2007 Hornby Bay
Exploration Completed
Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) announce the completion of their $2.4 million Hornby Bay Basin exploration program for
2007. Complete results will be released in the fall when all analytical
data are in hand.
The 50:50 joint venture (the “Joint Venture”) is actively
exploring four properties in the Hornby
Bay Basin,
including the Mountain Lake uranium deposit located 100 km southwest of the
coastal community of Kugluktuk,
Nunavut. Total land
holdings cover approximately 221,000 hectares.
Eleven diamond drill holes were completed during the 2007 program for a
total of 2,818 m. All drill holes were radiometrically probed.
Three holes at the north end of the Mountain
Lake deposit intersected
thin zones of weak radioactivity and have effectively delineated the northern
margin of the deposit. Eight holes were completed on two targets on the Dismal Lakes
property. No continuous zones of significant radioactivity were
intersected. More drilling is required to complete testing of the
eastern-most target at Dismal
Lake. Further
targets at Helmut River, Jenny
Lake and Kendall River
have yet to be drill-tested.
The Mountain Lake deposit contains the only identified uranium resource
in the Hornby Bay Basin (Inferred Mineral Resource of 8.2 million pounds U3O8
with an average grade of 0.23% U3O8 contained in 1.6
million tonnes of rock; see NI 43-101 Technical Report on SEDAR).
Surface
exploration was ongoing during the 2007 drill program. Results from this
program will both refine existing drill targets, and potentially identify new
ones. The focus is on three fields of radioactive sandstone boulders for
which the sources have yet to be identified. Uranium content in the
boulders from these fields is similar to those spatially associated with the Mountain Lake deposit (see April 26, 2006 News
Release). Work during 2007 included:
- 375 line-km of ground
resistivity surveys over parts of the Kendall
River, Mountain
Lake and Dismal Lakes
properties.
- Regional scintillometer
prospecting and soil sampling on one kilometer spaced lines over much of
the Kendall River,
Dismal Lake
and Mountain Lake properties, and parts of the Sandy Creek property. A total of
177 man-days were spent prospecting and collecting 3,659 soil
samples. All samples have been shipped to the Saskatchewan Research
Council for analysis. Data are not expected until October.
- Preliminary uranium extraction
studies have been completed on a composite core sample from the Mountain Lake deposit.
Triex
is operator for the Joint Venture. Allan Armitage,
Ph.D., P.Geol., is a Qualified Person as defined by National Instrument 43-101,
and is responsible for program design and quality control of exploration
undertaken by the Joint Venture in the Hornby Bay Basin. This release
has been reviewed by Steve Blower,
M.Sc., P.Geo., Pitchstone’s Vice President, Exploration - a Qualified
Person as defined by National Instrument 43-101.
Pitchstone
is actively exploring for uranium in four proven districts. The property
portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five
of which are joint ventured with Uranium One and five being 100% owned.
In addition, there are five joint venture projects with Triex in the
Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and
Motapa Diamonds in the Franceville Basin, Gabon, and an option on three
projects in Namibia.
Pitchstone has a unique group of geologists with extensive uranium
exploration and production experience.
On behalf of
the Board,
E.A.G. (Ted)
Trueman, CEO and Director
For
further information contact: Ted Trueman,
CEO, (604) 630 5560, ted@pitchstone.net,
Mark
T. Brown, CFO, (604) 687-3520, or www.pitchstone.net
The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
this release. 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 the Company’s control, that may cause actual
results or performance to differ materially from those currently anticipated in
such statements.
Claire Stewart
Office Manager
Pitchstone Exploration Ltd.
315 - 1100 Melville Street
Vancouver BC V6E
4A6
604 630-5563 (Office)
604 630-5564 (Fax)
e-mail:
cstewart@pitchstone.net
www.pitchstone.net
