Oracle Power PLC - Pakistan and Australia-focused natural resources project developer - Updates shareholders on the farm-in by Riversgold Ltd on the Northern Zone Intrusive Hosted Gold Project, in Western Australia. Notes Riversgold has spent A$273,299 to date on the exploratory works undertaken post farm in agreement. A heritage survey assessment is to be completed shortly and a programme of works is ready to be submitted thereafter. Further drilling is planned to expand the target cross section and advance the project towards a targeted maiden mineral resource estimate in 2024. Explains Riversgold now has the option to withdraw as it has spent in excess of A$200,000 but is not expected to do so. States the planned POW will move RGL towards the aggregate A$600,000 expenditure trigger, whereby the intended 80:20 joint venture structure between RGL and Oracle will be activated.

Current stock price: 0.03 pence, up 5.3% in London on Thursday

12-month change: down 85%

Copyright 2024 Alliance News Ltd. All Rights Reserved.