REG - Oracle Power PLC - Positive Assays at Blue Rock Valley Project

Oracle PowerAnnouncement

12/07/2024 07:00

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RNS Number : 1314W  Oracle Power PLC  12 July 2024

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                                        +44 (0) 203 580 4314

 Naheed Memon -CEO

 Strand Hanson Limited (Nominated Adviser & Broker)      +44 (0) 20 7409 3494

 Rory Murphy, Matthew Chandler, Rob Patrick

 St Brides Partners Limited (Financial PR)               oracle@stbridespartners.co.uk

 Susie Geliher, Isabel de Salis

 

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