Athabasca
Basin Update
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Drilling progress
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Anomalous Gumboot results
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Two new properties acquired
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to provide
an update on its exploration programs in the eastern Athabasca Basin, Saskatchewan.
Drilling
Progress
Drilling
progress on Pitchstone operated projects has been excellent with a total of
11,764 m completed in 17 holes during the summer program. Of the 16,000 m
budgeted for 2007, including the February-March program, a total of 13,132 m
has now been completed on the Darby, Candle, Gumboot and Fireweed
properties. Drilling at Waterfound is scheduled
to begin in October. An aggressive program is also being planned for
2008, which will include follow up on the significant intersection in Candle
hole CD-14 (3.2 m core length that averaged 0.31% U3O8
including 0.9 m that contained 0.76% U3O8; July 25, 2007
news release).
Gumboot
& Fireweed Drilling
Anomalous
uranium was intersected in two of three holes completed at Gumboot. Hole
GB-01 intersected a 1.75 m interval in Athabasca Group sandstone that averages
0.04% U3O8, including 0.3 m of 0.10% U3O8.
This intersection extends from 697.05 to 698.8 m; the unconformity was
intersected at 701.8 m in the -81� hole. Hole GB-02, approximately 1.7 km
south of GB-01, intersected a 2.2 m interval, also in sandstone just above the
unconformity, that averages 0.03% U3O8, including 0.3 m
of 0.07% U3O8. This intersection extends from 702.8
to 705.0 m; the unconformity was intersected at 705.6 m in the -81� hole.
Anomalous quantities of numerous other metals are associated with these
intersections including nickel to 0.43%, cobalt to 0.13% and arsenic to 1.01%
(partial digestion); these metals are often associated with high grade Athabasca deposits.
Two holes
were also completed at Fireweed in an initial test of conductors on this large
property. Basement units intersected include locally graphitic, semi-pelitic gneiss and psammite.
No significant radioactivity was recorded.
New
Properties
Pitchstone
has acquired two new properties in the eastern Athabasca Basin
through staking. These properties, named Wolverine (3,632 ha) and Marten
(2,768 ha) are located east of the McArthur
River mine and southwest
of the West Bear deposit. Pitchstone now has ten properties in the
eastern Athabasca
Basin - five are 100%
owned.
Steve
Blower, P.Geo.,
Vice President of Exploration for 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 uranium
determinations. All samples containing greater than 100 ppm uranium were re-analyzed with ICP. Internal and
external standards, duplicates and blanks are used for quality
assurance/quality control.
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 5563, 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
