5th Jan 2022 11:09
(Alliance News) - Oracle Power PLC on Wednesday said it saw positive assay results from its maiden drilling programme at the Northern Zone gold project in Western Australia.
Oracle shares were up 3.2% to 0.49 pence each in London on Wednesday morning.
The natural resources and power project developer said an exploration target based on historical results and the results of the recent seven drill holes indicates between 200 million tonnes to 250 million tonnes at 0.4 to 0.6 grammes per tonne of gold for 2.5 to 4.8 million ounces.
Results from the drilling include 1.34 grams per tonne of gold from 54 metres and 1.43 grams per tonne from 51 metres.
Phase 2 drilling is now in planning and will target extensions to the recent holes and additional diamond drilling and reverse circulation holes to gain a better understanding of the geometry and extent of the deposit.
Chief Executive Naheed Memon said: "The gold system we have encountered at Northern Zone, has significant scale, with an exploration target of 2.5 to 4.8 million ounces gold, and with the widths of mineralisation intersected in this and historical drill programmes, gives us confidence to move the project forward with the next phase of drilling. This is a huge achievement and gives us the first tangible sense of what a significant gold mining project Northern Zone could become."
By Greg Roxburgh; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Oracle Power