Pitchstone Receives JOGMEC Budget Approval
04 April 2011 - 11:45PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP)("Pitchstone")
announces that its exploration partner, Japan Oil, Gas and Metals
National Corporation ("JOGMEC") has approved the fiscal 2011
program and budget for the Wolverine property in the Athabasca
Basin, Saskatchewan. Under the terms of an agreement signed in
2009, JOGMEC can earn a 50% interest in both the Marten and
Wolverine properties with expenditures of $2 million over three
years.
Initial drilling at Wolverine by the partners consisted of four
holes that tested two geophysical target areas. One drill hole
(WL-01) intersected a zone of anomalous radioactivity within a 57
meter interval of hematite and chlorite altered fault breccia in
basement rocks 370 meters below surface and 70 meters below the
sub-Athabasca unconformity (see July 14, 2010 news release). The
highest uranium value is 0.25% U3O8 over a 10 centimeter interval
within a 2.0 meter interval that averages 0.05% U3O8.
The summer 2011 drilling program will consist of an additional
five drill holes in the WL-01 area totaling 1,900 meters. Drill
targets will include the up-dip projection of the mineralized fault
zone where it is interpreted to intersect the unconformity. Other
drill holes will test the zone along strike of WL-01, along with
other geophysical targets in the area.
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 mineralization.
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
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.
Contacts: Pitchstone Exploration Ltd. Claire Stewart 604 630
5563 Pitchstone Exploration Ltd. Mark T. Brown CFO 604 687 3520
www.pitchstone.net
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