Piche Resources Launches Maiden Drilling at Cerro Chacón, Raises A$2M at Premium

Exploration Momentum Builds at Cerro Chacón

Piche Resources Limited has taken a significant step forward in its exploration strategy by commencing maiden reverse circulation (RC) drilling at the Cerro Chacón Gold-Silver Project in Argentina's Chubut Province. The initial phase completed 1,697 metres across 17 drill holes in December 2025, with the program set to continue through to a total of approximately 8,500 metres. This drilling campaign aims to test a substantial 14-kilometre mineralised corridor identified through prior geochemical and geophysical surveys.

The focus is on confirming the presence and continuity of low-sulphidation epithermal gold-silver mineralisation, a style known for its potential to host economically viable deposits. Early drilling concentrated on the Chacón Grid, an area with previously defined large-scale gold anomalies and extensive veining. While assay results are still pending, the company has reported no environmental incidents, highlighting its commitment to responsible exploration practices.

Strategic Capital and Corporate Developments

Supporting this exploration push, Piche Resources successfully completed an oversubscribed placement raising A$2 million at a premium to the prevailing market price. These funds are earmarked for advancing exploration activities across the company’s Argentine portfolio and general working capital needs. This capital injection provides the financial runway necessary to sustain the ambitious drilling program and other operational priorities.

In parallel, the company executed a confidentiality agreement with a US-based nuclear utility group. While details remain confidential, this agreement opens the door for technical and commercial discussions around uranium exploration outcomes and potential long-term supply arrangements. This development underscores Piche’s dual focus on both gold-silver and uranium assets, positioning it to benefit from evolving market dynamics in critical minerals.

Progress Across Argentina and Australia

Exploration activities at the Sierra Cuadrada Uranium Project in Argentina were deliberately scaled back during the quarter to prioritise Cerro Chacón drilling, with geological mapping and rock-chip sampling continuing. Drilling at Sierra Cuadrada is expected to resume once Cerro Chacón’s program concludes.

Meanwhile, in Western Australia, rehabilitation works progressed at the Ashburton Uranium Project, focusing on restoring drill sites from the previous fiscal year’s program. Ashburton remains a high-priority target, with uranium mineralisation identified at multiple geological horizons and indications of mineral continuity warranting further drilling.

Financial Position and Outlook

As of 31 December 2025, Piche Resources held A$5.09 million in cash, reflecting a solid liquidity position to fund ongoing exploration. The company reported exploration expenditure of A$538,000 during the quarter, primarily directed at its Argentine projects. No substantive mining production or development activities were undertaken during this period.

Looking ahead, the March 2026 quarter will be pivotal as assay results from Cerro Chacón’s drilling are expected, potentially unlocking new insights into the mineralisation’s extent and quality. The company also plans to complete the full 8,500-metre drilling program and finalise rehabilitation works at Ashburton.