Last checked at 13 Jun 2022 07:00
13 June 2022
Oracle Power PLC
("Oracle" or the "Company")
Improved Gold Recovery of up to 94.7% Received from Further Positive Metallurgical Results
Northern Zone Gold Project
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that further positive metallurgical results have been returned from the three samples from its 100% owned Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia ("Northern Zone" or the "Project"). The samples were submitted to Nagrom in Perth for cyanidation bottle roll tests. The results indicate that an average gold recovery of 88% over 12 hours and 92.9% on average over 24 hours can be achieved from the three samples. The positive metallurgical results to date form the basis for a drill programme to define a maiden inferred JORC resource.
Highlights:
· Metallurgy results from the three samples include:
o Drill head grade (average) of 0.79g/t Au
o 92.9% (average) of gold extraction after 24hr bottle roll from three samples
o Very low copper content of 2ppm into solution
· An Exploration Target of 200-250Mt at 0.4-0.6g/t Au for 2.5-4.8Moz gold, has been generated based on results to date.
· Northern Zone is an Intrusion Related Gold System (IRGS) with wide gold mineralised felsic porphyry intrusions. This type of system can host significant ounces of gold, such as Boddington Goldmine (WA), Fort Knox (Alaska), Dublin Gulch (Yukon) and Timbarra (NSW).
· Diamond and reverse circulation drilling programme to define a maiden inferred JORC resource has been designed and is expected to be finalised in the coming weeks.
The first set of results previously announced (9 June 2022) indicated that good gold recoveries can be achieved within 6 hours of 83.3%, and up to 90.4% gold recovery over 72 hours. The results announced today (Table 1) utilise a set of conditions/parameters (Kinetics) based on the previous result, but changed to improve recoveries, with a maximum individual recovery from sample 2 of 94.7% after 24 hours, with an average recovery of 92.9% after 24 hours. Based on the previously announced Exploration Target of 200-250Mt at 0.4-0.6g/t Au for 2.5 to 4.8Moz Gold, these further positive metallurgical results form the basis for moving forward with drilling to define a maiden inferred JORC resource.
Naheed Memon, CEO of Oracle, commented:
"Further positive metallurgy and improved recovery results at Northern Zone from refining metallurgical conditions is a great result, with average gold recovery of 88% over 12 hours and 92.9% over 24 hours from the three samples submitted to Nagrom.
"As previously stated, we have defined a large exploration target of 2.5 to 4.8Moz gold and, with excellent potential gold recovery, this gives us the confidence to progress to the next step of confirming our belief in the tonnes and grade of the gold deposit. Northern Zone is a priority for the Company and is currently the main focus in Australia."
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares. The 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.
Northern Zone Metallurgy Interpretation:
The first set of results previously announced (9 June 2022) indicated that gold recoveries can be achieved within 6 hours at 83.3%, and up to 90.4% gold recovery over 72 hours. The results announced today (Table 1) utilise a set of conditions/parameters (Kinetics) based on the previous result, but changed to improve recoveries, with a maximum individual recovery from sample 2 of 94.7% after 24 hours.
Extraction (%) Cyanidation Bottle Roll | ||||
Time | Sample 1 Gold | Sample 2 Gold | Sample 3 Gold | Average Gold Recovery |
2 Hours | 24.0% | 12.8% | 20.3% | 19.0% |
4 Hours | 41.3% | 30.7% | 49.9% | 40.6% |
6 Hours | 62.6% | 51.2% | 76.4% | 63.4% |
12 Hours | 86.5% | 87.0% | 90.5% | 88.0% |
24 Hours | 91.8% | 94.7% | 92.0% | 92.9% |
Sample Head Grade | 0.9 g/t Au | 0.54 g/t Au | 0.93 g/t Au | Average Head Grade 0.79 g/t Au |
Table 1: Metallurgical Cyanide Bottle Roll Test Results based on parameters and conditions selected from the first test results announced on 9 June 2022.
Geological Model and Exploration Target
The results of the drilling confirm the presence of gold mineralisation predominately within felsic units. The very low/subdued geochemical character of Northern Zone, with most elements below detection, (apart from gold) is consistent with other Intrusion Related Gold System (IRGS) deposits
At Northern Zone, based on drilling data and the multiple porphyry units interpreted over about 350 metres, with true widths up to ~150 metres, and depth extents greater than 250 metres, an Exploration Target* of 200-250Mt at 0.4-0.6g/t Au, with a range in gold ounces of 2.5Moz to 4.8Moz, has been identified.
* The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
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.
**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 & Joint Broker)
Rory Murphy, Rob Patrick +44 (0) 20 7409 3494
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 Union (Withdrawal) Act 2018 (as amended).
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. In Australia, its primary focus is the Northern Zone Gold Project, 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. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.
The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. The Company's initial project is the Thar Block VI Project in south-east 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.
Glossary of Technical Terms:
Au | chemical symbol for gold |
Bottle roll test | the industry standard first step in assessing the gold recovery possible by cyanide leaching. |
g/t | grams per tonne |
JORC | the Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012, which sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves |
Felsic | Igneous rocks that are relatively rich in elements that include feldspar and quartz |
Moz | million ounces |
Mt | million tonnes |
oz | troy ounce (= 31.103477 grams) |