Piche Resources Advances Drilling Plans Across Three High-Potential Projects
Piche Resources has made significant strides in its exploration activities, advancing all three priority projects to the drilling phase with promising gold and uranium results. The company is gearing up for extensive drilling campaigns in 2025, underpinned by strong technical data and a solid cash position.
- All three priority projects—Cerro Chacon, Sierra Cuadrada, and Ashburton—advanced to drilling phase
- Cerro Chacon gold-silver project shows over 10km strike length of epithermal vein system
- Sierra Cuadrada uranium project identifies 64km² zone of visible near-surface uranium mineralisation
- Ashburton uranium project drilling confirms high-grade uranium intersections with significant widths
- Company holds A$6.575 million cash and plans over 5,000m of reverse circulation drilling at Cerro Chacon
Exploration Momentum Builds Across Argentina and Australia
Piche Resources Limited (ASX: PR2) has reported a productive quarter ending 31 December 2024, with all three of its priority projects advancing to the drilling phase following comprehensive technical studies. The company’s flagship projects in Argentina and Australia continue to deliver compelling geochemical, geophysical, and geotechnical results, reinforcing their world-class potential.
In Argentina, the Cerro Chacon gold-silver project has been a focal point, where extensive geophysical and geochemical sampling has delineated multiple target areas. The epithermal vein system, confirmed by signature pathfinder element analysis, extends over a strike length exceeding 10 kilometres and remains open to the north and south. Piche is preparing an ambitious initial drilling program comprising over 5,000 metres of reverse circulation (RC) drilling, with hole depths ranging from 140 to 290 metres, pending final environmental impact approval.
Sierra Cuadrada Uranium Project: Visible Mineralisation Expands
The Sierra Cuadrada project has revealed extensive near-surface uranium mineralisation through a broad spaced auger drilling campaign. Approximately 1,000 shallow auger holes covering 145 square kilometres have been completed, with 20% defining a 64 square kilometre zone of visible uranium mineralisation. The flat-lying nature of the mineralisation within the Salamanca Formation offers accessible targets, and Piche has secured land access to priority tenements to mobilise RC drilling in the first half of 2025 to test depth extensions and lateral continuity.
Ashburton Project Delivers High-Grade Uranium Intersections
In Western Australia, the Ashburton uranium project has successfully completed a combined RC and diamond drilling program, confirming historical results and expanding the known mineralised zone. The December quarter saw 12 drill holes completed, totaling over 2,000 metres. Noteworthy intersections include multiple high-grade uranium intervals, such as 2.42 metres at 2,681 ppm equivalent U3O8 and 10.48 metres at 1,412 ppm equivalent U3O8. Structural analysis suggests mineralisation is controlled by northwest-oriented structures, with mineralisation continuous along strike and at the unconformity between Proterozoic formations.
The company is updating its geological model for the Angelo A and B prospects and reviewing historical data from the Atlantis prospect, where previous high-grade uranium intersections were not pursued due to historically low uranium prices. Current market conditions provide a more favourable environment for further exploration.
Financial Position and Outlook
Piche Resources ended the quarter with A$6.575 million in cash, having incurred A$1.78 million in exploration expenditures primarily on geophysical surveys and drilling activities. The company confirms that its use of funds aligns with its IPO prospectus commitments. Director fees and salaries accounted for A$178,000 of payments to related parties during the quarter.
Looking ahead, Piche is poised to execute extensive drilling programs across its portfolio in 2025, with a particular emphasis on Cerro Chacon and Sierra Cuadrada. The company awaits final environmental approvals and continues to refine its geological models to optimise exploration targeting.
Bottom Line?
With drilling programs set to commence imminently, Piche Resources stands at a pivotal juncture to translate promising exploration data into tangible resource growth.
Questions in the middle?
- Will the upcoming drilling at Cerro Chacon confirm the extent and grade continuity of the epithermal vein system?
- How will the company prioritise targets within the large visible uranium zone at Sierra Cuadrada for follow-up drilling?
- Can Ashburton’s structural model unlock further high-grade uranium zones beyond the current drilling footprint?
