Pitchstone Reports Uranium Results at Johnston Lake
18 April 2011 - 11:27PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone")
announces that it has received analytical results on all samples
collected from recent drilling at the Johnston Lake property in the
eastern Athabasca Basin in Saskatchewan. Johnston Lake is
contiguous with Pitchstone's 100% owned Gumboot property.
Johnston Lake Results
As part of a larger drilling program that included the Gumboot
property, three drill holes were completed at Johnston Lake 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 in basement
rocks near the sub-Athabasca unconformity were observed in two of
the holes (JL-25R & JL-27; see March 21, 2011 news release).
The analytical results confirm that the radioactivity is due to
unconformity related uranium and, with all previous drill results
from both Gumboot and Johnston Lake, are summarized in the table
below.
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From Length U-p
Property Hole-ID (m) To (m) (m) (ppm) U3O8(%) Ni (%) Co (%)
---------------------------------------------------------------------------
Gumboot GB-05(i) 661.1 665.9 4.8 32 0.00 0.13 0.02
GB-06(i) 662.3 664.2 1.9 558 0.07 0.01 0.00
GB-07(i) 659.6 663.8 4.2 917 0.11 2.29 1.70
including 663.4 663.5 0.1 17,472 2.06 1.15 0.23
GB-07D1(i) 659.9 661.1 1.2 326 0.04 0.72 1.04
including 659.9 660.2 0.3 985 0.12 0.08 0.02
GB-07D2(i) 667.1 681.2 14.1 64 0.01 1.04 0.15
GB-08(i) 673.3 673.5 0.2 248 0.03 0.14 0.28
and 698.1 698.8 0.7 551 0.07 0.01 0.00
GB-10(i) 676.2 677.4 1.2 1,482 0.17 2.84 0.16
including 676.5 676.8 0.3 5,620 0.66 11.10 0.57
GB-14(i) 714.8 715.2 0.4 57 0.01 3.32 0.09
GB-23(i) 686.7 687.0 0.3 4,471 0.53 1.92 0.80
including 686.7 686.8 0.1 12,500 1.47 2.45 1.61
GB-24D1(i) 694.3 705.8 11.5 147 0.02 0.47 0.06
including 699.5 699.6 0.1 2,520 0.30 0.03 0.03
including 702.4 703.3 0.9 115 0.01 2.73 0.27
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Johnston Lk MJ-03(ii) 618.8 619.0 0.2 4,100 0.48 0.01 0.00
MJ-06(iii) 598.3 598.4 0.1 865 0.10 Not Not
Analy- Analy-
zed zed
599.3 599.4 0.1 615 0.07 Not Not
Analy- Analy-
and zed zed
MJ-07(ii) 661.4 668.3 6.9 24 0.00 1.08 1.07
MJ-08(ii) 581.4 581.9 0.5 1,980 0.23 0.02 0.01
JL-21R(i) 614.0 614.9 0.9 286 0.03 0.05 0.01
JL-25R 638.5 639.1 0.6 659 0.08 0.01 0.01
including 638.6 638.7 0.1 1,090 0.13 0.01 0.01
JL-27 650.1 651.0 0.9 910 0.11 0.07 0.02
including 650.6 650.7 0.1 3,240 0.38 0.11 0.02
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(i) - Previously reported
(ii) - Historic (Pre-Pitchstone)
(iii) - Historic with 6094 ppb Au
Drill holes JL-25R and JL-27 were drilled along the east-west
oriented MJ-1 conductor, and each was drilled on section with one
historic hole. The MJ-1 conductor is a 3.8 kilometer segment of a
10 kilometer long conductor system at Johnston Lake. JL-25R was
drilled 40 meters south of historic hole MJ-06. A 21 meter vertical
offset in the unconformity between the two holes suggests the
presence of a major fault. Unconformity uranium deposits in the
Athabasca are often associated with faults that offset the
unconformity.
Drill hole JL-27 was drilled two kilometers west of JL-25R and
30 meters north of historic hole MJ-07. MJ-07 intersected 6.9
meters of 1.08% nickel at the unconformity. The presence of
significant uranium near the high grade base metal mineralization
suggests that there is good potential for higher grade uranium
mineralization in the area.
Initial Interest Earned
Upon completion of this drilling program, Pitchstone has
surpassed the expenditure requirements to earn an initial 49%
interest in the property from Denison Mines Corp (Denison). Notice
has been given to Denison that Pitchstone intends to proceed with
the second stage earn-in which, if completed, will give Pitchstone
a 75% interest in the property. Pitchstone notes that recent
results from both Gumboot and Johnston Lake provide further
evidence of widespread unconformity related mineralization in the
area. Geologically, these properties have many of the variables
associated with large, high grade unconformity related uranium
deposits.
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
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 CFO 604 687 3520
www.pitchstone.net
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