(Sharecast News) - Oracle Power announced further encouraging assay results from its ongoing drilling programme at the Northern Zone Intrusive Hosted Gold Project on Wednesday, located near Kalgoorlie in Western Australia.
The AIM-traded firm said that among the latest highlights was its highest grade intercept to date - one metre at 77.96 grams of gold per tonne - within a broader interval of 10 metres at 8.89 grams per tonne from drill hole NZAC127.
Additional results included seven metres at 3.14 grams per tonne from 47 metres, including one metre at 18.35 grams per tonne at NZAC124, and two metres at 11.97 grams per tonne from 34 metres in NZAC123, further supporting the continuity of near-surface mineralisation.
Oracle said the majority of holes from the 1,805-metre, 32-hole aircore programme had intersected gold, with 414 samples from 11 remaining drillholes currently awaiting assay.
The company confirmed that the results continued to validate and expand the shallow gold system associated with the Northern Zone porphyry.
A revised geological model using Leapfrog software was being prepared to incorporate the new data and would guide planning for future drilling.
Oracle said it was already progressing with follow-up drill plans, aiming to further define the extent and grade continuity of the gold mineralisation.
The company said it viewed the ongoing programme as an important step in demonstrating the project's scale and development potential.
"The Northern Zone keeps delivering great results, and everything is going to plan as the mineralised footprint of the project's high-grade gold zone expands, within the large lower-grade porphyry host," said chief executive officer Naheed Memon.
"Results continue to meet and exceed expectations, with a new high-grade zone emerging on the eastern margin of the project."
Memon said a further 11 drill holes were currently in the lab awaiting assay.
"We look forward to updating shareholders regarding the Northern Zone Project as it progresses towards a maiden mineral resource estimate and mining lease approval."
At 1438 BST, shares in Oracle Power were down 7.06% at 0.02p.
Reporting by Josh White for Sharecast.com.
Oracle Power (ORCP)
