Last checked at 22 Dec 2021 07:00
22 December 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Gold Project Updates
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce an update relating to the Company's strategy gold exploration projects in Western Australia.
Highlights
Jundee East Gold Project
· Slimline Reverse Circulation ('RC') track-mounted drill rig secured for the Jundee East Gold Project with mobilisation to site expected in late January or early February.
· As previously announced, five targets have been identified by the Company from geochemical sampling undertaken to date for the maiden drill programme.
· Objective of maiden drill campaign is to confirm the presence of a previously unrecognised greenstone belt proximal to Northern Star's Jundee Gold Mine. The Jundee East Gold Project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems.
Northern Zone Gold Project
· Assays results from the first phase of drilling are now being finalised by ALS Global and the Company expects to receive the results in late December or early January for internal processing and analysis. Initial reports from the laboratory are very encouraging.
· As previously announced, the first phase RC drill programme was completed in October 2021 and tested up to a depth of 260 metres, mainly targeting gold mineralisation within a series of stacked porphyry intrusions, with 1,161 assay samples dispatched to ALS Global for processing.
· As previously announced the Northern Zone Gold Project is in an area highly prospective for gold and is approximately 25km east of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia.
o Historic drill intercepts include:
§ 9m @ 5.06 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
Naheed Memon, CEO of Oracle, commented:
"We continue to push forward with our exploration campaigns at both Jundee East and Northern Zone and we look forward to 2022 which we hope will yield positive results from both assets.
"We are extremely eager to commence drilling at Jundee East, which will represent the first drill testing of the potential new greenstone belt discovered by the Oracle team following our acquisition of the licences last year. This project is located in one of the best postcodes for gold large gold discoveries in Western Australia, and we have identified five priority targets from geochemical sampling which will guide our drilling activities during this campaign.
"At the Northern Zone, we are expecting the assay results to be returned before the end of the month after a short delay at the laboratory. We remain very optimistic about these assays and once they have been processed and analysed by our team internally, we will publish to the market. Previous results from Northern Zone have demonstrated good widths and grades and we remain bullish about the potential for this project to deliver compelling results from our work campaigns in 2022."
*ENDS*
For further information:
Oracle Power PLC Naheed Memon | +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
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 natural resource and power project developer quoted on London's AIM market. The Company 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.
The Company's initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.