Oracle Power Acquires Option for Copper and Silver Project in Western Australia
Oracle Power has secured an exclusive option to acquire the entirety of the Blue Rock Valley Copper and Silver Project, situated in the Ashburton Basin, northwest Western Australia. The project, 165km southeast of Onslow, is accessible via a well-maintained unsealed road from the North West Coastal Highway. This area is noted for its potential in high-grade copper and silver, with additional prospects for uranium.
Recent assays from historical drilling and rock chip samples in the vicinity have confirmed the presence of copper and silver, with some samples showing remarkably high grades of copper up to 49.9% and silver content as high as 20.5g/t. Historical drilling has also returned significant copper findings, highlighting the area's mining potential.
The project covers 32 blocks, approximately 102 square kilometers, under exploration license E08/3604, currently owned by Mining Equities. This license, valid until 26 October 2028, allows for an initial five-year term with possible extensions, subject to certain conditions including a mandatory surrender of 40% of the license area by the end of the sixth year.
Under the terms of the acquisition agreement, Oracle will issue new shares as payment for the option and potential full acquisition of the project. The initial option fee involves the issuance of 136,986,301 new shares, with an additional 913,242,009 shares to be issued if Oracle decides to exercise the option for full acquisition. These transactions are contingent upon various conditions, including approval by the Minister of Mines and Petroleum in Western Australia.
The exploration plans for the project include a comprehensive review of historical data, consideration of a geochemical sampling program, and potential drilling based on identified electromagnetic anomalies. The project area, known for its geological similarities to other significant copper and sediment-hosted deposits in Western Australia, also shows promise for gold and uranium prospects, adding to its potential value.
Oracle Power's leadership expressed optimism about the project's prospects and the company's technical team is set to undertake due diligence and explore the best methods to advance the project. With the nearby presence of other mineral projects, the Blue Rock Valley project holds strategic importance in the region's mining landscape.
