Oracle Power reports 'highly positive' sampling results

Natural resources project developer Oracle Power announced on Tuesday that further “highly positive” geochemical sampling results had defined five drill target areas at its wholly-owned Jundee East Gold Project, in the Eastern Goldfields region of Western Australia.

The AIM-traded firm said the geochemical soil sampling programme over the majority of Jundee East highlighted positive responses for copper and gold using the ‘Ionic Leach’ geochemical technique, designed to identify mineralisation below cover.

It said the further positive results showed that indicator elements, including gold and copper, were mobilising to surface at an atomic level above the target area, further supporting the potential of a mineralised system in a previously-unrecognised greenstone belt, proximal to Northern Star's producing Jundee Gold Mine, which has a current resource of 5.4 million ounces.

The programme successfully defined five large target zones, which were now essentially ‘drill-ready’ for first pass testing, with a programme currently being developed.

“Further positive results from the expanded soil geochemistry programme have defined five large target zones for drilling,” said chief executive officer Naheed Memon.

“The technical team is designing a drill programme and we will commence drilling as soon as we have an approved programme of work and can then confirm rig availability.”

At 1238 BST, shares in Oracle Power were down 5.29% at 0.41p.