During the winter, drilling and other activities were completed on Pitchstone’s wholly owned Gumboot property, on the adjoining Johnston Lake property that was optioned in early 2009 from Denison Mines and on the Marten property, which was optioned to Japan Oil, Gas and Metals National Corporation (JOGMEC) in 2009.
At Gumboot property, significant alteration and/or anomalous radioactivity were observed at the unconformity in all six holes drilled during the winter. The highest uranium result from the winter drilling program was in hole GB10-13R, which intersected 0.07% U3O8 and 0.11% Ni over 0.5mt.
One 710mt drill hole was completed on the Johnston Lake property to follow up on the results of a detailed core review and re-sampling program completed in the summer of 2009. No significant radioactivity was observed although the hole did intersect intense alteration in sandstone immediately above the Athabasca unconformity.
Several geophysical surveys including ground gravity, ground TDEM and DC-Resistivity were completed at Wolverine and Marten during the winter exploration season. These have generated prospective targets on both properties.
A first phase of drilling consisting of six drill holes was also completed at Marten. While the drilling did not intersect any significant radioactivity, anomalous alteration and faulting are present in four of the holes.
In addition to the above drilling programs, 700mt of drilling are also planned on the Candle property to test a gravity anomaly along an unexplored portion of the 95H conductor. Exploration on the Candle property is a joint venture between Pitchstone (41%), Uranium One (34%), and JCU (Canada) Exploration Company (25%).
