Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

March 23, 2010 07:00 ET

Pitchstone Completes Athabasca Uranium Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

  • Drilling completed at Gumboot & Johnston Lake Properties
  • Geophysics & Drilling completed on Marten & Wolverine Properties
  • A total of 6,480 meters drilled

Pitchstone Exploration Ltd. ("Pitchstone") announces that its winter exploration program of core drilling and geophysical surveying on three eastern Athabasca Basin properties has been completed as planned. Drilling was completed on Pitchstone's 100% owned Gumboot property, and on the adjoining Johnston Lake property that was optioned in early 2009 from Denison Mines Corp. Electromagnetic (EM) and gravity surveys and drilling were also completed at Marten and Wolverine. Samples collected from the drilling programs have been submitted for analysis.

Gumboot

Drilling at Gumboot consisted of six holes totalling 4,786 meters. Significant alteration and/or weakly anomalous radioactivity were observed at the unconformity in all six holes. The program extended the alteration zone along strike to the north and south. The zone now measures 500 meters long and is still open in both directions. Mineralization intersected previously in the zone includes 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3 meter, 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter, and 1.04% Ni, 0.15% Co and 0.01% U3O8 over 14.1 meters (see Sept. 9, 2009 news release). The alteration zone is coincident with a five kilometer long graphitic horizon that is largely untested (see maps at www.pitchstone.net). Additional drilling at Gumboot is planned this summer.

Johnston Lake

One 710 meter hole was completed on the Johnston Lake property to follow up on the results of a detailed core review and re-sampling program completed in the summer of 2009. A short interval of intense sandstone alteration immediately above the Athabasca unconformity was intersected in this year's drill hole. Oriented core measurements have allowed a re-interpretation of the basement geology and suggest that the primary target at this location on the Johnston Lake property is still untested. Further geophysical surveying and drilling are planned for Johnston Lake in 2010.

Wolverine & Marten

A total of 72 kilometers of line cutting was completed on the Marten and Wolverine properties. This was followed with 72 kilometers of ground gravity surveying on both properties and 18 kilometers of EM surveying at Marten. Six drill holes totalling 984 meters were then completed at Marten. No significant radioactivity was observed in the drill holes, but anomalous alteration and faulting are present in four of the holes. 

Wolverine, 30 kilometers east of the McArthur River mine, and Marten, immediately southwest of the West Bear deposit, are under option to Japan Oil, Gas and Metals National Corporation ("JOGMEC"); Pitchstone is the operator. All exploration on the properties is being funded by JOGMEC, which can earn a 50% interest after spending $1.8 million on exploration. Data collected during the winter program will be used to select target areas for additional geophysical surveying and drilling programs.

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 then 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. There is insufficient information to estimate the true thickness of the intersections.

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. 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.

Reference: 10.90

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