gsfl
12 years ago
Pitchstone’s Uranium Exploration Plans for 2012
January 31, 2012
? Namibia Licence Renewals Completed
? Analyses Received for Namibia Drilling
? Dome Airborne Geophysical Survey Contract Signed
? Athabasca Exploration Underway
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone” or the “Company”) reports the renewal of licences in Namibia, and the receipt of analyses for the recently completed reverse circulation drilling program on the Dome property in Namibia. Exploration on the Dome property is carried out as a Joint Venture with Rio Tinto Mining and Exploration Ltd. (Rio Tinto) and Manica Minerals Ltd. A summary of 2011 exploration activities and plans for 2012 is also provided.
Summary of 2011 Activities
Despite a challenging market environment for uranium exploration companies, a total of six drilling campaigns were completed during the year; two on the Dome property in Namibia and four in the Athabasca Basin on the Wolverine, Johnston Lake and Gumboot properties.
Namibia
Drilling in Namibia in February extended the Marble Ridge zone of calcrete hosted mineralization to 1,900 meters long and 200 meters wide. The average thickness of the mineralization is 1-3 meters and the average grade in drill hole samples is 100-300 ppm U3O8.
Analytical results from the November drilling have been received. Anomalous uranium values up to 70 ppm U3O8 were obtained from samples from three drill holes and are consistent with weakly elevated radioactivity observed during down-hole gamma probe logging. The results from these widely spaced reconnaissance drill holes demonstrate the potential for other zones of calcrete hosted uranium mineralization on the property, and further drilling is required.
In September, Pitchstone announced the signing of an Investment and Earn-in agreement with Rio Tinto that allows Rio Tinto to earn an initial 49% interest in “Alaskite” hosted uranium deposits on Dome through funding of $5 million of exploration.
Athabasca Basin
Pitchstone completed two drilling campaigns at Gumboot (100% owned) and one at Johnston Lake (51% owned by Denison Mines Corp), all of which significantly advanced the projects. Drilling at Gumboot was particularly successful with an intersection of 1.47% U3O8 and 2.45% Ni over 0.1 meter in a step out hole. The 2011 drilling extended the strike length of the zone of alteration and sporadic mineralizationatGumbootto1,200meters. Moredrillingisrequiredatthezone,whichisopenalong strike in both directions.
On the Wolverine property, a summer drilling campaign funded by Japan Oil, Gas and Metals National Corporation (“JOGMEC”) was completed but did not locate significant mineralization or alteration. Upon the completion of the Wolverine drilling, JOGMEC has fulfilled the expenditure requirements to earn a 50% interest in the Marten and Wolverine projects.
TSX-V: PXP 12.118
Five additional claims totalling 10,400 hectares were staked in the eastern Athabasca Basin in 2011. Two of these, Packrat (1,620 hectares) and Black Bear (2,000 hectares) are 100% owned by Pitchstone. Two claims (4,740 hectares) were added to the Johnston Lake property and one was added to the Marten property (2,040 hectares). The priority Gumboot-Johnston Lake property now totals 24,600 hectares.
Plans for 2012
Work planned for 2012 includes airborne and ground geophysical surveys, soil geochemical surveying, and drilling on Athabasca Basin and Namibia properties.
Namibia
In Namibia, exploration will continue to focus on the Dome property. Rio Tinto will be funding airborne geophysical surveys, follow up geological mapping and a planned drilling program targetting alaskite hosted uranium. A contract has been signed with a geophysical contractor for the airborne survey, which should be completed in the first quarter. In addition to Rio Tinto’s work programs, Pitchstone is planning exploration on calcrete hosted uranium targets.
Two year renewals for all four Exclusive Prospecting Licences in Namibia have been received from the Ministry of Mines and Energy.
Athabasca Basin
IntheAthabascaBasin,workisplannedonseveralproperties. Thefirstpriorityistofollowuponthe Gumboot drilling results from 2011. A drilling program will follow geophysical re-modeling exercises currently underway. In addition to the work at Gumboot, several other properties will see exploration activity, including Packrat and Black Bear, which were staked in 2011. A 50 line-kilometer DC- resistivity survey is planned for Packrat this winter.
Steven J. Blower, P.Geo., President and CEO 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 for Athabasca Basin samples were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and then all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Sample preparation and analyses for Namibia samples were done by Bureau Veritas in Swakopmund,Namibia. Amulti-elementICP-MS/AESanalysiswascompletedonthesamplesafter a mixed 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. There is insufficient information to estimate the true thickness of the intersections.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 13 projects in the eastern Athabasca Basin, Saskatchewan, five of which are 100% owned. In addition, there are two joint venture projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board, Steven J. Blower, President and CEO
gsfl
13 years ago
Pitchstone Reports Uranium Results at Gumboot
- Drilling completed at Gumboot & Johnston Lake Properties
- Elevated Radioactivity Intersected at both Gumboot & Johnston Lake
- 0.53% U3O8 over 0.3 meter at Gumboot
Mar. 21, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that its winter exploration program of core drilling on two eastern Athabasca Basin properties has been completed as planned. Drilling was completed on Pitchstone's 100% owned Gumboot property, and on the adjoining Johnston Lake property that was optioned in early 2009 from Denison Mines Corp.
Gumboot
Drilling at Gumboot consisted of three holes totalling 2,140 meters. Significant alteration and/or anomalous radioactivity were observed at the unconformity in all three holes. Analytical results have been received for the first two holes. The results from GB11-23 are particularly significant as this hole intersected 0.3 meters of 0.53% U3O8, 1.92% Ni, 0.80% Co and 21.8 g/t Ag approximately 3 meters below the sub-Athabasca unconformity. The interval included 0.1 meters of 1.47% U3O8, 2.45% Ni, 1.61% Co and 49 g/t Ag. GB11-23 was drilled at the northern end of the Gumboot mineralized zone, which is open to the north.
Analytical results are also available from the second drill hole, GB11-24D1, which was drilled in the center of the mineralized area, about 300 meters southeast of GB11-23. GB11-24D1 intersected a long interval of sporadic uranium and base metal mineralization, most of which was associated with intense alteration in the basement, immediately beneath the sub-Athabasca unconformity. Results include 0.1 meter of 0.30% U3O8, and 0.1 meter of 2.78% Ni, within an 11.5 meter interval of 0.02% U3O8, 0.47% Ni and 0.06% Co.
Mineralization at Gumboot is coincident with a five kilometer long graphitic horizon that is still largely untested outside of the mineralized area (see maps at www.pitchstone.net). Additional drilling at Gumboot is planned.
Johnston Lake
Three holes were also completed on the Johnston Lake property to follow up on the results of drilling in 2010. Encouraging sandstone alteration, structure and graphitic basement rocks were intersected in all three holes. Intervals of elevated radioactivity were observed in two of the holes. Further details will be made available upon receipt of the analytical results.
Steve Blower, P.Geo., President and CEO 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 SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and then all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. There is insufficient information to estimate the true thickness of the intersections.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
Pitchstone Exploration Ltd.
604 630 5563
gsfl
13 years ago
Pitchstone Completes Namibia Uranium Drilling Program
- Marble Ridge zone expanded
- Elevated Radioactivity in 11 Drill Holes
Feb. 28, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that a program of reverse circulation drilling has been completed at the Marble Ridge zone of calcrete-hosted uranium mineralization on the Dome property in Namibia. The property location relative to the nearby Rössing and Langer Heinrich uranium mines, and other uranium occurrences in the Erongo region, is illustrated on Pitchstone's website (www.pitchstone.net).
A total of 28 drill holes have been completed in the current program to follow up on results from drilling in 2010 that intersected a horizontal, near surface layer of uranium and vanadium mineralization in calcrete (see October 13, 2010 news release). The layer is generally 1 to 2 meters thick and was defined over an area measuring approximately 400 x 200 meters by the 2010 drilling.
Down hole total gamma probe results indicate that 11 of the 28 recently completed drill holes have intersected elevated radioactivity within calcrete at depths between 4 and 15 meters below surface. The radioactive calcrete is within an interpreted paleo-channel that is currently indicated to be 1,900 meters long and 200 meters wide. All drill holes completed to date within the paleo-channel exhibit elevated radioactivity and the feature is still open in several directions. The probe results suggest that the thickness and grade of the radioactive intervals are similar to those reported from previous campaigns. Samples of all intervals of elevated radioactivity have been collected and submitted to a laboratory for geochemical analysis and results are pending.
Steve Blower, P.Geo., President and CEO 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 completed by Bureau Veritas in Swakopmund, Namibia. A multi-element ICP-MS/AES analysis was completed on the samples after a mixed 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. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. Pitchstone's exploration programs in Namibia are carried out by Cape Town based Remote Exploration Services on behalf of the joint venture.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
Pitchstone Exploration Ltd.
604 630 5563
Pitchstone Exploration Ltd.
CFO
604 687 3520
www.pitchstone.net
gsfl
13 years ago
Pitchstone Drills Calcrete Uranium in Namibia
- 28 Holes Planned at the Marble Ridge Zone
- Following Up on Mineralization Drilled in 2010
VANCOUVER, BRITISH COLUMBIA, Feb. 8, 2011 (Marketwire) --
Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that a program of reverse circulation drilling has begun on a zone of calcrete-hosted uranium mineralization on the Dome property in Namibia. The property location relative to the nearby Rossing and Langer Heinrich uranium mines, and other uranium occurrences in the Erongo region, is illustrated on Pitchstone's website (www.pitchstone.net).
The Marble Ridge zone was discovered during a program of geological mapping and radiometric prospecting. Uranium and vanadium mineralization are exposed in a drainage channel that has eroded through a thin layer of barren cover that overlies mineralized calcrete. Reverse circulation drilling in 2010 intersected significant uranium in six of ten holes (see October 13, 2010 news release) and demonstrated that the zone is a horizontal layer of mineralization within 15 meters of surface. The layer is continuous over an area measuring at least 400 x 200 meters and is open in several directions. Results included 365 ppm U3O8 and 205 ppm V2O5 over a true thickness of one meter in drill hole DN10-56, including 699 ppm U3O8 and 321 ppm V2O5 over 0.5 meter. Additional information including a drill hole location map and cross section are available on Pitchstone's website (www.pitchstone.net). A total of 700 m of drilling is planned in 28 drill holes in this campaign.
The uranium grades at Marble Ridge are comparable to those at the calcrete-hosted Langer Heinrich uranium mine, 64 kilometers to the northeast, and the Trekkopje development project, 98 kilometers to the north. Langer Heinrich reports a Measured and Indicated Mineral Resource grade of 550 ppm U3O8 above a cutoff of 250 ppm U3O8. The Measured and Indicated Mineral Resource grade at Trekkopje is reported to be 149 ppm U3O8 above a cutoff grade of 100 ppm U3O8.
Steve Blower, P.Geo., President and CEO 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 completed by Bureau Veritas in Swakopmund, Namibia. A multi-element ICP-MS/AES analysis was completed on the samples after a mixed 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. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
gsfl
13 years ago
Pitchstone Begins Athabasca Uranium Programs
VANCOUVER, BRITISH COLUMBIA, Jan. 18, 2011 (Marketwire) --
-- Drilling has begun at Gumboot and Johnston Lake
-- Joint Venture agreement with JCU signed
-- Geophysics initiated at Darby and Candle
Pitchstone Exploration Ltd. ("Pitchstone") announces that drilling and ground geophysical surveying have begun on its eastern Athabasca Basin properties. A total of 4,400 meters of core drilling is planned at Gumboot and Johnston Lake during the January-March 2011 winter drilling season. Geophysical surveying is underway on the Darby and Candle properties.
Gumboot
Bryson Drilling has mobilized to the Gumboot property, 20 kilometers northwest of the Cigar Lake mine. A total of three drill holes will be completed along the five kilometer long Gumboot electromagnetic conductor. The conductive graphitic unit is the host to significant uranium, nickel and cobalt mineralization discovered by Pitchstone in 2009 (see September 9, 2009 News Release). Property maps are available at www.pitchstone.net.
Johnston Lake
Three additional drill holes are also planned for the Johnston Lake property to follow up on the results of preliminary work completed during 2009 and 2010. This work highlighted a 2.4 kilometer long section of the MJ-1 conductor as being particularly prospective. Each of the three drill holes will test for extensions of previously intersected mineralization along the conductive graphitic unit.
Darby and Candle
A program of moving loop electromagnetic geophysical surveying is underway at Darby and Candle, eight kilometers west of the Cameco operated Cigar Lake mine. Discovery International Geophysics is employing new SQUID receiver technology to more accurately define the location of numerous conductors, including some that are along trend of Cigar Lake mineralization. This information will be integrated with other datasets to refine drill targets.
JCU Joint Venture
A formal joint venture agreement covering the Candle property has been signed between Pitchstone and JCU (Canada) Exploration Company, Limited (JCU). JCU is owned by three major Japanese corporations and has interests in numerous advanced uranium projects in Canada.
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. Gumboot is 100% owned by Pitchstone. Johnston Lake was optioned from Denison Mines in 2009. Exploration at Darby and Candle is a joint venture between Pitchstone and Uranium One Ltd. Candle is also subject to a joint venture agreement between Pitchstone and JCU.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
Pitchstone Exploration Ltd.
604 630 5563
gsfl
13 years ago
Pitchstone Finalizes Uranium Drilling Plans
VANCOUVER, BRITISH COLUMBIA, Dec. 16, 2010 (Marketwire) --
-- Contracts Finalized for 1st Quarter 2011 Drilling -- 28 Drill Holes at Calcrete Targets in Namibia -- 4,500 meters of Drilling at Athabasca Basin Targets
Pitchstone Exploration Ltd. ("Pitchstone" or the "Company") has finalized plans for the next phase of exploration in Namibia and the Athabasca Basin, Saskatchewan. Drilling programs will begin early in 2011 at the Dome property in Namibia, and at the Gumboot and Johnston Lake properties in the Athabasca Basin, Saskatchewan. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. Gumboot is 100% owned and Johnston Lake has been optioned from Denison Mines Corp.
Namibia Drilling
Pitchstone has finalized a contract with RC Drilling Services Namibia (Pty) Ltd. for the completion of 28 reverse circulation drill holes at the Dome property. This drilling campaign will start in early February and will focus on extending calcrete hosted uranium and vanadium mineralization at the Marble Ridge zone which is open in several directions. Results from the 2010 drilling at the Marble Ridge zone include 365 ppm U3O8 and 205 ppm V2O5 over 1.0 meter, at a depth of 7 meters. Maps of the property are available at www.pitchstone.net.
Athabasca Basin Drilling
Pitchstone has started preparation of the winter access road to the Gumboot and Johnston Lake properties, 20 kilometers northwest of Cameco's Cigar Lake uranium deposit. Bryson Drilling of Archerwill, Saskatchewan has been contracted for the work and the camp is in place. Pitchstone will complete approximately 4,500 meters of core drilling to test three targets on each of these properties during the period January to March, 2011. Drilling will target uranium at the altered and mineralized portions of the 5 kilometer long conductor system at Gumboot and the 10 kilometer long conductor system at Johnston Lake. Previous drilling on the Gumboot property has returned 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3 meter and 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter (see Sept. 9, 2009 news release). Previous drilling on the Johnston Lake property has returned 0.48% U3O8 over 0.25 meter (see July 14, 2010 news release).
Steven J. Blower, P.Geo., President and CEO 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 on Pitchstone's Athabasca Basin samples were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and then all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Sample preparation and analyses on Pitchstone's Namibia samples were done by Bureau Veritas Mineral Laboratories, Swakopmund, Namibia. A mixed acid digestion was followed by ICP-OES and ICP-MS analysis. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. The lengths of intersections of calcrete mineralization in Namibia are approximately equal to the true width. Insufficient information is available to estimate the true width of mineralized intersections in the Athabasca Basin.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
Pitchstone Exploration Ltd. 604 630 5563 Pitchstone Exploration Ltd. CFO 604 687 3520 www.pitchstone.net
Hopeful Diogenes
17 years ago
First day of trading on the TSX in 2007 and V.PXP up 5.5 %. Seems like a good place to start messages! Good day for the junior uraniums, V.CXX up 9.639 % on the day,V.JNN up 6.5%,URE up 5.699% and V.TXM rose 2.9%. Outstanding day and the former IUC, now Denison Mines,closed at 12.20 CAD up 3.39%. IMHO this sector is the place to be for quite some time and I just mentioned the ones I have small positions in. Check it out, do some serious DD research. Uranium is HOT! GLTA
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sumisu
17 years ago
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