Pitchstone Drills Calcrete Uranium in Namibia
� 28
holes planned at the Marble Ridge zone
� Following
up on mineralization drilled in 2010
Pitchstone Exploration Ltd. (TSX-V: PXP; "Pitchstone") announces that a program of
reverse circulation drilling has begun on a zone of calcrete-hosted uranium
mineralization on the Dome property in Namibia.
The property location relative to the nearby R�ssing and Langer Heinrich
uranium mines, and other uranium occurrences in the Erongo region, is
illustrated on Pitchstone's website (www.pitchstone.net).
The Marble Ridge zone was discovered during a program of
geological mapping and radiometric prospecting. Uranium and vanadium
mineralization are exposed in a drainage channel that has eroded through a thin
layer of barren cover that overlies mineralized calcrete. Reverse
circulation drilling in 2010 intersected significant uranium in six of ten
holes (see October 13, 2010 news release) and demonstrated that the zone is a
horizontal layer of mineralization within 15 meters of surface. The layer
is continuous over an area measuring at least 400 x 200 meters and is open in
several directions. Results included 365 ppm U3O8
and 205 ppm V2O5 over a true thickness of one meter in
drill hole DN10-56, including 699 ppm U3O8 and 321 ppm V2O5
over 0.5 meter. Additional information including a drill hole location
map and cross section are available on Pitchstone's website (www.pitchstone.net). A total of 700 m of drilling is planned
in 28 drill holes in this campaign.
The uranium grades at Marble Ridge are comparable to
those at the calcrete-hosted Langer Heinrich uranium mine, 64 kilometers to the
northeast, and the Trekkopje development project, 98 kilometers to the
north. Langer Heinrich reports a Measured and Indicated Mineral Resource
grade of 550 ppm U3O8 above a cutoff of 250 ppm U3O8.
The Measured and Indicated Mineral Resource grade at Trekkopje is reported to
be 149 ppm U3O8 above a cutoff grade of 100 ppm U3O8.
Steve 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 were completed by Bureau Veritas in Swakopmund,
Namibia. 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. 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.
About Pitchstone
Pitchstone is exploring for uranium in three proven
districts in Canada and Namibia.
The property portfolio features 11 projects in the eastern Athabasca
Basin, Saskatchewan, three
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 and CEO
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