Pacific North West Capital Corp. - First Eight Holes At River Valley Platinum Group Metals Project, Sudbury, Ontario Intersect Significant Values 1.65 gpt (0.05 opt), 3E* over 46 m (150.9 feet) in DN007-2011
VANCOUVER, June 22, 2011 /CNW/ --
-- Significant Platinum Group Metals (PGM) values continue to be
intersected in River Valley, one of North America's newest and
largest standalone PGM Projects.
-- Advance Stage Exploration and Development Project.
-- 2nd Phase of 15,500 meter $5 Million 3D IP Geophysical
Exploration Program initiated
-- Ground Proofing of new Targets now in progress
-- Results of drill hole DN007 and DN008:
-- 1.65 gpt,( 0.05 opt), 3E over 46 metres ( 150.9 ft) in hole
DN007-2011
o including 1.95 gpt,(0.06 opt), 3E 23 m (75.4.7ft)
o including 2.36 gpt (0.08 opt), 3E over 2m (6.6ft)
o including 1.97 gpt (0.06 opt), 3E over 3m (9.8 ft)
-- 3.28 gpt,( 0.11opt), 3E* over 8 metres (26.2 ft) in hole
DN008-2011
o including 4.45 gpt, (0.14 opt ), 3E over 5m (16.4ft)
*3E=Pt Pd Au
TSX: PFN OTCQX: PAWEF FSE: P7J
VANCOUVER, June 22, 2011 /CNW/ - Pacific North West Capital Corp. ('PFN') (TSX: PFN; OTCQX: PAWEF; FSE:
P7J) reports mineralization intersections from holes DN007-2011 and
DN008-2011 of the 15 holes completed to date from the 2011 Phase IA
drill program in the Dana Area of the Company's 100% owned River Valley
Platinum Group Metals (PGM) Project near Sudbury, Ontario.
Drill Holes DN007 and DN008 were completed to test the shallower
sections of the Breccia Zone on section 10450 and were, collared at the
same section as Holes DN005 & 6-2011(figures 1 and 2).
DN005-2011 to DN008-2011 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.
Project Milestones:
-- Management objective for River Valley is to prove sufficient
reserves to establish a Multi Million tonne open pit PGM bulk
mineable project. 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.
Holes DN007-2011 and DN008-2011 of this fence showed significant
mineralization assaying 1.65 gpt 3E over 46 metres (0.05 opt over 150.9
feet) and 3.28 gpt 3E over 8 metres (0.11 opt over 26.2 feet)
respectively. Table 1 Illustrates significant assay intervals in holes
DN007-2011 and DN008-2011
Table 1- Significant Drill Intervals of DN007-2011 and DN008-2011
(Composite Results)
_____________________________________________________________________________________________________________
| | | |Length of|Length of| True | | | | | | | | | | |
| Hole No. |From|To | the | the |Thickness| Pt | Pt | Pd | Pd | Au | 3E | 3E |Ni |Cu | Rh |
| |(m) |(m)|Intersect|Intersect| (m) |(gpt)|(opt)|(gpt)|(opt)|(gpt)|(gpt)|(opt)|(%) |(%) | |
| | | | (m) | (feet) | | | | | | | | | | | |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____|_______|
|DN007-2011| 33 |79 | 46 | 150.9 | 39.1 |0.46 |0.01 | 1.1 |0.04 |0.08 |1.65 |0.05 |0.02|0.11| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including | 33 |56 | 23 | 75.4 | 19.6 |0.58 |0.02 |1.29 |0.04 |0.08 |1.95 |0.06 |0.02|0.08| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including | 60 |62 | 2 | 6.6 | 1.7 |0.65 |0.02 |1.53 |0.05 |0.18 |2.36 |0.08 |0.03|0.28|Results|
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____|Pending|
|Including | 76 |79 | 3 | 9.8 | 2.5 |0.46 |0.01 |1.41 |0.05 |0.10 |1.97 |0.06 |0.03|0.18| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|DN008-2011| 6 |14 | 8 | 26.2 | 6.8 |0.76 |0.02 |2.38 |0.08 |0.13 |3.28 |0.11 |0.02|0.15| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____| |
|Including | 9 |14 | 5 | 16.4 | 4.2 |1.03 |0.03 |3.24 |0.10 |0.18 |4.45 |0.14 |0.03|0.18| |
|__________|____|___|_________|_________|_________|_____|_____|_____|_____|_____|_____|_____|____|____|_______|
The target at Section 10450 was tested with one fence of four holes.
Assay results for the first six holes were received and were announced
on May 17th, 2011, May 31st, 2011 and June 15th, 2011
Mineralised intersections from drill holes DN007-2011 and DN008-2011 are
within the area southeast of the Dana North.
During Phase IA- 2011 a total of 13 drill holes have been drilled in
Dana North over a strike length of 220 metres and to maximum depth of
283 metres. The mineralization shows excellent continuity along strike and to depth.
Two holes, DN014-2011 and DN015-2011, were drilled approximately 650
metres South of Dana North to expand the known mineralization in Dana
South Area.
Assay results of the remaining Drill holes will be announced shortly
after receiving the results and conducting final QA/QC studies.
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-3). 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 including 500 drill holes of the property for a 50% stake
in the joint venture.
Additional 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 had not yet been realized.
The 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 miles from Sudbury,
Ontario, one of Canada's largest mining centres with 2 large mineral
processing facilities that have extra capacity.
On January 24, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km 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.
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 June 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.
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 $6.5 million in working capital and
securities and no debt.
To view 'Figure-1 Cross Section of DN005 to DN008 in Dana North Area',
'Figure-2 DN001-2011 to DN008-2011 location Map', 'Figure-3 River
Valley location Map' and 'Figure-4 River Valley Claim Map', please
click http://www.pfncapital.com/s/NewsReleases.asp?ReportID=463456
Aggressive Ongoing Acquisition Program
The Company 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 projects, precious
metals and base metals projects on an international scale.
The Company has recently begun significantly expanding its PGM project
portfolio in Canada and the U.S. (Alaska) and will be releasing updates
as soon as these acquisitions have been completed
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/June2011/22/c8298.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