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.