Oracle Power completes ground survey at Blue Rock Valley

29th Oct 2024 16:08

(Sharecast News) - Oracle Power announced the completion of a ground gravity survey at its Blue Rock Valley Copper and Silver Project in Western Australia's Ashburton Basin on Tuesday.

The AIM-traded company said the survey, which focussed on areas with known copper mineralisation and VTEM anomalies, identified multiple gravity highs along the Blue Rock Valley trend, highlighting new potential drilling targets for copper exploration.

It noted that weaker gravity responses were detected in areas previously drilled and mined in the 1960s, where some copper had already been extracted.

The Blue Rock Valley project had shown promising high-grade copper results from rock chip and grab samples, with notable grades including 25.7% copper and 18.21% copper, among others, as reported in July.

Oracle said it was evaluating its next steps, considering either geochemical sampling or drill testing of the identified targets.

"I am very excited to see positive results from the gravity survey and announce that we have gravity anomalies to follow up along the Blue Rock Valley trend with a strike of approximately two kilometres," said chief executive officer Naheed Memon.

"There are also gravity anomalies associated with the VTEM anomalies.

"The company will now consider whether to undertake geochemical sampling or look to drill test targets."

At 1422 GMT, shares in Oracle Power were up 16.47% at 0.02p.

Reporting by Josh White for Sharecast.com.