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(Sharecast News) - Oracle Power announced promising drill results from its Northern Zone Intrusive Hosted Gold Project in Western Australia on Wednesday, revealing significant expansions to the mineralised footprint and confirming the presence of a substantial gold system.
The AIM-traded firm said the latest assay results, from an 1,826-metre aircore drilling programme conducted in August and September, included some of the highest-grade intervals recorded to date at the project.
Among the highlights was an intercept of five metres at 12.27 grams of gold per tonne, including one metre at an impressive 58.09 grams per tonne, representing the highest-grade interval yet observed at the site.
Other notable shallow gold intercepts included seven metres at 3.9 grams per tonne from 35 metres at NZAC055, four metres at 3.97 grams per tonne from 32 metres on NZAC061, and four metres at 6.92 grams per tonne from 57 metres at NZAC061.
It also highlighted 11 metres at 1.44 grams of gold per tonne from 29 metres at NZAC064, and 29 metres at 1.29 grams per tonne from 54 metres on NZAC065.
The results indicated a substantial porphyry system, with the mineralised zone now extending up to 600 metres in width.
Oracle said it planned to use Leapfrog software to design further drilling aimed at following up the high-grade intercepts and exploring the expanding footprint of the mineralised porphyry system.
The board said the drilling outcomes continued to support the company's geological model, which projected an exploration target of 200 to 250 million tonnes at a grade of 0.4 to 0.6 grams of gold per tonne, potentially yielding between 2.5 million and 4.8 million ounces of gold.
"These latest set of significant high-grade gold assays at Northern Zone continue to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system, which is located just east of Kalgoorlie, Western Australia," said chief executive officer Naheed Memon.
"Plans to drill more shallow holes across the tenement are now being developed to further explore the upper elevation of this blind porphyry, with modelling using Leapfrog software driving the planning.
"As the Australian dollar gold price approaches AUD 4,000, this gold project is fast becoming very interesting."
At 1255 BST, shares in Oracle Power were up 11.87% at 0.02p.
Reporting by Josh White for Sharecast.com.
