Oracle Power (LSE:ORCP) has received a preliminary heritage survey report for the Northern Zone Intrusive Hosted Gold Project that finds no heritage places across tenements P25/2888, P25/2848 and P25/2651 (M25/389). The clearance clears the way for the company and joint venture partner Riversgold to progress an MDCP submission.
"This very important heritage clearance is a tremendous step forward for the long-term aspirations of Oracle and its co-development partner and stakeholders. The recently completed heritage survey, conducted about two weeks ago, has cleared the entire tenement package, including all the areas allocated for our initial planned mining operations with MEGA Resources and future surface and deep drilling programmes," Naheed Memon, CEO of Oracle, commented.
Oracle cautions the report is preliminary and may change after further discussions with the Kapurn, Kalamaia and Karlaku Traditional Owners, but the company does not expect material differences when the final report is issued in about four weeks. That final report will form part of the MDCP submission to government.
Conversion of the tenement to a Mining Lease is “well advanced and is expected shortly,” the release adds. Oracle and Riversgold have a Right to Mine and Co‑Operation Agreement with MEGA Resources, which will fund development and mining in return for a 50/50 profit share.
The Northern Zone sits in a Tonalite‑Trondhjemite Intrusion within the Canon Shear; horizontal gold mineralisation and dry drilling to 60m support the company’s planned drilling techniques.
