Oracle Power PLC’s (AIM: ORCP) stock increased by 5% after the mining firm on the AIM platform verified the conclusion of diamond drilling at its Northern Zone gold project located near Kalgoorlie, Australia.
Earlier assessments of the location had confirmed a significant gold system, as highlighted by Naheed Memon. Today’s findings further validate this.
Drilling Highlights:
· Diamond drilling of entire central cross-section to 450m vertical depth completed to validate exploration model
· 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
· Visible alteration on all holes exceeded initial expectations with all four holes drilled deeper than planned
· Programme aim was to:
o Confirm the mineralisation style
o Mineralisation widths and gold grades
o Oriented core to gather structural orientation of the mineralisation
· Drill cores are now being moved to ALS in Perth for cutting, photography and assay
Riversgold Ltd (ASX: RGL), holding the majority stake in the venture, conducted these tests. The precise gold grade and size from the samples are still under review.
Originally, the companies aimed for 200 to 250 tonnes with a grade ranging from 0.4 g/t to 0.6 g/t. However, Oracle revealed that they exceeded the drilling depth due to observable changes surpassing their anticipations.
Following the announcement, the stock price of the AIM-registered firm surged by 5%, reaching 0.092p.
