leadf
logo-loader
viewOracle Power PLC

Oracle Power says its encouraged by latest view of Northern Zone gold project

Oracle will now work up detailed modelling of past drill results, to create a comprehensive model to target future drill holes

Oracle Power PLC - Oracle Power says its encouraged by latest view of Northern Zone gold project

Oracle Power PLC (LON:ORCP) has told investors it is strongly encouraged by findings from the interpretation of magnetic and IP (Induced Polarisation) geophysical data for the Northern Zone gold project.

The company noted the completion of processing and interpretation of the data for Northern Zone, which is located in the east of Kalgoorlie area of Western Australia.

It said the data highlighted that the findings supports a model of the geology as “a sequence of mafic and ultramafic volcanic rocks, with interbedded sediments and felsic volcanics, that have been intruded by granitic and porphyry intrusions.”

Gold mineralisation found at the project is associated with these felsic intrusive bodies, Oracle Power added.

Moreover, data interpretation has determined there is a strong correlation between previous drilling and IP chargeability anomalies.

The company said that by targeting drill holes using the data can reveal other so-far undrilled targets and targets and potential for mineralisation down-dip of drilled targets.

"The processing of magnetics and IP geophysical data across the Northern Zone has provided us with a direct target model for further drilling to be undertaken,” said Naheed Memon, Oracle chief executive in a statement.

“We are strongly encouraged by the IP chargeability anomalies, which are yet to be drill tested. In addition, down-dip extensions to known mineralisation have been identified and remain as high priority drill targets.

“Our next phase of activities will involve detailed modelling of previous drilling results, with the aim of defining a comprehensive geological model to target further drilling."

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

Market Report: Biden reveals $1.9tn coronavirus stimulus package

FTSE 100 continued its recent seesaw with disappointment over US stimulus measures and concern over new coronavirus strains sending London lower Again. The blue-chip index dropped 44 to 6,757. Investors reacted coolly to US President-elect Joe Biden’s keenly anticipated US$1.9tn (£1.4tn)...

20 hours, 47 minutes ago

2 min read