Pitchstone Exploration Ltd.TSX VENTURE:
PXP
Jan 18, 2011 07:00 ET
Pitchstone Begins Athabasca Uranium Programs
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -
- Drilling has begun at Gumboot and Johnston Lake
- Joint Venture agreement with JCU signed
- Geophysics initiated at Darby and Candle
Pitchstone Exploration Ltd. ("Pitchstone") announcesthat drilling and ground geophysical surveying have begun on itseastern Athabasca Basin properties. A total of 4,400 meters of coredrilling is planned at Gumboot and Johnston Lake during theJanuary-March 2011 winter drilling season. Geophysical surveying isunderway on the Darby and Candle properties.
Gumboot
Bryson Drilling has mobilized to the Gumboot property, 20 kilometersnorthwest of the Cigar Lake mine. A total of three drill holes will becompleted along the five kilometer long Gumboot electromagneticconductor. The conductive graphitic unit is the host to significanturanium, nickel and cobalt mineralization discovered by Pitchstone in2009 (see September 9, 2009 News Release). Property maps are availableat www.pitchstone.net.
Johnston Lake
Three additional drill holes are also planned for the Johnston Lakeproperty to follow up on the results of preliminary work completedduring 2009 and 2010. This work highlighted a 2.4 kilometer long sectionof the MJ-1 conductor as being particularly prospective. Each of thethree drill holes will test for extensions of previously intersectedmineralization along the conductive graphitic unit.
Darby and Candle
A program of moving loop electromagnetic geophysical surveying isunderway at Darby and Candle, eight kilometers west of the Camecooperated Cigar Lake mine. Discovery International Geophysics isemploying new SQUID receiver technology to more accurately define thelocation of numerous conductors, including some that are along trend ofCigar Lake mineralization. This information will be integrated withother datasets to refine drill targets.
JCU Joint Venture
A formal joint venture agreement covering the Candle property hasbeen signed between Pitchstone and JCU (Canada) Exploration Company,Limited (JCU). JCU is owned by three major Japanese corporations and hasinterests in numerous advanced uranium projects in Canada.
Steve Blower, P.Geo., President of Pitchstone, is the QualifiedPerson for the purposes of NI 43-101 with respect to the technicalinformation in this news release. Gumboot is 100% owned by Pitchstone.Johnston Lake was optioned from Denison Mines in 2009. Exploration atDarby and Candle is a joint venture between Pitchstone and Uranium OneLtd. Candle is also subject to a joint venture agreement betweenPitchstone and JCU.