Oracle Power Secures Major Copper and Silver Project in Western Australia

Oracle Power Secures Major Copper and Silver Project in Western Australia

Oracle Power has exercised its option to acquire 100% of the Blue Rock Valley Copper and Silver Project in Western Australia, following the completion of due diligence. The acquisition, valued at GBP 200,000, is subject to Western Australian government approval.

Located in the Ashburton Basin, 165km southeast of Onslow, Blue Rock boasts high-grade copper and silver mineralization, with significant historical rock chip samples indicating high copper and silver content. Notable samples include 49.9% copper and 4.93g/t silver. Historical drilling results also returned significant copper findings.

The project covers approximately 102 square kilometers and includes one exploration license, granted in October 2023, valid until 2028 with options for extensions. The acquisition is conditional on the consent of the Western Australian Minister of Mines and Petroleum.

Oracle Power will issue 913,242,009 new ordinary shares to Mining Equities Pty Ltd as part of the transaction. These shares will be subject to a three-month lock-in period. The company expects the shares to be admitted to trading on AIM by June 12, 2024, with the enlarged share capital totaling 7,452,310,364 ordinary shares.

CEO Naheed Memon expressed enthusiasm for the acquisition, highlighting the project’s potential for copper, silver, gold, and uranium exploration. icon

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