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.
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 the 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.
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.”
For further information:
Oracle Power PLC
+44 (0) 203 580 4314
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