ORACLE POWER PLC

Regulatory Filings • Jul 12, 2024

National Storage Mechanism | Additional information

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.

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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

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