Oracle Power PLC (LON:ORCP) has been awarded an exploration tenement for licence E53/2140, which contains the Jundee East gold project, located in the Eastern Goldfields region of Western Australia.
The project represents a previously unrecognised significant greenstone belt proximal to Northern Star's Jundee Gold Mine, host to previous production and resource of over 7Mln oz gold
Soil sampling and a ground-based gravity survey are underway with as a next step an Induced Polarisation (IP) survey.
Naheed Memon, Oracle’s chief executive, said: "The granting of the Jundee East exploration tenement, located only 7km due east of one of Australia's largest gold mines, is a great milestone that allows drilling to commence once final targeting programmes have been completed.
“The initial orientation soil geochemistry programme results are expected in the coming weeks, and this information will be integrated with the recent gravity survey over the prime targets previously reported.”