7 August 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Q2 2024 Update &
Shareholder Q&A
Oracle Power PLC (AIM: ORCP), an
international project developer, is pleased to provide the
following update in respect of its activities during Q2 2024 as it
progresses the development of its project portfolio.
Northern Zone Intrusive
Hosted Gold Project ("Northern Zone"), Australia
·
Drilling commenced in May with two contracted rigs
undertaking reverse circulation (RC) and air core (AC) drilling
programmes.
·
Programme designed to test for supergene gold and
conduct step-out drilling to support the estimation of a maiden
JORC compliant gold resource.
·
Completed drilling programme:
-
RC drilling comprised six holes for a total of
1,363m, with 1,100 samples collected;
-
AC drilling comprised 27 holes for a total of
1,772m, with 662 samples collected.
·
AC drilling programme more than doubled the
prospective gold system's footprint by tagging basement geology,
expanding the mineralised porphyry. The exploration target for the
project is estimated at 2.5Moz to 4.8Moz of gold (as announced by
Riversgold Limited on 9 May 2023).
·
RC drilling programme confirmed high-grade gold
intercepts, highlighting significant mineralisation at various
depths.
·
Drilling resumed post period end in late July
2024, following receipt of the assay results of the RC and AC
drilling programmes, targeting the shallower portion of the
mineralised system that had previously yielded significant
intercepts, and an identified fault believed to be a controlling
feature of mineralisation. Approximately 1,500m of drilling is
planned on a nominal 25m grid, estimated to take around two weeks
to complete.
Blue Rock Valley Copper and
Silver Project ("Blue Rock"), Australia
·
Secured option and subsequently completed the
acquisition of a 100% interest in Blue Rock, where 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.
·
Company's consultant geologists initiated on-site
assessments to explore the potential for copper, lead, zinc, and
silver deposits. Initial tasks include evaluating the benefits of a
geochemical sampling programme, considering a ground gravity
geophysical programme, and field-verifying an Electromagnetic (EM)
anomaly in a syncline of sedimentary rocks.
·
Geologists recovered high-grade copper samples
during a recent site visit post period end. Assay results from rock
chip and grab samples confirmed historical evidence of copper
mineralisation, with grades ranging from 8.56% to 25.70%
copper.
·
Company is now focusing on refining exploration
techniques, including ground gravity and EM surveys - quotes for a
ground-based EM survey over an airborne EM anomaly are being
obtained, with plans to undertake drilling when viable.
·
Further targeting tools will be assessed to refine
and develop exploration targets. Exploration will also target
potential gold and uranium deposits within the Ashburton
Basin.
Green Hydrogen and Renewable
Power Project, Pakistan
·
Completed Environmental & Social Impact
Assessment (ESIA) for proposed 1.3 GW renewable power plant and
submitted it to the Sindh Environmental Protection Agency (SEPA)
for review.
·
Awarded a "no objection certificate" (NOC) from
SEPA based on the Initial Environmental Examination (IEE) report,
which is a part of the Environmental and Social Impact Assessment
report, giving permission for the construction of the proposed 1.3
GW renewable energy power plant.
·
Granted an extension in the validity period of the
Letter of Intent by the Directorate of Alternative Energy of the
Government of Sindh for the development of the proposed 1.3 GW
renewable energy power plant in Jhimpir, Sindh to 23 January 2025
to provide for further accelerated development.
·
The preliminary report for the Grid
Interconnection Study, funded and completed by State Grid China,
has been received post period end. This report is currently under
review by the National Transmission and Dispatch Company (NTDC) and
Power Planners International (PPI). Discussions are underway to
refine and enhance the requirements for the grid connection scheme.
The final report is anticipated soon.
Corporate
·
Raised gross proceeds of £300,000 by way of an
equity subscription to support further development of the Company's
projects in Australia, advancing the green hydrogen project through
the joint venture with His Highness Sheikh Ahmed Dalmook Al
Maktoum, and for general working capital purposes.
·
Post period end, appointed Emma Priestley to the
Board as a Non-Executive Director. Ms. Priestley has over 20 years'
experience in the mining and financial services sectors, during
which she has overseen several corporate restructurings and mining
operations in various jurisdictions including West Africa and
Asia.
Naheed Memon, CEO of Oracle,
commented: "This quarter has been very busy as we have
significantly advanced the development of the green hydrogen
project. We also increased our footprint in WA through the
acquisition of a highly prospective copper project and in parallel
our farm-in partner at Northern Zone continued to advance
exploration towards possible JORC gold resource estimation. We look
forward to reporting on further progress during the third quarter
of 2024."
A shareholder Q&A session will
be published on the Company's website on 14 August 2024. To submit
questions, please email oracle@stbridespartners.co.uk
with "Q2 2024 Shareholder Q&A" in the subject
line; the deadline for submission of questions is 12pm on 12 August
2024.
*ENDS*
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 & Joint
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
|