Oracle Power completes phase 2 drilling at Northern Zone Gold Project

Oracle Power PLC (AIM: ORCP), a renowned international project developer, has successfully concluded its Phase 2 drilling program at the Northern Zone Gold Project, situated 25 kilometers east-southeast of Kalgoorlie in Western Australia. This key milestone marks a significant step toward estimating a maiden JORC compliant gold resource at the site.

Phase 2 Drilling Program Highlights

The extensive drilling operation included both Reverse Circulation (RC) and Air Core (AC) drilling techniques:

– RC Drilling: Six holes spanning 1,363 meters were completed, yielding 1,100 samples aimed at exploring the mineralization depth and strike continuity.

– AC Drilling: This segment involved 27 drill holes covering 1,772 meters, with 662 composite samples collected to test for supergene gold enrichment in previously undrilled zones.

The strategic focus of the drilling was to enhance the understanding of the gold distribution within a significant porphyry gold system, where drilled widths have previously surpassed 100 meters in true width.

Geological Significance and Resource Potential

The Northern Zone Gold Project hosts its gold within a porphyry intrusion, a geological setting known for its potential to harbor substantial mineral deposits. Oracle Power has previously announced an Exploration Target for the project, estimating between 200 million to 250 million tonnes at grades ranging from 0.4 g/t Au to 0.6 g/t Au, which could translate to 2.5 million to 4.8 million ounces of gold.

Current Progress and Upcoming Developments

All collected samples from the Phase 2 drilling have been submitted to ALS Kalgoorlie for assay, with results expected to be announced in early July 2024. Naheed Memon, CEO of Oracle, expressed optimism about the efficiency and success of the drilling program, stating, “Our RC and AC drilling program progressed more efficiently than expected, with assaying now underway at ALS Kalgoorlie. Our objective is to achieve a Maiden JORC Resource estimation in the coming months.”

Implications for Oracle Power and the Mining Industry

This drilling program not only underscores Oracle Power’s commitment to advancing its project portfolio but also highlights the ongoing potential for significant gold discoveries in the region surrounding Kalgoorlie, a historically rich mining area. The successful completion of this phase brings Oracle Power a step closer to defining and potentially exploiting a significant gold resource.

Expert Opinion: The strategic execution of the Phase 2 drilling program at the Northern Zone Gold Project exemplifies Oracle Power’s adeptness in resource exploration and development. Achieving a maiden JORC Resource estimation could significantly elevate the project’s value and attract further investment and development interest.