Piche Resources Limited (ASX: PR2) has announced the start of a significant drilling program at its Ashburton Uranium Project in Western Australia.
The company has mobilised a reverse circulation (RC) drill rig to the Angelo prospect, with a diamond drill rig scheduled to arrive later this month.
The exploration campaign is targetting high-grade uranium mineralisation at the Angelo prospect, focusing on Proterozoic unconformity-style uranium deposits.
This type of mineralisation is similar to world-class deposits found in Australia’s Pine Creek Geosyncline and Canada’s Athabasca Basin.
The drilling program aims to confirm previous high-grade uranium intersections, including:
- 10.5m @ 4,380 ppm U₃O₈ from 105.0 metres
- 9.0m @ 3,490 ppm U₃O₈ from 75.5 metres
- 5.9m @ 3,300 ppm U₃O₈ from 119.0 metres
- 7.9m @ 2,530 ppm U₃O₈ from 95.0 metres
Piche Resources plans to test the Angelo A & B zones and explore extensions to known mineralisation using a revised geological model.
The company has scheduled 2,000 metres of RC drilling and 1,500 metres of diamond drilling, with the potential for follow-up programs.
Stephen Mann, Managing Director of Piche Resources, expressed enthusiasm about the project, stating: “This project area is one of the most exciting unconformity uranium targets outside the Pine Creek Geosyncline in the Northern Territory and the Athabasca Basin in Saskatchewan Basin in Canada, two of the truly great uranium provinces in the world.”
Beyond uranium, the Ashburton Project area also includes the Livanto rare earth elements (REE) prospect, offering further exploration opportunities.
This diversification aligns with Piche’s strategy to develop a portfolio of uranium, gold, and base metals projects in Australia and Argentina.
The commencement of drilling at Ashburton comes at a time of renewed interest in uranium exploration.
The uranium price recently hit a record high of US$106 per pound in January 2024 and is currently trading at over US$86 per pound.
This price movement reflects anticipated stronger demand and potential supply risks in the global uranium market.
Piche Resources expects to receive initial results within two weeks of drilling commencement, utilising downhole gamma logging to calculate equivalent U₃O₈ concentrations.
The company has already completed a Heritage Survey with the registered Native Title party, paving the way for smooth operations.
As Piche Resources advances its exploration efforts at the Ashburton Uranium Project, investors and industry observers will be keenly watching for results that could potentially establish the company as a significant player in the uranium sector.
