Pacific North West Capital Corp. - Drilling Phase IB begins, River Valley PGM Project, Sudbury, Ont. Holes DN005 & 6 continues to expand known mineralization, 2.15 gpt (0.07opt), 3E* over 24m (78.72 feet) in DN006-2011
VANCOUVER, June 15, 2011 /CNW/ --
-- River Valley is one of North America's newest and largest
standalone Platinum Group Metals (PGM) Projects.
-- The Company's objective for the project is to define and
develop a bulk mineable PGM deposit.
-- Results of drill hole DN005 and DN006:
-- 2.15 gt,( 0.07 opt), 3E over 24 metres ( 78.72 ft) in hole
DN006-2011
o including 3.41 gt, (0.1 opt), 3E over 6 m (19.7ft)
o including 1.95 gt (0.06 opt), 3E over 3m (9.8ft)
o including 2.22 gt (0.06 opt), 3E over 10m (32.8 ft)
-- 1.6 gt,( 0.05opt), 3E* over 6 metres (19.7 ft) in hole
DN005-2011
o including 2.31 gt, (0.07 opt ), 3E over 2m (6.6ft)
o And 1.55 gt,( 0.04 opt), 3E over 8 m (26.2ft)
-- Results to date demonstrate predictable grade to depth with
significant high grade components over broad intersections.
-- Phase IB is Part of a $5 million 15,500 metre exploration and
drill program
o A Second Phase 3D IP program has been initiated as part of a four
Phase geophysical program. The objective of utilizing this new
technology is to expand the existing resources and to define
additional drill targets along the 9kms of known mineralization.
*3E=Pt Pd Au
VANCOUVER, June 15, 2011 /CNW/ - Pacific North West Capital Corp. ('PFN') (TSX: PFN) (OTCQX: PAWEF) (FSE:
P7J) is pleased to report mineralization intersections from two holes of the
15 holes completed to date from the 2011 Phase IA drill program in the
Dana North area of the Company's 100% owned River Valley Platinum Group
Metals (PGM) Project near Sudbury, Ontario.
Results from holes DN005-2011 and DN006 are reported below. DN005-2011
and DN006-2011 were, collared at section 10450, and continue to expand
the known mineralization and confirm the presence of higher-grade
sulphide-associated PGM (Pt Pd Au) values that occur within a broad
lower-grade mineralization envelope.
Map link: http://www.pfncapital.com/s/NewsReleases.asp?ReportID=462418
Hole DN006-2011 (-54°) was collared at the same setup as DN005-2011
(-45°), and drilled to the east to test the upper portion of the
mineralized zone (figure 2).
Drill Holes DN007 and DN008 were completed to test the shallower
sections of the Breccia Zone on the same section. Extensive visual Sulphide mineralization was also intersected in DN007
and DN008 which confirms the preliminary 3D-IP geophysical survey
interpretations.
Assay results of holes DN007-2011 and DN008-2011 will be announced
shortly after final QA/QC.
Holes DN005-2011 and DN006-2011 of this fence showed good mineralization
assaying 1.60 gpt 3E over 6 metres (0.05 opt over 19.7 feet) and 2.15
gpt 3E over 24 metres (0.07 opt over 78.7 feet) respectively. Table 1
Illustrates significant assay intervals in holes DN005-2011 and
DN006-2011
Table 1- Significant Drill Intervals of the first four holes (Composite
Results)
_____________________________________________________________________________________________________________
| | | |Length of|Length of| True | | | | | | | | | | |
| |From|To | the | the |Thickness| Pt | Pt | Pd | Pd | Au | 3E | 3E | Ni | Cu | |
| Hole No. | | |Intersect|Intersect| | | | | | | | | | | Rh |
| |(m) |(m)| | | (m) |(gpt)|(opt)|(gpt)|(opt)|(gpt)|(gpt)|(opt)|(%) |(%) | |
| | | | (m) | (feet) | | | | | | | | | | | |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____|_______|
|DN005-2011|201 |209| 8 | 26.2 | 5.7 |0.44 |0.01 |1.04 |0.03 |0.07 |1.55 |0.05 |0.02|0.12| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
| And |250 |256| 6 | 19.7 | 4.2 |0.41 |0.01 |1.11 |0.04 |0.07 | 1.6 |0.05 |0.03|0.14| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including |253 |255| 2 | 6.6 | 1.4 | 0.6 |0.02 |1.62 |0.05 |0.09 |2.31 |0.07 |0.04|0.18|Results|
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|DN006-2011|131 |155| 24 | 78.7 | 19.4 |0.58 |0.02 |1.44 |0.046|0.13 |2.15 |0.07 |0.02|0.14|Pending|
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including |131 |137| 6 | 19.7 | 4.8 |0.92 |0.03 | 2.3 |0.07 |0.19 |3.41 |0.11 |0.02|0.13| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including |145 |155| 10 | 32.8 | 8 | 0.6 |0.019| 1.5 |0.05 |0.12 |2.22 |0.07 |0.03|0.17| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____|_______|
The target at Section 10450 was tested with one fence of four holes.
Assay results for the first four holes were received and were announced
on May 17th, 2011 and May 31st, 2011.
A total of 15 holes, 3724m, were completed in the Dana Lake area and all
samples have been received by SGS Laboratories. Assays results from 11
remaining holes from Phase IA will be released as soon as QA/QC is
completed. Rhodium values will be reported at a later date.
The geophysics, geological mapping and prospecting programs will
extended further south along the intrusive contact. In addition to the primary bulk tonnage open pit targets, the higher
grade values intersected in several drill holes at Dana Lake area
indicate the potential for the development of mineral resources
exploitable by underground methods.
An independent resource calculation will be made following completion of
the 2011-Phase I exploration program.
Project Milestones:
-- Conclude a series of exploration programs including ground
geophysics to Generate new drill targets.
-- Complete multiple drill campaigns to test new targets and
update the NI 43-101 compliant resource estimate; within 12
months.( Spring 2012)
-- Preliminary Economic Assessment (PEA): Within 18 months
-- Commence Pre -Feasibility within 36 months.
Quality Assurance and Quality Control (QA/QC)
All diamond drill core samples were submitted to SGS Laboratories,
Toronto, Ontario and assayed for Pt, Pd, Au, Cu and Ni and a 33 element
ICP suite. Concentrations of Pt-Pd-Au were determined using standard
lead fire assay, followed by dissolution with acqua-regia, and
measurement with an ICP (inductively coupled plasma) finish. Lower
limited of detection (30 gram sample) are 1 ppb for Au and Pd and 10
ppb for Pt; upper limits are 10,000 ppb by ICP. Concentrations of Cu-Ni
were determined by ICP methods with detection limit of 0.5 ppm for Cu
and 1 ppm for Ni; upper limit for both Cu and Ni is 1 %. One standard
and one Blank were inserted every 40 samples into the sample stream.
Duplicates were taken each 20th. This practice continues throughout
2011 Phase I (A) and Phase II drilling and includes the preparation and
insertion of new and necessary standards at the cut-off grade and at
the mean grade of the deposits. All sample preparation has been
conducted and directed on site by contract geologists and samplers
hired by PFN.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by John Londry M.Sc, P.Geo, a director of the Company and a qualified
person under the provisions of National Instrument 43-101.
About the River Valley PGM Project
The River Valley PGM project is located in the Dana and Pardo townships
of Northern Ontario, approximately 60 km east of Sudbury, Ontario
(figure-4). The project is road accessible in Canada's premier
Ni-Cu-PGM mining and smelting district which boasts excellent mining
infrastructure and community support for mining activities.
The River Valley project mineral claims were optioned by PFN in 1998
following the discovery of highly anomalous PGM values in grab samples.
The property was subsequently optioned by PFN to Anglo Platinum in
1999. Initial exploration was guided by geochemical and induced
polarization surveys with subsequent drilling proving up significant
mineralization at Dana Lake and Lismer's Ridge.
Anglo Platinum continued to fund exploration under the terms of the
option and joint venture agreement and invested over $22 million in the
exploration of the property for a 50% stake in the joint venture.
Addition discoveries were made over a 9 km strike length but due to
lower commodity prices and the financial crises in 2008 and 2009 the
project's true potential has not yet been unlocked.
Third mineral resource estimate in accordance with the guidelines set
out by NI43-101 was published in 2006 and the results are as follows:
At a 1 g/t cut off
-- Measured Resource: 7.99 million tonnes containing 342,000
ounces of palladium (1.33 g/t), 112,400 ounces of platinum
(0.44 g/t) and 19,600 ounces of gold (0.08 g/t)
-- Indicated Resources: 11.309 million tonnes containing 391,100
ounces of palladium (1.08 g/t), 132,600 ounces of platinum
(0.36g/t) and 24,000 ounces of gold (0.07 g/t) with an
additional inferred resource of 0.88 million tones containing
38,400 ounces of palladium (1.36g/t), 13,100 ounces of platinum
(0.46g/t) and 2,100 ounces of gold (0.07 g/t) using a 1 g/t cut
off (pt/pd)
About Pacific North West Capital Corp
Pacific North West Capital Corp. is a mineral exploration company whose
corporate philosophy is to be a project generator, explorer and project
operator with the objective of option / joint venturing its projects
through to production. In January 2011, Pacific North West Capital
successfully negotiated the 100% acquisition of the River Valley PGM
Project from Anglo Platinum Limited, making Anglo Platinum the largest shareholder of PFN holding
approximately 12% of the Company (as of January, 2011). In special situations, like our 100% owned River
Valley PGM Project, the Company is prepared to fund the project through
to feasibility and on to production. The River Valley PGM project is one of North America's newest and
largest primary platinum group metals (PGM) deposits. The project has
an excellent infrastructure and is located 60 mile from Sudbury,
Ontario.
On January 24, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km near
Val-d'Or, Québec (see news release dated January 24, 2011). The Destiny
Project is under option from Alto Ventures Ltd. ('Alto'). Under the
terms of the option agreement, PFN can earn a 60% interest in the
property over a four-year period by completing $3.5 million in
exploration expenditures, paying $200,000 and providing a total of
250,000 PFN shares to Alto. The Company also has PGM, gold and base
metal projects in BC, Québec, Ontario, Saskatchewan and Alaska and continues to aggressively acquire new acquisition of additional platinum
group metals, precious metals and base metals projects on an
international scale.
On April 20, 2011, PFN announced that it has commenced the Phase I of
the $5 million, 15,500 metre drill program for its 100% owned River
Valley PGM Project and results are expected in May 2011. Work to date at River Valley suggests that the best potential for
economic accumulations of PGM-Cu-Ni sulphide mineralization is within
the Breccia Zone. This Zone includes the main mineralized breccia or
Main Zone. The Main Zone occurs within about 20 metres of the intrusive
contact with Archean gneisses. This contact zone extends for over 9 km of prospective strike length,
holds the current defined resource and is the main target of the
Company's renewed exploration efforts.
Pacific North West Capital is currently exploring and developing
projects in Alaska, British Columbia, Saskatchewan, Ontario and Quebec.
In addition, PFN is a significant shareholder of Fire River Gold Corp (FAU:TSX.V) which company is developing the Nixon Fork Gold Mine in Alaska, which is slated for production in summer of 2011. (click here to view Fire River Gold's 2011 President's Message)
Pacific North West Capital Corp. is well funded with an experienced
management team and the ability to take advantage of its growing asset
base in Platinum Group Metals, gold and base metals. To that end, the Company is in the process of adding key technical and
financial people to our management, advisory team and our board of
directors. PFN has approximately $6.8 million in working capital and
securities and no debt.
Pacific North West Capital Corp. is an International Metals Group
Company.
(www.Pfncapital.com)
On behalf of the Board of Directors
(signed)
Harry Barr
President and CEO
Disclaimer: This news release may contain certain 'Forward-Looking
Statements' within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein are forward-looking
statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with The
Toronto Stock Exchange, British Columbia Securities Commission and the
United States Securities & Exchange Commission
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/15/c6123.html
Tel: 1.604.685.1870 Fax: 1.604.685.8045
Email: info@pfncapital.com, or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3