Hornby Bay Drilling Begins
Pitchstone
Exploration Ltd. (TSX-V: PXP) (Pitchstone) and Triex
Minerals Corporation (TSX-V: TXM) (Triex) are pleased to announce that drilling has started at their Mountain Lake uranium deposit in the Hornby Bay
Basin, Nunavut. The main objective of
this year’s program is to locate additional deposits.
The 50:50 joint venture is actively exploring
five properties in the Hornby Bay Basin,
including its Mountain
Lake uranium deposit,
with land holdings in the region totaling approximately 221,000 hectares.
The Mountain Lake
uranium deposit is located 100
km southwest of the coastal community of Kugluktuk, Nunavut.
The 2007
exploration budget for the Hornby
Bay Basin
properties is $2.3 million, mostly for drilling. A total of 5,000 metres of
diamond drilling has been contracted to Connors Drilling Ltd. Re-opening
of the Kirwin Lake camp and mobilization of all
equipment were completed in April. Drilling at Zargut
Lake commenced on May 8 where a
minimum of three holes are planned to test the extension of the Mountain Lake deposit to the north. Four
holes are planned at Helmut Lake and sixteen holes at Dismal Lake.
Drilling is expected to be completed about the end of June.
The Mountain Lake deposit contains the only identified uranium
resource in the Hornby
Bay Basin.
An Inferred Resource of 8.2 million pounds U3O8 with an
average grade of 0.23% U3O8 contained in 1.6 million
tonnes of rock has been estimated (see NI 43-101 Technical Report on SEDAR).
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, the project operator,
in the Hornby Bay Basin.
Pitchstone
is actively exploring for uranium in four proven districts. In addition
to the five joint venture projects with Triex in the Hornby Bay Basin, Nunavut
and NWT, the property portfolio features eight projects in the eastern
Athabasca Basin, Saskatchewan, five of which are joint ventured with sxr
Uranium One Inc., with the other three being 100% owned. In addition,
there is 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, Pitchstone Exploration (604) 630
5563 ted@pitchstone.net, or
Dan Barnholden, CEO, Blueprint
Investor Relations Consulting (416) 625 2334, dbarnholden@blueprintir.com,
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.
