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Oracle Power kicks off Australian gold exploration

It comes only weeks after the company acquired the highly prospective gold project

Oracle Power PLC - Oracle Power kicks off Australian gold exploration

Oracle Power PLC (LON:ORCP) has begun field exploration work at the Northern Zone gold project, in the Kalgoorlie region of Western Australia.

The project, located some 25 kilometres from the major gold mining centre in Kalgoorlie - home to ‘Super Pit’, Australia’s second-largest gold mine - is seen to host potential gold mineralisation in ‘auriferous veins in granitic intrusions’, the company said.

Oracle’s exploration campaign will see the company acquire high-resolution imagery and digital terrain model of entire the project area. It will also conduct a geochemical survey to refine the targeting model.

READ: Oracle acquires Australian gold projects

The aim is to refine drill targeting in advance of a maiden drilling campaign, slated for early 2021.

Additionally, the company will assess nearby infrastructure as it eyes potential further development activities.

"To have commenced exploration activities on the Northern Zone Project near Kalgoorlie, only two weeks after acquiring this asset is an excellent effort from our geological consultants in Australia and underscores our commitment to demonstrating the resource potential of this highly prospective asset in as short timeframe as practicable,” said Naheed Memon, Oracle Power chief executive in a statement.

“Historical work has highlighted both the gold and nickel potential of this exciting project, and this field-based exploration programme aims to provide the requisite data inputs required to plan a detailed drilling campaign in H1 2021.”

Quick facts: Oracle Power PLC

Price: 0.55 GBX

Market: AIM
Market Cap: £11.93 m

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