Pitchstone Exploration Ltd. (TSX VENTURE:PXP) 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.
- Drilling has begun at Gumboot and Johnston Lake
- Joint Venture agreement with JCU signed
- Geophysics initiated at Darby and Candle
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).
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.
Source: Pitchstone Exploration Ltd.