Oracle Power PLC (AIM:ORCP) shares leapt 54% to 0.05p after the company reported new assay results from its Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia.
The company said gold mineralisation has now been identified in the previously undrilled 'saddle' area between the eastern and northwestern zones, potentially linking the two into a single zone of shallow oxide mineralisation around 600 metres wide.
Significant intercepts from the latest six drillholes include 5 metres at 3.09 grams per tonne (g/t) of gold and 1 metre at 11.0 g/t.
"Intersecting these gold grades in the previously undrilled saddle area between the eastern and the northwestern shallow gold zones is highly significant as it demonstrates the potential for these two zones to join together,” said chief executive officer Naheed Memon, adding that drilling has now concluded for the year.
He said results from nine drillholes from the grade control drill rig program are still awaited, while 28 vertical air core drillholes from the drilling have just been submitted to the lab.
"With results from these 37 drillholes expected in the coming weeks, we are looking forward to a constant stream of news-flow leading into the New Year.”
Oracle's drilling will support mine planning work being undertaken by Mega Resources, with a view to starting mining in the first half of 2026.