2008
Hornby Bay Exploration Program
Pitchstone
Exploration Ltd. (PXP-TSX.V; “Pitchstone”) and Triex Minerals
Corporation (TXM-TSX.V; “Triex”) are pleased to
announce a $3.1 million exploration program for 2008
in the Hornby Bay Basin, Nunavut. The 50:50 joint venture between Triex
and Pitchstone continues to actively explore four properties in the basin,
which includes the Mountain
Lake uranium deposit. The
program this year will primarily be drilling to test for additional deposits in
the district.
A
$3.1 million budget has been formally approved by the Joint Venture for
2008. The program includes 5,000 meters of diamond drilling in eighteen
holes to evaluate untested targets at Dismal Lakes, Helmut, Jenny Lake and
Kendall River (maps illustrating locations of properties and target
areas are available on Pitchstone’s website, www.pitchstone.net). The program will also
include a continuation of resistivity surveys, which proved effective in
2007.
Construction of an ice landing strip and re-opening of the Kirwan Lake
camp are scheduled for early-mid April, with drilling to start in late April.
All drill holes will be radiometrically probed using a down-hole Mount Sopris
2PGA-1000 poly-gamma probe. Geochemical samples of core will be processed
at the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon. A partial
digestion preparation and fluorimetric XRF analysis will be used, with a check
by total digestion preparation and ICP analytical finish.
The Mountain Lake deposit contains the only identified uranium resource
in the Hornby Bay Basin (Inferred Mineral Resource of 8.2 million pounds U3O8,
with an average grade of 0.23% U3O8 contained in 1.6
million tonnes of rock; see NI 43-101 Technical Report on SEDAR). The
tabular, stratabound deposit is at surface at the southwest end, and dips less
than ten degrees to the northeast. It is located approximately 100
kilometers southwest of the coastal community of Kugluktuk.
Triex is operator of the Joint Venture. Allan Armitage, Ph.D., P.Geo.,
is a Qualified Person as defined by National Instrument 43-101, and is
responsible for program design and quality control of exploration undertaken by
Triex in the Hornby
Bay Basin.
This release has been reviewed by Steve Blower, P.Geo., Vice
President of Exploration for Pitchstone, a Qualified Person for the purposes of
NI 43-101 with respect to the technical information in this news release.
.
Pitchstone is
actively exploring for uranium in four proven districts. The property portfolio
features ten projects in the eastern Athabasca
Basin, Saskatchewan, five
of which are joint ventured with Uranium One and five being 100% owned.
In addition, there are four joint venture projects with Triex in the
Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and
Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects
in Namibia.
Pitchstone has a unique group of geologists with extensive uranium
exploration and production experience.
On behalf of
the Board,
E.A.G. (Ted)
Trueman, CEO and Director
For
further information contact: Ted Trueman,
CEO, (604) 630 5563,
Mark
T. Brown, CFO, (604) 687 3520, or www.pitchstone.net
The TSX Venture Exchange has
not reviewed and does not accept 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 the Company’s control, that may
cause actual results or performance to differ materially from those currently
anticipated in such statements.
Claire Stewart
Office Manager
Pitchstone Exploration Ltd.
315 - 1100 Melville Street
Vancouver BC V6E
4A6
604 630-5563 (Office)
604 630-5564 (Fax)
e-mail:
cstewart@pitchstone.net
www.pitchstone.net
