Pitchstone EM Survey Generates Uranium Targets in Namibia
Thu Jun 11, 7:00 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE: PXP.V) ("Pitchstone") reports the completion of a ground electromagnetic (EM) geophysical survey on the Dome property in Namibia. The project is a uranium exploration joint venture between Pitchstone (55%) and private company Manica Minerals Ltd. (45%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. The property is located 65 kilometers south-southwest of the Rossing uranium mine and 60 kilometers southwest of the Langer Heinrich uranium mine.
The EM survey consisted of 128 line kilometers within an 8,000 hectare area at Dome North that includes a zone of calcrete-hosted uranium mineralization discovered during an exploration program completed in March of this year (see April 21, 2009 news release). Five of six grab samples from the zone are mineralized and contain 196 to 1,620 ppm uranium (0.02-0.19% U3O8). Mineralization consists of a yellow uranium-vanadium oxide that occurs within sparsely exposed conglomerate over a 2.5 kilometer long portion of a dry drainage channel.
The EM survey was successful in identifying several elongate conductivity anomalies that may be related to buried paleochannels. Some of these anomalies are adjacent to or near the mineralized area, and several are coincident with radon anomalies identified during a survey completed in 2008. A map showing the interpreted EM results can be viewed on Pitchstone's website ( www.pitchstone.net).
Planning is under way for a reverse circulation drilling program to test the uranium mineralization and targets generated by the EM and radon surveys. Field work is being conducted by Cape Town based Remote Exploration Services on behalf of the joint venture.
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 analyses were done by ALS Chemex, Johannesburg. A multi-element ICP-MS analysis was completed on the samples after a four acid, near-total digestion. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses.
About Pitchstone
Pitchstone is well funded and exploring for uranium in several proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there are four 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
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
Claire Stewart
Pitchstone Exploration Ltd.
604 630 5563
Mark T. Brown
Pitchstone Exploration Ltd.
CFO
604 687 3520
www.pitchstone.net |
