Hornby
Bay
Exploration
Pitchstone Exploration Ltd. (PXP-TSX.V;
?Pitchstone?) and Triex Minerals Corporation
(TXM-TSX.V; "Triex?) have
completed the 2008 exploration program in the Hornby
Bay Basin, Nunavut. The primary activity was diamond drilling.
Ground resistivity surveys were also completed to
extend coverage of previous surveys at Mountain Lake and Dismal Lake. Once all data are in hand and have been analyzed, the 50:50 Joint
Venture will plan 2009 exploration on known mineralized zones and new targets.
A total of 3,172 meters of
diamond drilling was completed in 13 holes. Four holes were completed at Jenny Lake to
follow-up a radioactive zone intersected in 2007. Three holes were
completed in the Helmut fault area, along strike to the northwest of Jenny Lake. Three
holes were completed at Dismal Lakes to
infill between target areas drilled in 2007. Three holes were completed
at Kendall River on a
previously untested zone of radioactive boulders.
All drill holes were radiometrically
probed using a down-hole Mount Sopris
2PGA-1000 poly-gamma probe. No zones of significant and continuously
anomalous radioactivity were encountered; analytical results of core samples
are pending.
The Joint Venture is actively exploring four
properties in the basin, including the Mountain Lake uranium
deposit located approximately 100 kilometers
southwest of the coastal community of Kugluktuk. Property details,
including location maps, are available on Pitchstone's website
(www.pitchstone.net). Land holdings include 68 claims covering 63,751 hectares.
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). The tabular, stratabound deposit is
within 20 meters
of surface at the southwest end and dips less than ten degrees to the
northeast.
Triex is operator of the Joint Venture. Allan Armitage,
Ph.D., P.Geo., is a Qualified Person as defined by National Instrument
43-101, and is responsible for program design and quality control of
exploration undertaken by Triex in the Hornby
Bay
Basin.
This release has been reviewed by Steve Blower, P.Geo.,
President of Pitchstone, a Qualified Person for the purposes of NI 43-101 with
respect to the technical information in this news release. Sample
preparation and analyses will be done by SRC Geoanalytical
Laboratories, Saskatoon. A
partial digestion with fluorimetric analysis will be
used for initial uranium determinations and all samples containing greater than
100 ppm uranium will be re-analyzed with ICP.
About Pitchstone
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 Inc. and five are 100%
owned. In addition, there are four joint venture projects with Triex in the Hornby Bay Basin,
Nunavut, an exploration partnership with Cameco and Motapa Diamonds in the Franceville
Basin, Gabon, and an option on two 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