Pitchstone Begins Athabasca Uranium Programs
18 Enero 2011 - 6:00AM
Marketwired
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) -
-- Drilling has begun at Gumboot and Johnston Lake
-- Joint Venture agreement with JCU signed
-- Geophysics initiated at Darby and Candle
Pitchstone Exploration Ltd. ("Pitchstone") announces that
drilling and ground geophysical surveying have begun on its eastern
Athabasca Basin properties. A total of 4,400 meters of core
drilling is planned at Gumboot and Johnston Lake during the
January-March 2011 winter drilling season. Geophysical surveying is
underway on the Darby and Candle properties.
Gumboot
Bryson Drilling has mobilized to the Gumboot property, 20
kilometers northwest of the Cigar Lake mine. A total of three drill
holes will be completed along the five kilometer long Gumboot
electromagnetic conductor. The conductive graphitic unit is the
host to significant uranium, nickel and cobalt mineralization
discovered by Pitchstone in 2009 (see September 9, 2009 News
Release). Property maps are available at www.pitchstone.net.
Johnston Lake
Three additional drill holes are also planned for the Johnston
Lake property to follow up on the results of preliminary work
completed during 2009 and 2010. This work highlighted a 2.4
kilometer long section of the MJ-1 conductor as being particularly
prospective. Each of the three drill holes will test for extensions
of previously intersected mineralization along the conductive
graphitic unit.
Darby and Candle
A program of moving loop electromagnetic geophysical surveying
is underway at Darby and Candle, eight kilometers west of the
Cameco operated Cigar Lake mine. Discovery International Geophysics
is employing new SQUID receiver technology to more accurately
define the location of numerous conductors, including some that are
along trend of Cigar Lake mineralization. This information will be
integrated with other datasets to refine drill targets.
JCU Joint Venture
A formal joint venture agreement covering the Candle property
has been signed between Pitchstone and JCU (Canada) Exploration
Company, Limited (JCU). JCU is owned by three major Japanese
corporations and has interests in numerous advanced uranium
projects in Canada.
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. Gumboot is 100% owned by
Pitchstone. Johnston Lake was optioned from Denison Mines in 2009.
Exploration at Darby and Candle is a joint venture between
Pitchstone and Uranium One Ltd. Candle is also subject to a joint
venture agreement between Pitchstone and JCU.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in
Canada and Namibia. The property portfolio features 11 projects in
the eastern Athabasca Basin, Saskatchewan, three 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 604 687 3520
www.pitchstone.net
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