Oracle Power PLC (AIM:ORCP) shares jumped nearly 20% in Tuesday's early trade, after it announced the restart of production at the Northern Zone gold project, near Kalgoorlie, Western Australia.
The new drill campaign, using a grade control rig, targets a shallow 30–60 metre zone between the project's western and eastern mineralised zones, with the aim of expanding the gold footprint.
“Significant gold intercepts from 30 to 60 metres within the flat-laying mineralisation have increased the footprint with every drill campaign,” said chief executive Officer Naheed Memon.
“The grade control rig is the next step in the evolution of this project.”
The two-week campaign will be followed by a second round in mid-November, with first assay results expected in early November.
Oracle said the strong Australian gold price, now above A$6,500 per ounce, supports the project’s prospects.
In London, meanwhile, Oracle shares were up 19.3% changing hands at 0.053p, valuing the business at around £7.5 million.