ACTIVITIES |
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2008 |
December
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The company approved a $4.3
million budget for 2009 uranium exploration. Work will
focus on diamond drilling in the eastern Athabasca Basin.
Targets on the Candle, Darby and Gumboot properties will be
tested, including mineralization discovered at the 97G zone on
Candle (1.91% U3O8 over 0.5 m) and a 40 m
zone of moderate to intense alteration and fracturing with
intervals of strong radioactivity intersected in drill hole
GB-04 on Gumboot. Bryson Drilling Ltd. will begin drilling
in January as soon as freezing conditions allow..
Drilling
is underway on the Dome
property in Namibia where a Rössing style target is being
explored. Four holes were completed in December.
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November
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A diamond drilling program was
initiated on the Dome uranium property in west-central Namibia.
Drilling is designed to elucidate the geology and test a series
of radon anomalies coincident with the margin of a structural
dome interpreted from airborne magnetic surveys. Up to ten drill holes totaling
1,000 to 1,500 m are planned in this phase of drilling, which
marks the first drill test of the property.
Uranium One Inc. has assumed a
dilutive position with respect to the Athabasca joint venture.
Pitchstone has now increased its interest in the joint venture
to approximately 51%. Pitchstone is well funded and will
proceed with a 2009 drilling program on the Darby and Candle
properties.
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October
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During the month
the Company closed a non-brokered private placement of 2,501,000
“flow-through” common shares at $0.60 per share. The private
placement was fully subscribed and raised gross proceeds of
$1,500,600.
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September |
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The company
announced a significant intersection of radioactivity in a drill
hole on its 100% owned Gumboot property in the eastern Athabasca
Basin. Hole GB-04, the only hole drilled at Gumboot in
2008, encountered a 40 m long interval of moderate to intense
alteration and fracturing in Athabasca Group sandstone a short
distance above the basal unconformity. Several zones of
anomalous radioactivity were recorded within this interval with
a down-hole probe (Mount Sopris 2PGA-1000). The maximum probe
response was 13,017 counts per second (cps), at a down hole
length of 651.0 m, within a 1.0 m zone that averaged
7,348 cps. Background radioactivity in sandstone as measured
with the probe is less than 200 cps.
Due to the high
degree of alteration associated with radioactivity in GB-04,
core coincident with the strongest probe responses was not
recovered and grades cannot be determined. Athabasca uranium
deposits are usually related to zones of strong alteration and
it is common to experience poor core recovery in proximity to
mineralization. Pitchstone considers the intersection in GB-04
to be the most significant encountered at Gumboot to date,
however, several additional holes will be required to
substantiate the probe results and determine uranium grades.
Previous
exploration on Gumboot has outlined a strong 5 km long
conductor. Five holes have been completed on Gumboot by
Pitchstone and previous owners, and all returned samples with
elevated uranium (to 0.10% U3O8 over 0.3 m in GB-01) and uranium pathfinder element values. It is
now known, however, that all of these holes were drilled too far
east to adequately test the conductor.
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August
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 Two
new zones were identified at Darby. Hole DB-27
intersected a 1.3 m core length, from 535.8 to 537.1 m, that contained 0.04% U3O8,
including 0.3 m averaging 0.12% U3O8. This mineralization is located along the east-west oriented 95D conductor and is approximately 9 km west of the Cigar Lake deposit. No other drilling on strike in proximity to DB-27 has been done.
Drill hole DB-31, located along the 95B conductor in the southeast portion of Darby, encountered anomalous radioactivity up to 1,000 cps (measured with a hand-held S.R.A.T. SPP2 scintillometer)
in a 0.3 m long interval of fracturing and alteration 35 m beneath the unconformity.
Diamond drilling production continued to be very good with a total of 6,354 m completed in 10 drill holes during the summer drilling campaign. Drilling on the Athabasca joint ventured properties in 2008 now totals 12,141 m in 20 holes.
A drill was mobilized to the Moon Lake property, located one kilometer east of the Millennium deposit, which is currently being developed by Cameco Corporation, JCU and AREVA. Only one hole has ever been drilled on the Moon Lake property.
The company and its JV partner completed the 2008 exploration program in the Hornby Bay Basin, Nunavut. A total of 3,172 m of diamond drilling was completed in 13 holes. Four holes were completed at Jenny Lake to follow-up a radioactive zone intersected in 2007. Three holes were completed in the Helmut fault area, along strike to the northwest of Jenny Lake. Three holes were completed at Dismal Lakes to infill between target areas drilled in 2007. Three holes were completed at Kendall River on a previously untested zone of radioactive boulders.
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June
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In the first six months of 2008 the company has completed 8,670 m of drilling in 16 holes on the Darby and Candle properties in Saskatchewan. A total of 14,000 m in 24 holes is planned for 2008 in the eastern Athabasca Basin. Four holes are being drilled to follow up on uranium mineralization discovered at the 97G zone on the Candle property.
Drilling is also underway in the Hornby Bay Basin, Nunavut. To date, six holes have been completed on the Mountain Lake property; results are pending. Ground resistivity surveying has also been completed on the Mountain Lake and Dismal Lakes properties.
Steve Blower, M.Sc., P. Geo., formerly VP Exploration, has been appointed President of Pitchstone. Steve has 20 years experience in mineral exploration and production and joined Pitchstone in February 2006. Previously, as Principal Geologist with AMEC Americas Ltd., he was involved in geological studies and resource estimation projects on numerous producing mines and development projects. Ted Trueman, Pitchstone’s founder who has 22 years uranium experience, will remain as CEO and has also been appointed Chairman of the Board of Directors. Former Chairman Bob Armstrong remains a director.
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May |
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Assay data was received for a previously noted zone of strong radioactivity in drill hole CD-25 in the 7G Zone on the Candle property, Saskatchewan. A 0.5 m core length from 655.3 to 655.8 m averaged 1.91% U3O8, including 0.2 m that contained 4.18% U3O8. Many other metallic elements are anomalous in the radioactive interval, including molybdenum, silver and lead.
CD-25 is the only hole drilled along strike north of the mineralization intersected in hole CD-14 in 2007. Crews are currently mobilizing in preparation for a resumption of drilling to follow up on these results.
A RadonX™ radon survey completed on the Dome property in 2007 for Pitchstone outlined several anomalous zones around the margin of the geophysical feature analogous to the Rössing deposit. Drilling permits for the area have been received and discussions are in progress with potential drill contractors. Currently, radon surveying is also being carried out over the north portion of the licences, in proximity to airborne radiometric anomalies, to explore for calcrete hosted mineralization similar to the nearby Langer Heinrich deposit.
At the Kaoko property in northern Namibia, a program of mapping, geochemical sampling and scintillometer prospecting is being conducted to follow up on anomalous results of radon surveying completed in 2007.
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April |
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A total of 5,880 m of diamond drilling in eight drill holes was completed during the January to March 2008 drilling campaign. Diamond drill hole CD-25, the fifth drill hole completed this winter at the 97G Zone, intersected a narrow zone of strong radioactivity. The drill hole was collared at -80°, and intersected the unconformity between Athabasca Group sandstone and basement rocks at a down hole length of 631 m.
Three holes were completed on the Darby property. No significant radioactivity was encountered in these holes.
Analytical results have been received for five holes drilled at the Waterfound property in October 2007. Anomalous uranium and uranium pathfinder elements occur near the unconformity in all five holes. Further exploration will be required to follow up on these results.
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March
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Drilling at Darby-Candle in northern Saskatchewan continued throughout February and March. A total of 5,880 m of drilling in 8 holes was completed during the first quarter of 2008 on the properties. Basement clay and chlorite alteration with local zones of weak radioactivity was intersected in several holes including a narrow zone of strong radioactivity in hole CD-25 (97G Zone) on the Candle property.
Pitchstone and its JV partners Cameco Corporation and Motapa Diamonds Inc. approved an $800,000 exploration program for the Franceville Basin in east-central Gabon for 2008. Exploration will include stream sediment sampling, rock sampling, prospecting, geological mapping and airborne electromagnetic surveying.
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January
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Drilling began early in the month on the Candle property in the eastern Athabasca Basin. Mineralization intersected during 2007 in holes CD-14 and CD-14D1 has been named the 97G zone.
The company with its 50:50 joint venture partner approved a $3.1 million exploration program for 2008 in the Hornby Bay Basin. The program will largely comprise 5,000 m of diamond drilling to test for additional deposits at Dismal Lakes, Helmut, Jenny Lake and Kendall River targets. |
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