Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

February 26, 2009 07:00 ET

Pitchstone Exploration Ltd.: Uranium Drilling Update

- Radioactivity intersected on Gumboot property - Namibia drilling confirms exploration model

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") has completed 4,263 meters of drilling in six holes in its ongoing 2009 winter program in the eastern Athabasca Basin. Pitchstone has also completed 1,294 meters in eight holes in its now complete Dome drilling program in Namibia.

Gumboot Property

Two holes have been completed on the Gumboot property and both intersected significant radioactive zones associated with strong fracturing and alteration in proximity to the unconformity. GB-05 intersected a 13 meter zone of weak to moderate radioactivity, averaging 635 counts per second (cps; approx. 10X background) as measured with a down-hole Mount Sopris 2PGA-1000 probe, beginning at a hole depth of 652 meters. Maximum radioactivity in this interval was 2,100 cps (approx. 35X background). GB-06 intersected moderate to strong radioactivity averaging 2,850 cps (approx. 50X background) over a 4.8 meter interval beginning at a hole depth of 660 meters. Maximum radioactivity measured with the down-hole probe in this interval was 12,000 cps (approx. 200X background). In both drill holes core recovery was good and samples are being submitted for analyses. Two additional holes will be completed during the current program.

Darby-Candle Property

Two holes on Darby (54.5% Pitchstone, 45.5% Uranium One Inc. (TSX:UUU)) and two on Candle (41% Pitchstone, 34% Uranium One, 25% JCU (Canada) Exploration Company, Limited) have been completed to test four separate targets. On Darby, hole DB-37, an initial test of the 4C conductor, intersected altered basal sandstone with weakly anomalous radioactivity, and graphitic pelitic gneisses in the basement. DB-38 was drilled along trend of the Cigar Lake deposit. DB-38 intersected weakly anomalous radioactivity in the basement associated with graphitic pelitic gneisses, similar to a previous hole, confirming the potential of this target.

One Candle hole (CD-36) was drilled on the 97H conductor and intersected faulted graphitic basement 90 meters below the unconformity, suggesting a favourable target up-dip where the graphitic unit would intersect the unconformity. Hole CD-35, drilled to test the 97G conductor, did not intersect significant radioactivity.

Dome Property, Namibia

In addition to drilling in the Athabasca Basin, an initial drill test of a Rossing style, granite-hosted, uranium target on the Dome property included 1,294 meters in eight holes. Several holes confirm the presence of favourable Nosib Group stratigraphy, including meta-sediments interpreted to belong to the Rossing and Khan Formations. Weakly anomalous radioactivity was observed in several holes and one intersected "alaskite" similar to that which hosts uranium mineralization at Rossing. Core has been sampled and submitted for analyses.

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.

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are 100% owned. In addition, there are four joint venture projects in the Hornby Bay Basin, Nunavut, an exploration partnership in the Franceville Basin, Gabon, and an option on two projects in Namibia. Pitchstone has 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    (604) 630-5563
    or
    Pitchstone Exploration Ltd.
    Mark Brown
    CFO
    (604) 687-3520
    Website: www.pitchstone.net