Ashburton Drilling Yields 7m at 8,733ppm U3O8, Assays Upgrade Grades by 50%

Chemical Assays Validate High-Grade Uranium

Piche Resources Limited (ASX: PR2) has released compelling chemical assay results from its 2024 reverse circulation drilling campaign at the Ashburton uranium project in Western Australia. These assays not only confirm but in many cases significantly upgrade the uranium grades initially estimated by downhole gamma probing, providing a robust validation of the project's high-grade potential.

The standout result comes from drill hole ARC006, which returned an intersection of 7 metres at 8,733 ppm U3O8, including a high-grade core of 4 metres at an extraordinary 14,985 ppm U3O8 from 138 metres downhole. This represents a substantial increase compared to the gamma probe's earlier reading of 4 metres at 4,452 ppm eU3O8, highlighting the value of chemical assays in accurately quantifying uranium mineralisation.

Upgraded Grades and Geological Confidence

Across multiple drill holes, chemical assays have shown uranium grades up to 50% higher than those indicated by gamma logging, particularly in higher-grade zones exceeding 2,000 ppm U3O8. This discrepancy is attributed to gamma probe saturation at very high concentrations, underscoring the importance of complementary assay techniques for precise resource evaluation.

Managing Director Stephen Mann emphasised the significance of these findings: "The chemical assay results confirm our findings that the Ashburton project is a very promising uranium prospect with exceptional high-grade zones emerging from the recent drilling. The drilling programme exceeded expectations and met all our primary objectives." The comprehensive 2024 campaign included over 3,000 metres of combined reverse circulation and diamond drilling, enabling a refined geological model and enhanced confidence in the continuity of mineralisation.

Strategic Next Steps: Follow-Up Drilling in 2025

Building on these encouraging results, Piche plans a follow-up drilling programme scheduled for the second and third quarters of 2025. This next phase will focus on extending mineralisation along strike and downdip, particularly at the Angelo A and B prospects, as well as exploring other highly prospective tenements within the Ashburton portfolio.

The company’s methodical approach, combining gamma logging with rigorous chemical assays, positions it well to delineate a substantial high-grade uranium resource. The Ashburton project’s geological setting, hosting unconformity-related uranium mineralisation akin to some of the world’s richest uranium deposits, adds further strategic value to these exploration efforts.

Implications for Uranium Market and Investors

As global demand for uranium intensifies amid the energy transition and nuclear power renaissance, Piche’s upgraded assay results at Ashburton could enhance its attractiveness to investors and partners. The confirmation of high-grade zones and the planned drilling campaign may translate into a meaningful increase in resource estimates, potentially impacting the company’s valuation and market positioning.

However, the variability between assay and gamma data at higher grades also signals the need for careful interpretation in resource modelling. Investors should watch closely how Piche integrates these data sets and advances its exploration strategy in the coming months.