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EXPLORATION UPDATE
Darby-Candle Drilling Pitchstone Exploration Ltd. ("Pitchstone") reports that diamond drilling is underway on the Darby-Candle project in the eastern Athabasca Basin, Saskatchewan. The winter road from the Cigar Lake mine to the project was opened in January. A camp has been established, crew and equipment mobilized and drilling has commenced. This exploration is funded by sxr Uranium One Inc. (TSX: SXR), which is earning a 50% interest in five of Pitchstone's Athabasca Basin projects. A total of 55 km of conductive zones have been outlined on the Darby-Candle project. The primary objective of the current drill program is to provide an initial test of some of the conductors that have not previously been drilled. A total of 5,900 m of drilling has been budgeted for this phase of work and the intention is to drill throughout the season as long as winter road access is available. The Darby-Candle claims adjoin the Cigar Lake property to the west and are 20 km northeast of the McArthur River mine; these are the two highest grade, large uranium deposits ever discovered in the world.
Fireweed & Gumboot Exploration A total of 178 km of grid lines have been cut on Pitchstone's 100% owned Fireweed and Gumboot projects to facilitate moving loop electromagnetic surveying (MLEM). Quantec Geoscience is doing the MLEM surveys and to date the work is 75% complete. MLEM was selected as the most accurate method of locating basement conductive zones with which the high grade Athabasca deposits are typically associated. Pitchstone is a uranium exploration company with eight exploration projects in the eastern Athabasca Basin and three in the Hornby Bay Basin, Nunavut and NWT. These projects include a 50% interest in an inferred uranium resource in the Mountain Lake deposit, Nunavut (NI 43-101 compliant estimate; News Release 05.01, Oct. 14, 2005). 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. |