Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

October 13, 2010 07:00 ET

Pitchstone Reports Namibia Uranium Drilling Analyses

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

  • Calcrete hosted uranium up to 365 ppm U3O8 and 205 ppm V2O5 over 1 m
  • Leucogranite (Alaskite) hosted uranium up to 264 ppm U3O8 over 2 m

Pitchstone Exploration Ltd. ("Pitchstone") reports the receipt of analytical results from a program of reverse circulation drilling on the Dome property in the Erongo region of Namibia. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd.

Marble Ridge Calcrete Target

Reverse circulation drilling in August at the Marble Ridge zone of calcrete mineralization intersected elevated radioactivity in six of ten holes (see September 14, 2010 news release). Geochemical analyses have now been received and confirm that the radioactivity is due to a horizontal layer of uranium mineralization in calcrete within 15 meters of surface. The layer is continuous over an area measuring at least 400 meters x 200 meters and is open in several directions. Results include 365 ppm U3O8 and 205 ppm V2O5 over 1 meter in drill hole DN10-56, including 699 ppm U3O8 and 321 ppm V2O5 over 0.5 meter. Table 1 summarizes the results from mineralized holes in the zone. Additional information including a drill hole location map and cross section are available at www.pitchstone.net.

Table 1 – Summary of Geochemical Analyses of Marble Ridge Zone Calcrete Samples
Drill Hole From (m) To (m) Length (m) U3O8 (ppm) V2O5 (ppm)
DN09-23* 6.5 7.5 1.0 352 118
DN10-54 6.0 8.0 2.0 73 69
includes 7.5 8.0 0.5 107 80
DN10-55 8.0 10.5 2.5 43 59
DN10-56 7.0 8.0 1.0 365 205
includes 7.5 8.0 0.5 699 321
DN10-57 9.0 10.0 1.0 85 98
DN10-58 10.0 12.0 2.0 120 136
includes 10.0 10.5 0.5 146 134
and 11.5 12.0 0.5 197 196
DN10-64 13.0 14.0 1.0 187 129
includes 13.0 13.5 0.5 337 170
*Previously Reported

As the calcrete target drill holes were drilled vertically into a horizontal layer of mineralization, the lengths of the intersections are approximately equal to the true thickness. Additional drilling to follow up on these results is planned.

Namibia Leucogranite Target Drilling

Also in August, thirteen reverse circulation drill holes were completed at a six kilometer by two kilometer leucogranite target area. Eleven of these intersected leucogranite. Two of the holes, DN10-67 at the south end of the area and DN10-74 at the north end, intersected particularly thick sections of leucogranite that included sporadic intervals of elevated radioactivity (see September 14, 2010 news release). Geochemical analyses have confirmed that the radioactivity is due to Rössing style uranium mineralization in leucogranite within 80 m of surface. Results include 192 ppm U3O8 over 4 meters in drill hole DN10-67, including 274 ppm U3O8 over 1 meter. Table 2 summarizes the results from the two mineralized drill holes at the leucogranite target area.

Table 2 – Summary of Geochemical Analyses from Leucogranite Target Samples
Drill Hole From (m) To (m) Length (m) U3O8 (ppm)
DN10-67 42.0 46.0 4.0 191.9
includes 44.0 46.0 2.0 263.5
DN10-74 53.0 76.0 23.0 57.4
includes 53.0 55.0 2.0 122.6

Insufficient information is available to estimate the true thickness of the leucogranite mineralization. Additional drilling to follow up on these results is planned.

E.A.G. (Ted) Trueman, Executive Chairman of Pitchstone comments: "We are encouraged by the fact that drilling has intersected uranium mineralization with grades that are similar to those found at the major mines and development projects in the Erongo region (Table 3). Exploration on the Dome property is at an early stage and both the calcrete mineralization and the leucogranite mineralization are open in several directions."

Table 3 – Average Grade at Uranium Mines and Projects in the Erongo Region
Type Mine/Project Average Grade (ppm U3O8)
Calcrete Langer Heinrich 550
  Trekkopje 149
  Tumas 343
  Tubas 228
  Aussinanis 240
  Marenica 140
  Klein Spitzkoppe 239
     
Leucogranite Rössing 310
  Rössing South 487
  Valencia 160
  Etango 223

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 of the 2009 samples were done by ALS Chemex in Johannesburg, South Africa. Sample preparation and analyses of the 2010 samples were completed by Bureau Veritas in Swakopmund, Namibia. In each case, a multi-element ICP-MS/AES analysis was completed on the samples after a mixed acid, near-total digestion. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses.

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, CEO and Director

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