Pitchstone Reports Uranium Results at Johnston Lake - Unconformity Related Uranium Mineralization in Two Holes- Pitchstone Earns a 49% Initial Interest in Johnston Lake
- Unconformity Related Uranium Mineralization in Two Holes
- Pitchstone Earns a 49% Initial Interest in Johnston Lake
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/11 -- Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ('Pitchstone') announces that it has received analytical results on all samples collected from recent drilling at the Johnston Lake property in the eastern Athabasca Basin in Saskatchewan. Johnston Lake is contiguous with Pitchstone's 100% owned Gumboot property.
Johnston Lake Results
As part of a larger drilling program that included the Gumboot property, three drill holes were completed at Johnston Lake to follow up on the results of drilling in 2010. Encouraging sandstone alteration, structure and graphitic basement rocks were intersected in all three holes. Intervals of elevated radioactivity in basement rocks near the sub-Athabasca unconformity were observed in two of the holes (JL-25R & JL-27; see March 21, 2011 news release). The analytical results confirm that the radioactivity is due to unconformity related uranium and, with all previous drill results from both Gumboot and Johnston Lake, are summarized in the table below.
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From Length U-p
Property Hole-ID (m) To (m) (m) (ppm) U3O8(%) Ni (%) Co (%)
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Gumboot GB-05(i) 661.1 665.9 4.8 32 0.00 0.13 0.02
GB-06(i) 662.3 664.2 1.9 558 0.07 0.01 0.00
GB-07(i) 659.6 663.8 4.2 917 0.11 2.29 1.70
including 663.4 663.5 0.1 17,472 2.06 1.15 0.23
GB-07D1(i) 659.9 661.1 1.2 326 0.04 0.72 1.04
including 659.9 660.2 0.3 985 0.12 0.08 0.02
GB-07D2(i) 667.1 681.2 14.1 64 0.01 1.04 0.15
GB-08(i) 673.3 673.5 0.2 248 0.03 0.14 0.28
and 698.1 698.8 0.7 551 0.07 0.01 0.00
GB-10(i) 676.2 677.4 1.2 1,482 0.17 2.84 0.16
including 676.5 676.8 0.3 5,620 0.66 11.10 0.57
GB-14(i) 714.8 715.2 0.4 57 0.01 3.32 0.09
GB-23(i) 686.7 687.0 0.3 4,471 0.53 1.92 0.80
including 686.7 686.8 0.1 12,500 1.47 2.45 1.61
GB-24D1(i) 694.3 705.8 11.5 147 0.02 0.47 0.06
including 699.5 699.6 0.1 2,520 0.30 0.03 0.03
including 702.4 703.3 0.9 115 0.01 2.73 0.27
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Johnston Lk MJ-03(ii) 618.8 619.0 0.2 4,100 0.48 0.01 0.00
MJ-06(iii) 598.3 598.4 0.1 865 0.10 Not Not
Analy- Analy-
zed zed
599.3 599.4 0.1 615 0.07 Not Not
Analy- Analy-
and zed zed
MJ-07(ii) 661.4 668.3 6.9 24 0.00 1.08 1.07
MJ-08(ii) 581.4 581.9 0.5 1,980 0.23 0.02 0.01
JL-21R(i) 614.0 614.9 0.9 286 0.03 0.05 0.01
JL-25R 638.5 639.1 0.6 659 0.08 0.01 0.01
including 638.6 638.7 0.1 1,090 0.13 0.01 0.01
JL-27 650.1 651.0 0.9 910 0.11 0.07 0.02
including 650.6 650.7 0.1 3,240 0.38 0.11 0.02
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(i) - Previously reported
(ii) - Historic (Pre-Pitchstone)
(iii) - Historic with 6094 ppb Au
Drill holes JL-25R and JL-27 were drilled along the east-west oriented MJ-1 conductor, and each was drilled on section with one historic hole. The MJ-1 conductor is a 3.8 kilometer segment of a 10 kilometer long conductor system at Johnston Lake. JL-25R was drilled 40 meters south of historic hole MJ-06. A 21 meter vertical offset in the unconformity between the two holes suggests the presence of a major fault. Unconformity uranium deposits in the Athabasca are often associated with faults that offset the unconformity.
Drill hole JL-27 was drilled two kilometers west of JL-25R and 30 meters north of historic hole MJ-07. MJ-07 intersected 6.9 meters of 1.08% nickel at the unconformity. The presence of significant uranium near the high grade base metal mineralization suggests that there is good potential for higher grade uranium mineralization in the area.
Initial Interest Earned
Upon completion of this drilling program, Pitchstone has surpassed the expenditure requirements to earn an initial 49% interest in the property from Denison Mines Corp (Denison). Notice has been given to Denison that Pitchstone intends to proceed with the second stage earn-in which, if completed, will give Pitchstone a 75% interest in the property. Pitchstone notes that recent results from both Gumboot and Johnston Lake provide further evidence of widespread unconformity related mineralization in the area. Geologically, these properties have many of the variables associated with large, high grade unconformity related uranium deposits.
Steve Blower, P.Geo., President and CEO 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 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. There is insufficient information to estimate the true thickness of the mineralization.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
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.
Contacts:
Pitchstone Exploration Ltd.
Claire Stewart
604 630 5563
Pitchstone Exploration Ltd.
Mark T. Brown
CFO
604 687 3520
www.pitchstone.net