Pitchstone Finalizes Summer Athabasca Drilling Plans
2011年6月21日 - 6:13AM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) -
-- Work planned on Gumboot, Johnston Lake and Wolverine
-- Drilling will total 4,250 meters
-- New claims staked in the Eastern Athabasca
Pitchstone Exploration Ltd. ("Pitchstone") has finalized plans
for summer exploration activities in the eastern Athabasca Basin,
Saskatchewan. Work will include 2,250 meters of diamond drilling at
Gumboot and Johnston Lake, plus 2,000 meters of diamond drilling at
Wolverine. Additionally, Pitchstone has recently staked three new
claims in the eastern Athabasca Basin.
Gumboot
Drilling at Gumboot will continue to follow the north-south zone
of intense alteration and sporadic mineralization initially
discovered in 2009. The zone is open along strike in both
directions. The northernmost hole (GB-23) was drilled in February
of this year and intersected 0.3 meters of 0.53% U3O8, 1.92% Ni,
0.80% Co and 21.8 g/t Ag approximately three meters below the
sub-Athabasca unconformity. The interval included 0.1 meters of
1.47% U3O8, 2.45% Ni, 1.61% Co and 49 g/t Ag (see March 21, 2011
news release). Mineralization in GB-23 is associated with intense
sandstone alteration characterized by zones of massive clay, quartz
dissolution, bleaching and tilted blocks. Basement rocks are
faulted, graphitic, pelitic gneiss. Approximately 1,550 meters of
drilling are planned at Gumboot during the summer exploration
season. Gumboot is 100% owned by Pitchstone.
Johnston Lake
One 700 meter drill hole is also planned at Johnston Lake to
follow up on mineralization intersected in JL-25R during the winter
2011 drilling program (see April 18, 2011 news release). JL-25R
intersected 0.1 meter of 0.13% U3O8 associated with a major fault
zone 60 meters below the sub-Athabasca unconformity. A 21 meter
offset in the unconformity at this location indicates favorable
post-Athabasca faulting. Pitchstone has earned a 49% interest in
Johnston Lake from Denison Mines Corp. ("Denison") and is
proceeding with a second stage earn-in to 75%.
Wolverine
Work at Wolverine will consist of 2,000 meters of diamond
drilling to follow up on basement-hosted mineralization discovered
in 2010 (see August 18, 2010 news release). Drill hole WL-01
intersected 0.25% U3O8 over 0.1 meter within a large interval of
hematitic fault breccia 70 meters beneath the sub-Athabasca
unconformity. Wolverine was optioned to Japan Oil, Gas and Metals
National Corporation ("JOGMEC") in 2009. All exploration on
Wolverine is being funded by JOGMEC.
New Claims
Pitchstone has staked three new claims (S-112160, S-112161, and
S-112281) totaling 5,650 hectares in the eastern Athabasca Basin
area since April of this year. S-112160 is located 27 kilometers
due east of the Cigar Lake mine and has been named the Packrat
property. It was staked to cover an area of interpreted
intersecting faults that is coincident with a prominent magnetic
low near the Collins Bay thrust fault. Packrat is 100% owned by
Pitchstone.
S-112161 adjoins the Marten property and covers two zones of
alteration and uranium mineralization previously drilled by other
operators. It will be subject to the terms of Pitchstone's option
agreement with JOGMEC.
The third claim, S-112281, is contiguous with both Gumboot and
Johnston Lake properties and will form part of the Johnston Lake
project. The claim covers a four kilometer portion of the
Gumboot/Johnston Lake conductor system not previously held by
Pitchstone or Denison. Exploration on S-112281 will be carried out
under the terms of the option/joint venture agreement with
Denison.
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 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 three 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
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.
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.
Contacts: Pitchstone Exploration Ltd. Claire Stewart 604 630
5563 Pitchstone Exploration Ltd. Mark T. Brown CFO 604 687 3520
www.pitchstone.net
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