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.
Drilling at Gumboot consisted of three holes totaling 2,140m where significant alteration and/or anomalous radioactivity were observed at the unconformity in all three holes.
The results from GB11-23 are particularly significant as this hole intersected 0.3m of 0.53% U3O8, 1.92% Ni, 0.80% Co and 21.8 g/t Ag approximately 3m below the sub-Athabasca unconformity.
The interval included 0.1m 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 300m 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 0.1m of 0.30% U3O8, and 0.1m of 2.78% Ni, within an 11.5m interval of 0.02% U3O8, 0.47% Ni and 0.06% Co.
Three holes were also completed on the Johnston Lake property to follow up on the results of drilling in 2010.
The company said that encouraging sandstone alteration, structure and graphitic basement rocks were intersected in all three holes.
