Positive Gold Assays Received & Exploration Target of 2.5-4.8Moz Gold Identified
Northern Zone Gold Project, Kalgoorlie, Western Australia
Oracle Power PLC (AIM:ORCP, AQSE:ORCP), the international natural resources project developer, is pleased to announce that positive assay results have been received from the maiden drilling programme at the Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia (“Northern Zone” or the “Project”). This first phase of Reverse Circulation (RC) successfully targeted gold mineralisation within a series of stacked porphyry intrusions.
· An Exploration Target based on historical results and the results of the recent seven drill holes indicates 200-250Mt at 0.4-0.6g/t Au for 2.5 to 4.8Moz Gold
· Significant Results include:
- 9m @ 1.34g/t gold (‘Au’) from 54 metres (21OPRC001)
- 3m @ 1.43g/t Au from 51 metres (21OPRC002)
- 3m @ 0.98g/t Au from 63 metres (21OPRC002)
- 19m @ 0.81g/t Au from 63 metres (21OPRC003)
- 154m @ 0.58g/t Au from 98 metres (21OPRC004)
- incl 4m @ 5.39g/t Au from 182 metres
· Northern Zone has been correctly interpreted as an Intrusion Related Gold System (IRGS) with wide gold mineralised felsic porphyry intrusions.
· Intrusion Related Gold System (IRGS) deposits can host significant ounces of gold, such as Boddington Goldmine (WA), Fort Knox (Alaska), Dublin Gulch (Yukon) and Timbarra (NSW)
· Phase 2 drilling now in planning to target extensions to the RC holes and additional diamond drilling and RC holes to gain a better understanding of the geometry and extent of the deposit.
Naheed Memon, CEO of Oracle, commented:
“The gold system we have encountered at Northern Zone, has significant scale, with an exploration target of 2.5 to 4.8Moz gold, and with the widths of mineralisation intersected in this and historical drill programmes, gives us confidence to move the project forward with the next phase of drilling. This is a huge achievement and gives us the first tangible sense of what a significant gold mining project Northern Zone could become.
“I’m also pleased to advise that the Jundee East drill programme is due to start later this month with a drill rig secured and onsite geological services to be provided by BMGS Consulting.”
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Significant Results from the 7-hole RC drill programme.
· 9m @ 1.34g/t Au from 54 metres
· 3m @ 1.43g/t Au from 51 metres
· 3m @ 0.98g/t Au from 63 metres
· 27m @ 0.34g/t Au from 39 metres (bulk mineralised envelope within Felsic Intrusive)
· 19m @ 0.81g/t Au from 63 metres
· 9m @ 0.33g/t Au from 122 metres
· 5m @ 0.47g/t Au from 137 metres
· 7m @ 0.34g/t Au from 191 metres
· 135m@ 0.23g/t Au from 63 metres (bulk mineralised envelope within Felsic Intrusive)
· 4m @ 2.99g/t Au from 98 metres
· 8m @ 0.54g/t Au from 119 metres
· 10m @ 0.78g/t Au from 137 metres
· 23m @ 1.40g/t Au; from 171 metres
o incl 4m @ 5.39g/t Au from 182m
· 2m @ 4.18g/t Au from 199 metres
· 6m @ 0.79g/t Au from 211 metres
· 5m @ 0.34g/t Au from 221 metres
· 7m @ 1.03g/t Au from 245 metres
· 154m @ 0.58g/t Au from 98 metres (bulk mineralised envelope within Felsic Intrusive)
· 9m @ 0.43g/t Au; from 30 metres
· 7m @ 0.90g/t Au from 74 metres
· 10m @ 0.69g/t Au from 87 metres
· 5m @ 0.23g/t Au from 107 metres
· 4m @ 0.68g/t Au from 195 metres
· 38m @ 0.42g/t Au from 74 metres (bulk mineralised envelope within Felsic Intrusive)
· 3m @ 0.28g/t Au from 132 metres
· 7m @ 0.50g/t Au from 87 metres
· 7m @ 0.72g/t Au from 116 metres
· 2m @ 1.21g/t Au from 129 metres (End of Hole)
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares (Figure 1). 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.
Figure 1: Northern Zone Project location map showing proximity to the Kalgoorlie “Super Pit”.
Northern Zone Drill Programme and Interpretation:
The tenement is covered by either deeply weathered bedrock or transported alluvial clays and colluvium with the geological interpretation of the subsurface entirely dependent on interpretation of drilling results and geophysical data.
The drill programme encountered some difficulties penetrating and maintaining stability of the overburden with swelling clays within this zone preventing three of the seven holes being drilled to target depth.
The overburden generally contains two separate units, with the Upper Unit approximately 25m thick containing very high Cr (chromium), elevated Fe (iron) +/- elevated Ni (nickel) and As (arsenic) indicating it is derived from ultramafic units to the west and swelling montmorillonite clays are a common weathering product of ultramafic units.
The Lower Unit occurs in the northern holes OPRC003, 4, 5, 6 & 7, shows strong Mg (magnesium) with elevated Ni (nickel) +/- Co (cobalt) but Cr & Fe are low which has been logged as a silicified chert siltstone. This is more likely to be birbirite, the silica caprock derived from the weathering of ultramafic units.
The contact between overburden and basement frequently shows elevated Au results, probably a weak supergene effect.
Figure 2 shows the interpreted porphyry units in blue with the interpreted extensions and additional porphyry units in yellow. The multiple porphyry units are interpreted to now extend over about 350 metres, with true widths currently up to ~150 metres, with historical drilling indicating depth extents greater than 250 metres. Three main untested areas remain to be drill tested. Additionally, most of the drilling has been orientated towards the east and at -60o, which is sub-parallel to the dip of the porphyry units. Figure 3-5 show drill sections through the project area.
Figure 2: Interpreted Mineralised Porphyry Units (blue and yellow polygons), potential strike extensions highlighted by red untested circles, and Oracle drilling (magenta dot), with all historical drilling collars and those with gold greater than 0.25g/t Au highlighted with red asterisk. Drill sections through the project can be seen in Figures 3-5.
Figure 3: Central Drill Section +/- 40 metres, consisting of 21OPRC003, 004, 006 and 007 shows the broad agreement between high grade gold results from previous downdip drilling with the results from the Oracle drilling across the interpreted system. The results suggest the interpreted dip of the felsic units may be even shallower than previously inferred. Note that mineralisation also occurs within the mafic units separating the felsic intrusives. The zone of 21OPRC006 appears to be very low grade and within mafics with another felsic zone occurring to the east also being mineralised as shown by 21OPRC007.
Figure 4: Southern Drill Section, is hampered by 21OPRC002 not penetrating to depth; however, the results obtained in this partially tested drill hole show mineralisation being present within the felsic units approximately 250m south of the central section.
Figure 5: Northern Drill Section, shows some mineralisation within felsic both to the east and west, impression is that some felsic units are preferred for mineralisation. The central mafic zone appears essentially barren.
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 an Intrusion Related Gold System (IRGS) deposit, such as those listed in Table 1.
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Oracle Power PLC
Naheed Memon – CEO
+44 (0) 203 580 4314
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