Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

July 28, 2009 07:00 ET

Pitchstone Exploration Ltd.: Continued Encouraging Drill Results at Gumboot

Radioactivity & alteration in all recent holes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to provide an update on the 2009 summer drilling program on its 100% owned Gumboot property. Approximately 3,000 meters in four holes have been completed during June and July. Gumboot is located in the eastern Athabasca Basin, Saskatchewan, about 20 kilometers northwest of the Cigar Lake uranium deposit.

Following Up Recent Uranium Discovery

All four holes completed this summer have intersected a zone of moderate to strong alteration and faulting with anomalous radioactive intervals in proximity to the Athabasca unconformity. The strongest radioactivity was encountered in hole GB-10 where drill hole probe readings to 18,000 counts per second (cps) were recorded. This radioactivity is at a down hole depth of 675 meters in basement graphitic gneiss and is within a radioactive zone intersected over a 3.5 meter core length that averages greater than 3,200 cps, or about 20 times background. The radioactive material is associated with silver-colored metallic minerals tentatively identified as cobalt-nickel arsenides. Samples are being submitted for analysis.

The target is a 5 kilometer long conductive zone of which only short sections have been tested to date. Drilling will continue both north and south along the trend. Hole GB-10 is 50 meters south of GB-07 that encountered uranium values to 2.06% U3O8 (48,000 cps on probe) in addition to high levels of nickel (to 10.8%), cobalt (to 4.60%) and other pathfinder metals (see March 30, 2009 news release).

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 analysis 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 analysis.

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