Pitchstone Exploration Ltd.: Exploration Activities Update
Wednesday March 28, 9:00 am ET
Athabasca Basin Drilling
Athabasca Basin EM Surveys
Namibia Due Diligence
Gabon Exploration
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP - News; "Pitchstone") is pleased to provide an update on current exploration activities in the Athabasca Basin, Saskatchewan, Namibia and Gabon.
Athabasca Basin Drilling
As previously announced, three drill holes were completed during November-December 2006 on the Darby property (see December 14, 2006 News Release). Hole DB-04 intersected two intervals of broken, friable and bleached sandstone, and graphitic, pelitic basement units; the basement is locally fractured with clay gouge and up to 8% graphite. A 1.15 m interval in DB-04 from 638.6-639.75 m, immediately below the unconformity, averaged 55 ppm uranium (partial) with elevated As, V, Cu, Ni, Pb and rare earths. The highest uranium value in this interval was 114 ppm uranium over 0.4 m. Future drilling will follow up on this and other anomalous targets.
The current drilling program at Darby-Candle is in progress (see January 3 and 15, 2007 News Releases). However, productivity to date has not been satisfactory with only 900 m drilled. Several holes were abandoned before reaching their targets.
In order to ensure that drilling objectives are met, Pitchstone has signed an agreement with Bryson Drilling Ltd. for a minimum of 10,000 m of core drilling to be completed in 2007 on its Athabasca properties. Pitchstone will provide a new drill and Bryson Drilling, an experienced Athabasca Basin diamond driller, will operate the drill and provide the crew. After the completion of 10,000 m of drilling Bryson may purchase the drill from Pitchstone. Pitchstone will also hold an exclusive option for Bryson to drill up to an additional 20,000 m on the Athabasca properties in 2008. It is anticipated that Bryson will be on site within two months.
Athabasca Basin EM Surveys
Fixed-loop electromagnetic (EM) surveys have been completed on the Fisher (22 line km) and Darby (25 line km) properties. Linecutting has also been completed on Lynx Lake in preparation for an EM survey, which is just beginning. Darby and Lynx Lake are joint ventured 50:50 with sxr Uranium One Inc. and Fisher is 100% owned by Pitchstone.
Namibia Due Diligence
Pitchstone has successfully completed its due diligence review with respect to a Letter Agreement signed with Manica Minerals Ltd. to earn an initial 51% interest in Manica's three uranium projects in Namibia (see January 24, 2007 News Release). Discussions with officials of the Namibian Ministry of Mines and Energy and a site visit to the Nakop area have been satisfactorily completed by Pitchstone. In addition to terms initially announced, Pitchstone has agreed to issue 15,000 common shares to Manica, subject to TSX Venture Exchange approval, for a right of first refusal on any new uranium licenses acquired in Namibia by Manica.
Exploration is currently underway on the Dome (Sandwich Bay) and Nakop uranium projects. Geophysical interpretations are being conducted on both areas and a prospecting, sampling and geological mapping field program has been initiated at Nakop. Pitchstone is the operator and field work is being done under contract by Remote Exploration Services Ltd. Pitchstone is considering partners to participate in Namibian exploration.
Gabon Exploration
The planned airborne magnetic-radiometric survey within the Franceville Basin, Gabon (see October 3, 2006 News Release) has been delayed due to the survey contractor not being able to obtain permits to position aircraft fuel. Motapa Diamonds, the project operator, advises that the necessary permits are now in place and, in order to avoid the wet season, the survey has been rescheduled for May.
Also in Gabon, Cameco Corporation and Pitchstone are formulating a 2007 exploration program and budget that will include radiometric prospecting, geological mapping and a variety of geochemical and geophysical orientation surveys.
This release has been reviewed by Steve Blower, M.Sc., P.Geo., Pitchstone's Vice President, Exploration - a Qualified Person as defined by National Instrument 43-101.
About Pitchstone
Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features eight projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with sxr Uranium One Inc., with the other three being 100% owned. In addition, there are five joint venture projects with Triex 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
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Ted Trueman
Pitchstone Exploration Ltd.
CEO
(604) 630-5563
Email: ted@pitchstone.net
Website: www.pitchstone.net
Dan Barnholden
Blueprint Investor Relations Consulting
CEO
(416) 625-2334
Email: dbarnholden@blueprintir.com
Source: Pitchstone Exploration Ltd. |
