Positive Results from Geochemical Survey at Jundee East Gold Project, Australia
Oracle Power PLC (AIM:ORCP, AQSE:ORCP), is very pleased to announce what the Company considers to be highly positive geochemical sampling results from its maiden orientation survey at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia (‘Jundee East’ or the ‘Project’). Jundee East is located ~7km due east of Northern Star’s producing Jundee Gold Mine, which has a current Resource of 5.4Moz.
Highlights:
· Geochemical soil sampling programme over the first three lines over Jundee East highlights positive responses for gold and copper using Mobile Metal Ion (“MMI”) geochemical techniques designed to identify mineralisation below cover.
· Raw multi element plots show clear variations of elevated gold and copper above buried targets of greenstone belts and intrusions located about 100 metres below surface.
· These early and positive results show that indicator elements (including gold and copper) are making their way to surface at an atomic level above the main target area and provide further evidence of a mineralised system in a previously unrecognised greenstone belt, proximal to Northern Star’s Jundee Gold Mine.
· The programme represents a successful test for the validity of geochemical sampling, which will now be expanded to assist with maiden drill targeting, by closer infill and extensional surface sampling.
Naheed Memon, CEO of Oracle, commented :
“Jundee East represents an exceptionally exciting prospect for Oracle in one of the most prolific gold producing regions globally. These positive results from the orientation soil geochemistry programme confirms we are on the right path to unlocking the potential of this new unexplored area. The soil sampling programme will now be expanded to better inform a maiden drill programme which we believe will lay the foundations for a JORC Resource.”
Ed Mead, Senior Geological consultant to Oracle Power in Australia, commented:
“MMI geochemical surface sampling techniques are an excellent way of assessing for the potential of mineralisation deep into the ground under significant cover. MMI has been used very successfully at places like the Havieron gold/copper discovery in the Telfer area of Western Australia, which sits around 400m at depth. The good news on these MMI results at Jundee East, is that we are seeing strong evidence of gold and copper halos above the prognosed gravity targets below the estimated 100 metres of surface cover.
To view the RNS with illustrative maps and diagrams, please use the following link: : http://www.rns-pdf.londonstockexchange.com/rns/7632B_1-2021-6-14.pdf
Jundee East MMI Results and discussion:
A three-line orientation MMI geochemical surface soil survey has been completed at Jundee East. A total of 82 MMI samples at 250m intervals were analyzed (Figure 2). MMI is a proprietary surface geochemical technique designed to detect metal ion anomalism through transported cover.
Results from the MMI survey indicate widespread geochemical characteristics that will require additional sampling to identify sources and targets.
MMI technology is an innovative analytical process that uses a unique approach to the analysis of metals in soils and related materials. Target elements are extracted using weak solutions of organic and inorganic compounds rather than conventional aggressive acid or cyanide-based digests. MMI solutions contain strong ligands, which detach and hold metal ions that were loosely bound to soil particles by weak atomic forces in aqueous solution. This extraction does not dissolve the bound forms of the metal ions. Thus, the metal ions in the MMI solutions are the chemically active or ‘mobile’ component of the sample. Because these mobile, loosely bound complexes are in very low concentrations, measurement is by conventional ICP-MS and the latest evolution of this technology, ICP-MS Dynamic Reaction Cell™ (DRC II™). This allows us to report very low detection limits.
The technique has the following advantages:
· Few false anomalies
· Focused, sharp anomalies
· Excellent repeatability
· Definition of metal zones and associations
· Detection of deeply buried mineralisation
· Low background values (low noise)
· Low limits of detection
The technique provides analysis of 53 elements covering base metals, pathfinder elements, major elements and rare earths. This allows the generation of exploration Indices which are a combination of multiple elements to be used to generate target areas showing similarity to known deposits. The data is usually viewed after ratioing the analytical value to the calculated background: known as the Response Ratio – RR; this is especially useful when dealing with variable regolith with the project area.
The plots (Figure 3 and 4) show gold (‘Au’), copper (‘Cu’) and silver (‘Ag’) in both formats with Au & Cu showing considerable correlation: Ag shows significantly better correlation with Cu within the RR data.
To assist with viewing and interpreting geochemical data, including MMI, Indices (adding specific elements together), which have been developed by various organisations to known mineralisation, globally and in Western Australia, have been used in the Company’s analysis. The AAC Index has been found to be effective worldwide in defining prospective zones. The BOOD Index was developed by the Geological Survey of Western Australia that identified bismuth (‘Bi’), Copper (Cu), molybdenum (‘Mo’) and tungsten (‘W’) formed a regional halo around the Boddington gold deposit in the South-West of Western Australia. The Chi index was developed by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to define the regional halo to mineralisation throughout the Yilgarn of Western Australia using the pathfinder elements arsenic (‘As’), Ag, Bi, Mo, antimony (‘Sb’), tin (‘Sn’) & W.
Considerably more sampling and coverage of a larger portion of the tenement will be required before any targeting judgements can be made.
Partial leach geochemistry appears to be working very effectively; all ongoing work is recommended to continue using this approach.
About The Jundee East Project:
The Jundee East Project is comprised of one exploration licence (E53/2140) and located ~7km due east of the Jundee Gold Mine, Figure 1. The area of the Project is 29 blocks (~90km2). The Project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems.
The Jundee East Project represents a previously unrecognised greenstone belt proximal to the Jundee Gold Mine, host to previous production and resource of >7Moz gold.
Figure 1: Jundee East Project location Map showing proximity to the Jundee Gold Mine.
Figure 2: Jundee East Project – Geochemical sample locations over Detailed 1VD Gravity on TMI RTP 1VD magnetics.
Figure 3: Jundee East Project – Geochemical sample locations and raw data plots for Au, Cu & Ag with associated exploration Indices plots (AAC, Chi, BODD).
Figure 4: Jundee East Project – Geochemical sample locations and Response Ratio (RR) plots for Au, Cu, Ag and derived RR exploration Indices Plot as per Figure 3.
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.
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power 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, together 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.
The Company also 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.
