Pitchstone Exploration has said that its winter exploration program of core drilling and geophysical surveying on three eastern Athabasca Basin properties has been completed.
The drilling was completed on Pitchstone’s wholly owned Gumboot property, and on the adjoining Johnston Lake property that was optioned in early 2009 from Denison Mines. Electromagnetic (EM) and gravity surveys and drilling were also completed at Marten and Wolverine. Samples collected from the drilling programs have been submitted for analysis.
Drilling at Gumboot consisted of six holes totaling 4,786mt. Significant alteration and/or weakly anomalous radioactivity were observed at the unconformity in all six holes. The program extended the alteration zone along strike to the north and south. The zone now measures 500mt long and is still open in both directions.
Mineralization intersected previously in the zone includes 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3mt, 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1mt, and 1.04% Ni, 0.15% Co and 0.01% U3O8 over 14.1mt. The alteration zone is coincident with a 5km long graphitic horizon that is largely untested.
One 710mt 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. A short interval of intense sandstone alteration immediately above the Athabasca unconformity was intersected in this year’s drill hole.
Oriented core measurements have allowed a re-interpretation of the basement geology and suggest that the primary target at this location on the Johnston Lake property is still untested. Further geophysical surveying and drilling are planned for Johnston Lake in 2010.
A total of 72km of line cutting was completed on the Marten and Wolverine properties. This was followed with 72km of ground gravity surveying on both properties and 18km of EM surveying at Marten. Six drill holes totaling 984mt were then completed at Marten. No significant radioactivity was observed in the drill holes, but anomalous alteration and faulting are present in four of the holes, according to the company.
Wolverine, 30 kilometers east of the McArthur River mine, and Marten, immediately southwest of the West Bear deposit, are under option to Japan Oil, Gas and Metals National Corporation (JOGMEC); Pitchstone is the operator. All exploration on the properties is being funded by JOGMEC, which can earn a 50% interest after spending $1.8m on exploration. Data collected during the winter program will be used to select target areas for additional geophysical surveying and drilling programs.