Pitchstone Finalizes Uranium Drilling Plans
16 Dicembre 2010 - 1:00PM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) -
-- Contracts Finalized for 1st Quarter 2011 Drilling
-- 28 Drill Holes at Calcrete Targets in Namibia
-- 4,500 meters of Drilling at Athabasca Basin Targets
Pitchstone Exploration Ltd. ("Pitchstone" or the "Company") has
finalized plans for the next phase of exploration in Namibia and
the Athabasca Basin, Saskatchewan. Drilling programs will begin
early in 2011 at the Dome property in Namibia, and at the Gumboot
and Johnston Lake properties in the Athabasca Basin, Saskatchewan.
Dome is part of a uranium exploration joint venture between
Pitchstone (69%) and private company Manica Minerals Ltd. (31%)
through Manica's wholly-owned subsidiary Cheetah Minerals
Exploration Ltd. Gumboot is 100% owned and Johnston Lake has been
optioned from Denison Mines Corp.
Namibia Drilling
Pitchstone has finalized a contract with RC Drilling Services
Namibia (Pty) Ltd. for the completion of 28 reverse circulation
drill holes at the Dome property. This drilling campaign will start
in early February and will focus on extending calcrete hosted
uranium and vanadium mineralization at the Marble Ridge zone which
is open in several directions. Results from the 2010 drilling at
the Marble Ridge zone include 365 ppm U3O8 and 205 ppm V2O5 over
1.0 meter, at a depth of 7 meters. Maps of the property are
available at www.pitchstone.net.
Athabasca Basin Drilling
Pitchstone has started preparation of the winter access road to
the Gumboot and Johnston Lake properties, 20 kilometers northwest
of Cameco's Cigar Lake uranium deposit. Bryson Drilling of
Archerwill, Saskatchewan has been contracted for the work and the
camp is in place. Pitchstone will complete approximately 4,500
meters of core drilling to test three targets on each of these
properties during the period January to March, 2011. Drilling will
target uranium at the altered and mineralized portions of the 5
kilometer long conductor system at Gumboot and the 10 kilometer
long conductor system at Johnston Lake. Previous drilling on the
Gumboot property has returned 0.66% U3O8, 11.10% Ni and 0.57% Co
over 0.3 meter and 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter
(see Sept. 9, 2009 news release). Previous drilling on the Johnston
Lake property has returned 0.48% U3O8 over 0.25 meter (see July 14,
2010 news release).
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 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. Sample preparation and analyses on
Pitchstone's Namibia samples were done by Bureau Veritas Mineral
Laboratories, Swakopmund, Namibia. A mixed acid digestion was
followed by ICP-OES and ICP-MS analysis. Pitchstone utilizes
internally and externally submitted standard reference materials
for quality assurance and quality control of the sample preparation
and analyses. The lengths of intersections of calcrete
mineralization in Namibia are approximately equal to the true
width. Insufficient information is available to estimate the true
width of mineralized intersections in the Athabasca Basin.
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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