Oracle Power shares jump after it reports more drilling results

11th Apr 2025 11:55

(Sharecast News) - Oracle Power reported additional assay results from its reverse circulation drill programme at the Northern Zone gold project in Western Australia on Friday, confirming further high-grade intercepts within a broader lower-grade mineralised envelope.

The AIM-traded firm said the results came from the final four angled drill holes of an 11-hole, 1,289 metre campaign completed at the site, 25 kilometres east of Kalgoorlie.

Notable intersections included 18 metres at 1.94 grams of gold per tonne from 49 metres depth, including a higher-grade section of three metres at 8.2 grams per tonne from 60 metres.

Other results included 11 metres at 1.38 grams per tonne from 80 metres and 14 metres at 0.72 grams per tonne from 41 metres, with multiple additional zones of lower-grade mineralisation encountered across all four holes.

A further 1,303 samples from a subsequent 1,805 metre vertical drilling programme targeting shallow oxide mineralisation had been submitted for assay, with results expected in the coming weeks.

All angled holes from the initial programme intersected gold mineralisation, reinforcing the continuity of the deposit.

The company said it was planning to update its Leapfrog 3D gold model with the latest results to inform future exploration and drilling strategies at the Northern Zone.

"The results continue to complement previous drill programmes, and we continue to increase the footprint of the gold mineralisation, revealing good gold tenor within the shallower top of this considerable mineralised porphyry," said chief executive officer Naheed Memon.

"We have a further 1,303 samples in the lab awaiting assay from 32 drill holes, that will continue the company's consistent and regular news releases, reporting gold results as we advance the Northern Zone Gold Project towards a maiden mineral resource estimate."

At 1130 BST, shares in Oracle Power were up 25.58% at 0.03p.

Reporting by Josh White for Sharecast.com.