re: PXP.V - Pitchstone Exploration - C$1.10 - News !
Pitchstone Exploration Ltd.: Athabasca Exploration Continues
NEWS RELEASE TRANSMITTED BY CCNMATTHEWS
www.pitchstone.net
Pitchstone Exploration Ltd.
January 16, 2006 - 06:30:11 ET
Pitchstone Exploration Ltd.: Athabasca Exploration Continues
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2006) -
Pitchstone Exploration Ltd. ("Pitchstone") (TSX VENTURE:PXP) reports that their aggressive uranium exploration program in the eastern Athabasca Basin, Saskatchewan continues and a new project has been acquired.
Pitchstone Initiates Exploration at Fireweed and Gumboot
Exploration is underway on Pitchstone's 100% owned Fireweed and Gumboot projects 25 km southwest of the Waterfound Project where a 2,714 m drilling program was recently completed (see attached map). Quantec Geoscience is currently mobilizing to Fireweed and Gumboot in order to initiate a program of
moving loop electromagnetic surveying designed to aid in defining conductors known to exist on these properties. Linecutting to facilitate the surveys was completed on Gumboot in December and is in progress on Fireweed. A contract has also been signed with Goldak Airborne Surveys for a Tri-Maxial magnetic gradiometer survey of the Fireweed and Gumboot projects scheduled for February.
Pitchstone Acquires New Mineral Claims
Pitchstone continues to add to its land holdings in the eastern Athabasca Basin, a region known for major uranium deposits. Two 100% owned claims referred to as the Fisher Project (see attached map) were staked to cover a 3,349 ha portion of an east-trending magnetic low. The magnetic low, indicated on government maps, may represent a basement meta-sedimentary sequence.
Pitchstone has also acquired, a 3,323 ha claim adjoining the west side of the Darby Project. With this claim the contiguous Darby and Candle projects now comprise 16,721 ha and host 55 km of EM conductors. A few of these conductive zones have been sporadically drilled and demonstrated to reflect graphitic,
pyritic, pelitic meta-sediments with significant structural offsets at the sub-Athabasca unconformity. These geological features often provide the setting for major Athabasca uranium deposits. Darby-Candle is situated between McArthur River and Cigar Lake, the two highest grade, large uranium deposits
ever discovered. sxr Uranium One Inc. is earning a 50% interest in Darby, Candle and three other Pitchstone projects. The winter road to Darby-Candle is currently being opened and the diamond drilling equipment will be mobilized as
soon as conditions allow.
An updated map illustrating Pitchstone's land holdings in Saskatchewan is attached.
Pitchstone is a uranium exploration company with eight exploration projects in the eastern Athabasca Basin and three in the Hornby Bay Basin, Nunavut and NWT. These projects include a 50% interest in a NI 43-101 compliant inferred
uranium resource in the Mountain Lake deposit, Nunavut (see Oct. 14, 2005 News Release).
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO and Director
To view the map accompanying this press release please click on the following link: ccnmatthews.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Pitchstone Exploration Ltd. Ted Trueman (604) 687-3520 ted@pitchstone.net
Pitchstone Exploration Ltd. Mark T. Brown CFO (604) 687-3520
mtbrown@pacificopportunity.com www.pitchstone.net
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