Oracle Power PLC Drilling Approval Received for Jundee East (0260Q)
25 October 2021 - 5:00PM
UK Regulatory
TIDMORCP
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 (90km(2) ). 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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END
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