April 2, 2008
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Athabasca Exploration Results
Radioactivity at Candle Diamond drill hole CD-25 intersected a narrow zone of strong radioactivity. CD-25 was collared at -80°, and intersected the unconformity between Athabasca Group sandstone and basement rocks at a down hole length of 631 m. A 0.2 m interval of strong radioactivity in altered pelitic gneiss, from 655.5 to 655.7 m, averaged 10,000 counts per second (cps); background is less than 100 cps. Radioactivity was measured with a hand-held S.R.A.T. SPP2N scintillometer. The radioactivity is associated with a black, pyritic vein cutting the core at an acute angle, with a true thickness of 5 cm. Drill hole CD-25 is the fifth drill hole completed this winter at the 97G Zone to follow up on encouraging uranium values in previously reported drill holes CD-14 and CD-14D1 (News Releases 07.39, July 5, 2007 & 08.52, January 15, 2008). CD-25 is located 100 m north of drill holes CD-14 and CD-14D1, along the interpreted strike of the basement alteration zone, and is the only hole drilled to date north of CD-14 and CD-14D1. Strong fracturing, bleaching, secondary quartz veining, and quartz dissolution were noted in the sandstone in CD-25. Four holes were drilled south of or on section with CD-14 and CD-14D1. Two of these holes intersected zones of clay alteration, with weak radioactivity encountered in one. Samples are being shipped to SRC Geoanalytical Laboratories in Saskatoon for analysis. Results will be reported as soon as they are received. 2008 Drilling at Darby-Candle A total of 5,880 m of diamond drilling in eight drill holes was completed with one drill during the January to March 2008 drilling campaign. As mentioned above, five holes were completed in the vicinity of the 97G zone. Of the other three, one was completed on the Candle claim 400 m south of the 97G zone. The remaining two were completed on conductor 4A on the Darby claims 4 km south of the 97G zone. No significant radioactivity was encountered in the three holes drilled outside of the 97G zone. Waterfound 2007 Drilling Analytical results have been received for five holes drilled at the Waterfound property in October 2007. Anomalous uranium and uranium pathfinder elements occur near the unconformity in all five holes. Drill hole WF-12 returned 1.6 m (450.6-452.2 m) of 100 ppm U, including 0.1m (451.5-451.6 m) of 598 ppm U. Drill hole WF-13 intersected 1.2 m (435.6-436.8 m) of 173 ppm U. The 2007 drill holes were targeted at DC-Resistivity survey anomalies that were interpreted to represent possible clay alteration zones in the sandstone; hole WF-10R encountered significant clay alteration in the sandstone. Steve Blower, P.Geo., Vice President 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 analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for uranium determinations. All samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One and five being 100% owned. In addition, there are four joint venture projects with Triex Minerals in the Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects in Namibia. Pitchstone has a unique group of geologists with extensive uranium exploration and production experience. On behalf of the Board, E.A.G. (Ted) Trueman, CEO and Director
For further information contact: Ted Trueman, CEO, (604) 630 5563, Mark T. Brown, CFO, (604) 687 3520, or www.pitchstone.net 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. |