
November 12, 2024
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce the final results from its recently completed reverse circulation and diamond drilling programme at the Ashburton uranium project in Western Australia.
HIGHLIGHTS
- The final hole of the Ashburton drilling programme, ADD006 has returned additional high grade uranium results and include:
- 1.32m @ 792 ppm eU3O8 from 86.52m
- 7.86m @ 2,266 ppm eU3O8 from 105.42m incl. 3.62m @ 3,763 ppm eU3O8 from 105.76m
- 3.22m @ 617 ppm eU3O8 from 116.58m
- 3.33m @ 1,394 ppm eU3O8 from 132.38m
- The drilling programme has been successfully completed with a combined total of 3,082.8m of reverse circulation and diamond drilling.
- The drilling programme has exceeded expectations, achieving all primary objectives.
- A comprehensive geological interpretation incorporating both current and historical drill data will be completed ahead of the next phase of drilling.
The drilling campaign has successfully met all objectives, confirming historical results, testing a revised structural model for mineralisation, and identifying opportunities for expanding the known mineralisation. The results to date have exceeded expectation.
Drilling Overview: the drilling programme involved the completion of 19 holes, with a combined total of 3,082.8 metres (1,776 meters of reverse circulation and 1,306.8 meters of diamond drilling). Full results for all drill holes are presented in Table 1, with drill hole details in Table 2. Drill hole locations can be seen on Figure 1 & 2.
Notable Mineralisation Intersections: A number of drill holes intersected high-grade uranium mineralisation, with the final hole, ADD006, returning particularly notable results. These intersections include relatively flat lying uranium mineralisation above, below and along the unconformity between the mid Proterozoic sandstones, conglomerates and the lower Proterozoic basement complex. Additionally, steeply dipping zones of uranium mineralisation were identified beneath the unconformity, highlighting promising targets for future exploration.
Structural and Geological Insights: Preliminary structural analyses suggest that mineralisation may be controlled by northwest-oriented faults. The mineralisation appears continuous along strike, with one intersection showing widths exceeding 39 meters, however, further drilling is needed to assess the extent and continuity of this mineralisation.
Drilling has confirmed the presence of mineralisation at the unconformity, also within the overlying sandstone and the underlying basement complex. This provides strong evidence to significantly expand the mineralised zone.
Next Steps: With this programme now complete, Piche plans to update its geological model for Angelo A and B prospects and review how these results relate to the broader Ashburton tenement package. This review will include the Atlantis prospect, 50 km SE of Angelo, which historically returned intersections of 5.5m at 6,200ppm and 2.2m at 7,400ppm U3O8. These results were not followed up in the 1980’s due to a $12.00 per lb uranium price, however, in the current $77.00 per lb price, Piche will be exploring here in the near future.
Click here for the full ASX Release
This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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The Conversation (0)
05 March
Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) is focused on discovering significant uranium and gold deposits in Australia and Argentina. The company boasts a portfolio of high-quality, drill-ready assets with world-class discovery potential, presenting a compelling opportunity for investors aiming to capitalize on the bullish markets for uranium and gold.
Piche Resources’ portfolio includes the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project, which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- Drilling at one of the prospects at Sierra Cuadrada has shown visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
Project Highlights
- Location: Pilbara region, Western Australia, approximately 1,150 km north of Perth.
- Project Area: Comprises three exploration licenses covering a 122 sq km land package.
- Historical Exploration: Previous drilling by Pancontinental (62 holes) identified 71 intercepts with grades exceeding 500 ppm U₃O₈, averaging approximately 1.1 lbs of U₃O₈ per tonne. Notable high-grade drilling results include:
- 10.5 m at 4,380 ppm U₃O₈ (Hole AR1004)
- 9 m at 3,490 ppm U₃O₈ (Hole AR1009)
- Recent Development: In 2024, Piche completed a combined reverse circulation and diamond drilling program totaling 3,082.8 meters. The results exceeded expectations, validating previous findings. A follow-up drilling program is planned for mid-2025, targeting both Angelo A & B prospects and other areas within the tenement portfolio.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat-lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.
Project Highlights:
- Location: San Jorge Basin, approximately 200 km north of Comodoro Rivadavia.
- Project Area: Spans 1,300 sq km of flat-lying terrain.
- Mineralization: Visible uranium assays exceeding 3,000 ppm U₃O₈ (6.6 lbs per tonne) have been observed. Mineralization occurs at various stratigraphic layers and remains open at depth, with potential for continuous zones up to 30 km wide and 40 km long.
- Historical Context: The Argentine National Atomic Energy Commission conducted extensive uranium exploration from the mid-1950s, identifying thousands of anomalies and developing eight mining operations. In the Chubut province, radiometric and EM surveys have highlighted two large Cretaceous paleochannels in the San Jorge Basin, extending over 200 km N-S and 30 to 60 km E-W. Notable high-grade deposits in the area include Cerro Condor and Los Adobes, both past-producing operations with grades of 6,000 ppm U₃O₈ and 1,400 ppm U₃O₈ found in outcrop, respectively.
- Recent Developments: Auger drilling in 2024 conducted at Sierra Cuadrada highlights extensive areas of near surface uranium mineralization. Assay results have been received for the shallow reconnaissance holes including 6 samples >1000ppm U₃O₈ (to maximum 2,650 ppm U₃O₈) and 2 samples >500ppm U₃O₈ (to maximum 900 ppm U₃O₈)
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Project Highlights
- Location: Approximately 10 km south of Paso de Indios, Chubut Province.
- Project Area: Encompasses 365 sq km of prospective precious metals occurrences.
- Geological Potential: Structural mapping and geochemical sampling have identified mineralized systems consistent with surface signatures at the Cerro Negro Mine, which has a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
- Recent Developments: Exploration activities at the Cerro Chacon gold project have delineated a substantial mineralized corridor extending over 10 kilometers. Surface sampling and geological mapping have identified multiple high-grade gold occurrences, with assays returning values up to 13 g/t gold. These findings underscore the project’s potential to host significant gold resources. Piche Resources is preparing for a comprehensive drilling program to further evaluate these targets and define the extent of the mineralization.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years of experience in mineral exploration, development, and mining. Previously the executive chairman and founder of Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years of experience in exploration, discovery, and development of mining projects, including 20 years in the uranium sector. Formerly the Australian managing director of Orano, the world’s third-largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in exploration, discovery, and development of mineral deposits. Currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:UWE).
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognized nuclear industry executive with over 35 years of experience. Formerly the managing director of Rio Tinto Uranium Limited and currently principal of Global Fuel Solutions LLC, providing strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognized mining entrepreneur, founding director, and instrumental in the success of numerous ASX-listed companies, such as Giralia Resources, Northern Star, and Redhill Iron. Currently a director of Zenith Minerals.
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Targeting globally significant uranium and gold discoveries in Australia and Argentina
18 June
New tenement application secured at Ashburton project
26 May
Drilling Approval for Cerro Chacon Project Confirmed
2h
Financing Update on the Cobar Basin Silver & Gold Production Strategy
Manuka Resources Limited (ASX:MKR, “Manuka” or the “Company”) is pleased to provide an update on progress of the Company’s Cobar Basin silver and gold production strategy and the restart of the existing 1Mtpa Wonawinta processing plant.
Highlights
- Independent Technical Due Diligence and Legal Due Diligence completed and provided to prospective Financiers.
- Terms Sheets received from multiple parties for the refinancing of existing debt and funding of the Wonawinta Silver Mine restart.
- Silver and Gold prices remain strong with current spot prices increasing the NPV of the Cobar Basin Production Plan to A$153M1.
- Manuka is currently assessing the feasibility of a cut-back of the Mt Boppy open pit (Mineral Resource of 0.4Mt at 4.23g/t Au for 53.5koz Gold)2 to augment and add significant value to the Cobar Basin Production Plan.
Background
Manuka recently released a 10-year production plan based on its 100% owned silver and gold assets located in the prolific Cobar Basin3. The plan comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits (Table 1). The Production Target is underpinned by 61% Reserves.
The capital expenditure required to bring the Wonawinta processing plant back into production in Q1 2026 is estimated to be A$18.9M. At an assumed silver price of A$50/oz and average All-In Sustaining Cost of A$35/oz, the project delivers an average EBITDA of A$22M per annum at an IRR of 109% and NPV8 of A$101M.
Financing Progress
The Company advises that it is in discussion with financiers to provide funding to refinance existing debt and bring the Wonawinta processing plant back into production.
Prospective financiers have been provided with independent technical and legal due diligence reports to support their preparation of terms. To date, terms sheets have been received from multiple parties by the Company and are under consideration. The Company aims to reach binding terms on a financing facility early in the third quarter.
The Company further advises that the security shares held by GAM Company Pty Ltd4 have been purchased by existing shareholder and prominent investor Antanas Guoga. The associated convertible notes have been extinguished.
Mt Boppy Gold Mine – Open Pit Cut Back
The Mt Boppy Gold Mine is located 50km east of Cobar and 151km by road to the Wonawinta processing plant. The Mt Boppy Gold Mine comprises an existing open pit with a Resources of 0.4Mt at 4.23g/t Au and a collection of mineralised rock dumps and tailings totaling 2.2Mt at 0.84g/t Au (Table 2). Approximately 0.2Mt from the rock dumps and tailings (less than10%) is included in the Cobar Basin production plan.
Historically one of New South Wales richest gold mines, Mt Boppy is estimated to have produced ~500,000 ounces of gold at ~15g/t Au. The existing open pit was last mined by Manuka in 2021 when ore grading >4g/t Au was extracted and hauled to Wonawinta for processing. Production was halted after a severe weather event caused flooding in the pit and instability in the pit wall.
The Company is currently undertaking a re-optimisation and reassessment of open pit designs to determine the feasibility of recovering the approximately 53.5koz of gold contained in the existing In Ground Resource. The In Ground Resource remains open at depth and along strike and is prospective for mineralisation of the tenor historical mined at Mt Boppy.
The Company aims to report on the result of the re-optimisation and reassessment of Mt Boppy Gold Mine open pit cut back during the upcoming quarter.
MKR Executive Chairman commented:
“Following the release of our updated Cobar Basin production plan, we have moved rapidly to enter into productive discussions with a number of prospective funders for our development strategy. With technical and legal due diligence reports now complete we are confident of securing a financing facility in the upcoming quarter and bringing Wonawinta back into production in the new year.
In parallel, we are progressing a study on a cut-back at the Mt Boppy Gold Mine. With an in-situ gold grade of over 4g/t, the open pit cut back opportunity presents as a potentially high margin gold operation that will augment, and add significant value to, our Cobar Basin production plan.
We look forward to providing further updates to the market on our financing progress and Cobar Basin production strategy in the near future, along with our plans for the re- optimisation of the Mt Boppy Gold Project.”
Click here for the full ASX Release
This article includes content from Manuka Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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11h
Randy Smallwood: Silver Set for Bull Run, Gold Wakeup in the West
Randy Smallwood, president and CEO of Wheaton Precious Metals (TSX:WPM,NYSE:WPM), shares his updated thoughts on the gold and silver markets.
He also discusses Wheaton's project pipeline and the company's hunt for more assets.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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18h
NevGold: Portfolio of Gold, Antimony and Copper Projects in Tier 1 jurisdictions in the US
NevGold (TSXV:NAU,OTCQX:NAUFF,FSE:5E50) is advancing a portfolio of high-quality oxide and porphyry gold projects in Nevada and Idaho, targeting the discovery and growth of a multi-million-ounce gold-equivalent resource. With a market capitalization of under C$50 million, the company offers substantial upside potential. As NevGold continues to expand resources and de-risk its assets, it is well-positioned for a meaningful valuation re-rating over the next 12 to 18 months.
NevGold is actively advancing three projects with fully funded drill programs, metallurgical studies, and resource updates following its recent capital raise. The company is well-positioned to capitalize on rising gold and copper prices, surging strategic demand for antimony, and heightened interest from major mining companies seeking high-quality, undervalued juniors. Backed by a proven team with deep expertise in mine development and M&A, NevGold offers a compelling growth opportunity in the current commodity cycle.
The Limo Butte Project is NevGold’s cornerstone development asset, located in eastern Nevada within a highly prospective Carlin-style gold district.
Company Highlights
- Multi-million-ounce Target: NevGold is on track to define 5+ Moz gold equivalent in combined resources at Limo Butte and Nutmeg Mountain by Q4 2025.
- Gold+Antimony Critical Metals Advantage: Limo Butte is emerging as a significant near-surface oxide gold-antimony system – one of only two of its kind in the United States.
- Substantial Resource Base: Nutmeg Mountain contains a 2023 NI 43-101 compliant oxide gold resource of 1.28 Moz (indicated + inferred), with strong exploration upside and favorable heap-leach characteristics.
- District-scale Copper Exposure: Zeus offers early-stage copper-gold-molybdenum potential in a highly active porphyry belt, adjacent to a Barrick-backed discovery.
- Strategic Location, Strategic Commodities: All projects are located in mining-friendly jurisdictions with excellent infrastructure, low geopolitical risk, and growing US demand for domestic gold and critical mineral supply.
- Fully Funded Growth: Recent C$6 million financing supports 2025 drill campaigns, metallurgical testwork, and updated NI 43-101 estimates across the portfolio.
- Tight Capital Structure & Strong Support: Backed by strategic shareholders including GoldMining and McEwen Mining.
- Significant Valuation Gap: Trading at a fraction of peers such as Perpetua Resources (~C$1.7 billion), despite similar resource and jurisdictional advantages.
This NevGold profile is part of a paid investor education campaign.*
Click here to connect with NevGold (TSXV:NAU) to receive an Investor Presentation
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24 June
Germany, Italy Face Pressure to Repatriate US$245 Billion in Gold as Trust in US Custody Wavers
Germany and Italy are facing mounting domestic pressure to repatriate more than a third of their gold reserves — worth an estimated US$245 billion — currently held in New York by the US Federal Reserve.
Germany and Italy hold the world’s second and third largest gold reserves, trailing only the US. A substantial portion of this metal is stored overseas, primarily in Manhattan’s Federal Reserve Bank.
This longstanding arrangement, based largely on postwar financial realities and New York’s role as a major global gold-trading hub, is now being questioned by officials and commentators across Europe’s political spectrum.
Fabio De Masi, a former member of European Parliament now affiliated with Germany’s new left-wing populist BSW party, told the Financial Times there are “strong arguments” to bring more of Germany’s bullion back home.
Taxpayers Association of Europe (TAE) President Michael Jäger echoed the same sentiments last month: "Trump wants to control the Fed, which would also mean controlling the German gold reserves in the US," he told Reuters.
"It's our money, it should be brought back."
Similar calls are being echoed in Italy, where economic commentator Enrico Grazzini recently warned that “leaving 43 per cent of Italy’s gold reserves in America under the unreliable Trump administration is very dangerous for the national interest." He was writing in Il Fatto Quotidiano ahead of Prime Minister Giorgia Meloni’s visit to Washington.
Fueling this renewed concern are statements made by US President Donald Trump, who earlier this month warned that he may have to “force something” if the US Federal Reserve does not lower interest rates.
Trump has also made direct appeals to the Department of Energy to stimulate oil production, signaling what critics interpret as increasing politicization of independent institutions like the Fed.
The TAE has urged both Germany and Italy to reconsider their reliance on the Fed. “We are very concerned about Trump tampering with the Federal Reserve Bank’s independence,” Jäger said. “Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time.”
Public skepticism over the safety of foreign gold holdings is not new.
In Germany, a grassroots movement that began in 2010 eventually prompted the Bundesbank to repatriate 674 metric tons of gold from New York and Paris between 2013 and 2017. The operation, which cost 7 million euros, resulted in half of Germany’s reserves being stored domestically by 2020. Nevertheless, 37 percent of its gold remains in the US.
Meloni’s Brothers of Italy party once echoed similar sentiments while in opposition, pledging in 2019 to bring Italy’s gold back home. But since assuming power in 2022, Meloni has largely gone silent on the issue.
Skepticism about US stewardship is not limited to political rhetoric.
According to the World Gold Council's latest survey on central bank gold reserves, 43 percent of the central banks surveyed plan to increase their gold holdings in the coming year — a record high.
The overwhelming majority of respondents (95 percent) expect global central bank gold reserves to keep rising, citing gold’s performance during crises, its inflation-hedging capabilities and its role as a diversifier. Notably, 59 percent of central banks surveyed reported holding at least part of their gold reserves domestically, up from 41 percent in 2024.
Although the Bank of England remains the most popular vaulting location, the World Gold Council's survey reveals growing caution over US custodianship: only 7 percent of respondents said they planned to increase domestic storage last year, but the figure jumped significantly in 2025.
New bill calls for US gold audit
Adding another layer of complexity is the push in Washington for greater transparency about America’s gold reserves. House Bill 3795, introduced by Representative Thomas Massie and backed by three co-sponsors, calls for the first comprehensive audit of US gold holdings in over six decades.
The bill would mandate a full inventory and assay of gold stored at Fort Knox, West Point and the Denver Mint, as well as a forensic accounting of all transactions involving US gold over the last 50 years.
“There are a lot of legitimate questions surrounding America’s gold holdings,” said Jp Cortez, executive director of the Sound Money Defense League, in a recent interview with the Investing News Network. He added:
“The question as to who actually owns the bars outright is really the most crucial question. And if it is shown that America does not actually own the gold, if the gold is there, but America does not own it, (or) if it has been pledged or leased or swapped or otherwise encumbered in any way … this would be a huge, huge detriment to the US and the global economy.”
Cortez emphasized that prior audits of US gold reserves have been insufficient.
“These aren't audits that have been done on the metal itself, but rather the storage containers that the metal is supposedly stored in," he said. “Owners or operators of a depository who functioned like this would go to jail.”
He also pointed out that much of the gold held by the US government is impure by modern market standards, having been melted down from older coinage. That means even if the bars are there, refinement questions will remain.
While Trump has not explicitly endorsed HB 3795, he has expressed interest in the issue, stating, "We're actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold."
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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24 June
Chris Temple: Gold, Uranium the Best Stories Now; Plus Silver Outlook
Chris Temple, founder, editor and publisher of the National Investor, discusses the factors moving gold and the gold stock gains still to come.
Temple also shares his outlook for uranium and silver.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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24 June
LaFleur Minerals Targets 2026 Production with Funded Drilling and Mill Restart Planning Underway
LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF,FWB:3WK0) CEO Paul Ténière has outlined his company’s plans to complete at least 5,000 meters of diamond drilling at the Swanson gold project while planning for the restart of its 100 percent owned Beacon gold mill in Val-d'Or, Québec.
“We had the idea of looking at the Swanson project, in general, more on a district scale. And so as a result of all the work we've done, including recent IP surveys, we've generated several drilling targets,” Ténière said.
One of the goals of the drill program is to increase the resource, he added.
“(Drilling) will be focused on not just the Swanson deposit itself, but also on other targets … And our aim for that is to actually increase our existing resource to a million ounces.”
The chief executive also shared the financing strategy for the restart of the Beacon mill.
“We're getting a lot of (funding) interest,” Ténière said. “They do see a great opportunity with Beacon as there’s not a lot of mills that are available at the moment in the Abitibi.”
LaFleur is anticipating the Beacon mill restart will cost between C$5 million and C$6 million to complete all the necessary repairs and maintenance at the site. The company expects the mill will be in full production by early 2026.
Watch the full interview with LaFleur Minerals CEO Paul Ténière above.
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