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Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), is pleased to present reconnaissance drill results at the Sierra Cuadrada uranium project, Chubut province, Argentina (Figure 1).
HIGHLIGHTS
- Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralization including:
- 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)
- 30% of reconnaissance hole assays showed anomalous uranium mineralization.
- Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m. The largest being 6km long and 3km wide and remains open.
- These samples were instrumental in understanding the shallow subsurface geology and on prioritising target areas. Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and delineation.
- We are waiting on 407 samples from a further 212 drill holes that are currently being prepared for assaying.
- A second auger rig has been delivered to site accelerating the current grid drill programme.
- An additional 37 uranium tenement applications lodged - total U exploration area 2,243km2. Several of the new applications are in the adjacent Rio Negro province and are prospective for sandstone hosted uranium and in-situ recovery (ISR) mineralisation.
To date 609 auger holes have been completed to an average depth of 3.91m over both regional reconnaissance and grid drilling.
Visible uranium has been recorded in 146 of the 303 holes assayed to date and 90 of those holes have returned anomalous grades up to 2,650ppm U3O8.
The most significant results from the earlier reconnaissance drilling are included in Table 1.
Table 1: Significant assays from regional reconnaissance vertical auger drilling (using cut off grade of 200ppm U3O8)
Drilling is currently being undertaken on a 400m x 400m grid, with some infill on 200m x 200m grid (Figure 2). Samples from a further 212 drill holes are currently being prepared for assaying, with visible uranium recorded in 38% of those holes.
As there is anomalous uranium on many of the tenements in the Sierra Cuadrada portfolio, and radiometric uranium anomalies on all of them, the purpose of the grid auger drilling is to determine areas of mineralisation suitable for trenching and sampling to enable the completion of a JORC compliant mineral resource estimate.
Following earlier reconnaissance sampling and auger drilling, the tenement portfolio has been divided into five priority areas (P1-5). Priority has been defined based on historical exploration, prior airborne radiometric anomalies, Piche field reconnaissance, recent field sampling and auger drilling1.
Detailed grid drilling commenced on the P4 (tenements Teo 5, Teo 6 and Peponi 3) area where land access agreements were first achieved. Access agreements have since been executed on P3 area and are expected to be confirmed on P1 & P2 areas in the near term.
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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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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) holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia. These projects include: 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
The Ashburton uranium project comprises three exploration licences across a 122 sq kmland package in the Pilbara region of Western Australia, 1,150 km north of Perth. The company has highlighted uranium mineralization across 65 km of strike comprising 14 historic uranium occurrences, with a high-grade zone extending over several kilometres. Of particular interest is the Angelo River prospects that are believed to be part of a larger mineralized uranium system. Historic exploration by Pancontinental (62 holes) highlighted 71 intercepts with grades greater than 500 ppm U3O8 approximating a grade of 1.1 lbs of U3O8 per tonne. High-grade drilling results from the prospect include 10.5 m at 4,380 ppm U3O8 (AR1004) and 9 m at 3,490 ppm U3O8 (AR1009). The potential deposit is open along strike and at depth.
The Ashburton uranium project has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada. Drilling has commenced at the project with the intention to confirm results from previous exploration and to explore extensions to previously identified mineralization.
Three prospects at Ashburton provide organic upside from exploration. The Atlantis prospect includes high-grade historic drilling results of 5.5 m at 0.62 percent U3O8 and 2.2 m at 0.71 percent U3O8 with rock chip samples of up to 37 percent U3O8. The NDG prospect boasts numerous high-grade rock chip samples of 3.03 percent, 0.71 percent and 0.67 percent U3O8 associated with surface uranium radiometric anomalies. Lastly, the Canyon Creek prospect boasts rock chip samples of 1 percent U3O8 that are also associated with surface uranium radiometric and tempest EM anomalies.
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.
The Argentine National Atomic Energy Commission explored for uranium across Argentina from the mid 1950s resulting in thousands of anomalies and eight developed mining operations. In the Chubut province radiometric and EM surveys have been identified across two large Cretaceous paleochannels in the San Jorge Basin which extend for over 200 km N-S and 30 to 60 km E-W. Three high grade deposits highlighting the development potential of the area include: 1) the Cerro Condor 2) the Los Adobes, and 3) Cerro Solo mining operations. Cerro Condor and Los Adobes are both past-producing operations with grades of 6,000 ppm U3O8 and 1,400 U3O8 found in outcrop, respectively.
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.
Geophysics work at Cerro Chacon has highlighted targets with significant similarities to Cerro Negro. Additionally, mineralization is hosted in low-sulphidation epithermal vein systems that are associated with argillic alteration and are commonly 8 to 15 m in width. Multiple occurrences beyond 13 g/t gold have been recorded in veins and have been demonstrated to continue at depth. Near-term work will include detailed mapping and sampling, extending the geophysical survey to cover up to 6 km of known vein systems, and preparing pads for drilling.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years’ experience in mineral exploration, development and mining. He has extensive experience across equity capital markets and corporate governance, and was previously the executive chairman/founder at Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years’ experience in the exploration, discovery and development of mining projects, including 20 years in the uranium sector. He was previously 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 the exploration, discovery and development of mineral deposits. He is currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and was previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:U3O8)
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognised nuclear industry executive with over 35 years’ experience. He was previously the managing director of Rio Tinto Uranium Limited and is currently principal of Global Fuel Solutions LLC, which provides strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognised mining entrepreneur who has been a founding director and instrumental in the success of numerous ASX listed companies, such as Giralia Resources, Northern Star and Redhill Iron. He is currently a director of Zenith Minerals.
Geophysical Data and Field Reconnaissance Greatly Enhance Exploration Potential at Cerro Chacon
HIGHLIGHTS
- Detailed magnetic and IP/resistivity surveys at the Chacon Grid and La Javiela prospects at Piche’s Cerro Chacon project have identified multiple high priority targets in complex fault arrays that typically host high grade Au/Ag mineralisation.
- Interpretation of La Javiela survey data has identified five high priority drill targets.
- Southern Argentina contains numerous large, high-grade Au/Ag deposits located in Jurassic aged volcanics. Mineralisation is typically focused in structurally complex areas, particularly at the intersections of north-south faults and secondary east- west, northeast or northwest striking faults.
- Piche’s Cerro Chacon project area hosts several occurrences of gold/silver and pathfinder geochemistry with coincident structural and geophysical anomalies which typically reflect deposition of significant mineralisation in southern Argentina.
- The extent of the surface expression, the corresponding geophysical signatures, geochemistry and structural regime has led Piche to believe that the two prospects may be part of a mineralised structural corridor up to 10km in length.
- The Cerro Chacon project represents one of Argentina’s unexplored gold-rich mineralised systems, offering tremendous untapped potential and synergies with several of the large precious metal mines in the region.
Figure 1: Geophysical interpretation has identified five high priority targets.
This survey complements the previous magnetic and IP/resistivity surveys completed over the Chacon grid, some 5km to the north-west. Both surveys highlight the strong structural controls, the intense alteration, and the coincident geophysical signatures.
Previously the Chacon Grid had been mapped and sampled over a strike length of two kilometres, but recent reconnaissance has indicated the structure may extend for a strike length of up to six kilometres. It is expected that further mapping, geochemistry, geophysics and drilling along strike and between both the Chacon Grid and the La Javiela vein systems will highlight a mineralised structural corridor up to 10km in length.
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.
Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.
The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
iche 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.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced 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.
This Piche Resources profile is part of a paid investor education campaign.*
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New Murchison Gold Limited
Investor Insight
For investors with an eye on mining stocks, New Murchison Gold (ASX:NMG) presents a unique opportunity. The company's shallow, high-grade Crown Prince gold deposit, significant land package in the prolific Murchison goldfields, and strategic alliance with established Australian gold producer Westgold Resources position it as a noteworthy contender in the Western Australian gold exploration space. As NMG continues to navigate the path to production, its journey is one that astute investors will watch with keen interest.
Overview
Within the heart of Australia's Murchison gold district, a region host to more than 35 Moz gold endowment (historic production and current resources), stands New Murchison Gold, a forward-thinking gold explorer with a clear strategy to maximise shareholder value driven by a highly experienced management team. The company’s value proposition centres on growing and de-risking its shallow, high-grade Crown Prince gold deposit (part of the company’s Garden Gully gold project) and a strategic alliance with established Australian gold producer Westgold Resources (ASX:WGX), offering a clear pathway to production and cash flow generation.
The Westgold alliance has resulted in a binding ore purchase agreement with Big Bell Gold Operations, a wholly owned operating subsidiary of Westgold Resources. The agreement will underpin production from NMG’s Crown Prince deposit in 2025, and will see the company delivering 30 kt to 50 kt of ore to Westgold per month.Key Project
Garden Gully
New Murchison Gold's flagship Garden Gully gold project is located 20 km northwest of Meekatharra, Western Australia. The project boasts a 677 sq km tenement package that covers the Abbotts Greenstone Belt. The project includes granted mining leases and Native Title agreements in place over the Crown Prince, Abbotts and Lydia prospects. Garden Gully is in close proximity to a number of operating gold mines and existing gold processing facilities.
New Murchison Gold has a strong pipeline of exploration and development prospects at Garden Gully, with the most advanced being Crown Prince.
Crown Prince deposit
The Crown Prince deposit has an updated mineral resource estimate of 2.2 Mt at 3.9 g/t gold for 279 koz, which includes an indicated resource estimate of 226 koz at 4.6 g/t Au. (81 percent of the total MRE). The total also includes the maiden resource for the Southeastern Zone (SEZ) of 1 Mt at 5.2 g/t gold for 164 koz (discovered in late 2022).
The resource is shallow, delineated from surface, remains open at depth and along strike, and located within a 300 m x 200 m area demonstrating strong open pit mining potential. There is significant resource growth potential at new mineralised zones at the northeastern end of SEZ and Crown Prince East (350 m from SEZ).
New Murchison Gold also published strong metallurgical performance from advanced test work at Crown Prince with high recovery of gold through gravity and cyanide leach test work, reporting overall gold recovery rates ranging from 98.2 to 99.8 percent.
Recent high-grade gold intersections at SEZ
Westgold Strategic Alliance
New Murchison Gold announced a strategic alliance and $6 million placement with Australian gold producer Westgold Resources.
The Westgold transaction provides a clear pathway to commercialising Crown Prince in a strong gold price environment, validates the quality of the deposit and enables New Murchison Gold to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate development.
The primary aim of the strategic alliance is to fast track the development of New Murchison Gold’s Crown Prince deposit into production. As part of the strategic alliance, New Murchison Gold and Westgold has entered into a binding ore purchase agreement (OPA) with Westgold subsidiary Big Bell Gold Operations, for gold produced at Crown Prince. Under the agreement, NMG will deliver 30 kt to 50 kt of ore to Westgold per month with no fixed term. Crown Prince is located only 33 km from Westgold’s 1.6 – 1.8 Mtpa Bluebird Mill.
In addition to the OPA, the strategic alliance may also encompass other strategic collaboration initiatives such as access to Westgold’s expertise and infrastructure. Upon completion of the strategic placement, Westgold will be an 18.7-percent shareholder (undiluted basis) and have the right, but not the obligation to a New Murchison Gold board seat and an equity participation right.
Proceeds from the strategic placement and current cash will allow New Murchison Gold to fast track further resource development, project development and mining proposal workstreams at Crown Prince and continue systematic regional exploration across Ora’s commanding 677 sq km tenure.
Major players are increasingly partnering with junior explorers to secure access to high-grade, quality gold resources. New Murchison Gold's collaboration with Westgold epitomises this movement, setting a blueprint for mutual success in the industry.
Key Focus
The near-term focus for New Murchison Gold will be further resource growth and rapidly advancing project development and mining proposal workstreams at Crown Prince:
- Crown Prince Drilling: Further delineating new high-grade mineralised zones at the north-eastern end of SEZ and Crown Prince East (350 metres from SEZ) and resource definition drilling along strike and below 100 metre vertical depth
- Crown Prince Resource: Updated Mineral Resource Estimate expected in September of 2024.
- Crown Prince Development: progress detailed technical programs, preliminary project development and mining proposal workstreams and agree on an ore purchase agreement and other strategic collaboration initiatives with Westgold
- Regional: Continue systematic regional exploration programs across Ora’s commanding 677 sq km tenure package
Management Team
New Murchison Gold is led by a team of experienced professionals with a diverse set of skills and expertise. At the helm of the company's operations is CEO Alex Passmore, a qualified geologist with extensive corporate finance experience to guide New Murchison Gold's strategic plan. The board is chaired by Rick Crabb, with extensive experience in the legal and mining sectors providing invaluable governance and oversight.
Supporting the company's governance structure, Malcolm Randall serves as a non-executive director, bringing a wealth of knowledge from his tenure in the resource sector, including 25 years at Rio Tinto. Frank DeMarte, director and company secretary, contributes over 39 years of mining industry experience in areas of financial management governance and secretarial practice.
The collective experience of New Murchison Gold's board and management is a cornerstone of the company's success, positioning it to capitalise on the opportunities within the Garden Gully project and beyond.
For further information on New Murchison Gold's strategic initiatives and investment opportunities, sign up for a free investor kit.
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