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Candle 97G Zone Drill Hole Assays
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4.18% U3O8 over 0.2 m core length
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Drilling ready to resume |
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report assay data for a previously noted zone of radioactivity in drill hole CD-25 in the 97G Zone on the Candle property (April 2, 2008 News Release). Candle, located between McArthur River and Cigar Lake mines in the eastern Athabasca Basin, is a joint venture between Pitchstone (operator; 37.5%), Uranium One Inc. (TSX: UUU; 37.5%) and JCU (Canada) Exploration Company, Limited (25%).
A 0.5 m core length from 655.3 to 655.8 m in diamond drill hole CD-25 averaged 1.91% U3O8, including 0.2 m that contained 4.18% U3O8.
CD-25, collared at -81°, intersected the unconformity between Athabasca Group sandstone and basement rocks at a down hole length of 631.3 m. The highest grade portion of the mineralization occurs as a discrete, narrow vein in the basement, with a true thickness of approximately 5 cm, within a 58 m length of weakly argillic altered pelitic gneiss, semi-pelite and anatexite from 652 to 710 m. Many other metallic elements are anomalous in the radioactive interval, including molybdenum, silver and lead.
CD-25 is the only hole drilled along strike north of the mineralization intersected in hole CD-14 in 2007 (0.31% U3O8 over 3.2 m; July 25, 2007 News Release). Additional drilling will be required to follow up on these results. The drill is on the Darby-Candle property and crews are currently mobilizing in preparation for a resumption of drilling.
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 initial uranium determinations, and then 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 Inc. and five being 100% owned. In addition, there are four joint venture projects with Triex Minerals in the Hornby Bay Basin, Nunavut, 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. |