leadf
logo-loader
viewOracle Power PLC

Oracle Power acquires Australian gold projects

Oracle is also developing a major power project in Pakistan

Oracle Power PLC -

Oracle Power PLC (LON:ORCP) has acquired two highly prospective gold projects in Western Australia. 

The Northern Zone Project is located 25 kilometres east of the major gold mining centre of Kalgoorlie, and hosts multiple significant historical drill hits.

The Jundee East project is located about nine kilometres east of Northern Star's Jundee gold mine, one of Australia's largest gold mines

The acquisition of the projects will be satisfied by a payment of £90,000 in cash and the issue of just under 43mln shares, with warrants at 1.1p attached.

"To secure a deal on these assets in Western Australia is a very significant and exciting new development for Oracle,” said chief executive Naheed Memon.

“The Northern Zone project is essentially drill-ready and the Jundee East Project has the potential to discover gold mineralisation in a newly identified greenstone belt that has very similar geophysical signatures to the nearby Jundee gold mine.”

The shares rose 12.5% at the open.

Quick facts: Oracle Power PLC

Price: 0.55 GBX

AIM:ORCP
Market: AIM
Market Cap: £11.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oracle Power PLC named herein, including the promotion by the Company of Oracle Power PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Oracle Power Shareholder Q&A

Oracle Power's (LON:ORCP) CEO Naheed Memon takes questions from the company's shareholders delivered by Proactive London's Katie Pilbeam.  Memon addresses queries on the Thar Block VI Project in terms of key decision makers and government agencies in Pakistan.  As well as the...

7 hours, 15 minutes ago

2 min read