Oracle Power announced on Friday 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, sending its share price higher.
The Northern Zone Gold Project is located 25km east of Kalgoorlie in Western Australia. Kalgoorlie is home to the “Super Pit,” which was said to still have 9.7 million ounces of gold in the ground.
Oracle's objective of the first phase of the PoW is to complete seven Reverse Circulation (RC) drillholes up to 260m deep, for a total of 1,500m, targeting gold mineralisation.
BM Geological Services has been appointed to carry out the drill programme and are “advanced” in securing a drill rig. Once confirmed, it will be mobilised to the site, which is expected in two to four weeks.
Naheed Memon, CEO of Oracle, said: “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.”
Oracle's share price is currently trading at 0.395p, up 3.95%, clawing back a fraction of its over 24% year-to-date loss.
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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.