Piche hits near surface uranium in early-stage drilling at Sierra Cuadrada

Uranium explorer Piche Resources (ASX:PR2) has encountered near-surface uranium mineralisation through its auger drilling in Argentina.

While a further 407 samples from 212 drillholes remain inbound, the company on Thursday flagged assay results including “six samples [over] 1,000 parts per million (ppm) and two samples [over] 500ppm.”

The company reported 30% of reconnaissance drillholes showed trace uranium mineralisation with thicknesses varying but averaging 1.5m. At the same time, a second auger rig is being mobilised to speed things up.

“Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and delineation,” Piche wrote on Thursday.

The company is keen to find uranium in Argentina and make it work – evidenced by the company’s lodgement of a further 37 claims.

Piche also asserted visible uranium has been spotted in 146 of 303 holes assayed thus far.

“We now have over 1000km2 of tenure, all of which has either visible uranium or significant radiometric anomalies,” Piche MD Stephen Mann said.

“After initial commissioning the auger drill rigs are proving to be an expedient and low-cost tool for the Company to identify high priority areas to commence detailed exploration, focused on large, shallow uranium mineralisation.”

Argentina is being viewed by some as a potential source of low-cost uranium production, and the country’s government isn’t entirely opposed to that idea. Argentina and El Salvador – headed by a leader in his 30s – inked an MOU on nuclear power co-development earlier this month.

At the same time, many companies from around the world are active in the country exploring for uranium.

According to the World Nuclear Association, Argentina’s National Atomic Energy Commission (Comisión Nacional de Energía Atómica [CNEA]) said in 2022 the country collectively boasts about 80,000 tonnes of uranium worth of exploration targets in aggregate across the mining sector broadly.

PR2 last traded at 11.5cps.

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