Oracle Power reports positive outcome from Northern Zone exploration

The AIM-traded firm said proximal infrastructure had been evaluated, which included “excellent” access to site from the major regional mining centre of Kalgoorlie.

It added that the verification of collar locations from previous drilling was completed, based on a combination of ground surveys and a high-resolution airborne survey.

Orientation geochemical sampling was also completed, to refine the targeting model applied to test the gold and nickel potential, with results from the laboratory expected in the coming weeks.

Geological modelling and exploration targeting had now commenced, in a bid to refine a maiden drilling campaign, planned for early 2021.

“Following the completion of the acquisition of the Northern Zone Project, Oracle has rapidly implemented a field-based exploration programme to further gain an understanding of the potential and extent of mineralisation present,” said chief executive officer Naheed Memon.

“The proximity to the major regional mining centre of Kalgoorlie and substantial proximal mining operations provide the potential for low-cost high-impact exploration to be undertaken at a rapid pace.”

Memon said geological modelling had started, which aimed to provide a detailed understanding of the geometry, extent and potential exploration upside of the mineralisation defined to date.

“Post completion of the geological modelling, exploration targeting, and drill planning will be conducted.”

At 1021 GMT, shares in Oracle Power were down 7.08% at 0.56p.