Shares in Oracle Power PLC (AIM:ORCP) jumped 5% as the AIM-listed mining company confirmed diamond drilling has been completed at its Northern Zone gold project, near Kalgoorlie, Australia.
Prior work at the site had proved the presence of a gold system with “potential scale,” Naheed Memon noted, with “this [having] been substantiated today”.
Australian-listed Riversgold Ltd (ASX:RGL), which owns a majority interest in the project, carried out the tests, with samples confirming gold grades and widths yet to be studied.
Though the pair had initially targeted 200 to 250 tonnes at a grade of 0.4 grams per tonne (g/t) to 0.6 g/t, Oracle said all holes at the site had been drilled deeper than planned thanks to visible alteration exceeding expectations.
Shares in the AIM-listed company rose 5% to 0.092p on the news.