Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

May 07, 2009 07:00 ET

Pitchstone Plans Gumboot Drilling

- 3,000 m follow-up drill program - Gravity survey adds targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that the 2009 budget has been re-allocated to provide for additional drilling on its 100% owned Gumboot property, which will begin about May 31. Gumboot is located in the eastern Athabasca Basin, Saskatchewan, about 20 kilometers northwest of Cameco Corporation's Cigar Lake uranium deposit. Bryson Drilling has been contracted for a minimum 3,000 meters of core drilling for this phase.

All five holes that have tested the conductive target at Gumboot have intersected a thick zone of moderate to intense alteration in proximity to the Athabasca unconformity (see March 30, 2009 news release). In addition to uranium values to 2.06% U3O8, Pitchstone has encountered very high levels of nickel (to 10.8%), cobalt (to 4.60%) and other pathfinder metals at Gumboot. The last hole of the winter program and the only drill hole not previously reported (GB-07D1) intersected 0.12% U3O8 over 0.3 meters from 599.9-600.2 m near the base of the Athabasca sandstone. This interval was followed by 2.7 meters of base metal mineralization that averaged 0.55% nickel and 0.88% cobalt.

Gravity Survey Highlights Targets

Drilling at Gumboot to date has only tested 150 meters of the 5 kilometer long Gumboot conductive zone. A recently completed gravity survey was designed to highlight prospective zones along the conductor. The gravity survey has outlined a compelling target area along strike from the mineralization drilled to date (see attached map). This target area, where a large gravity low (blue area on map) is in part coincident with the projection of the alteration zone and the graphitic conductive zone, extends about 1.5 kilometers north of the area recently drilled. Previous drilling has been at the margin of the large gravity low. In addition to continuing to test extensions of the known mineralization, Pitchstone also plans to test the gravity anomaly target area outlined on the attached map.

New Property Acquired

Pitchstone has expanded its land position at the Darby-Candle property situated between the McArthur River and Cigar Lake deposits. A new 843 hectare claim was recently acquired by staking an area contiguous with Pitchstone's Darby property. This claim is 100% owned by the company and is not part of a joint venture. Pitchstone is now involved in 12 projects in the eastern Athabasca Basin totalling 70,679 hectares.

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 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.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/GUMBOOT%20MAP.pdf

About Pitchstone

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four 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 a joint venture 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.

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
    Pitchstone Exploration Ltd.
    Mark T. Brown
    604 687 3520