Oracle Power PLC - Pakistan and Australia-focused natural resources project developer - Updates shareholders on the farm-in by Riversgold Ltd on the Northern Zone Intrusive Hosted Gold Project, in Western Australia. Notes Riversgold has spent AUD273,299 to date on the exploratory works undertaken post farm in agreement. A heritage survey assessment is to be completed shortly and a programme of works is ready to be submitted thereafter. Further drilling is planned to expand the target cross section and advance the project towards a targeted maiden mineral resource estimate in 2024. Explains Riversgold now has the option to withdraw as it has spent in excess of AUD200,000 but is not expected to do so. States the planned POW will move RGL towards the aggregate AUD600,000 expenditure trigger, whereby the intended 80:20 joint venture structure between RGL and Oracle will be activated.
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By Jeremy Cutler, Alliance News reporter
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Oracle Power (ORCP)