Last checked at 13 Aug 2021 07:00
13 August 2021
Oracle Power PLC
("Oracle" or the "Company")
Drilling Programme Approved
Northern Zone Gold Project Update, Kalgoorlie, Western Australia
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that the Department of Mines, Industry Regulation and Safety - Western Australia, has approved the Company's Programme of Work ("PoW") for the Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia. The objective of the first phase of the PoW is to complete seven Reverse Circulation (RC) drillholes up to 260 metres deep, for a total of ~1,500 metres, specifically targeting gold mineralisation within a series of stacked porphyry intrusions.
To undertake the work at Northern Zone, BM Geological Services ("BMGS") has been contracted to carry out the drill programme and are advanced in securing a drill rig, following which it will be mobilised to site, which is expected in two to four weeks' time in total.
Naheed Memon, CEO of Oracle, commented:
"It is great to have the PoW approved, which allows Oracle to commence drilling in the Northern Zone. Local contractors, BMGS, are very advanced in securing a drill rig, with a start date that can now be locked in, with the PoW 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. The market will be updated on progress as material events occur."
Click on, or paste the following link into your web browser, to view the associated PDF document with pictures included: http://www.rns-pdf.londonstockexchange.com/rns/5212I_1-2021-8-12.pdf
About Northern Zone Project:
The Northern Zone is comprised of one granted prospecting licence (P25/2651) which covers an area of 82 hectares (Figure 1). The Project is in an area highly prospective for gold and is approximately 25km east of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, 40km north of Kambalda and 55km east-north-east from Coolgardie.
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company holds two highly prospective gold assets in two globally significant gold regions of Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.
The Company's initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.
*ENDS*
For further information on Oracle Power Plc, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
Brandon Hill Capital Limited (Joint Broker)
Oliver Stansfield +44 (0) 203 463 5000
Shard Capital (Joint Broker)
Damon Heath, Isabella Pierre +44 (0) 20 7186 9952
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.