Oracle Power PLC (LON:ORCP) said it has kicked off a field exploration programme at the Jundee East gold project in Western Australia
Jundee East is a previously unrecognised greenstone belt spanning some 80 square kilometres, close to Northern Star Resources’ Jundee gold mine, which produced over 7mln ounces of gold.
The company is conducting soil sampling along with other field exploration methods as it seeks to determine the most effective method to define targets in the area.
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"With the commencement of field-based exploration work at the Jundee East Project, our second project in Western Australia, we believe that we can start to unlock substantial value for the shareholders of Oracle as we progress the assets,” said Naheed Memon, chief executive in a statement.
“The scale of the target area being evaluated and its respective proximity to the Jundee Gold Mine exemplifies the prospectivity potential of the project. The initial phase of field-based exploration aims to determine the effectiveness of geochemical exploration methods at defining anomalies warranting further investigation.
“A project wide geochemical based sampling programme will be implemented if the method being trialled is determined to be suitable to targeting the styles of mineralisation believed to be present within the tenure," she added.