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(Sharecast News) - Oracle Power reported further gold intercepts from its Northern Zone project in Western Australia on Wednesday, saying the latest assay results are expanding the defined mineralised footprint and supporting plans to begin mining next year.
The AIM-traded developer released assays from the first six holes of a 21-hole grade control drilling campaign at Northern Zone, located 25 kilometres east of Kalgoorlie.
It said the programme was targeting near-surface mineralisation to refine mine planning ahead of a projected start to mining by joint venture partner Mega Resources in the first half of 2026.
Results from a further 15 holes were pending, while a second ~40-hole drill programme is already under way.
The latest intercepts included nine metres at 1.33 grams per tonne of gold from 56 metres and three metres at 4.39 grams per tonne from 45 metres, with additional intervals of three metres at 1.89 grams per tonne from 48 metres and five metres at 1.75 grams per tonne to end-of-hole at 61 metres.
Oracle said the drilling continued to confirm gold mineralisation across an expanding lateral footprint, particularly along the eastern margin of the project, with the zone appearing to extend northwards.
Chief executive Naheed Memon said the results reinforced the growth potential of the Northern Zone.
"The results from this first batch of assay results continue to expand the lateral footprint of the Northern Zone and we continue to achieve the goal of making the project bigger in the oxide zone," she said.
"Everything is going to plan as we expand the mineralised footprint of the project and define the high-grade gold zone hosted within a large lower-grade porphyry host."
Memon added that further assays from the second drill programme were expected within six to eight weeks, noting that the reported results "continue to meet and exceed expectations."
Oracle Power said the Northern Zone was hosted within a tonalite-trondhjemite porphyry unit featuring both high background gold and horizontal mineralised horizons.
It said the drilling continued to support its broader geological model, with workstreams progressing ahead of a maiden mineral resource estimate.
The data would also feed into Mega Resources' mine planning for the proposed 2026 start-up.
At 1432 GMT, shares in Oracle Power were up 2% at 0.04p.
Reporting by Josh White for Sharecast.com.