Pitchstone
Provides Eastern Athabasca
Uranium
Exploration Update
? Anomalous
Radioactivity in Drilling at Wolverine
? Drilling Begins at
Gumboot, Johnston Lake
and Candle
Pitchstone Exploration Ltd.
(TSX-V: PXP; ?Pitchstone?) reports that drilling has been completed on
the Wolverine property in Saskatchewan.
Anomalous radioactivity
was observed in one hole. Down hole gamma probe results indicate that
radioactivity averages 4,100 cps (~40x background) over a 2.1 meter interval
and analytical results are pending. A subsequent drilling program is now
underway on the Gumboot property. This program will also include drill
holes at the contiguous Johnston
Lake property and the nearby
Candle property.
Wolverine
was optioned to Japan Oil, Gas and Metals National Corporation (?JOGMEC?) in
2009. Johnston Lake
was optioned from Denison Mines Corp. in 2009, and exploration on Candle is a
joint venture with Uranium One and JCU (Canada)
Exploration Company, Limited since 2004. All of the properties are
located in Saskatchewan?s prolific eastern Athabasca
basin.
Wolverine
Drilling Results
This first phase of drilling consisted of four drill holes
totaling 1,409 meters that tested two geophysical target areas. Both of
the target areas are characterized by DC-resistivity lows and magnetic
lineaments that have been interpreted as possible fault structures.
Anomalous radioactivity was observed in one hole associated with hematite
alteration and shearing in the basement, 370 meters below surface and 70 meters
below the unconformity. Down hole gamma probe results indicate that
radioactivity in the zone averages 4,100 cps (~40x background) over a 2.1 meter
interval, with a spot high of 10,400 cps (>100x background). Samples
of drill core have been submitted to SRC Geoanalytical Laboratories in Saskatoon
for assaying. All exploration on the Wolverine property is being funded
by JOGMEC.
Gumboot, Johnston
Lake and Candle Drilling
A program of drilling has commenced on the Gumboot, Johnston
Lake and Candle properties, all located
within 20 kilometers of the Cigar
Lake deposit. A total
of 3,700 meters is planned. Targets include extensions of the alteration
and mineralization previously drilled by Pitchstone at Gumboot. This
includes 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3
meter, 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter,
and 1.04% Ni, 0.15% Co and 0.01% U3O8 over 14.1 meters
(see Sept. 9, 2009 news release). At Johnston
Lake, drilling will test
extensions to mineralization and alteration identified by previous operators,
including a 1988 drill hole which intersected 0.48% U3O8
over 0.25 meter, 10 meters below the unconformity. Drilling at Johnston
Lake will also target a
previously untested 2.4 kilometer long conductor. The program also
includes one drill hole on an untested 4 kilometer long portion of the 97H
conductor on the Candle property.
Steven J.
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 on Pitchstone?s samples
were done by SRC Geoanalytical Laboratories, Saskatoon.
A partial digestion with fluorimetric analysis was used for initial uranium
determinations, and then all samples containing greater than 100 ppm uranium
were re-analyzed with ICP. Pitchstone utilizes internally and externally
submitted standard reference materials for quality assurance and quality
control of the sample preparation and analyses. Insufficient information
is available to estimate the true width of mineralized intersections.
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,
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