Waterfound Continues To Improve
-
Widespread
radioactivity
-
Up to 0.18% U3O8
at unconformity
Pitchstone Exploration Ltd. (TSX-V: PXP) is pleased to announce
results of the second phase of drilling at the Waterfound Project,
situated in the eastern Athabasca Basin, Saskatchewan.
A total of 2,275 m was
drilled in four holes. All four holes encountered anomalous
radioactivity in proximity to the Athabasca Group unconformity. Hole
WF07 intersected a 0.85 m mineralized core interval from 437.80 m to
438.65 m, immediately below the unconformity, that assayed 0.07% U3O8,
including a 0.2 m interval of 0.18% U3O8. Hole
WF09 intersected a 1.70 m mineralized core interval from 462.90 m to
464.60 m, immediately above the unconformity, that assayed 0.02% U3O8,
including a 0.3 m interval of 0.05% U3O8.
Hole WF07 has the
highest uranium values obtained at Waterfound to date; the nearest
hole on strike is 650 m west. Additional drilling, tentatively
planned for later this year, will be required to follow up these
results. A map illustrating the locations of drill holes may be
viewed on the website (www.pitchstone.net).
Results of this
drilling build on previous data and include:
· Identification
of a sequence of graphite-pyrite-garnet-cordierite pelitic rocks
immediately below the Athabasca Group unconformity at a depth of about
440 m.
· Anomalous
radioactivity encountered at the unconformity over a strike length of
1,600 m in 7 of 9 holes drilled.
· Uranium
mineralization at the unconformity to 0.18% U3O8
over 0.2 m.
· Enrichment
in cobalt, copper, nickel, lead, zinc, arsenic, vanadium and rare
earth elements.
· Alteration
that includes chloritization, silicification, hematitization,
bleaching, moderate clay development and anomalous boron.
Alteration and the
association of uranium with other metals at Waterfound is similar to
that at major uranium deposits in the eastern Athabasca Basin.
Pitchstone is operator of the project that includes sxr Uranium One
Inc. (TSX: SXR). sxr Uranium One is contributing $4 million in
exploration expenditures to earn 50% of Pitchstone’s interest in 5
Athabasca Basin projects.
Steve Blower, P.Geo.,
Director of Exploration for Pitchstone, is the Qualified Person for
the purposes of NI 43-101 with respect to the technical information in
this news release. Sample preparation and analysis were completed by
SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with
chemical analysis (fluorimetry) was used for uranium determinations.
All samples containing greater than 100 ppm uranium were re-run using
ICP analysis.
Pitchstone is an
aggressive uranium exploration company with eight projects in the
eastern Athabasca Basin, Saskatchewan, four projects in the Hornby Bay
Basin, Nunavut and NWT, and an exploration partnership with Cameco and
Motapa Diamonds in the Franceville Basin, Gabon.
On behalf of the
Board,
E.A.G. (Ted) Trueman,
CEO and Director
For further information contact: Ted
Trueman, CEO, Pitchstone Exploration (604) 630 5560,
ted@pitchstone.net, Dan Barnholden, CEO, Blueprint Investor
Relations Consulting (416) 625 2334,
dbarnholden@blueprintir.com,
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. This news release may contain
assumptions, estimates, and other forward-looking statements regarding
future events. Such forward-looking statements involve inherent risks
and uncertainties and are subject to factors, many of which are beyond
the Company’s control, that may cause actual results or performance to
differ materially from those currently anticipated in such statements. |
