12 July 2024
Oracle Power PLC
("Oracle" or the "Company")
Assays Confirm Historical Evidence of Copper
Mineralisation at Blue Rock Valley Project
Oracle Power PLC (AIM:ORCP), an international project
developer, is pleased to provide an update on progress at its Blue
Rock Valley Copper and Silver Project ("Blue Rock" or the
"Project") in the northwest region of Western Australia, where
positive assay results have been received from the rock chip and
grab samples taken during the recent site visit, ranging from 8.56%
to 25.70% copper (see RNS dated 27 June 2024).
HIGHLIGHTS
·
Historical evidence of copper mineralisation confirmed.
· Rock chip
and grab samples returned grades of:
o 18.21% Copper,
OBR001
o 12.34% Copper,
OBR002
o 25.70% Copper,
OBR003
o 8.56% Copper,
OBR004
o 10.08% Copper,
OBR005
· Currently
assessing further potential exploration programme workstreams,
including:
o A ground gravity,
electromagnetic or other geophysical programme over the greater
project area to better define the mineralisation.
o Obtaining quotes for
a ground based electromagnetic ("EM") survey over the airborne EM
anomaly that was defined previously and is currently undrilled and
untested, which sits in a syncline of sedimentary rocks that are
potentially ideal for base metals (copper, lead, zinc) and silver
to be deposited.
o Undertaking drilling
when viable.
· Further
targeting tools will continue to be assessed in order to refine and
develop targets.
· Gold and
uranium also being targeted as such deposit types are known to
occur within the Ashburton Basin.
Naheed Memon, CEO of
Oracle, commented: "I am
very pleased to announce receipt of the copper sample assay results
from Blue Rock. We will now focus on determining the most
appropriate geophysical technique to advance the Project with
definition for potential drilling. We will also continue to assess
the Project for potential gold and uranium."
DETAILS
The Project, located 165km southeast of Onslow, the
main port for the region's iron and LNG exports, is accessed from
the North West Coastal Highway on a well-maintained unsealed road
(see Figures 7 and 8).
The Project tenement (the "Tenement") covers 32
Blocks (approximately 102km2) (see Figure 8) and is composed of one
granted exploration licence, E08/3604. Oracle announced on 11 June
2024 that it had exercised its option to acquire 100% of the
Tenement. The Tenement was granted on 2 October 2023 and expires on
26 October 2028 but is renewable. The first term is therefore five
years with a possible initial extension of five years and further
extensions of two years thereafter, with 40% of the licence area to
be surrendered at the end of year six.
At a site visit in June, Oracle consultant geologists
took copper samples and photos of mineralisation at the project
area to assist in the next steps forward. Table 1 below shows the
assay results and Figures 1 to 6 show the rock samples that have
been assayed.
|
|
Element
|
Ag
|
Au
|
Fe
|
S
|
Zn
|
Cu
|
Cu
|
|
|
Scheme/Method
|
MADI
|
FA50I
|
MADI
|
MADI
|
MADI
|
MADI
|
MADI
|
Sample
|
Easting
|
Northing
|
ppm
|
ppb
|
%
|
ppm
|
ppm
|
ppm
|
%
|
OBR001
|
396675.42
|
7455140.96
|
3
|
23
|
0.27
|
1,087
|
10
|
182,070
|
18.21
|
OBR002
|
396677.25
|
7455143.08
|
8
|
17
|
0.28
|
395
|
13
|
123,420
|
12.34
|
OBR003
|
396672.4
|
7455121.5
|
4
|
53
|
0.18
|
1,763
|
28
|
257,040
|
25.70
|
OBR004
|
396671.36
|
7455120.78
|
6
|
71
|
0.43
|
73
|
52
|
85,629
|
8.56
|
OBR005
|
396670.22
|
7455122.55
|
1
|
45
|
0.3
|
645
|
20
|
100,827
|
10.08
|
Table 1: Assay results following recent site
visit
Notes: Rock chip samples were
submitted for two types of analysis.
1. Gold Fire by Assay (FA50I) - A
nominal charge sample is fired and cupelled as per the classical
lead collection fire assay process. The noble metal prill is parted
with nitric acid, dissolved in aqua regia and diluted for analysis.
Analyses is performed via ICP-OES to a lower detection limit of
1ppb.
2. Mixed Acid Digest/Multi-Element
Scan (MADI)- The digest involves the use of nitric, perchloric and
hydrofluoric acids in the attack. Dissolution is then achieved
using hydrochloric acid. The use of hydrofluoric acid ensures the
breakdown of silicate minerals. The digest approaches total
dissolution. Solutions are presented to an ICP-OES instrument for a
33-element determination.
Figure 1: Photo of rich copper oxide sample from
historical trench next to historical shaft at Blue Rock Valley.
Sample OBR001 assayed 18.21% Copper.
Figure 2: Photo of rich copper oxide sample taken
from historical trench next to historical shaft at Blue Rock
Valley. Sample OBR002 assayed 12.34% Copper.
Figure 3: Photo of rich copper
oxide sample from historical Run of Mine pile next to historical
shaft at Blue Rock Valley. Sample OBR003 assayed 25.70% Copper
.
Figure 4: Photo of rich copper oxide sample from historical run of
mine pile next to historical shaft at Blue Rock Valley. Sample
OBR004 assayed 8.56% Copper.
Figure 5: Photo of rich copper oxide sample from
historical run of mine pile next to historical shaft at Blue Rock
Valley. Sample OBR005 assayed 10.08% Copper.
Figure 6: Photo of rich copper oxide within
historical trench near historical shaft at Blue Rock Valley.
Samples OBR001 and OBR002 were taken from this in situ
location.
Figure 7: Blue Rock Valley project workings and
exposure of where OBR samples were taken.
Figure 8: Blue Rock Valley project's
location and access.
This announcement
contains inside information for the purposes of Article 7 of EU
Regulation No. 596/2014, which forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended by virtue of the Market Abuse (Amendment) (EU Exit)
Regulations 2019.
Competent
Person's Statement
The information in this announcement that relates to
exploration results, mineral resources or ore reserves is based on
information compiled by Mr Edward Mead, who is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Mead is a
consultant to the Company. Mr Mead has sufficient experience which
is relevant to the style of mineralisation and type of deposits
under consideration and to the activity that he is undertaking to
qualify as a Competent Person as defined in the 2012 edition of the
`Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' (the JORC Code). Mr Mead consents to
the inclusion of this information in the form and context in which
it appears in this announcement.
-END-
For further information visit www.oraclepower.co.uk
or contact:
Oracle Power PLC
Naheed Memon -CEO
|
+44 (0) 203 580 4314
|
Strand Hanson Limited (Nominated Adviser &
Broker)
Rory Murphy, Matthew Chandler, Rob Patrick
|
+44 (0) 20 7409 3494
|
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis
|
oracle@stbridespartners.co.uk
|