(Alliance News) - Oracle Power PLC on Monday said that a programme of work for drilling has been approved in Australia for a farm-in on the Northern Zone intrusive-hosted gold project.
Oracle Power is an international developer of energy projects, with a focus on Pakistan and Australia. The Northern Zone project is located 25-kilometres from the Kalgoorlie Super Pit in Western Australia.
The Australian Department of Energy, Mines, Industry, Regulation & Safety has approved a programme for drilling at the farm-in by Riversgold Ltd on the Northern Zone project. Riversgold is a gold exploration company, which announced a possible 80% earn-in to the project in May.
According to Oracle, the planned reverse circulate drilling campaign should move the project towards a maiden mineral resource estimate this year.
"Riversgold continues to be a committed farm-in partner, having now invested approximately AUD333,000 to the project in drilling and associated exploration activities to date. We look forward to the commencement of drilling activities on site in the coming weeks and will provide further details as appropriate," said Chief Executive Officer Naheed Memon.
Oracle Power shares were trading 4.7% lower at 0.026 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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