Piche Resources Limited (ASX: PR2) celebrated its ASX listing by ringing the bell last Monday after a successful $10 million IPO.
However, shares opened on a sombre tone on July 15 at 12pm AEST at A$0.16, a 20% discount to the IPO price.
By the closing bell, around 2.2 million shares, valued at over $340,000, had changed hands, with shares only reaching a high of $0.175 and closing at $0.155.
Currently, Piche is trading steadily at A$0.16 with a market cap of A$19.70 million (Figure 1).
With its coffers full, the company is now poised to ramp up exploration of its uranium and gold projects in Western Australia and Argentina.
Figure 1: Piche Share Price Chart (Source: ASX.com)
Immediate Focus
Piche’s immediate key focus is on its Ashburton Project in Western Australia, where previous drilling in the 1980s delivered defined a target zone extending for 50km along strike and returning grades of over 1% uranium from the Angelo River Prospect.
The company’s Australian portfolio includes the Ashburton Project, Abydos Project, Beasley Creek Project, and Gascoyne Minindi Project, covering seven exploration licences.
In Argentina, Piche manages the Sierra Cuadrada Project and Cerro Chacon Project, with ten granted and 18 pending exploitation concessions prospective for uranium and gold respectively.
Australian Projects
At the outset, Piche’s Ashburton Project is situated approximately 80 kilometres southeast of Paraburdoo, in the Pilbara region of Western Australia.
Besides the identified uranium potential, previous explorations have not assessed the potential uranium mineralisation occurring below the unconformity.
The project area also features high-grade rare earth elements (REE) and gold prospects, presenting additional targets for further investigation.
Meanwhile, 130 kilometres south-southeast of Port Hedland, the company’s Abydos Project is considered prospective for volcanic-associated massive sulfide (VMS) deposits, particularly within the Kangaroo Caves Formation.
Figure 2: Projects in Western Australia (Source: Company website)
At Beasley Creek, Piche has identified noteworthy mineral occurrences which include two key gold prospects: Twin Reefs and Blue Drum.
The Gascoyne-Minindi Project is located 105 kilometres northeast of Gascoyne Junction, near the southwestern margin of the Gascoyne Complex.
This complex comprises Paleoproterozoic granitic units and meta-sedimentary units. The project represents a calcrete-hosted uranium mineral system, with previous explorations defining a substantial zone of uranium mineralisation across two prospect areas: Minindi and Minindi South. system with low grades mineralisation with thickness up to a few meters.
Historical drilling has not completely closed off the potential lateral extents of mineralisation, with potential for the identification of mineralisation extensions and additional enriched zones.
Argentinian Projects
Across the world, the company’s Sierra Cuadrada Project is situated on the northern slope of the Sierra Cuadrada deposit in the Chubut Province.
The Project highlights the presence of a prospective geological unit, encouraging exploration results, and proximity to a defined deposit for uranium.
Also in the Chubut province is the Cerro Chacon Project.
Situated in the Cajon de Ginebra and Lonco Trapial ranges in the municipal departments of Paso de Indios and Tehuelches, the project is prospective for gold and silver.
The Cerro Chacon Project consists of two mining concessions and eight mining concession applications covering a total area of 364.29 square kilometres.
These tenements are clustered along a 45 km long north south trending corridor.
Figure 3: Argentinian Projects (Source: Company website)
Leadership Team
Piche’s leadership team comprises seasoned professionals with extensive experience in the mining and exploration sectors.
John (Gus) Simpson, the Executive Chairman, has over 37 years of expertise in mineral exploration, development, and mining, including his previous role as Executive Chairman and Founder of Peninsula Energy.
Managing Director Stephen Mann is a geologist with over 40 years of experience, including 20 years in the uranium sector, and previously served as the Australian Managing Director of Orano.
Executive Director Pablo Marcet, a senior geoscientist with 38 years of experience, is currently an independent Director of Arcadium Lithium and has held directorships at Barrick Gold.
Non-Executive Director Clark Beyer, an internationally recognised nuclear industry executive with over 35 years of experience, was the Managing Director of Rio Tinto Uranium Limited and is now the principal of Global Fuel Solutions LLC.
Non-Executive Director Stanley Macdonald, a nationally recognised mining entrepreneur, has been instrumental in the success of numerous ASX-listed companies, including Giralia Resources, Northern Star, and Redhill Iron, and currently serves as a Director of Zenith Minerals.
What’s Next ?
Piche Resources anticipates prioritising exploration efforts in the near term through drilling campaigns at its key projects: Ashburton (uranium) in Western Australia, and Sierra Cuadrada (uranium) and Cerro Chacon (gold) in Argentina.
In Ashburton, Piche is getting ready to kick off a RC and diamond drilling program on uranium targets in August.
The company is finalising the completion of a heritage survey at the Ashburton project which is expected to be concluded in late July/August 2024.
In Argentina, an in-country team led by experienced country manager Fernando Rodriguez was established in Argentina.
At Sierra Cuadrada, 400 drill samples from auger holes at Sierra are currently being assayed for uranium.
Encouragingly, a total of 42 of 134 auger holes on the prospect highlighted have visual uranium.
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