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."