Following
is the latest news from Pitchstone Exploration Ltd.,
Pitchstone
Resumes Athabasca
Uranium Drilling
?
Drilling has begun at Gumboot
?
Geophysics initiated at Wolverine & Marten
?
Drilling planned at Marten & Johnston Lake
Pitchstone Exploration Ltd.
(TSX-V: PXP; ?Pitchstone? or the ?Company?)
announces that core drilling and ground geophysical surveying have resumed on
its eastern Athabasca Basin
properties. Fourteen drill holes totaling 7,000 meters are planned
for the winter season on three different properties; Gumboot, Johnston Lake and
Marten.
Gumboot
Drilling has commenced on the Gumboot property, 20 kilometers
northwest of the Cigar Lake
mine. The first hole of the winter season was collared January 14. Seven
holes are planned to follow up on significant uranium, nickel and cobalt
mineralization that was intersected in 2009 on Gumboot (see September 9, 2009
News Release). Mineralization at Gumboot is open along strike in both
directions and the five kilometer long graphitic
horizon is largely untested (see maps at www.pitchstone.net).
Johnston
Lake
One hole will
be drilled 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. This work highlighted a 2.4 kilometer
long section of the MJ-1 conductor as being particularly prospective. Johnston Lake was
optioned in early 2009 from Denison Mines Corp. and is contiguous with the
Gumboot property. Together the two properties comprise 19,800 hectares.
Wolverine & Marten
Line cutting
has been completed and gravity surveying has begun on the Wolverine and Marten
properties. Ground electromagnetic surveying and 1,200 meters of
diamond drilling are also budgeted for the winter program on Marten. Wolverine,
30 kilometers
east of the McArthur
River mine, and Marten,
immediately southwest of the West Bear deposit, are under option to Japan Oil,
Gas and Metals National Corporation (?JOGMEC?); Pitchstone is the
operator. All exploration on the properties is being funded by JOGMEC,
which can earn a 50% interest after spending $1.8 million on exploration.
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.
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
For further information contact
Claire Stewart at 604 630 5563, Mark T. Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
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. 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.
Claire
Stewart
Office Manager
Pitchstone
Exploration Ltd.
315 - 1100
Melville Street
Vancouver BC V6E
4A6
Ph.: 604 630-5563
Fax: 604 630-5564
e-mail: cstewart@pitchstone.net
www.pitchstone.net