Key insights
- Oracle Power received preliminary heritage clearance for its Northern Zone Gold Project in Western Australia, paving the way for mining development. While positive for Oracle Power, the news has minimal direct influence on the broader US equity market. A slight negative influence is assigned due to the potential for increased global gold supply, which could marginally impact US-based gold mining companies.
WESTERN AUSTRALIA - Oracle Power PLC (AIM:ORCP) received a preliminary heritage survey report clearing the Northern Zone Gold Project for mining development, according to a press release statement.
The heritage survey, completed approximately two weeks ago, covered tenements P25/2888, P25/2848 and P25/2651 (M25/389) located 25 kilometers east of Kalgoorlie in Western Australia. The preliminary report from Kapurn, Kalamaia and Karlaku Traditional Owners indicates no heritage places were identified during the survey.
The clearance covers areas designated for initial mining operations and future drilling programs. Oracle stated the final heritage report is expected in approximately four weeks and will be included in the Mine Development and Closure Plan (MDCP) submission to the government.
The company noted the preliminary report may be subject to change following further discussions between heritage consultants and Traditional Owners, though significant differences from the preliminary findings are not expected.
Oracle and Riversgold are advancing the Northern Zone Gold Project toward MDCP approval, which would permit mining activities following the grant of a Mining Lease. The company previously announced that conversion of the tenement to a Mining Lease is in advanced stages.
Oracle and Riversgold signed a Right to Mine and Co-Operation Agreement with MEGA Resources in September 2025 for the project. Under the agreement, MEGA Resources will provide development and mining funding on a 50/50 profit share basis.
The Northern Zone Gold Project is hosted within a Tonalite-Trondhjemite Intrusion porphyry unit, located within the Canon Shear fault zone. Drilling to date has reached depths of 60 meters.
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