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(Sharecast News) - Oracle Power reported additional assay results from its ongoing drill campaign at the Northern Zone Intrusive Hosted Gold Project in Western Australia on Thursday, with the latest data confirming high-grade gold intercepts within a broader lower-grade mineralised halo.
The AIM-traded firm said the results from four of the five recently completed reverse circulation drill holes included notable intercepts, such as six metres at 6.12 grams of gold per tonne from 35 metres depth at NZRC012, and five metres at 1.72 grams per tonne from 39 metres in NZRC011.
Other intervals included 15 metres at 0.75 grams per tonne and 21 metres at 0.53 grams per tonne from NZRC010, further supporting the presence of shallow gold mineralisation.
The results followed an 11-hole, 1,289-metre reverse circulation drilling programme, with 453 samples from the remaining holes still pending.
Additionally, 1,303 samples from 32 aircore drill holes targeting oxide mineralisation had been submitted for assay, contributing to a total of 1,756 samples currently awaiting results.
Oracle said the drilling was continuing to enlarge the footprint of shallow mineralisation associated with the Northern Zone porphyry system.
The company said it would now update its Leapfrog gold model to incorporate the latest data, which would inform the next phase of exploration and guide future drilling plans.
"These latest results complement the previous results, and those released since late 2023, as we increase the footprint of the gold mineralisation," said chief executive officer Naheed Memon.
"The results continue to meet or exceed our expectations, revealing good tenor within the shallower oxide gold mineralisation at the top of the mineralised porphyry.
"We have a total of 1,756 samples in the lab awaiting assay from 36 drill holes to be reported in due as we continue to advance the Northern Zone project."
At 1355 BST, shares in Oracle Power were down 16.19% at 0.02p.
Reporting by Josh White for Sharecast.com.