Shares of Oracle Power PLC (LON: ORCP) spiked 17% higher after reporting positive initial soil sampling results at its Jundee east gold project in Western Australia.
The latest soil sampling results showed positive responses for gold and copper within the first three lines at the site. The sampling was done using mobile metal ion (MMI) geochemical techniques to identify mineralisation below the surface.
Naheed Memon, Oracle Power’s CEO, praised the result, saying that they confirm the company is on the right path to unlocking the potential within the new unexplored area.Â
Oracle Power intends to expand the soil sampling programme to a larger area to get more comprehensive information that can be used to design a maiden drill programme.
The company was awarded an exploration tenement for the project in late May and is moving quite fast, given the release of today’s soil sampling results.Â
The Jundee East project is located in the Eastern Goldfields region within the Yandal Gold province of Western Australia. The region is home to several gold producers, with the project being just seven kilometres east of Northern Star’s Jundee gold mine.
Oracle Power’s initial sampling identified copper and gold formations 100 metres below surface level, which is encouraging. However, a lot still needs to be done, given that the company is yet to create a JORC resource estimate for the project.
The company’s shares spiked higher but later gave up most of their gains, given that the project still has a long way to go.
Oracle Power share price.
Oracle Power shares spiked 17% higher to trade at 0.55p, rising from Friday’s closing price of 0.47p.