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Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) ("Triex") are pleased to announce that all land use and water licenses have been granted and a diamond drill program has commenced on their 50:50 joint venture (the "Joint Venture") Mountain Lake Project, Hornby Bay Basin, Nunavut. Hy-Tech Drilling Ltd. has been contracted to complete an estimated 3,100 metres of diamond drilling on the Mountain Lake Property. Construction of an ice-strip on Kirwan Lake commenced in the first week of April and full camp and drill mobilization will commence at the end of this week. This drill program, budgeted at $2.1 million, is estimated to take six to eight weeks to complete. Key objectives of this drill program are to further define the resource estimate of the deposit by selective in-fill drilling and to test for expansions of the deposit in three areas where it is currently open. In addition, the potential for new deposits northwest of Mountain Lake in areas of known uranium mineralization will be tested. A contingency for additional drilling has also been budgeted to allow follow-up of encouraging results with respect to any of these objectives as the program proceeds. Triex is operator of the Joint Venture. The property is located 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), Nunavut. It comprises 8 mineral claims totaling 6,647 hectares centered on the Mountain Lake Deposit. The stratabound deposit is hosted within sandstone of the Proterozoic Dismal Lakes Group in the Hornby Bay Basin. During the 1970s and 1980s, Esso Minerals Canada and Cominco Ltd. drilled more than 190 holes, totaling approximately 22,000 metres. There is an Inferred Resource of 8.2 million pounds U3O8 with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of rock (See NI 43-101 Technical Report on SEDAR). Depth of mineralization is between 28 and 136 metres. Additional mineralization within the deposit and along structural trends is considered prospective. Ross McElroy, B.Sc., P.Geo., Exploration Manager for Triex, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex. This release has been reviewed by Ted Trueman, M.Sc., P.Eng., P.Geo., a Qualified Person as defined by National Instrument 43-101. Pitchstone is
a uranium exploration company with three projects in the Hornby
Bay Basin, Nunavut and NWT, and eight exploration projects in the
eastern Athabasca Basin, Saskatchewan. The company is also jointly
funding uranium exploration in Gabon with Cameco Corporation.
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. |