LONDON: Oracle Power (AIM:ORCP) has announced the conditional acquisition of the entire Blue Rock Valley Copper and Silver Project in Western Australia, following the completion of due diligence. The project, located 165km southeast of Onslow, is poised for development with historical assays indicating high-grade copper and silver, and potential for uranium.
Key Highlights:
– Acquisition: Subject to approval by the Western Australian government.
– Historical Data: Rock chip samples show high copper percentages, with values up to 49.9% Cu and 20.5g/t Ag.
– Drilling Results: Historical drilling revealed significant copper mineralization, including 4m at 1.02% Cu.
– Geophysical Studies: EM surveys identified multiple drill targets, with an untested EM anomaly present.
– Exploration License: The project’s tenement spans 102km² and holds an exploration license valid until 2028, with renewal options.
Oracle Power exercised its option to acquire the tenement for £200,000, payable through the issuance of over 913 million new shares to Mining Equities Pty Ltd. The transfer awaits the consent of the Western Australian Minister of Mines and Petroleum, with a three-month lock-in period agreed for the new shares.
Naheed Memon, CEO of Oracle, commented: “I am very pleased to announce that we have completed the acquisition of this exciting copper and silver project in Western Australia, of this magnitude, that represents a great opportunity for Oracle.
The Project area is also highly prospective for gold, with the Eastern Hills Gold Project 11km to the north and the famous Paulsen Gold Mine 42km to the north-north-east.
A number of uranium projects are also nearby Paladin’s 25.9Mlb uranium and Cauldon’s 30.9Mlb uranium deposits indicating potential sediment hosted uranium near hot granites in the Ashburton Basin. I look forward to exploration getting underway.”
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