Pitchstone
Plans Summer Athabasca Uranium Drilling
? Analytical Results
Received from Winter Drilling
? Gumboot Alteration
Zone Remains Open in All Directions
? Drilling Planned
on Five Athabasca Properties this Summer
Pitchstone Exploration Ltd.
(TSX-V: PXP; ?Pitchstone?) has received all analytical results from the
winter drilling programs in the eastern Athabasca
basin. During the
winter, drilling and other activities were completed on Pitchstone?s 100% owned
Gumboot property, on the adjoining Johnston Lake property that was optioned in
early 2009 from Denison Mines Corp., and on the Marten property, which was
optioned to Japan Oil, Gas and Metals National Corporation (?JOGMEC?) in
2009.
Gumboot
Significant
alteration and/or anomalous radioactivity were observed at the unconformity in
all six holes drilled during the winter. The highest uranium result from
the winter drilling program was in hole GB10-13R, which intersected 0.07% U3O8
and 0.11% Ni over 0.5 meters. The program extended the alteration zone
along strike to the north and south. It is now 500 meters long and open
in both directions. Mineralization intersected previously in the zone
includes 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3
meter, 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter,
and 1.04% Ni, 0.15% Co and 0.01% U3O8 over 14.1 meters
(see Sept. 9, 2009 news release). At least 1,600 meters of drilling are
planned for Gumboot during the summer exploration season.
Johnston Lake
One 710 meter drill hole was completed on the Johnston
Lake property to follow up
on the results of a detailed core review and re-sampling program completed in
the summer of 2009. No significant radioactivity was observed although
the hole did intersect intense alteration in sandstone immediately above the Athabasca
unconformity. Oriented core measurements have allowed a re-interpretation
of the basement geology and suggest that the primary target at this location on
the Johnston Lake
property is still untested. At least 1,500 meters of drilling are planned
for Johnston Lake
this summer. One of the drill holes will be the first ever test of a strong
conductor thought to be the southern extension of the LaRocque-Waterfound
conductor system northeast of Johnston
Lake.
Wolverine
& Marten
Several geophysical surveys including ground gravity, ground
TDEM and DC-Resistivity were completed at Wolverine and Marten during the
winter exploration season. These have generated prospective targets on
both properties. A first phase of drilling consisting of six drill holes
was also completed at Marten. While the drilling did not intersect any
significant radioactivity, anomalous alteration and faulting are present in
four of the holes. This information, in combination with interpretations
of the geophysical surveys will aid in selecting targets for additional
drilling this summer. All exploration on the Wolverine and Marten
properties is being funded by JOGMEC.
Candle
In addition to the above drilling programs, 700 meters of
drilling are also planned on the Candle property to test a gravity anomaly
along an unexplored portion of the 95H conductor. Exploration on the
Candle property is a joint venture between Pitchstone (41%), Uranium One
(UUU-TSX; 34%), and JCU (Canada)
Exploration Company, Limited (25%).
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 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. There is insufficient
information to estimate the true thickness of the intersections.
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,
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