Oracle Power making progress in Australia and at Thar
- Oracle Power starts drilling at Northern Zone Gold Project in Australia
- Oracle Power’s Thar project could double in size, with the potential addition of a gas-to-urea capability
- Oracle Power is granted the exploration tenement for Jundee East Gold Project
Quick facts: Oracle Power PLC
Price: 0.35 GBX
Market Cap: £7.9 m
About the company
Oracle Power is an international power and natural resource project developer listed on London’s AIM market.
In November 2020, Oracle added diversification with the acquisition of gold projects in Australia where subsequent work has provide excitement, new catalysts and the prospect of discoveries in the same neighbourhood as some major mining operations.
The company remains focussed on delivering reliable and affordable power in emerging developing markets, unlocking the value of underutilised and undeveloped natural resources to provide energy security and support economic growth and development.
How it is doing
The first phase is to complete seven reverse circulation drillholes up to 260 metres deep, for a total of around 1,500 metres specifically targeting gold mineralisation within a series of stacked porphyry intrusions.
"It is fantastic to start Oracle's maiden Australian drill programme at Northern Zone, and a big step forward with respect to our Western Australian gold strategy,” said chief executive Naheed Memon.
“The drill programme will take about two weeks to complete and I look forward to the results of this maiden drill programme six-eight weeks from the end of drilling as we will be assaying samples in Queensland, to expedite results."
The first phase is to complete seven Reverse Circulation drill holes up to 260 metres deep, for a total of around 1,500 metres, specifically targeting gold mineralisation within a series of stacked porphyry intrusions.
Insight: Oracle Power’s Thar project could double in size, with the potential...
The scope of the energy development projects that are likely to be undertaken by Oracle Power PLC (LON:ORCP) in Pakistan could be about to get significantly larger, if a plan to augment the existing coal-to-power offering with a coal-to-gas and urea project comes to fruition.
Exactly when or how such a development in Oracle’s plans comes to be formalised remains to be seen, as there has been a certain amount of bureaucratic flux in Pakistan lately, as the coronavirus crisis has had a deepening impact on the economy there.
What management says
Oracle Power's (LON:ORCP) CEO Naheed Memon joins Proactive London with the news that the exploration tenement has been granted for their Jundee East Gold Project.
The project now has a whole new team of geologists on the ground preparing to get to work at the site, which is located in the Eastern Goldfields region of Western Australia.
Memon says 'it's all moving forwards now'.
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