Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

June 29, 2009 07:00 ET

Pitchstone Begins Summer Drilling at Gumboot

- Original Drilling Plan Increased - Targets Include New Uranium Discovery - Financing Oversubscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that the 2009 summer drilling program on its 100% owned Gumboot property has begun. Crews mobilized to the site mid-month and drilling began June 22. Gumboot is located in the eastern Athabasca Basin, Saskatchewan, about 20 kilometers northwest of the Cigar Lake uranium deposit. Increased funding will allow for an expansion of the program to a minimum of six drill holes that will test two priority target areas. A map showing the target areas is available at www.pitchstone.net.

Following Up New Uranium Discovery

At least three drill holes will target a mineralized zone discovered in March 2009 on the MJ-4 conductor. All five holes that previously tested this area have intersected a thick zone of moderate to intense alteration in proximity to the Athabasca unconformity (see March 30, 2009 news release). In addition to uranium values to 2.06% U3O8, Pitchstone encountered very high levels of nickel (to 10.8%), cobalt (to 4.60%) and other pathfinder metals at Gumboot earlier this year. The mineralization sits immediately above faulted basement graphitic gneisses, a common geological setting for unconformity style mineralization in the Athabasca Basin.

Gravity Survey Target

At least two drill holes will target a gravity anomaly outlined during a survey completed in March 2009 (see May 6, 2009 news release). The target area is a large zone of low gravity where it intersects the projection of the alteration and the graphitic conductive zone, about 1.5 kilometers north of the mineralized area. The gravity low may indicate alteration in Athabasca Group sandstone.

Steve Blower, P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses.

Financing

Due to strong demand, Pitchstone has agreed to increase the financing announced on June 22, 2009 by $100,000 to $600,000 or 1.5 million units. The offering is fully subscribed.

About Pitchstone

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there are several joint venture projects in the Hornby Bay Basin, Nunavut, an exploration partnership in the Franceville Basin, Gabon, and a joint venture on two projects in Namibia. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO & Chairman

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Pitchstone's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    604 630 5563
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net