Oracle Power PLC on Monday said that Riversgold Ltd completed its maiden diamond drilling programme at the Northern Zone gold project in Western Australia.

The Pakistan-focused energy projects developer said the drill cores are now being moved to ALS in Perth for cutting, photography and assay. ALS is a company that provides laboratory testing, inspection, certification and verification solutions.

Oracle Power in May signed a heads of agreement with Riversgold to farm-in to licence P25/2651, known as the Northern Zone gold project.

Oracle Chief Executive Officer Naheed Memon said, referring to the drilling programme: ‘Prior to this, Oracle’s work at the Northern Zone, had established that the gold system encountered at the project has potential scale, with a multi-million-ounce gold exploration target. This has been substantiated today with very wide zones of intense alteration in all four diamond drill holes demonstrating the high gold prospectivity. We will eagerly await further updates on gold grades and widths in due course.’

Oracle Power shares rose 5.0% to 0.092 pence each on Monday morning in London.

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