Pitchstone
Confirms New Uranium Occurrence at Wolverine
Assays
up to 0.25% U3O8 in drill hole WL-01
Mineralization in hematite altered breccia
Pitchstone
Exploration Ltd. (TSX-V: PXP;
?Pitchstone?) reports that analytical results have been received from
drilling recently completed on the Wolverine property. The Wolverine
property was optioned to Japan Oil, Gas and Metals National Corporation (?JOGMEC?) in 2009 and is located in Saskatchewan?s prolific eastern Athabasca Basin. All
exploration on Wolverine is being funded by JOGMEC.
Wolverine Analytical Results
This first
phase of drilling at Wolverine consisted of four holes that tested two target
areas. The targets are characterized by DC-resistivity lows and magnetic
lineaments that have been interpreted as possible fault structures. Anomalous
radioactivity was observed in one hole (WL-01) associated with faulted hematite
and chlorite altered breccia in basement rocks 370 meters below surface
and 70 meters
below the Athabasca
unconformity (see July 14, 2010 news release). Assay results confirm that
the radioactivity is due to uranium. The highest uranium value is 0.25% U3O8
over a 10 centimeter interval within a 2.0 meter interval that
averages 0.05% U3O8. Pitchstone is encouraged by
this new uranium discovery, particularly due to its association with brecciated and altered basement. Further drilling
will be required to follow up on the results.
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
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 the mineralized intersection.
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
For further information contact
Claire Stewart at 604 630 5563, Mark T. Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
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. 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.
Claire
Stewart
Office Manager
Pitchstone
Exploration Ltd.
315 - 1100
Melville Street
Vancouver BC V6E
4A6
Ph.: 604 630-5563
Fax: 604 630-5564
e-mail: cstewart@pitchstone.net
www.pitchstone.net