Shares issued pursuant to the exercise of the Warrants will be subject to a three-month lock in
· Acquisition of gold interests complements the Company's flagship Thar Block VI Project in Pakistan and the Company's evaluation of opportunities in Africa.
Naheed Memon, CEO of Oracle, commented:
"To secure a deal on these assets in Western Australia is a very significant and exciting new development for Oracle. The Northern Zone Project is essentially drill ready and the Jundee East Project has the potential
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