Piche Resources Unveils Promising Drilling Results and Strategic Expansion
PICHE RESOURCES LIMITED (PR2) Share Update October 2024 Thursday 31st
Piche Resources Announces Key Drilling Results and Expansion Plans
Piche Resources Limited (ASX: PR2) has released its quarterly activities report, highlighting significant progress in its uranium projects in Western Australia and Argentina.
Instant Summary:
- Commenced reverse circulation drilling at Ashburton uranium project, completing 7 holes.
- Significant uranium mineralization found in 6 out of 7 drill holes.
- Ongoing drilling and geophysical surveys in Argentina.
- Expansion with 39 new tenement applications in Argentina.
Drilling Progress in Australia
Piche Resources has made substantial advancements in its Ashburton uranium project in Western Australia. During the September quarter, the company completed 7 reverse circulation drill holes, totaling an advance of 1028 meters. The drilling targeted Proterozoic unconformity style uranium mineralization, a type seen in major uranium jurisdictions like the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
Significant uranium mineralization was found in 6 of the 7 drill holes, with notable results including ARC006, which showed 3.45 meters at 5,129 ppm eU3O8 from 137.62 meters, including a high-grade zone of 0.34 meters at 16,050 ppm eU3O8 from 139.11 meters. These findings confirm the presence of high-grade uranium and suggest potential for further discoveries.
Expansion in Argentina
In Argentina, Piche Resources has been actively exploring the Sierra Cuadrada and Cerro Chacon projects. The company completed two geophysical surveys and is awaiting final interpretations. Auger drilling at Sierra Cuadrada has revealed extensive areas of near-surface uranium mineralization, with the largest area being 6 km long and 3 km wide.
Additionally, Piche has applied for 39 new tenements covering 1785 km² in the provinces of Rio Negro and Chubut, targeting sandstone-hosted uranium mineralization. This expansion is supported by an experienced in-country team, including a newly appointed country manager and project managers for both gold and uranium.
The positive drilling results and strategic expansion plans are likely to bolster investor confidence in Piche Resources. The confirmation of high-grade uranium mineralization at Ashburton could lead to an increase in the company's stock value as investors anticipate future resource estimates and potential production. The expansion in Argentina further diversifies Piche's portfolio and positions the company for long-term growth in the uranium sector.
Investor Reaction:
Analysts are likely to view the drilling results and expansion plans favorably, as they demonstrate Piche's commitment to advancing its projects and increasing its resource base. The market may respond positively to the news, reflecting optimism about the company's growth prospects.
Conclusion:
Investors should keep a close eye on Piche Resources' upcoming drilling results and strategic developments. The company's continued exploration success and expansion efforts could present significant opportunities for growth in the uranium market.