Oracle Power acquires copper and silver project in Western Australia

The Project is located 165 km southeast of Onslow, a multi-user port and the main port for the region’s iron and LNG exports. The Project site is accessed from the North West Coastal Highway on a well-maintained unsealed road.

Highlights:

• Assays from historical drilling and rock chip sampling suggest the presence of high-grade copper and silver mineralisation, as well as the potential for uranium.
• Historical Reverse Circulation drilling returned significant results:
  • Hole BBRC005: 4 m @ 1.02% Cu from 0 m; and
  • Hole BBRC004: 8 m @ 0.54% Cu from 6 m (including 1 m @ 1.39% Cu from 10 m).
• Electromagnetic (EM) geophysics as versatile time domain electromagnetic (VTEM) (airborne), and fixed loop transient electromagnetic surveying (FLTEM) (surface), studies have defined various drill targets.
• An EM anomaly near to the location of the prior work undertaken is undrilled and untested and sits in a syncline of sedimentary rocks that are potentially ideal for base metals (copper, lead, zinc) and silver to be deposited.
• Further targeting tools to be assessed to refine and develop targets before drilling is undertaken.
• Gold and uranium also being targeted as these deposit types occur within the Ashburton Basin.

Naheed Memon, CEO of Oracle, commented: “The Option over a base metal and silver project in Western Australia, of this magnitude, represents a great opportunity for Oracle. Due diligence will be completed over the coming weeks, and an assessment of the best exploration tools to move the Project forward will be undertaken by our technical team. The Project area is also highly prospective for gold, with the Eastern Hills Gold Project 11 km to the north and the famous Paulsen Gold Mine 42 km to the north-north-east. A number of uranium projects are also nearby, including Paladin’s 25.9 million lb uranium project and Cauldon’s 30.9 million lb uranium deposit, indicating potential sediment hosted uranium near hot granites in the Ashburton Basin.”

Read the article online at: https://www.globalminingreview.com/exploration-development/10042024/oracle-power-acquires-copper-and-silver-project-in-western-australia/