(Sharecast News) - Natural resource project developer Oracle Power announced on Friday that the Department of Mines, Industry Regulation and Safety in the state of Western Australia has approved its programme of work for the Northern Zone Gold Project.
The AIM-traded firm's project is located 25 kilometres east of the city of Kalgoorlie.
It said the objective of the first phase of the programme was to complete seven reverse circulation drill holes up to 260 metres deep, for a total of around 1,500 metres, specifically targeting gold mineralisation within a series of stacked porphyry intrusions.
To undertake the work at Northern Zone, BM Geological Services was contracted to carry out the drill programme, and was said to be advanced in securing a drill rig, following which it would be mobilised to site.
That was expected in between two and four weeks' time.
"It is great to have the programme of work approved, which allows Oracle to commence drilling in the Northern Zone," said chief executive officer Naheed Memon.
"Local contractors, BM Geological Services, are very advanced in securing a drill rig, with a start date that can now be locked in with the programme of work in hand.
"We expect drilling to start in a few weeks, once drill rig availability is confirmed, and we will update shareholders as plans progress."
Oracle Power (ORCP)25 Apr 2024 20:57
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News: