Piche Resources completed its maiden RC drilling at Cerro Chacón, confirming a low-sulphidation epithermal gold-silver system at Toro Hosco, while a strategic review of Ashburton highlights high-grade rare earths and uranium potential.
- Maiden RC drilling at Cerro Chacón completed with 53 holes totaling 5,911m
- Toro Hosco prospect shows consistent gold and silver mineralisation over 10 km²
- Peak assay of 1m @ 456.67 g/t silver and 1m @ 2.75 g/t gold at Toro Hosco
- Ashburton project review reveals high-grade rare earths up to 11.38% TREO and uranium potential
- Company holds A$1.48 million cash after A$2.5 million entitlement offer
Maiden Cerro Chacón Drilling Confirms Mineralised Corridor
Piche Resources Limited (ASX:PR2) has wrapped up its inaugural reverse circulation (RC) drilling campaign at the Cerro Chacón Gold Project in Argentina, delivering a comprehensive 5,911-metre effort across 53 holes. The programme targeted three prospects along a roughly 14-kilometre mineralised corridor, with the bulk of drilling focused on the Chacón Grid, supplemented by efforts at La Javiela and Toro Hosco.
Assay results have confirmed a low-sulphidation epithermal gold-silver system at Toro Hosco, extending over an area of approximately 10 square kilometres. All nine holes drilled at Toro Hosco intersected gold and/or silver mineralisation, with standout intercepts including 1 metre grading 2.75 grams per tonne (g/t) gold and an eye-catching 1 metre at 456.67 g/t silver. These results align with surface rock chip samples which previously returned up to 15.77 g/t gold and 761 g/t silver, underscoring the prospect’s potential scale and grade.
Mixed Results at Chacón Grid and La Javiela
The Chacón Grid, which accounted for 43 holes totalling 4,880 metres, delivered predominantly low-grade gold mineralisation associated with weak quartz veining and minor pyrite. The drilling did not replicate the high-grade gold tenor suggested by surface geochemical anomalies, indicating structural discontinuity and a more complex mineralisation pattern than initially anticipated.
Meanwhile, the single hole drilled at La Javiela was terminated early due to operational constraints and did not intersect the target structure, leaving that prospect’s potential unresolved for now. Geological mapping and vein sampling continued at both La Javiela and Toro Hosco, with 229 samples submitted for geochemical analysis to refine future drilling targets.
Ashburton Project Reveals Multi-Commodity Potential
Back in Western Australia, Piche Resources’ strategic review of the Ashburton project has highlighted extensive high-grade rare earth element (REE) mineralisation over a 30-kilometre strike length. Surface rock chip sampling recorded total rare earth oxides (TREO) as high as 11.38%, dominated by valuable magnet rare earths, with middle and heavy rare earth elements comprising 59% and 7% of the total REE content respectively.
Historical drilling at Ashburton has confirmed shallow, widespread REE mineralisation, with the mineralised horizon extending an additional 30 kilometres within the company’s tenement package. The project also shows promise for uranium, with assays up to 16,050 parts per million (1.65%) equivalent U3O8 recorded in previous drilling, underscoring Ashburton’s multi-commodity potential.
Financial Position and Next Steps
As of 30 June 2026, Piche Resources held A$1.48 million in cash, following exploration expenditure of approximately A$300,000 during the quarter. The company recently completed a $2.5 million underwritten entitlement offer, which management expects will support ongoing exploration and project development activities.
Looking ahead, Piche plans to complete a detailed review of the Cerro Chacón geological model and structural interpretation of drill data to refine targeting ahead of a deeper drilling phase. Additional geophysical surveys and geochemical sampling will extend coverage of the mineralised corridor, while multi-element pathfinder data will be analysed to improve structural vectoring. At Ashburton, follow-up work will focus on high-grade rare earth geochemistry to further define the project’s potential.
Bottom Line?
Piche Resources’ maiden drilling confirms significant gold-silver mineralisation at Cerro Chacón and rare earth potential at Ashburton, with a recent capital raise underpinning further exploration.
Questions in the middle?
- Will deeper drilling at Toro Hosco confirm high-grade zones at depth?
- How will the company's recent capital raising influence the pace of exploration?
- Can Ashburton’s multi-commodity potential translate into a viable mining operation?