Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), holds an extensive tenement portfolio in Australia and Argentina with the focus being uranium and gold. In Western Australia, the Company has commenced drilling on its Proterozoic unconformity style uranium project, whilst in Argentina, field programmes are well underway on the Sierra Cuadrada sandstone hosted uranium project and the Cerro Chacon low sulphidation epithermal gold project (Figure 1).

Key Highlights

• Reverse Circulation drilling commenced on the Ashburton Proterozoic unconformity uranium project in Western Australia. 7 drill holes were completed in the September Quarter for a total advance of 1028m.
• Equivalent U3O8 concentrations from this phase of Ashburton reverse circulation drilling have been calculated from downhole gamma surveys, and include:
  • ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 meters
  • ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 meters
  • ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 meters
  • ARC004 6.02m @ 801 ppm eU3O8 from 83.55 meters
  • ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 meters incl 0.34m @ 16,050 ppm eU3O8 from 139.11 meters
  • ARC007 1.30m @ 503ppm eU3O8 from 123.37 meters
• Drilling on the Ashburton Project is ongoing with RC and Diamond drilling during the December Quarter
• Two geophysical surveys (IP and magnetics) have been completed at Cerro Chacon in Argentina and the Company is awaiting the final interpretation.
• Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralisation: the largest being 6km long and 3km wide and remains open.
• Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m.
• Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and determination.
• An additional 39 tenement applications for uranium exploration have been lodged in Argentina totalling 1785km2. Tenements are located in the provinces of Rio Negro and Chubut. Tenements are prospective for sandstone hosted uranium mineralisation and include both hard rock and in-situ recovery targets.
• The Company has established an experienced in country team with the appointment of country manager, project managers and geologists for both gold and uranium.

Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean

Australia – Uranium - Ashburton Project

A reverse circulation drilling programme commenced on the Ashburton uranium project during the September Quarter. A total of 7 drill holes were completed during the quarter for a total advance of 1028m. The reverse circulation drilling is ongoing, and a diamond drilling programme will also commence early in the December Quarter.

The September Quarter drilling programme was undertaken at, and along strike of the Angelo A prospect where no exploration activities have been carried out in the last 40 years. The drilling programme was planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.

Results from the first seven reverse circulation drill holes completed have been received and six of those have returned significant high grade uranium mineralisation.

Drilling is targeting Proterozoic unconformity style uranium mineralisation, similar to that seen in two of the most significant uranium jurisdictions in the world: the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.

Drilling was preceded by a detailed heritage clearance survey.

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.