Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

February 08, 2011 07:00 ET

Pitchstone Drills Calcrete Uranium in Namibia

- 28 Holes Planned at the Marble Ridge Zone

- Following Up on Mineralization Drilled in 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that a program of reverse circulation drilling has begun on a zone of calcrete-hosted uranium mineralization on the Dome property in Namibia. The property location relative to the nearby Rössing and Langer Heinrich uranium mines, and other uranium occurrences in the Erongo region, is illustrated on Pitchstone's website (www.pitchstone.net). 

The Marble Ridge zone was discovered during a program of geological mapping and radiometric prospecting. Uranium and vanadium mineralization are exposed in a drainage channel that has eroded through a thin layer of barren cover that overlies mineralized calcrete. Reverse circulation drilling in 2010 intersected significant uranium in six of ten holes (see October 13, 2010 news release) and demonstrated that the zone is a horizontal layer of mineralization within 15 meters of surface. The layer is continuous over an area measuring at least 400 x 200 meters and is open in several directions. Results included 365 ppm U3O8 and 205 ppm V2O5 over a true thickness of one meter in drill hole DN10-56, including 699 ppm U3O8 and 321 ppm V2O5 over 0.5 meter. Additional information including a drill hole location map and cross section are available on Pitchstone's website (www.pitchstone.net). A total of 700 m of drilling is planned in 28 drill holes in this campaign.

The uranium grades at Marble Ridge are comparable to those at the calcrete-hosted Langer Heinrich uranium mine, 64 kilometers to the northeast, and the Trekkopje development project, 98 kilometers to the north. Langer Heinrich reports a Measured and Indicated Mineral Resource grade of 550 ppm U3O8 above a cutoff of 250 ppm U3O8. The Measured and Indicated Mineral Resource grade at Trekkopje is reported to be 149 ppm U3O8 above a cutoff grade of 100 ppm U3O8.

Steve 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 completed by Bureau Veritas in Swakopmund, Namibia. A multi-element ICP-MS/AES analysis was completed on the samples after a mixed 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. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. 

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three 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