Oracle Power PLC (AIM:ORCP) (Oracle Power PLC (AIM:ORCP)) reported positive metallurgical results from the first of three samples from its Northern Zone gold project in Western Australia.
The results indicate gold recoveries of 83.3% can be achieved within six hours and recoveries of up to 90.4% over 72 hours.
Based on a previously announced exploration target of 2.5-4.8 million ounces of gold, the positive metallurgical results form the basis for moving ahead with drilling to define a maiden inferred JORC-compliant resource, said the AIM-listed company.
Planning for a diamond and reverse circulation drilling programme to define this maiden resource will be finalised in the coming weeks.
"The positive metallurgy at Northern Zone is the next step for the company to move the project forwards,” said chief executive Naheed Memon.
“Northern Zone is now a priority for the company and the main focus of our activities in Australia. In line with this, our exploration teams will increase efforts on Northern Zone, moving from Jundee East, which has not returned the results required to warrant further work at the moment."
The Northern Zone project is located 25km east of the major gold mining centre of Kalgoorlie.