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Oracle Power shares jump on potential gold mine contract
(Sharecast News) - Oracle Power's share price rocketed on Friday after the natural resource and energy project developer announced it was in talks about a potential deal to progress operations at a part-owned gold miner in Western Australia. Riversgold, Oracle's partner in the project that owns an 80% stake, requested a halt in trading of its securities on the AXS on Friday, pending an announcement regarding "a capital raising and a material contract for the Northern Zone", Oracle confirmed in a statement.
As the markets await further information, expected sometime before Tuesday next week, Oracle put out a statement regarding the project in which it owns a 20% stake.
"The company wishes to clarify that Riversgold and Oracle are in discussions regarding a material contract with a firm to progress operations at the Northern Zone and that any further announcement will be made in due course as appropriate," Oracle said.
The comments sparked a 62% surge in the stock in afternoon trade to 0.027p, its highest level since January.
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