September 9, 2009

  

 

Pitchstone Drills Additional Mineralization at Gumboot

·         U3O8 to 0.66% over 0.3 m, with 11.1% nickel

·         Additional drilling required

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to provide an update on the 2009 summer drilling program on its 100% owned Gumboot property.  The summer program was completed in August with a total of 4,550 meters drilled.  Gumboot is located in the eastern Athabasca Basin, Saskatchewan, about 20 kilometers northwest of the Cigar Lake uranium deposit.

Drill holes completed this summer have continued to outline a zone of moderate to strong alteration and faulting with uranium, nickel and cobalt mineralization in proximity to the Athabasca unconformity.  During the summer program individual samples containing up to 0.66% U3O8, 11.10% Ni and 0.57% Co (over 0.3 m in drill hole GB-10) were encountered.  Other intersections from the summer include 14.1 m of persistent base metal mineralization with anomalous uranium in GB-07D2 that averages 1.04% Ni, 0.15% Co and 0.01% U3O8.  Analytical data received to date are summarized in the following table and a map illustrating the location of drill holes can be viewed at www.pitchstone.net.     

Uranium, nickel and cobalt mineralization intersected in drill holes at Gumboot is located at or near the Athabasca unconformity, in both the sandstone (above the unconformity) and the basement (below the unconformity).  The zone, similar to many Athabasca uranium deposits, is coincident with the intersection of the Athabasca unconformity and a graphitic layer in the basement rocks.  Recent geophysical surveys and newly obtained drill core data have improved the geological interpretation, particularly the shape and orientation of the zone.  The zone remains open along strike in both directions, and will continue to be aggressively explored during the winter drilling season.

Steve Blower, P.Geo., President of 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 done by SRC Geoanalytical Laboratories, Saskatoon.  A partial digestion with fluorimetric analysis was used for initial uranium determinations, and 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 analysis.

Drilling Campaign

Hole ID

Analyses

 

 

From (m)

To (m)

Length(m)

U3O8 (%)

Ni (%)

Co (%)

Winter

GB09-05

661.1

665.9

4.8

<0.01

0.13

0.05

(previously reported)

GB09-06

662.3

664.2

1.9

0.07

0.01

<0.01

 

including

663.3

663.5

0.2

0.16

0.01

<0.01

 

GB09-07

659.6

663.8

4.2

0.11

2.29

1.70

 

including

663.4

663.5

0.1

2.06

1.15

0.23

 

GB09-07D1

599.9

603.0

3.1

0.02

0.50

0.77

 

including

599.9

600.2

0.3

0.12

0.08

0.02

Summer

GB09-07D2

627.1

641.2

14.1

0.01

1.04

0.15

 

including

627.4

627.8

0.4

0.05

16.4

1.44

 

and

630.0

630.2

0.2

0.04

6.34

1.21

 

and

637.2

638.2

1.0

0.03

1.04

0.28

 

and

640.2

641.2

1.0

<0.01

3.50

0.49

 

GB09-08

671.0

673.5

2.5

<0.01

0.05

0.05

 

including

673.3

673.5

0.2

0.03

0.14

0.28

 

 

697.7

700.0

2.3

0.03

0.01

<0.01

 

including

698.7

698.8

0.1

0.11

0.01

<0.01

 

GB09-09

No significant analytical results

 

 

 

GB09-10

675.3

680.3

5.0

0.05

0.69

0.04

 

 

676.5

676.8

0.3

0.66

11.1

0.57

 

GB09-11

675.2

676.2

1.0

0.01

0.02

0.01

 

GB09-12R

No significant radioactivity, analyses pending

 

About Pitchstone

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned.  In addition, there are several joint venture projects in the Hornby Bay Basin, Nunavut, an exploration partnership in the Franceville Basin, Gabon, and a joint venture on two projects in Namibia.  Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO & Chairman

For further information contact Claire Stewart at 604 630 5563, Mark T. Brown, CFO, at 604 687 3520, or visit  www.pitchstone.net.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 Pitchstone’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.