Business
Q2 2024 Update & Shareholder Q&A
Q2 2024 Update & Shareholder Q&A.
About this update from Oracle Power Plc
[{"type":"text","content":"\n\n7 August 2024\nOracle Power PLC\n(\"Oracle\" or the \"Company\")\n \nQ2 2024 Update & Shareholder Q&A\n \nOracle Power PLC (AIM: ORCP), an international project developer, is pleased to provide the following update in respect of its activities during Q2 2024 as it progresses the development of its project portfolio.\n \nNorthern Zone Intrusive Hosted Gold Project (\"Northern Zone\"), Australia\n· Drilling commenced in May with two contracted rigs undertaking reverse circulation (RC) and air core (AC) drilling programmes.\n· Programme designed to test for supergene gold and conduct step-out drilling to support the estimation of a maiden JORC compliant gold resource.\n· Completed drilling programme:\n- RC drilling comprised six holes for a total of 1,363m, with 1,100 samples collected;\n- AC drilling comprised 27 holes for a total of 1,772m, with 662 samples collected.\n· AC drilling programme more than doubled the prospective gold system's footprint by tagging basement geology, expanding the mineralised porphyry. The exploration target for the project is estimated at 2.5Moz to 4.8Moz of gold (as announced by Riversgold Limited on 9 May 2023).\n· RC drilling programme confirmed high-grade gold intercepts, highlighting significant mineralisation at various depths.\n· Drilling resumed post period end in late July 2024, following receipt of the assay results of the RC and AC drilling programmes, targeting the shallower portion of the mineralised system that had previously yielded significant intercepts, and an identified fault believed to be a controlling feature of mineralisation. Approximately 1,500m of drilling is planned on a nominal 25m grid, estimated to take around two weeks to complete.\n \nBlue Rock Valley Copper and Silver Project (\"Blue Rock\"), Australia\n· Secured option and subsequently completed the acquisition of a 100% interest in Blue Rock, where assays from historical drilling and rock chip sampling suggest the presence of high-grade copper and silver mineralisation as well as the potential for uranium.\n· Company's consultant geologists initiated on-site assessments to explore the potential for coppe...