16 April 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Q1 2024 Update and
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 Q1 2024 as it
progresses the development of its project portfolio.
Northern Zone Intrusive
Hosted Gold Project, Australia
·
Farm-in partner, Riversgold Ltd (ASX:RGL),
confirmed that it had spent AUD333,000 on exploratory activities to
date.
·
Programme of Work approved by Australia's
Department of Energy, Mines, Industry Regulation and Safety
involving drilling with all requisite regulatory approvals now in
place.
·
Further reverse circulation drilling planned to
expand the target cross section and advance the project towards a
maiden Mineral Resource Estimate (MRE) targeted for 2024 -
exploration target of 2.5Moz - 4.8Moz of gold. This is expected to
commence in approximately two months' time.
Green Hydrogen and Renewable
Power Project, Pakistan
·
Completion of a comprehensive technical and
commercial feasibility study for the proposed 1.3GW hybrid
renewable power facility, which includes 800MW solar, 500MW wind
and 450Mwh battery storage.
·
Commenced, and completed post period end, a
geotechnical study on the 28.3 sq. km project site and an
electrical resistivity survey for the renewable power production
facility to optimise site planning and infrastructure design. The
study provided guidance for water management and provided a
positive endorsement for the planned construction of hybrid power
plants.
·
Comprehensive Environmental and Social Impact
Assessment (ESIA) undertaken.
Post period end, April 2024 -
secured an exclusive option to potentially acquire the Blue Rock
Valley Copper and Silver Project, Australia
·
Historical drilling and sampling suggest the
presence of high-grade copper and silver mineralisation as well as
the potential for uranium and gold.
·
Due diligence to be completed over the coming
weeks, together with an assessment of the best exploration tools to
move the project forward.
Naheed Memon, CEO of Oracle,
commented: "We continue to actively advance our diverse
portfolio, with particular emphasis on our green hydrogen and
Western Australian gold ventures. In light of the positive progress
achieved at our Northern Zone Project, where we hope drilling this
year will deliver a maiden MRE, we were delighted to announce post
period end an option agreement to acquire the Blue Rock Valley
Copper & Silver Project, also in Australia. This promising
copper/silver opportunity also has considerable potential for gold
and uranium, which have both demonstrated remarkable strength in
recent times. We have also continued to focus on our power
projects in Pakistan including our 1GW solar project in Thar with
PowerChina as development partner."
A shareholder Q&A session will
be published on the Company's website on 23 April 2024. To submit
questions, please email oracle@stbridespartners.co.uk
with "Q1 2024 Shareholder Q&A" in the subject
line; the deadline for submission of questions is 5.00 p.m. on 19
April 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
|
Global Investment Strategy UK
Limited (Joint Broker)
Samantha Esqulant
|
+44
(0) 20 7048 9432
|
St Brides Partners Limited
(Financial PR)
Susie Geliher, Isabel de
Salis
|
oracle@stbridespartners.co.uk
|