Oracle Power completes interpretation of data from Northern Zone

The AIM-traded firm said the interpretation of geology based on magnetics supported the model of a sequence of mafic and ultramafic volcanic rocks, with interbedded sediments and felsic volcanics, that had been intruded by granitic and porphyry intrusions.

It said the gold mineralisation identified to date was associated with those felsic intrusive bodies.

The Interpretation of IP geophysics had determined there was a “strong correlation” between previous drilling and IP chargeability anomalies, the board said.

Targeting based on the IP inversion conducted revealed undrilled targets, and the potential for mineralisation down dip of drill defined targets.

“The processing of magnetics and IP geophysical data across the Northern Zone has provided us with a direct target model for further drilling to be undertaken,” said chief executive officer Naheed Memon.

“We are strongly encouraged by the IP chargeability anomalies, which are yet to be drill tested.”

Memon said that in addition, down-dip extensions to known mineralisation had been identified, and remained as high priority drill targets.

“Our next phase of activities will involve detailed modelling of previous drilling results, with the aim of defining a comprehensive geological model to target further drilling.”

At 1230 GMT, shares in Oracle Power were down 4.35% at 0.55p.