Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

August 18, 2010 07:00 ET

Pitchstone Confirms New Uranium Occurrence at Wolverine

- Assays up to 0.25% U3O8 in drill hole WL-01

- Mineralization in hematite altered breccia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") reports that analytical results have been received from drilling recently completed on the Wolverine property. The Wolverine property was optioned to Japan Oil, Gas and Metals National Corporation ("JOGMEC") in 2009 and is located in Saskatchewan's prolific eastern Athabasca Basin. All exploration on Wolverine is being funded by JOGMEC. 

Wolverine Analytical Results

This first phase of drilling at Wolverine consisted of four holes that tested two target areas. The targets are characterized by DC-resistivity lows and magnetic lineaments that have been interpreted as possible fault structures. Anomalous radioactivity was observed in one hole (WL-01) associated with faulted hematite and chlorite altered breccia in basement rocks 370 meters below surface and 70 meters below the Athabasca unconformity (see July 14, 2010 news release). Assay results confirm that the radioactivity is due to uranium. The highest uranium value is 0.25% U3O8 over a 10 centimeter interval within a 2.0 meter interval that averages 0.05% U3O8. Pitchstone is encouraged by this new uranium discovery, particularly due to its association with brecciated and altered basement. Further drilling will be required to follow up on the results. 

Steven J. Blower, P.Geo., President and CEO 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 on Pitchstone's samples 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. Insufficient information is available to estimate the true width of the mineralized intersection.

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,

Steven J. Blower, President and CEO

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
    Pitchstone Exploration Ltd.
    Mark T. Brown
    604 687 3520