Geophysical Data and Field Reconnaissance Greatly Enhance Exploration Potential at Cerro Chacon

Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), is pleased to announce the completion of ground magnetic and induced polarisation (IP)/resistivity surveys over the La Javiela prospect on its Cerro Chacon project in the Chubut Province of Argentina (Figure 1). The surveys interpretation was undertaken by Southern Geoscience in Perth, Western Australia and has identified five additional high priority targets.

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.

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