Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

July 14, 2010 07:00 ET

Pitchstone Provides Eastern Athabasca Uranium Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") -

  • Anomalous Radioactivity in Drilling at Wolverine
  • Drilling Begins at Gumboot, Johnston Lake and Candle

Pitchstone Exploration Ltd. reports that drilling has been completed on the Wolverine property in Saskatchewan. Anomalous radioactivity was observed in one hole. Down hole gamma probe results indicate that radioactivity averages 4,100 cps (~40x background) over a 2.1 meter interval and analytical results are pending. A subsequent drilling program is now underway on the Gumboot property. This program will also include drill holes at the contiguous Johnston Lake property and the nearby Candle property.

Wolverine was optioned to Japan Oil, Gas and Metals National Corporation ("JOGMEC") in 2009. Johnston Lake was optioned from Denison Mines Corp. in 2009, and exploration on Candle is a joint venture with Uranium One and JCU (Canada) Exploration Company, Limited since 2004. All of the properties are located in Saskatchewan's prolific eastern Athabasca basin.

Wolverine Drilling Results

This first phase of drilling consisted of four drill holes totaling 1,409 meters that tested two geophysical target areas. Both of the target areas are characterized by DC-resistivity lows and magnetic lineaments that have been interpreted as possible fault structures. Anomalous radioactivity was observed in one hole associated with hematite alteration and shearing in the basement, 370 meters below surface and 70 meters below the unconformity. Down hole gamma probe results indicate that radioactivity in the zone averages 4,100 cps (~40x background) over a 2.1 meter interval, with a spot high of 10,400 cps (>100x background). Samples of drill core have been submitted to SRC Geoanalytical Laboratories in Saskatoon for assaying. All exploration on the Wolverine property is being funded by JOGMEC.

Gumboot, Johnston Lake and Candle Drilling

A program of drilling has commenced on the Gumboot, Johnston Lake and Candle properties, all located within 20 kilometers of the Cigar Lake deposit. A total of 3,700 meters is planned. Targets include extensions of the alteration and mineralization previously drilled by Pitchstone at Gumboot. This 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 Johnston Lake, drilling will test extensions to mineralization and alteration identified by previous operators, including a 1988 drill hole which intersected 0.48% U3O8 over 0.25 meter, 10 meters below the unconformity. Drilling at Johnston Lake will also target a previously untested 2.4 kilometer long conductor. The program also includes one drill hole on an untested 4 kilometer long portion of the 97H conductor on the Candle property.

Steven J. 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 on Pitchstone's samples 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. Insufficient information is available to estimate the true width of mineralized 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,

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