Oracle Power (LON: ORCP) shares are down Tuesday following the announcement that the first phase of reverse circulation (RC) drilling has been completed at the Northern Zone Gold Project.
The project, located 25km east of Kalgoorlie in Western Australia, comprises one granted prospecting licence, covering 82 hectares. Additionally, it is in an area highly prospective for gold.
There were drillholes up to 260 metres deep, mainly targeting gold mineralisation within a series of stacked porphyry intrusions.
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1,161 samples collected have now been dispatched to ALS Global, a laboratory testing firm.
Naheed Memon, CEO of Oracle, commented: “I am pleased to report the successful conclusion of our maiden drill programme at Northern Zone.
“The geophysical analysis completed earlier in 2021 points to an extremely exciting new gold zone and I Iook forward to sharing the results of the drilling once received from the laboratory.”
The company’s shares are down 3.85% at the time of writing, priced at 0.375p. Monday saw Oracle’s shares surge over 16% on news of a green hydrogen co-operation agreement with PowerChina International Group.
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