Last checked at 30 Nov 2020 07:00
30 November 2020
Oracle Power PLC
("Oracle" or the "Company")
Field Based Exploration Work Commences at Northern Zone Gold Project, Western Australia
Oracle Power PLC, the AIM listed international natural resource and power project developer (AIM:ORCP), is pleased to announce that, further to the Company's announcement of 16 November 2020, it has commenced field based exploration work at the Northern Zone Gold Project located in the Kalgoorlie region of Western Australia. The Northern Zone Prospect is located 25km east of the major gold mining centre of Kalgoorlie, the home of Super Pit, the second largest gold mine in Australia.
The multi-faceted field-based exploration programme aims to:
o acquire high resolution imagery and digital terrain model of entire the project area;
o conduct orientation MMI/Enzyme Leach geochemical survey lines in order to refine the targeting model applied to test the gold and nickel potential;
o refine drill targeting in advance of a maiden drilling campaign planned in early 2021; and
o assess proximal infrastructure to assist with the evaluation of potential further development activities.
The main host for potential gold mineralisation is the auriferous veins in granitic intrusions in the N-S structural corridor. However, the northern portion is covered by deep transported material up to 70m thick, making geochemical detection of mineralisation difficult and requiring drilling.
Multiple significant drill intercepts for gold have been reported across Northern Zone from historical drill programmes conducted by Northern Mining Limited, with some of the more notable intercepts including (as previously announced):
§ 9m @ 5.06 grammes per tonne gold ("g/t Au") - hole BNRC017
§ 1m @ 39.82 g/t Au - hole BNRC033
§ 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
Previous drilling at Northern Zone also recorded very significant results for nickel, with some of the more notable intercepts including:
§ 10m @ 1.07% nickel ("Ni") - hole BNRC012
§ 21m @ 1.09% Ni - hole BNR0142
§ 4m @ 1.33% Ni - hole BNRC012
§ 4m @ 1.16% Ni - hole BNRO146
Naheed Memon, CEO of Oracle, commented:
"To have commenced exploration activities on the Northern Zone Project near Kalgoorlie, only two weeks after acquiring this asset is an excellent effort from our geological consultants in Australia and underscores our commitment to demonstrating the resource potential of this highly prospective asset in as short timeframe as practicable. Historical work has highlighted both the gold and nickel potential of this exciting project, and this field-based exploration programme aims to provide the requisite data inputs required to plan a detailed drilling campaign in H1 2021. We look forward to providing further updates to the market with respect to the evaluation of Northern Zone and Jundee East as significant findings become available."
*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 | +44 (0) 203 580 4314 |
Strand Hanson Limited (Nominated Adviser) Rory Murphy, James Harris, Jack Botros | +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
St Brides Partners Limited (Financial PR) Susie Geliher Catherine Leftley | +44 (0) 20 7186 9952
+44 (0) 20 7236 1177 |
About Oracle Power PLC:
Oracle Power PLC is an international power and natural resource 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, in tandem 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.