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Oracle Power gears up for full survey of Jundee East gold project

It is expected to help set up a maiden drill programme at the Australian gold project.

Oracle Power PLC - Oracle Power gears up for full survey of Jundee East gold project

Oracle Power PLC (LON:ORCP) is following up highly positive geochemical sampling results at the Jundee East gold project in Western Australia with a full geochemical survey set to start next week.

A sampling programme will take place over most of the 90 square kilometre area, with some 980 samples expected. The work is due to take two weeks to carry out and it will be a further four weeks until results are available.

"Jundee East represents an exceptionally exciting prospect for Oracle in one of the most prolific gold producing regions globally,” said chief executive Naheed Memon. “The soil sampling programme, we believe, will continue to lay the foundations for a maiden drill programme later this year. The company is fully focused on drilling Jundee East as soon as possible."

Oracle, separately, released a results statement for the year ended December 31 2020 in which the company noted the challenges of operating during the pandemic and highlighted that it ended the period in good financial health.

In the statement, Memon said: “I can confirm that Oracle continued to make very good progress in 2020 in Pakistan, overcoming delays and numerous Covid related issues.

“We essentially upgraded the size and value of our project in Pakistan, in preparation of an imminent critical gas shortage in the country.

“Oracle has received tremendous support from the Government of Pakistan for an enhanced development plan at Block VI and during the course of 2020, the government of Pakistan endorsed its support for a diversified usage of Thar Coal.”

Memon added: “despite all challenges presented by the ongoing pandemic, Oracle successfully diversified its portfolio of projects, enhancing value for its shareholders by extending its commodity focus and also mitigating single jurisdiction risk.

“The economical acquisition of two gold projects in Western Australia in November, amidst a global downturn, has we believe increased the inherent value of the company significantly.”

In terms of financials, the pre-revenue company reported a £1.01mln loss for the year and it ended December 2020 with £1.55mln of cash.

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