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13 Jan, 2021 15:30

Oracle Power completes interpretation of data from Northern Zone

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Natural resources and power project developer Oracle Power said on Wednesday that it has completed the processing and interpretation of the available magnetic and induced polarisation (IP) geophysical datasets across the Northern Zone Gold Project, east of Kalgoorlie in Western Australia.

The AIM-traded firm said the interpretation of geology based on magnetics supported the model of a sequence of mafic and ultramafic volcanic rocks, with interbedded sediments and felsic volcanics, that had been intruded by granitic and porphyry intrusions.

It said the gold mineralisation identified to date was associated with those felsic intrusive bodies.

The Interpretation of IP geophysics had determined there was a “strong correlation” between previous drilling and IP chargeability anomalies, the board said.

Targeting based on the IP inversion conducted revealed undrilled targets, and the potential for mineralisation down dip of drill defined targets.

“The processing of magnetics and IP geophysical data across the Northern Zone has provided us with a direct target model for further drilling to be undertaken,” said chief executive officer Naheed Memon.

“We are strongly encouraged by the IP chargeability anomalies, which are yet to be drill tested.”

Memon said that in addition, down-dip extensions to known mineralisation had been identified, and remained as high priority drill targets.

“Our next phase of activities will involve detailed modelling of previous drilling results, with the aim of defining a comprehensive geological model to target further drilling.”

At 1230 GMT, shares in Oracle Power were down 4.35% at 0.55p.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.