Pitchstone Plans Calcrete Uranium Drilling
2011年11月2日 - 6:11AM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone" or the
"Company") announces that plans have been finalized for a program
of reverse circulation drilling that will target calcrete hosted
uranium mineralization on the Dome property in Namibia. The
property location relative to the nearby Rossing and Langer
Heinrich uranium mines, and other uranium occurrences in the Erongo
region is illustrated on Pitchstone's website (www.pitchstone.net).
Uranium in calcrete is excluded from a recently completed agreement
that allows Rio Tinto to earn into Pitchstone's interest in bedrock
hosted uranium deposits at Dome.
Calcrete Drilling
Reverse circulation drilling will resume at the Marble Ridge
zone and at other calcrete target areas on the property. The Marble
Ridge zone is a near surface area of uranium and vanadium
mineralization within a calcrete paleo-channel. Reverse circulation
drilling earlier in 2011 (see March 30, 2011 news release)
demonstrated that the zone is a horizontal layer of mineralization
within 15 meters of surface that measures up to 1,900 meters by 200
meters in plan-view and is 1-3 meters thick. Results included 219
ppm U3O8, 167 ppm V2O5 over 3 meters, beginning at 4 meters below
surface. Additional information including a drill hole location map
and cross section are available on Pitchstone's website
(www.pitchstone.net). A total of 46 drill holes are planned in this
campaign along with ground electromagnetic geophysical surveying
and radiometric prospecting.
Options
Pitchstone has granted a total of 1,025,000 options to
Directors, Officers and Employees of the Company. The options have
an exercise price of $0.15 and will expire on November 1, 2016.
Steve 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 completed 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. Calcrete hosted uranium at the Dome property is part
of a uranium exploration joint venture between Pitchstone (71%) and
private company Manica Minerals Ltd. (29%) through Manica's
wholly-owned subsidiary Cheetah Minerals Exploration Ltd.
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 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,
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
3520www.pitchstone.net
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