Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

August 23, 2010 07:00 ET

Pitchstone Begins Uranium Drilling Program in Namibia

- Following up on uranium discovered in 2009 at Dome North

- Targets include calcrete and leucogranite hosted mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") reports that reverse circulation drilling has begun on the Dome property in Namibia. Targets include both calcrete hosted and leucogranite (commonly referred to as alaskite) hosted uranium mineralization, both of which were discovered in outcrop at Dome North in 2009. Dome is part of a uranium exploration joint venture between Pitchstone (65%) and private company Manica Minerals Ltd. (35%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. The property location relative to the nearby Rössing and Langer Heinrich uranium mines, and other uranium occurrences in the western Namibian uranium district, is illustrated on Pitchstone's website (www.pitchstone.net).

Calcrete (Langer Heinrich style) Targets

Grab samples of calcrete hosted mineralization collected on surface early in 2009 contain up to 0.19% U3O8. An initial drill test of this mineralization in September, 2009 returned values up to 0.035% U3O8 over 1.0 meter (see October, 2009 news release). Some of the calcrete drilling will explore for thicker extensions of this zone, and other holes will test a separate area of electromagnetic geophysical anomalies that may represent new calcrete paleochannels. At least seventeen holes are planned to test calcrete targets in this program.

Leucogranite (Rössing style) Targets

Outcropping leucogranite hosted mineralization was discovered at Dome North late in 2009. Follow up sampling early in 2010 returned grab sample values up to 0.61% U3O8 (see May, 2010 news release). Subsequently, Pitchstone has completed high definition helicopter-borne geophysics, radon surveying, satellite imagery, and geological mapping, all of which have been integrated to define targets for the current drilling program. At least fifteen drill holes are planned to test the leucogranite targets.

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 were done by ALS Chemex, Johannesburg. A multi-element ICP-MS analysis was completed on the samples after a four acid, near-total digestion. 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 mineralization. Field work in Namibia is supervised by Cape Town based Remote Exploration Services on behalf of the joint venture.

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
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net