(Alliance News) - Oracle Power PLC on Monday revealed it has received approval to undertake a drill programme at its Jundee East gold project in Western Australia.
The natural resources and power project developer was granted approval for the drilling of five target areas defined at the site by the Department of Mines Industry Resources & Safety.
AIM-listed Oracle Power shares were trading 10% higher in London on Monday morning at 0.51 pence each.
"It is great to have the programme of work approved, which allows Oracle to commence drilling at Jundee East. Local contractors, BM Geological Services, will seek to secure a drill rig and, once availability is confirmed, we will update shareholders," said Chief Executive Naheed Memon.
To undertake drilling, Oracle has contracted BM Geological Services to work on securing a drill rig, which will be mobilised to site for the commencement of drilling.
The Jundee East project is comprised of one exploration licence and is located within the Yandal gold province, host to numerous multi-million-ounce gold systems, Oracle stated.
By Will Paige; willpaige@alliancenews.com
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