Weather Delays Stall Cerro Chacon Drilling—What’s Next for Piche Resources?

Environmental Approvals and Drilling Preparations at Cerro Chacon

Piche Resources Limited has made significant strides in advancing its Cerro Chacon Gold Project in Argentina during the June 2025 quarter. The company secured formal approval for its Exploration Environmental Impact Assessment (EIA) Reports covering all planned drill locations at Chacon South and Chacon Middle. This regulatory milestone, achieved after comprehensive environmental and cultural assessments and a public consultation process, clears the way for ground-disturbing activities and underscores Piche’s commitment to responsible exploration.

Preparatory work for drilling is well underway, with 20 kilometres of access tracks completed and 30 of the 57 planned reverse circulation (RC) drill pads constructed. The drilling programme aims to test a 14-kilometre mineralised corridor characterized by a low-sulphidation epithermal vein system, with target zones up to 50 metres wide. However, extreme weather conditions have necessitated placing the drill rig on standby, postponing the start of drilling to early September.

Targeted Prospects and Exploration Strategy

The drilling campaign will focus on three high-priority prospects within the corridor – the Chacon Grid, La Javiela, and Toro Hosco. The Chacon Grid alone accounts for 45 drill holes targeting broad vein and stockwork systems with surface assays up to 7.6 grams per tonne (g/t) gold and 126 g/t silver. La Javiela and Toro Hosco prospects also show promising geochemical and geophysical signatures, with Toro Hosco delivering some of the highest surface gold assays to date, including 11.65 g/t gold.

Piche’s multi-disciplinary exploration approach integrates geological mapping, rock and soil geochemistry, and geophysical surveys such as magnetics and induced polarisation. This integrated methodology has successfully delineated robust drill targets, enhancing confidence in the potential economic viability of the mineralisation.

Expansion and Progress at Ashburton and Sierra Cuadrada Uranium Projects

In Western Australia, Piche expanded its Ashburton Uranium Project by acquiring an additional tenement, increasing its contiguous landholding to 335 square kilometres. This strategic move follows encouraging results from the 2024 drilling campaign, which identified multiple uranium mineralisation zones associated with a significant structural corridor. The new tenement covers a 50-kilometre structural corridor and unconformity, enhancing the company’s position in this prospective uranium district.

Meanwhile, at the Sierra Cuadrada project in Argentina, ongoing mapping and auger drilling have confirmed uranium mineralisation within two Cretaceous geological units. The company is advancing plans for a reverse circulation drilling campaign scheduled for the first quarter of 2026, aiming to test higher-grade basal uranium horizons identified through geological mapping.

Financial Discipline and Outlook

Piche Resources reported exploration expenditures consistent with its IPO prospectus, with a total of approximately A$5.87 million spent to date across its projects. The company held A$5.1 million in cash as of 30 June 2025, providing a solid financial footing for upcoming exploration activities. Corporate updates included the issuance of shares and options to consultants under existing agreements, reflecting ongoing efforts to secure technical expertise.

While drilling delays at Cerro Chacon due to weather are a temporary setback, the company’s methodical progress in securing approvals, expanding tenements, and refining drill targets positions it well for the next phase of exploration. Investors will be keenly watching the commencement of drilling in September and the forthcoming assay results that will shed light on the project's resource potential.