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EXPLORATION UPDATE
Pitchstone Exploration Ltd. ("Pitchstone"), operator of the Darby-Candle Project, reports completion of the 2006 winter diamond drilling program. Three holes were completed to depths of 658-700 m as an initial test of three separate conductors. The project is situated in the eastern Athabasca Basin, Saskatchewan nine kilometers west of the Cigar Lake mine. Drilling Results Two holes, CD01 and CD02, were completed on the Candle claim. Chemical analyses of core from CD01 indicated anomalous uranium to 26 ppm in sandstone and 54 ppm in basement in proximity to the basal Athabasca Group unconformity. Anomalous values obtained for copper, cobalt, nickel, vanadium and boron are also considered to be favorable indicators of a mineralizing system similar to that at major deposits in the region. In hole CD02, several zones of radioactivity, up to 340 counts per second (SPP2 scintillometer), occur over a 2.0 m interval just above the unconformity. Radioactivity in this interval is much stronger than previously encountered in any of the ten holes drilled on the Darby-Candle Project by previous operators. Analytical results have not yet been received for this hole but will be released as soon as available. The targets tested have been upgraded and additional drilling will be required. No radioactivity was detected in the third hole (DB01), which was completed on the Darby property. Pitchstone originally planned to drill several more holes on Darby-Candle this winter. However, the unusually warm winter that hampered exploration for many companies reduced the time available for drilling. There are many very prospective targets at Darby-Candle and Pitchstone will resume drilling as soon as access can be re-established to the property, possibly later this year. Pitchstone plans to resume drilling in the near future at the Waterfound Project, where very encouraging results were obtained last fall and access is year round (see Feb. 2, 2006 News Release). Moon Lake Three lines of moving loop electromagnetic surveying, totalling 10.2 line kilometers, were completed on the Moon Lake Project in March. Moon Lake is one kilometer east of the Millennium deposit currently being developed by Cameco. Millennium contains an indicated resource of 45.8 million pounds U3O8 at an average grade of 4.63 % U3O8, plus an inferred resource of 11.2 million pounds U3O8 at an average grade of 1.81% U3O8. A preliminary interpretation identified two weak conductive zones on the project, although conductive zones indicated in historical data were not detected. The strike length of the conductive zones identified has not been defined. Exploration on Darby-Candle and Moon Lake projects was funded by sxr Uranium One Inc. (TSX: SXR), which is earning 50% of Pitchstone's interest in five Athabasca Basin projects and will likely be vested later this year. The Candle claim has been optioned from JCU (Canada) Exploration Company, Limited; Pitchstone can earn a 75% interest in the claim. Steve Blower, P.Geo., is the Qualified Person for the purposes of N.I. 43-101 with respect to the technical information in this news release. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with chemical analyses (fluorimetry) was used for uranium determinations. Pitchstone is
a uranium exploration company with eight 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. Also, in the Hornby
Bay Basin, Nunavut and NWT, Pitchstone has three projects including
an interest in a significant N.I. 43-101 compliant uranium resource
(see Oct. 14, 2005 News Release). The company is also participating
with Cameco and Motapa Diamonds in uranium exploration in Gabon.
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. |