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RNS Number : 0260Q
Oracle Power PLC
25 October 2021
 

 

25 October 2021

Oracle Power PLC

("Oracle" or the "Company")

 

Drilling Approval Received for Jundee East Gold Project, Australia

 

 

Oracle Power PLC (AIM:ORCP) is pleased to announce that the Department of Mines Industry Resources and Safety (DMIRS) has approved the programme of work ("PoW") for drilling of the five target areas defined at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia ("Jundee East" or the "Project"), which is located about 7km due east of Northern Star's  Jundee Gold Mine (see Figure 1).

 

To undertake the drill programme at Jundee East, the Company has contracted BM Geological Services ("BMGS"), which is working on securing a drill rig, which will be mobilised to site for commencement of drilling.

 

Naheed Memon, CEO of Oracle, commented:

"It is great to have the PoW approved, which allows Oracle to commence drilling at Jundee East. Local contractors, BMGS, will seek to secure a drill rig and, once availability is confirmed, we will update shareholders."

 

Click on, or paste the following link into your web browser, to view the associated PDF document with pictures included:

 

About The Jundee East Project:

 

The Jundee East Project is comprised of one exploration licence (E53/2140) and located ~7km due east of the Jundee Gold Mine, Figure 1. The area of the Project is 29 blocks (~90km2). The Project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems. The Jundee East Project represents a previously unrecognised greenstone belt proximal to the Jundee Gold Mine, host to previous production of >7Moz gold and which has a current Resource of 5.4Moz.

 

Five targets have been identified by the Company from geochemical sampling undertaken to date for the maiden drill programme.

 

Figure 1: Jundee East Project location Map showing proximity to the Jundee Gold Mine
http://www.rns-pdf.londonstockexchange.com/rns/0260Q_1-2021-10-24.pdf
 

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

*ENDS*

 

For further information on Oracle Power Plc, visit the Company's website http://www.oraclepower.co.uk or contact:

 

 

Oracle Power PLC

Naheed Memon - CEO                                                                                 +44 (0) 203 580 4314

 

Strand Hanson Limited (Nominated Adviser)

Rory Murphy, James Harris, Rob Patrick                                                  +44 (0) 20 7409 3494

 

Brandon Hill Capital Limited (Joint Broker)

Oliver Stansfield                                                                                           +44 (0) 203 463 5000

 

Shard Capital (Joint Broker)

Damon Heath, Isabella Pierre                                                                   +44 (0) 20 7186 9952

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley                                                               +44 (0) 20 7236 1177

 

About Oracle Power PLC:

Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market.  The Company holds two highly prospective gold assets in two globally significant gold regions of Western Australia.  The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.

 

The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility in association with PowerChina.  The Company's initial project is the Thar Block VI Project in south-east Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.

 

 

 

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