Piche Resources (ASX:PR2) has unveiled results from the first six reverse circulation drilling holes completed at its Ashburton Project in Western Australia.
The holes targeted uranium mineralisation at the Angelo A prospect, where no drilling has been undertaken in the last 40 years, and confirmed the down-dip continuation of the mineralisation.
The best results include 6.98m @ 1,617 parts per million (ppm) uranium equivalent from 191.84m, and 4.36m @ 2,205ppm uranium equivalent from 109.89m. Nevertheless, Piche says all holes returned “significant high-grade uranium mineralisation”, the highest being a 0.34m interval measuring 16,050 ppm uranium equivalent.
Managing Director Stephen Mann says the latest drilling work confirms the historical results from years past.
“Drilling to date has confirmed that mineralisation occurs within the typical unconformity model, with highly altered uranium-rich sandstones at the unconformity, and the potential of mineralised ‘feeder’ zones extending steeply below that unconformity zone,” he explains.
“It is expected that further drilling in this campaign should result in more clarity of the distribution and controls of mineralisation.”
Once drilling has been completed at Angelo A, the rig will move to the Angelo B prospect, roughly 1.3km to the northeast.
From there, Piche expects to begin a follow-up diamond drilling program later this month.
Located 140km southwest of Newman in WA’s Pilbara region, the Ashburton Project spans three tenements totalling roughly 122km2. Piche also owns the Sierra Cuadrada Uranium Project and Cerro Chacon Gold Project in Argentina, as well as other packages of land prospective for uranium, base metals, and gold in northern WA.
Piche Resources made its debut on the ASX in July, with a market value of just over $16 million prior to listing.
Write to Oliver Gray at Mining.com.au
Images: iStock
