Pitchstone Completes Namibia & Athabasca Uranium Drilling
14 Septembre 2010 - 1:00PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ("Pitchstone")
reports the completion of a program of reverse circulation drilling
on the Dome property in Namibia and a core drilling program on the
Gumboot, Johnston Lake and Candle properties in the eastern
Athabasca Basin of Saskatchewan. Dome is part of a uranium
exploration joint venture between Pitchstone (65%) and private
company Manica Minerals Ltd. (35%) through Manica's wholly-owned
subsidiary Cheetah Minerals Exploration Ltd. Gumboot is 100% owned.
Johnston Lake was optioned from Denison Mines Corp., and
exploration on Candle is a joint venture with Uranium One Inc. and
JCU (Canada) Exploration Company, Limited.
Namibia Calcrete Target Drilling
Eighteen of 31 drill holes in Namibia tested calcrete targets.
Intersections of radioactive calcrete similar to that intersected
in 2009 drill hole DN09-23 (352 ppm U3O8 over 1.0 meters, see
October 28, 2009 news release) were observed in six of the 10 holes
drilled in the Marble Ridge zone. This radioactivity is continuous
over at least 400 meters and is open in several directions. Samples
have been submitted for geochemical analysis and the results are
pending. Table 1 compares the radioactivity observed in the
recently completed drill holes with the results from DN09-23.
Additional drilling is planned.
Table 1 - Down Hole Total Gamma Probe Radioactivity in Marble Ridge Zone
Drill Holes
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From To Length Total Gamma
Hole-ID (m) (m) (m) (cps)
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DN09-23(i) 6.75 8.90 2.15 1,395.2
DN10-54 6.67 7.97 1.30 833.0
DN10-55 8.75 9.35 0.60 1,165.4
DN10-56 8.54 8.84 0.30 945.9
DN10-57 7.91 8.01 0.10 593.8
DN10-58 10.44 12.44 2.00 719.9
DN10-64 13.45 14.25 0.80 2,355.6
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Mean 1.04 1,165.4
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(i) Drilled in 2009 and included for comparison.
A preliminary test with eight drill holes was also completed in
a 36 square kilometer calcrete target area 17 kilometers north of
the Marble Ridge zone. All holes intersected surficial sediments
20-40 meters thick, including substantial thicknesses of calcrete.
No significant radioactivity was observed in the drill holes.
Additional drilling will be required to test this large area.
Namibia Leucogranite Target Drilling
Thirteen drill holes were completed at a 6 kilometer by 2
kilometer leucogranite target area. Eleven of these intersected
leucogranite. Two of the holes, DN10-67 at the south end of the
target area and DN10-74 at the north end, intersected particularly
thick sections of leucogranite that included sporadic intervals of
elevated radioactivity. DN10-67 intersected a total of 47 meters of
leucogranite, of which approximately 5 meters is characterized by
radioactivity greater than 5 times background (Radeye hand-held
scintillometer). DN10-74 intersected 98.5 meters of leucogranite,
of which approximately 3 meters is characterized by radioactivity
greater than five times background. Geochemical analyses are
required to confirm that the radioactivity is due to uranium.
Eastern Athabasca Drilling
At Johnston Lake, elevated radioactivity was observed in a
faulted, clay and chlorite altered interval of basement rocks
immediately below the sub-Athabasca unconformity in drill hole
JL10-21. The altered zone is interpreted as an extension of uranium
mineralization with similar alteration intersected in a drill hole
completed by previous operators in 1988. The 1988 drill hole
intersected 0.48% U3O8 over 0.25 meter, 10 meters below the
unconformity. Pitchstone plans more drilling in the area.
Other drilling completed during the program included a second
hole at the Johnston Lake property that targeted a previously
untested 2.4 kilometer long conductor. The program also included
one hole on the south end of the Gumboot alteration zone, and one
hole on an underexplored portion of the 97H conductor on the Candle
property. No significant radioactivity was observed in these
holes.
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 Namibia samples were done by ALS
Chemex, Johannesburg. A multi-element ICP-MS analysis was completed
on the samples after a four acid, near-total digestion. Sample
preparation and analyses on Athabasca basin 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
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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