05 Jan Oracle Power boosted by positive results from drill programme in Kalgoorlie
AIM-listed Oracle Power has reported encouraging results from a maiden drill programme at the Northern Zone gold project, located around 25 km from Kalgoorlie in Western Australia.
The diversified power and natural resource developer noted that the drilling successfully targeted gold mineralisation within a series of stacked porphyry intrusions. Significant results included gold grades up to 1.43 g/t over 3 metres, 1.34 g/t over 9 metres and up to 5.39 g/t over 4 metres in a broader, lower grade assay.
An estimated exploration target, based on historic data and the latest drill results, has been set at 2.5 to 4.8 million ounces of gold resources, based on 200 to 250 million tonnes of mineralisation at 0.4 to 0.6 g/t gold.
“The gold system we have encountered at Northern Zone, has significant scale…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,” said chief executive Naheed Memon.
“This is a huge achievement and gives us the first tangible sense of what a significant gold mining project Northern Zone could become.”
The phase 2 drill plans – now underway – are aimed at extensions to the RC holes, plus additional diamond drilling and RC holes to gain a better understanding of the geometry and extent of the deposit.