Oracle Power PLC (AIM:ORCP) has successfully completed its maiden drill programme at its 100%-owned Jundee East gold project in the Eastern Goldfields region of Western Australia.
Maiden drill testing of a previously unrecognised greenstone belt was completed, and consisted of a first pass reverse circulation programme of 54 holes, drilled to a maximum depth of 153 metres.
The drilling focussed on five priority areas identified from a comprehensive geochemical programme conducted in 2021.
Results are expected in approximately six-eight weeks.
Diamond drilling will now be undertaken at the Northern Zone, located 25 kilometres east of Kalgoorlie, to improve the company's understanding of the geometry and extent of the project.
"Our work in Western Australia is intensifying; building on the work completed in 2021 which demonstrated that we have not one, but two highly prospective projects which may have the potential to become future gold mines,” said Oracle chief executive Naheed Memon.
"The maiden drill programme at Jundee East is a big milestone for us as this is the first time that modern drilling has been applied to this newly discovered greenstone belt. We expect the assay results in six-eight weeks' time, subject to lab availability, and this will give us a clearer indication of the style of mineralisation we are looking at. As for Northern Zone, we intend to keep our momentum and build on the fantastic results that we received in January. Having a current exploration target of between 2.5mln and 4.8mln ounces for this project certainly shows that we have the scale and potential resource quantum to establish a gold mining operation."