Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

March 30, 2009 07:00 ET

Pitchstone Intersects Uranium at Gumboot

- Assays up to 2.06% U3O8 - Less than 5% of conductive zone tested

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to report additional results from the winter drilling program on its 100% owned Gumboot property situated in the eastern Athabasca Basin, Saskatchewan.

All five holes that have tested the conductive target have intersected a thick zone of moderate to intense alteration and associated mineralization in proximity to the Athabasca unconformity. Mineralized intervals are summarized in the following table and illustrated on the attached map. The strongest alteration and mineralization were encountered in drill hole GB-07 in basal sandstone.

Core Interval Core Length U3O8 Ni Co
Drill Hole (meters) (meters) (%) (%) (%)
GB-04 668.3-668.8 0.5 0.05(i) - -
GB-05 661.1-665.9 4.8 0.004 0.10 0.05
GB-06 662.3-664.2 1.9 0.07 - -
GB-07 659.6-663.8 4.2 0.11 2.29 1.70
including 663.2-663.8 0.6 0.59 0.71 0.14
including 663.4-663.5 0.1 2.06 1.15 0.23

(i) Considerable core lost in zone of mineralization and alteration.

High values of pathfinder metals, which are often associated with Athabasca unconformity uranium deposits, are present at Gumboot. Individual samples in GB-07 contain nickel to 10.8%, cobalt to 4.60%, and silver to 52 g/t, as well as anomalous levels of bismuth, arsenic, lead, molybdenum, selenium, tellurium, vanadium, boron, gold and rare earth elements. The alteration zone is at least 150 meters long and geochemically anomalous uranium extends to surface. Sulphide and arsenide replacement of sandstone is locally greater than 30%.

Steve Blower, President, noted: "Several features are encouraging at Gumboot including: the strength of the alteration in both the sandstone and basement, the presence of uranium with strong nickel and cobalt mineralization, a thick unit of faulted, graphitic metasediment in the basement and the wide open nature of the zone. Drilling to date has only tested 150 meters of the 5 kilometer long conductive zone." The next phase of drilling is scheduled to begin in May.

Gumboot, combined with the adjoining Johnston Lake property recently optioned from Denison Mines Corp., comprises five claims totalling 19,862 hectares. The claims are located about 20 kilometers northwest of Cameco Corporation's Cigar Lake uranium deposit.

Pitchstone completed 5,707 meters of drilling in its 2009 winter program in the eastern Athabasca Basin, including 2,981 meters at Gumboot.

To view a map of the Gumboot Plan Projection, please click on the following link: http://media3.marketwire.com/docs/pxp330.pdf

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 analyses 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. There is insufficient information to estimate the true thickness of the intersections.

About Pitchstone

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features 11 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 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.

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
    Pitchstone Exploration Ltd.
    Mark T. Brown
    (604) 687-3520
    Website: www.pitchstone.net