Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

September 14, 2010 07:00 ET

Pitchstone Completes Namibia & Athabasca Uranium Drilling

- Radioactivity Intersected at Two Target Areas in Namibia

- Alteration Zone Extended at Johnston Lake, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") reports the completion of a program of reverse circulation drilling on the Dome property in Namibia and a core drilling program on the Gumboot, Johnston Lake and Candle properties in the eastern Athabasca Basin of Saskatchewan. 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. Gumboot is 100% owned. Johnston Lake was optioned from Denison Mines Corp., and exploration on Candle is a joint venture with Uranium One Inc. and JCU (Canada) Exploration Company, Limited. 

Namibia Calcrete Target Drilling

Eighteen of 31 drill holes in Namibia tested calcrete targets. Intersections of radioactive calcrete similar to that intersected in 2009 drill hole DN09-23 (352 ppm U3O8 over 1.0 meters, see October 28, 2009 news release) were observed in six of the 10 holes drilled in the Marble Ridge zone. This radioactivity is continuous over at least 400 meters and is open in several directions. Samples have been submitted for geochemical analysis and the results are pending. Table 1 compares the radioactivity observed in the recently completed drill holes with the results from DN09-23. Additional drilling is planned.

Table 1 – Down Hole Total Gamma Probe Radioactivity in Marble Ridge Zone Drill Holes
    From   To   Length   Total Gamma
Hole-ID   (m)   (m)   (m)   (cps)
DN09-23*   6.75   8.90   2.15   1,395.2
DN10-54   6.67   7.97   1.30   833.0
DN10-55   8.75   9.35   0.60   1,165.4
DN10-56   8.54   8.84   0.30   945.9
DN10-57   7.91   8.01   0.10   593.8
DN10-58   10.44   12.44   2.00   719.9
DN10-64   13.45   14.25   0.80   2,355.6
Mean           1.04   1,165.4
* Drilled in 2009 and included for comparison.

A preliminary test with eight drill holes was also completed in a 36 square kilometer calcrete target area 17 kilometers north of the Marble Ridge zone. All holes intersected surficial sediments 20-40 meters thick, including substantial thicknesses of calcrete. No significant radioactivity was observed in the drill holes. Additional drilling will be required to test this large area.

Namibia Leucogranite Target Drilling

Thirteen drill holes were completed at a 6 kilometer by 2 kilometer leucogranite target area. Eleven of these intersected leucogranite. Two of the holes, DN10-67 at the south end of the target area and DN10-74 at the north end, intersected particularly thick sections of leucogranite that included sporadic intervals of elevated radioactivity. DN10-67 intersected a total of 47 meters of leucogranite, of which approximately 5 meters is characterized by radioactivity greater than 5 times background (Radeye hand-held scintillometer). DN10-74 intersected 98.5 meters of leucogranite, of which approximately 3 meters is characterized by radioactivity greater than five times background. Geochemical analyses are required to confirm that the radioactivity is due to uranium.

Eastern Athabasca Drilling

At Johnston Lake, elevated radioactivity was observed in a faulted, clay and chlorite altered interval of basement rocks immediately below the sub-Athabasca unconformity in drill hole JL10-21. The altered zone is interpreted as an extension of uranium mineralization with similar alteration intersected in a drill hole completed by previous operators in 1988. The 1988 drill hole intersected 0.48% U3O8 over 0.25 meter, 10 meters below the unconformity. Pitchstone plans more drilling in the area.

Other drilling completed during the program included a second hole at the Johnston Lake property that targeted a previously untested 2.4 kilometer long conductor. The program also included one hole on the south end of the Gumboot alteration zone, and one hole on an underexplored portion of the 97H conductor on the Candle property. No significant radioactivity was observed in these holes.

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 Namibia samples were done by ALS Chemex, Johannesburg. A multi-element ICP-MS analysis was completed on the samples after a four acid, near-total digestion. Sample preparation and analyses on Athabasca basin 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 mineralized 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,

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