Shares of Oracle Power (LON: ORCP) are climbing on Monday after the company said its recent gravity survey conducted across the Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia, has confirmed the presence of a newly identified substantial greenstone belt located directly adjacent and east of the Jundee Gold Mine.
The natural resources firm said a newly identified substantial greenstone belt has been delineated within the Jundee East due to the latest gravity survey and processing undertaken.
The greenstone belt is located 9km due east of the Jundee Gold Mine, which has produced over 7Moz Au.
The company has also identified a high priority felsic intrusive related target has also been identified.
“We have further increased our confidence in the Jundee East target with the compelling results from the gravity survey Oracle has undertaken,” said Naheed Memon, CEO of Oracle.
“Independent processing and interpretation work on the survey, conducted by Value Adding Resources in Australia, has confirmed the presence of a new substantial greenstone belt in a favourable structural setting located in close proximity to the Jundee Gold Mine. The high priority intrusion-related target has been modelled across an extent of 12km and commences within 100m of surface,” added Memon.
Follow-up activities are now being planned, including planning and permitting aircore drilling across the primary target areas.
Oracle Power’s shares gained following the news, climbing to 0.638p. However, its stock price has given up those gains and are currently flat on the day at 0.60p per share.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.