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RNS Number : 7608C
Oracle Power PLC
23 June 2021
 

 

23 June 2021

Oracle Power PLC

("Oracle", the "Company")

 

 

Jundee East Gold Project, Australia

 

Full Tenement Geochemical Survey planned for late June 2021

 

Oracle Power PLC (AIM:ORCP, AQSE:ORCP), is pleased to announce that it has secured an exploration crew that will be on the ground on or around 28 June 2021 at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia ('Jundee East' or the 'Project').  This comes soon after the highly positive geochemical sampling results from the maiden orientation study as announced on 14 June 2021. 

 

Highlights:

 

·    Geochemical soil sampling programme to start late June 2021 and will cover most of the 90 km2 tenement.

 

·    980 samples will be collected.

 

·    Programme to take approximately 2 weeks, with results expected around 4 weeks after submission to the assay laboratory.

 

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.  Positive results from the orientation soil geochemistry programme will now be expanded to cover nearly all the tenement.

 

"I am pleased to report that we have secured a sampling crew who are able to mobilise to site so quickly after we released the first pass results. The soil sampling programme, we believe, will continue to lay the foundations for a maiden drill programme later this year. The Company is fully focused on drilling Jundee East as soon as possible."

 

To view the RNS with images, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7608C_1-2021-6-22.pdf

 

Jundee East (see Figure 1 below) is located ~7km due east of Northern Star's producing Jundee Gold Mine, which has a current Resource of 5.4Moz. The geochemical programme will expand on the maiden, and what the company considers, highly positive geochemical sampling results announced on 14 June, to expand on the previous programme to coverage of the entire tenement to identify further potential drill targets prior to the commencement of drilling activities.

 

Oracle's maiden geochemical soil sampling programme on the first three lines over Jundee East highlighted 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.

 

 

 

Geochemical Programme details:

The programme will generate 980 samples including QA/QC and will cover almost the entire tenement area on completion. The layout for the programme can be seen in Figure 2, with previous sample locations shown, and access map, with major structures.

 

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 covered greenstone belt proximal to the Jundee Gold Mine, host to the 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 - Proposed geochemical sample locations.
 

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)

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                                                                     +44 (0) 20 7186 9952

 

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 (Withdrawal) Act 2018.

 

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 focused 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 ~7km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.

 

 

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