The first phase is to complete seven Reverse Circulation drill holes up to 260 metres deep, for a total of around 1,500 metres, specifically targeting gold mineralisation within a series of stacked porphyry intrusions.
To undertake the work at Northern Zone, BM Geological Services has been contracted to carry out the drill programme and are advanced in securing a drill rig, following which it will be mobilised to site, which is expected in two to four weeks’ time in total.
The Northern Zone is comprised of one granted prospecting licence which covers an area of 82 hectares.
The Project is in an area highly prospective for gold, the miner said, and is approximately 25km east of Kalgoorlie, the home of the ‘Super Pit’ mine, the second-largest gold mine in Australia.
“It is great to have the PoW approved, which allows Oracle to commence drilling in the Northern Zone,” said the AIM-listed firm’s chief executive Naheed Memon in a release.
“Local contractors, BMGS, are very advanced in securing a drill rig, with a start date that can now be locked in, with the programme of work in hand. We expect drilling to start in a few weeks, once drill rig availability is confirmed, and we will update shareholders as plans progress. The market will be updated on progress as material events occur.”