RE: News Out!NOVEMBER 23, 2005 - 12:18 ET
Pitchstone Exploration Ltd.: Positive Waterfound Project Results
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2005) -
NOT FOR DISTRIBUTION IN THE UNITED STATES.
Drilling Program Expanded
Pitchstone Exploration Ltd. ("Pitchstone"), (TSX VENTURE:PXP) operator of the Waterfound Project, reports encouraging initial results from the first three drill holes. Rock types, alteration and radioactivity encountered have significantly upgraded the project. Drill holes were located to provide a preliminary test of a six kilometer long geophysical anomaly. The project, in which Southern Cross Resources Inc. ("SXR") has the option to earn a 50% interest, is situated in the eastern Athabasca Basin, Saskatchewan. Drilling at Waterfound is the first phase of an 8,600 meter program that will also test targets at the Darby and Candle Projects.
Excellent Basement Rocks
All three holes completed to date have encountered a thick sequence of graphite-pyrite-garnet-cordierite pelitic rocks immediately below Athabasca Group sandstone. Graphite and pyrite are pervasive in the drill core and each locally exceeds 10% over core intervals of one meter. This lithological sequence is very similar to that related to the major uranium deposits in the region, such as Cigar Lake and McArthur River.
Alteration & Radioactivity Encountered
Also encouraging are the fracturing, alteration and radioactivity encountered in two of the holes. Hole WF02 intersected anomalous radioactivity over a 2.5 meter core interval that straddles the unconformity. Also, an interval where core was not recovered in the lower Athabasca sandstone in hole WF03 was indicated to be weakly radioactive using down-hole gamma logging. Variable alteration in the lower Athabasca sandstone in these two holes, up to 50 meters above the unconformity, is accompanied by increased fracturing and broken core; the alteration halo includes chloritization, silicification, bleaching, hematitization and moderate clay alteration. Two to three meters of the paleo-weathered profile in basement rocks immediately below the unconformity have been overprinted with bleaching and hematitization interpreted to be a result of hydrothermal fluid action.
Expanded Drilling Program
Based on these positive initial results, and with the strong support of SXR, the originally planned 2,000 meters of drilling at Waterfound has been expanded to approximately 2,800 meters in 5 holes.
Initial results appear to have all the characteristics of the major eastern Athabasca uranium deposits. Typically, the Athabasca deposits occur at the contact of the Athabasca sandstone and the basement rocks - the unconformity. Fractures and alteration provide open spaces for mineralization. A large halo of alteration commonly surrounds the deposits. Graphite and pyrite in the basement rocks aid in the deposition of uranium.
Nick Andrade, P.Eng., P.Geo., is the Qualified Person for the purposes of N.I. 43-101 with respect to the technical information in this news release. Mr. Andrade was formerly Chief Geologist at the Cigar Lake mine.
Pitchstone is a uranium exploration company with seven exploration projects in the Athabasca Basin, Saskatchewan. These include the Darby and Candle Projects, a major land position in proximity to the two highest grade, large uranium deposits in the world. Also, in the Hornby Bay Basin, Nunavut and NWT, Pitchstone has three projects including an interest in a significant N.I. 43-101 compliant uranium resource (see Oct. 14, 2005 News Release).
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.