Ashburton Mineralisation Expands as Project Delivers Wide and High-Grade Uranium Drill Results

Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce drilling results from a further eight holes at its Ashburton uranium project in Western Australia. Results to date highlight the potential for both high grade and broad zones of uranium mineralisation.

HIGHLIGHTS

• ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
• Equivalent U3O8 concentration from recent drillholes include:

ADD003 39.28m @ 553 ppm eU3O8 from 124.12m

incl 1.28m @ 1,460 ppm eU3O8 from 125.46m and 0.84m @ 1,184 ppm eU3O8 from 151.54m and 2.42m @ 2,681 ppm eU3O8 from 155.10m and 1.90m @ 2,215 ppm eU3O8 from 161.40m

ARC0083.86m @ 720 ppm eU3O8 from 137.36m

ARCD0056.50m @ 639 ppm eU3O8 from 115.23m

incl 3.02m @ 930 ppm eU3O8 from 115.23m

ADD00510.48m @ 1412 ppm eU3O8 from 114.30m

incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m

4.08m @ 2075 ppm eU3O8 from 141.94m incl 2.04m @ 2875 ppm eU3O8 from 142.10m

1.04m @ 1918 ppm eU3O8 from 145.80m

1.04m @ 1103 ppm eU3O8 from 148.44m

• Analyses of the drill core has

1. demonstrated a northwest structural control on mineralisation

2. mineralisation along the unconformity and

3. within the overlying sandstone and the basement.

The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.

Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.

Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.

Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.

The drilling programme has also confirmed historical drill results from over 40 years ago.

Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.

Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.

Additionally, high grade uranium results may represent steeply dipping zones intersecting the flatter lying unconformity hosted mineralisation. The zone of uranium mineralisation in Section A’ is exceeds 100m wide and varies in thickness up to 39m. Mineralisation is continuous along strike with further drilling required to determine it’s extent and continuity.

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