Business
Northern Zone: Completion of Diamond Drilling
Northern Zone: Completion of Diamond Drilling.
About this update from Oracle Power Plc
[{"type":"text","content":"\n\n21 August 2023\nOracle Power PLC\n(\"Oracle\" or the \"Company\")\n \nNorthern Zone Update: Completion\n of Diamond Drilling\n \nOracle Power PLC, an international project developer, is pleased to announce an update in relation to further development of Northern Zone project by Riversgold Limited (\"Riversgold\"). On 9 May 2023, Oracle announced signing of a binding Heads of Agreement with ASX listed Riversgold to farm-in to licence P25/2651, known as the Northern Zone Gold Project, located 26 km east of Kalgoorlie in Western Australia (the \"Northern Zone\" or the \"Project\").\n \nRiversgold has today announced it has completed its maiden diamond drilling programme at the Northern Zone.\n \nDrilling Highlights:\n \n· Diamond drilling of entire central cross-section to 450m vertical depth completed to validate exploration model\n· Previously announced exploration target of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold from historical drilling\n· Visible alteration on all holes exceeded initial expectations with all four holes drilled deeper than planned\n· Programme aim was to:\no Confirm the mineralisation style\no Mineralisation widths and gold grades\no Oriented core to gather structural orientation of the mineralisation\n· Drill cores are now being moved to ALS in Perth for cutting, photography and assay\n \nCEO of Oracle, Naheed Memon, commented: \"I am very pleased to see this promising update on our Northern Zone asset from Rivergold. Prior to this, Oracle's work at the Northern Zone, had established that the gold system encountered at the project has potential scale, with a multi-million-ounce gold exploration target. This has been substantiated today with very wide zones of intense alteration in all four diamond drill holes demonstrating the high gold prospectivity. We will eagerly await further updates on gold grades and widths in due course.\n \n\"Following Oracle's initial exploratory work leading to the diamond drilling programme, Riversgold took little time to get on the ground at Northern Zone. With a local, and ASX listed partner who has exploration and development expertise in the region, we are well placed to deliver fo...