Pitchstone Plans Gumboot Drilling
3,000
m follow-up drill program
Gravity
survey adds targets
Pitchstone Exploration Ltd. (TSX-V: PXP; ?Pitchstone?) announces that the 2009 budget has
been re-allocated to provide for additional drilling on its 100% owned Gumboot
property, which will begin about May 31. Gumboot is located in the
eastern Athabasca Basin, Saskatchewan,
about 20 kilometers northwest of Cameco Corporation?s Cigar
Lake uranium deposit.
Bryson Drilling has been contracted for a minimum 3,000 meters of core drilling
for this phase.
All five holes that have tested the conductive target
at Gumboot have intersected a thick zone of moderate to intense alteration in
proximity to the Athabasca unconformity (see
March 30, 2009 news release). In addition to uranium values to 2.06% U3O8,
Pitchstone has encountered very high levels of nickel (to 10.8%), cobalt (to
4.60%) and other pathfinder metals at Gumboot. The last hole of the
winter program and the only drill hole not previously reported (GB-07D1)
intersected 0.12% U3O8 over 0.3 meters from 599.9-600.2 m
near the base of the Athabasca sandstone. This interval was followed by
2.7 meters of base metal mineralization that averaged 0.55% nickel and 0.88%
cobalt.
Gravity Survey Highlights Targets
Drilling at Gumboot to date has only tested 150 meters
of the 5 kilometer long Gumboot conductive zone. A recently completed
gravity survey was designed to highlight prospective zones along the
conductor. The gravity survey has outlined a compelling target area along
strike from the mineralization drilled to date (see attached map). This
target area, where a large gravity low (blue area on map) is in part coincident
with the projection of the alteration zone and the graphitic conductive zone,
extends about 1.5 kilometers north of the area recently drilled. Previous
drilling has been at the margin of the large gravity low. In addition to
continuing to test extensions of the known mineralization, Pitchstone also
plans to test the gravity anomaly target area outlined on the attached map.
New Property Acquired
Pitchstone has expanded its land position at the
Darby-Candle property situated between the McArthur
River and Cigar
Lake deposits. A new
843 hectare claim was recently acquired by staking an area contiguous with
Pitchstone?s Darby property. This claim is 100% owned by the company and
is not part of a joint venture. Pitchstone is now involved in 12 projects
in the eastern Athabasca
Basin totalling 70,679
hectares.
Steve Blower, P.Geo., President 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 were
done by SRC Geoanalytical Laboratories, Saskatoon.
A partial digestion with fluorimetric analysis was used for initial uranium
determinations, and 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.
About Pitchstone
Pitchstone is well funded and exploring for uranium in
four proven districts. The property portfolio features 12 projects in the
eastern Athabasca Basin, Saskatchewan, four
of which are 100% owned. In addition, there are four joint
venture projects in the Hornby Bay Basin, Nunavut, an exploration
partnership in the Franceville Basin, Gabon, and a joint venture on two
projects in Namibia.
Pitchstone benefits from the collaboration of a unique group of
geologists with extensive uranium exploration and production experience.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO & Chairman
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