Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

May 18, 2010 07:00 ET

Pitchstone Plans Summer Athabasca Uranium Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

  • Analytical Results Received from Winter Drilling

  • Gumboot Alteration Zone Remains Open in All Directions

  • Drilling Planned on Five Athabasca Properties this Summer

Pitchstone Exploration Ltd. ("Pitchstone") has received all analytical results from the winter drilling programs in the eastern Athabasca basin. During the winter, drilling and other activities were completed on Pitchstone's 100% owned Gumboot property, on the adjoining Johnston Lake property that was optioned in early 2009 from Denison Mines Corp., and on the Marten property, which was optioned to Japan Oil, Gas and Metals National Corporation ("JOGMEC") in 2009. 

Gumboot

Significant alteration and/or anomalous radioactivity were observed at the unconformity in all six holes drilled during the winter. The highest uranium result from the winter drilling program was in hole GB10-13R, which intersected 0.07% U3O8 and 0.11% Ni over 0.5 meters. The program extended the alteration zone along strike to the north and south. It is now 500 meters long and open in both directions. Mineralization intersected previously in the zone includes 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3 meter, 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter, and 1.04% Ni, 0.15% Co and 0.01% U3O8 over 14.1 meters (see Sept. 9, 2009 news release). At least 1,600 meters of drilling are planned for Gumboot during the summer exploration season.

Johnston Lake

One 710 meter drill hole was completed on the Johnston Lake property to follow up on the results of a detailed core review and re-sampling program completed in the summer of 2009. No significant radioactivity was observed although the hole did intersect intense alteration in sandstone immediately above the Athabasca unconformity. Oriented core measurements have allowed a re-interpretation of the basement geology and suggest that the primary target at this location on the Johnston Lake property is still untested. At least 1,500 meters of drilling are planned for Johnston Lake this summer. One of the drill holes will be the first ever test of a strong conductor thought to be the southern extension of the LaRocque-Waterfound conductor system northeast of Johnston Lake.

Wolverine & Marten

Several geophysical surveys including ground gravity, ground TDEM and DC-Resistivity were completed at Wolverine and Marten during the winter exploration season. These have generated prospective targets on both properties. A first phase of drilling consisting of six drill holes was also completed at Marten. While the drilling did not intersect any significant radioactivity, anomalous alteration and faulting are present in four of the holes. This information, in combination with interpretations of the geophysical surveys will aid in selecting targets for additional drilling this summer. All exploration on the Wolverine and Marten properties is being funded by JOGMEC.

Candle

In addition to the above drilling programs, 700 meters of drilling are also planned on the Candle property to test a gravity anomaly along an unexplored portion of the 95H conductor. Exploration on the Candle property is a joint venture between Pitchstone (41%), Uranium One (TSX:UUU) (34%), and JCU (Canada) Exploration Company, Limited (25%).

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 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,

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
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net