Oracle Power Share News (ORCP)

(Sharecast News) - Natural resources and power project developer Oracle Power announced on Friday that a proposed drilling programme had now been designed for the Northern Zone Gold Project, 25 kilometres east of Kalgoorlie in the state of Western Australia.
The AIM-traded firm said the first phase would see seven reverse circulation drill holes, each up to 260 metres deep, for a total of 1,500 metres, specifically targeting gold mineralisation within a series of stacked porphyry intrusions.

It said its consultants would now submit a programme of work to the Australian Department of Mines, Industry Regulation and Safety, and seek a drilling company to undertake the programme.

Targeting drilling was expected to begin in six to eight weeks, depending on the approval of the programme of work, and the sourcing of a drill rig.

The board said the drill programme would be funded from current cash resources, adding that the interpretation of geology based on magnetics supported the model of a sequence of mafic and ultramafic volcanic rocks, with interbedded sediments and felsic volcanics that had been intruded by granitic and porphyry intrusions.

Gold mineralisation identified to date was associated with those felsic intrusive porphyry bodies, with the reverse circulation drill holes to target the porphyry along both strike and dip extensions.

"It is a significant development, with respect to our Western Australia gold strategy, to have our consultants finalise plans for a first phase drill programme for Northern Zone," said chief executive officer Naheed Memon.

"I have been advised that we could realistically expect the programme of work approval process for drilling to take two to three weeks, and depending on drill rig availability, the drill programme will take about 10 days to complete with assay results expected some three to four weeks after submission."

Memon also described the fact that the Jundee East sampling programme was well underway as "pleasing", adding that the company was "aggressively" ramping up exploration in Western Australia.

"I anticipate continued and regular news flow over the following months now that Oracle is advancing further its Australian exploration assets, and I look forward to reporting on Oracle's maiden drill programme in Australia."

At 0836 BST, shares in Oracle Power were up 2.08% at 0.49p.