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Oracle Power PLC - London-based power and natural resource project developer with projects focused on Pakistan - From three samples from its Northern Zone Gold project in Australia, metallurgy results indicate an average gold recovery of 88% over 12 hours and 93% over 24 hours, alongside low copper content of 2.0 parts per million.
As a result, an exploration target of 200 to 250 million tonnes at 0.4 to 0.6 grams per tonnes of gold for 2.5 to 4.8 million ounces has been generated based on results to date.
Meanwhile, a drilling programme to define a maiden inferred resources has been designed and is set to be finalised in the coming weeks.
"Further positive metallurgy and improved recovery results at Northern Zone from refining metallurgical conditions is a great result, with average gold recovery of 88% over 12 hours and 92.9% over 24 hours from the three samples submitted to Nagrom. As previously stated, we have defined a large exploration target of 2.5 to 4.8Moz gold and, with excellent potential gold recovery, this gives us the confidence to progress to the next step of confirming our belief in the tonnes and grade of the gold deposit," said Chief Executive Officer Naheed Memon.
Current stock price: 0.28 pence, down 9.7%
12-month change:down 44%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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