Newz :: up to 2.06% U308 @ GumbootPitchstone drills four holes at Gumboot property
2009-07-28 07:23 ET - News Release
Mr. Ted Trueman reports
PITCHSTONE EXPLORATION LTD.: CONTINUED ENCOURAGING DRILL RESULTS AT GUMBOOT
Pitchstone Exploration Ltd. has released an update on the 2009 summer drilling program on its 100-per-cent owned Gumboot property. Approximately 3,000 metres in four holes have been completed during June and July. Gumboot is located in the eastern Athabasca basin, Saskatchewan, about 20 kilometres northwest of the Cigar Lake uranium deposit.
Following up recent uranium discovery
All four holes completed this summer have intersected a zone of moderate to strong alteration and faulting with anomalous radioactive intervals in proximity to the Athabasca unconformity. The strongest radioactivity was encountered in hole GB-10 where drill hole probe readings to 18,000 counts per second (cps) were recorded. This radioactivity is at a down hole depth of 675 metres in basement graphitic gneiss and is within a radioactive zone intersected over a 3.5-metre core length that averages greater than 3,200 cps, or about 20 times background. The radioactive material is associated with silver-coloured metallic minerals tentatively identified as cobalt-nickel arsenides. Samples are being submitted for analysis.
The target is a five-kilometre-long conductive zone of which only short sections have been tested to date. Drilling will continue both north and south along the trend. Hole GB-10 is 50 metres south of GB-07 that encountered uranium values to 2.06 per cent U3O8 (48,000 cps on probe) in addition to high levels of nickel (to 10.8 per cent), cobalt (to 4.60 per cent) and other pathfinder metals (see March 30, 2009, news issued in Stockwatch).
Steve Blower, PGeo, president of Pitchstone, is the qualified person for the purposes of National Instrument 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 parts per million uranium were reanalyzed with ICP. Pitchstone uses internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analysis.