Oracle Power has acquired two gold projects in Western Australia
(Kitco News) - First of all, the Northern Zone Project is located around 25 kilometres east of the major gold mining centre of Kalgoorlie. In addition to this, the Jundee East project is located about nine kilometres east of Northern Star's Jundee gold mine, one of Australia's largest gold mines.
Oracle is said to have paid around £90,000 in cash as well as the issue of just under 43mln shares, with warrants at 1.1p attached.
The companies chief executive Naheed Memon stated "To secure a deal on these assets in Western Australia is a very significant and exciting new development for Oracle,”. He added “The Northern Zone project is essentially drill-ready and the Jundee East Project has the potential to discover gold mineralisation in a newly identified greenstone belt that has very similar geophysical signatures to the nearby Jundee gold mine.
Shares jumped this morning at the open but have pulled back a touch. There has been a decent volume increased and the price has now settled at just over 12% higher on the session.