Pitchstone Reports Athabasca Drilling Results
24 Oktober 2011 - 10:29PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone")
announces that its summer 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 Wolverine property that was optioned in early
2009 to the Japan Oil, Gas and Metals National Corporation
("JOGMEC").
Gumboot
Drilling at Gumboot consisted of three holes (GB-28, 29 and 30)
totalling 2,359 meters that tested strike extensions to the north
and south of known mineralization. Significant alteration and/or
mineralization were observed near the unconformity in all three
holes.
The first hole, GB-28, was drilled as a 100 meter step-out along
strike to the north of GB-23 (0.3 meters of 0.53% U3O8, 1.92% Ni -
see March 21, 2011 news release). It intersected a wide interval of
low grade base metal mineralization and anomalous uranium,
beginning six meters beneath the sub-Athabasca unconformity,
averaging 0.18% Ni and 0.01% U3O8 over 7.9 meters. Individual
samples within the interval contain up to 2.3% Ni and 0.03%
U3O8.
GB-29 was drilled 600 meters south of GB-28 as a 100 meter
step-out along strike to the south of GB-14 (0.4 meters of 3.32% Ni
and 0.01% U3O8). While no mineralization was intersected, both the
basement and sandstone near the unconformity are strongly altered.
Based on rock types encountered, it is likely that the drill hole
overshot the target zone and entered the basement in gneisses that
are in the footwall (west) of the mineralized zone.
GB-30 encountered the strongest uranium mineralization of the
program, and was a 500 meter step out along strike to the north of
GB-28. The Gumboot mineralized zone was intersected along with
strong alteration and anomalous metal concentrations in both the
sandstone and basement. Mineralization includes 0.2 meters
averaging 0.22% U3O8, 0.15% Ni and 0.20% Co within a 1.7 meter
basement interval that averages 0.03% U3O8, 0.07% Ni and 0.11%
Co.
The five kilometer long Gumboot conductive zone is located 650
meters below surface and has been tested over a strike length of
1,200 meters. The entire 1,200 meter portion that has been drilled
is strongly altered, sporadically mineralized, and open along
strike in both directions (see maps at www.pitchstone.net).
Additional drilling of this highly anomalous target is planned.
Wolverine
Five drill holes were also completed on the Wolverine property
to follow up on the results of drilling in 2010, which intersected
a narrow interval of low grade uranium associated with a much wider
zone of hematite breccia within basement rocks about 200 meters
below surface. While hematite breccia was intersected in all five
of the Wolverine drill holes, no significantly elevated
radioactivity was observed. Geochemical analyses are pending and
decisions on further exploration at Wolverine will be made when
those are received.
Black Bear
Pitchstone continues to aggressively seek new uranium
opportunities and has recently staked a 2,000 hectare property in
the eastern Athabasca Basin called Black Bear. Located 18
kilometers south of the Cigar Lake uranium mine and 33 kilometers
northeast of the Macarthur River uranium mine, the property has
several important attributes, including:
-- Its location in the eastern Athabasca Basin near producing uranium
mines,
-- Relatively thin (200-350 meters) sandstone cover,
-- The presence of a large magnetic low zone that indicates the presence of
Wollaston Group metasediments. This low extends westward to the
Macarthur River uranium mine and the Yalowega Lake and Dolmen Lake
uranium deposits,
-- An east-west linear magnetic feature that suggests the presence of a
fault zone,
-- A lack of previous drilling (only one historic drill hole on the
property).
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 13 projects in
the eastern Athabasca Basin, Saskatchewan, five 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
604-687-3520www.pitchstone.net
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