Pitchstone Reports Uranium Results at Gumboot
21 März 2011 - 11:00PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone")
announces that its winter exploration program of core drilling on
two eastern Athabasca Basin properties has been completed as
planned. Drilling was completed on Pitchstone's 100% owned Gumboot
property, and on the adjoining Johnston Lake property that was
optioned in early 2009 from Denison Mines Corp.
Gumboot
Drilling at Gumboot consisted of three holes totalling 2,140
meters. Significant alteration and/or anomalous radioactivity were
observed at the unconformity in all three holes. Analytical results
have been received for the first two holes. The results from
GB11-23 are particularly significant as this hole intersected 0.3
meters of 0.53% U3O8, 1.92% Ni, 0.80% Co and 21.8 g/t Ag
approximately 3 meters below the sub-Athabasca unconformity. The
interval included 0.1 meters of 1.47% U3O8, 2.45% Ni, 1.61% Co and
49 g/t Ag. GB11-23 was drilled at the northern end of the Gumboot
mineralized zone, which is open to the north.
Analytical results are also available from the second drill
hole, GB11-24D1, which was drilled in the center of the mineralized
area, about 300 meters southeast of GB11-23. GB11-24D1 intersected
a long interval of sporadic uranium and base metal mineralization,
most of which was associated with intense alteration in the
basement, immediately beneath the sub-Athabasca unconformity.
Results include 0.1 meter of 0.30% U3O8, and 0.1 meter of 2.78% Ni,
within an 11.5 meter interval of 0.02% U3O8, 0.47% Ni and 0.06%
Co.
Mineralization at Gumboot is coincident with a five kilometer
long graphitic horizon that is still largely untested outside of
the mineralized area (see maps at www.pitchstone.net). Additional
drilling at Gumboot is planned.
Johnston Lake
Three holes were also completed on the Johnston Lake property to
follow up on the results of drilling in 2010. Encouraging sandstone
alteration, structure and graphitic basement rocks were intersected
in all three holes. Intervals of elevated radioactivity were
observed in two of the holes. Further details will be made
available upon receipt of the analytical results.
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 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. There is insufficient information to estimate the
true thickness of the intersections.
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
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.
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.
Contacts: Pitchstone Exploration Ltd. Claire Stewart 604 630
5563 Pitchstone Exploration Ltd. Mark T. Brown 604 687 3520
www.pitchstone.net
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