Athabasca Drilling Resumes
at 97G Zone on Candle Property
·
Drilling begins at Candle property
·
Additional 97G assays
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report
that a winter diamond drilling program in the eastern Athabasca Basin
has been initiated. Drilling has begun on the 97G zone on the Candle
property to follow up on mineralization discovered in 2007. Candle,
located between McArthur River and Cigar Lake mines in the eastern Athabasca
Basin, is a joint venture between Pitchstone (operator; 37.5%), Uranium One
Inc. (“Uranium One”, TSX: UUU; 37.5%) and JCU (Canada) Exploration Company, Limited
(25%). The joint venture has budgeted for 5,700 m of drilling on Candle
during 2008.
The first
priority will be to follow up on the significant uranium intersection
previously reported from drill hole CD-14, named the 97G zone (News Release
07.39, July 5, 2007; a 3.2 m core length from 647.1 to 650.3 m averaged 0.31% U3O8
including 0.9 m and 0.4 m sections that contained 0.76% and 0.72% U3O8
respectively).
Also, assay
results are now available for drill hole CD-14D1, which is a daughter hole
wedged off of CD-14 to the west. CD-14D1 intersected 12 m of intense clay
and chlorite alteration similar to that observed in CD-14. Within this
interval, a 0.8 m radioactive zone, from 672.7 to 673.5 m, averaged 850 ppm U (0.10% U3O8), including 0.15 m
that contains 1,810 ppm U (0.21% U3O8).
However, the mineralized and altered zone in CD-14D1 was intersected at a
depth 45 m greater than anticipated. This suggests that the 97G zone
should intersect the unconformity east of CD-14 rather than to the west and
additional drilling will test this inference. Numerous other anomalous
pathfinder metals are present in CD-14D1 including an average of 21.3 g/t
silver and 0.39% molybdenum (Mo) over the 0.8 m radioactive interval .
There are not sufficient data to estimate the true thickness of the zone.
Pitchstone
is encouraged by the results at 97G because they demonstrate that the zone is
persistent and mineralized down-dip at least 50 m below the unconformity.
Further, uranium grade is increasing toward the unconformity. The
projected intersection of the zone with the unconformity east of CD-14 is an
excellent, untested target, and the zone is also untested along strike.
Maps
illustrating land holdings in the eastern Athabasca Basin
and locations of completed drill holes on the Darby-Candle property are
available on Pitchstone’s website, www.pitchstone.net.
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,
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