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Pitchstone Exploration Ltd.

Publié le 31 janvier 2012

Uranium Exploration Plans for 2012

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Pitchstone?s Uranium Exploration Plans for 2012

 

?         Namibia Licence Renewals Completed

?         Analyses Received for Namibia Drilling

?         Dome Airborne Geophysical Survey Contract Signed

?         Athabasca Exploration Underway

 

Pitchstone Exploration Ltd. (TSX-V: PXP; ?Pitchstone? or the ?Company?) reports the renewal of licences in Namibia, and the receipt of analyses for the recently completed reverse circulation drilling program on the Dome property in Namibia.  Exploration on the Dome property is carried out as a Joint Venture with Rio Tinto Mining and Exploration Ltd. (Rio Tinto) and Manica Minerals Ltd.  A summary of 2011 exploration activities and plans for 2012 is also provided.

 

Summary of 2011 Activities

 

Despite a challenging market environment for uranium exploration companies, a total of six drilling campaigns were completed during the year; two on the Dome property in Namibia and four in the Athabasca Basin on the Wolverine, Johnston Lake and Gumboot properties. 

 

            Namibia

 

Drilling in Namibia in February extended the Marble Ridge zone of calcrete hosted mineralization to 1,900 meters long and 200 meters wide.  The average thickness of the mineralization is 1-3 meters and the average grade in drill hole samples is 100-300 ppm U3O8.    

 

Analytical results from the November drilling have been received.  Anomalous uranium values up to 70 ppm U3O8 were obtained from samples from three drill holes and are consistent with weakly elevated radioactivity observed during down-hole gamma probe logging.  The results from these widely spaced reconnaissance drill holes demonstrate the potential for other zones of calcrete hosted uranium mineralization on the property, and further drilling is required.

 

In September, Pitchstone announced the signing of an Investment and Earn-in agreement with Rio Tinto that allows Rio Tinto to earn an initial 49% interest in ?Alaskite? hosted uranium deposits on Dome through funding of $5 million of exploration. 

 

            Athabasca Basin

 

Pitchstone completed two drilling campaigns at Gumboot (100% owned) and one at Johnston Lake (51% owned by Denison Mines Corp), all of which significantly advanced the projects.  Drilling at Gumboot was particularly successful with an intersection of 1.47% U3O8 and 2.45% Ni over 0.1 meter in a step out hole.  The 2011 drilling extended the strike length of the zone of alteration and sporadic mineralization at Gumboot to 1,200 meters.  More drilling is required at the zone, which is open along strike in both directions. 

 

On the Wolverine property, a summer drilling campaign funded by Japan Oil, Gas and Metals National Corporation (?JOGMEC?) was completed but did not locate significant mineralization or alteration.  Upon the completion of the Wolverine drilling, JOGMEC has fulfilled the expenditure requirements to earn a 50% interest in the Marten and Wolverine projects.  

 

Five additional claims totalling 10,400 hectares were staked in the eastern Athabasca Basin in 2011. Two of these, Packrat (1,620 hectares) and Black Bear (2,000 hectares) are 100% owned by Pitchstone.  Two claims (4,740 hectares) were added to the Johnston Lake property and one was added to the Marten property (2,040 hectares).  The priority Gumboot-Johnston Lake property now totals 24,600 hectares.

 

Plans for 2012

 

Work planned for 2012 includes airborne and ground geophysical surveys, soil geochemical surveying, and drilling on Athabasca Basin and Namibia properties. 

 

            Namibia

 

In Namibia, exploration will continue to focus on the Dome property.  Rio Tinto will be funding airborne geophysical surveys, follow up geological mapping and a planned drilling program targetting alaskite hosted uranium.   A contract has been signed with a geophysical contractor for the airborne survey, which should be completed in the first quarter.  In addition to Rio Tinto?s work programs, Pitchstone is planning exploration on calcrete hosted uranium targets.

 

Two year renewals for all four Exclusive Prospecting Licences in Namibia have been received from the Ministry of Mines and Energy.

 

            Athabasca Basin

 

In the Athabasca Basin, work is planned on several properties.  The first priority is to follow up on the Gumboot drilling results from 2011.  A drilling program will follow geophysical re-modeling exercises currently underway.  In addition to the work at Gumboot, several other properties will see exploration activity, including Packrat and Black Bear, which were staked in 2011.  A 50 line-kilometer DC-resistivity survey is planned for Packrat this winter. 

 

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 for Athabasca Basin 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.  Sample preparation and analyses for Namibia samples were done by Bureau Veritas in Swakopmund, Namibia.  A multi-element ICP-MS/AES analysis was completed on the samples after a mixed acid, near-total digestion. 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 13 projects in the eastern Athabasca Basin, Saskatchewan, five of which are 100% owned.  In addition, there are two joint venture 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

 

Pitchstone Exploration Ltd.

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Pitchstone Expl. est une société d’exploration minière d'argent et d'or basée au Canada.

Pitchstone Expl. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont FIREWEED, DISMAL LAKE, GUMBOOT & JOHNSTON LAKE, KENDALL RIVER, DARBY & CANDLE, MOUNTAIN LAKE, LEITH PENINSULA, ATHABASCA et HORNY BAY au Canada et DOME PROPERTY en Namibie.

Pitchstone Expl. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 4,1 millions CA$ (3,9 millions US$, 3,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,95 CA$, et son plus bas niveau récent le 16 décembre 2011 à 0,07 CA$.

Pitchstone Expl. possède 45 208 000 actions en circulation.

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Financements de Pitchstone Exploration Ltd.
18/07/2011Arranges Private Placement
08/12/2009Flow-Through Financing
07/07/2009Completes $610,000 Private Placement
06/12/2007Closes $3.1 Million Private Placement
09/08/2007$3,000,000 Private Placement Closes
Attributions d'options de Pitchstone Exploration Ltd.
01/12/2010Grants 910,000 stock options to Directors, Officers and Empl...
Projets de Pitchstone Exploration Ltd.
31/01/2012(Dome Property)Uranium Exploration Plans for 2012
11/10/2011Options Dome Uranium Property to Rio Tinto
20/06/2011(Athabasca)Finalizes Summer Athabasca Drilling Plans
05/04/2011(Wolverine Athabaska)Receives JOGMEC Budget Approval
30/03/2011(Dome Property)Receives Marble Ridge Uranium Analyses
22/03/2011(Gumboot & Johnston Lake)Reports Uranium Results at Gumboot
08/02/2011(Dome Property)Drills Calcrete Uranium in Namibia
14/07/2010(Athabasca)Provides Eastern Athabasca Uranium Exploration Update
15/06/2010(Athabasca)Provides Uranium Exploration Update
25/05/2010(Dome Property)Analytical Results Received for Dome Uranium Property, Namib...
18/05/2010(Athabasca)Plans Summer Drilling
23/03/2010(Athabasca)Completes Drilling
10/02/2010(Dome Property)Finds New Uranium Occurrence in Namibia
19/01/2010(Athabasca)Resumes Athabasca Uranium Drilling
30/11/2009(Athabasca)Continues Namibia and Athabasca Uranium Exploration
16/09/2009(Dome Property)Intersects Radioactivity in Namibia
25/08/2009(Dome Property)Finalizes Namibia Uranium Drilling Plans
30/06/2009(Gumboot & Johnston Lake)Begins summer drilling at Gumboot
26/02/2009(Gumboot & Johnston Lake)Uranium Drilling Update
13/01/2009(Athabasca)Athabasca Uranium Drilling Begins
07/11/2008(Dome Property)Drilling Begins at Dome Uranium Property, Namibia
06/08/2008(Darby)Joint Venture Drilling Progress
24/06/2008(Horny Bay)Drilling Progress
09/05/2008(Dome Property)Namibia 2008 Uranium Exploration Initiated
02/04/2008(Athabasca)Athabasca Exploration Results
24/01/2008(Horny Bay)2008 Hornby Bay Exploration Program
15/01/2008Athabasca Drilling Resumes at 97G Zone on Candle Property
17/12/2007(Dome Property)Namibia Exploration Update
06/11/2007(Kendall River)Purchase of Hornby Bay Properties Completed
25/07/2007(Darby & Candle)Candle Drill Hole Assays
05/07/2007(Darby & Candle)Radioactivity Intersected at Candle
20/04/2007(Darby & Candle)ATHABASCA EXPLORATION RESULTS & FINANCIAL UPDATE
Communiqués de Presse de Pitchstone Exploration Ltd.
24/10/2011(Athabasca)Reports Athabasca Drilling Results
18/04/2011Reports Uranium Results at Johnston Lake
28/02/2011Completes Namibia Uranium Drilling Program
18/08/2010Confirms New Uranium Occurrence at Wolverine
11/06/2009Survey Generates Uranium Targets in Namibia
11/03/2009JOGMEC Options 50% of Wolverine and Marten
15/12/2008Uranium Exploration Update
01/12/2008Increases Interest in Athabasca Properties
28/08/2008Hornby Bay Exploration
15/07/2008Engages Investor Relations Firm
21/05/2008News Release
25/03/2008Gabon Uranium Exploration Gabon Uranium Exploration
11/10/2007Drilling Commences at Waterfound
18/09/2007Athabasca Basin Update
17/09/20072007 Hornby Bay Exploration Completed
08/08/2007Gabon Uranium Exploration
21/06/2007Drilling Begins at 100% Owned Gumboot Property
09/05/2007Hornby Bay Drilling Begins
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