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WATERFOUND PROJECT DRILLING RESULTS
Pitchstone Exploration Ltd. ("Pitchstone") reports significant uranium mineralization encountered in an initial diamond drilling program on the Waterfound Project. A total of 2,714 m of drilling was completed in five holes. Initial analytical results are available for 27 samples taken from radioactive zones in holes WF02 and WF03. The Waterfound Project is being funded by sxr Uranium One Inc. (TSX: SXR), formerly Southern Cross Resources Inc., which is earning a 50% interest in five of Pitchstone's seven Athabasca Basin projects. Anomalous Mineralization In hole WF02, a 2.8 m core interval straddling the unconformity averages 94 ppm uranium including 338 ppm (0.04 % U3O8) over a 0.39 m interval of sandstone immediately above the unconformity, which is at a depth of 441.3 m. The background uranium content in basal Athabasca Group sandstone is typically 5.0 ppm or less. Uranium in WF02 is accompanied by a strong enrichment in other metals, including cobalt to 26 ppm, copper to 135 ppm, nickel to 189 ppm and vanadium to 161 ppm. Analytical results also indicate strong boron enrichment, both within the uraniferous zone (to 910 ppm) and higher in the hole (to 295 ppm). Anomalous uranium (to 22 ppm), nickel (to 87 ppm) and boron (to 136 ppm) were also reported in samples in proximity to the unconformity from hole WF03. Holes WF02 and WF03 were drilled 700 m apart along the strike of a six kilometer long conductive zone (see News Release 05.05, Nov. 23, 2005). Considering the small size of Athabasca uranium deposits, the extremely wide spacing between these holes indicates an extensive zone of alteration and metal enrichment. In addition to boron enrichment, alteration noted during core logging includes chloritization, silicification, bleaching, hematitization and moderate clay alteration. Analytical results
for samples collected in all holes for geochemical study, as well
as samples from a 0.2 m radioactive zone in WF05, are not yet available.
No anomalous radioactivity was detected in holes WF01 or WF04. Significant Waterfound Features The coincidence
of anomalous geological and geochemical features in proximity to
the basal Athabasca Group unconformity is considered important due
to a similar association at many Athabasca uranium deposits. Important
features documented at Waterfound include: Boron enrichment in the alteration halo associated with some Athabasca deposits, including Millennium, McArthur River and Key Lake, has become recognized as an important feature. Future Exploration Strong metal enrichment and favorable alteration intersected over a large area has significantly upgraded the Waterfound Project and additional drilling is warranted. The Waterfound project is situated in the eastern Athabasca Basin, Saskatchewan. The drilling at Waterfound is the first phase of an 8,600 m program by Pitchstone and sxr Uranium One that will test targets at the Darby and Candle Projects beginning in January 2006. E.A.G. (Ted) Trueman, P.Eng., P.Geo., 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 of Saskatoon. A partial digestion with chemical analyses (fluorimetry) was used for uranium determinations. Pitchstone is a uranium exploration company with seven exploration projects in the Athabasca Basin, Saskatchewan. These include the Darby and Candle Projects, a major land position in proximity to the two highest grade, large uranium deposits in the world, McArthur River and Cigar Lake. Also, in the Hornby Bay Basin, Nunavut and NWT, Pitchstone has three projects including a 50% interest in a NI 43-101 compliant inferred uranium resource (see Oct. 14, 2005 News Release). On behalf of
the Board, For further
information contact: Mark T. Brown,
CFO, The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for distribution in the United States. |