3.5 gpt (0.10opt), 3E* over 53m (173.8 ft) including 8.00 gpt (0.23opt), 3E over 11m (36 ft), in DN011, The Highest Grade 3E Intersection To Date, On River Valley Platinum Group Metals Project, Sudbury, Ont.
VANCOUVER, July 6, 2011 /CNW/ --
TSX: PFN OTCQX: PAWEF FSE: P7JToll Free 1.800.667.1870
-- Highest grade 3E to date intersected hole DN011
-- The mineralization shows excellent continuity along strike and
to depth.
-- The River Valley Project is one of North America's newest and
largest Advance Stage Exploration and Development PGM Projects
-- Results of drill hole DN010 and DN011:
o 3.50 gpt, (0.10opt), 3E over 53 metres (173.8 ft) in hole DN011
o including 3.89 gpt, (0.11 opt), 3E over 13m (42.6ft)
o including 8.00 gpt, (0.23 opt), 3E over 11m (36.1ft)
And 2.38 gpt, (0.07 opt), 3E over 14 meters (45.9ft)
o including 4.09 gpt, (0.12 opt), 3E over 4m (13.1ft)
1.59 gpt, (0.05 opt), 3E over 18 meters (59.0 ft) in hole DN010
o including 2.16 gpt, (0.06 opt), 3E over 5m (16.4ft)
-- Additional drill holes have now been planned to follow up the
extension of the high grade zone intersected in DN011
-- 2nd Phase of $5 Million Exploration Program is in progress
*3E=Pt Pd Au
VANCOUVER, July 6, 2011 /CNW/ - Pacific North West Capital Corp. ('PFN') (TSX: PFN; OTCQX: PAWEF; FSE:
P7J) is pleased to report drill hole DN011, collared in the Dana North Area
of the Company's 100% owned River Valley Platinum Group Metals (PGM)
Project near Sudbury, Ontario, intersected 8.00 g/t (0.23 opt) Pd Pt Au over 11 metres, (36 ft), the highest grade intersection to
date.
This mineralized zone in the contact breccia unit is bracketed by above
average grade mineralization and shows consistently high values. The
total mineralized intersection was 53 metres (173.8 ft) at 3.50 g/t
(0.10 opt) Pt Pd Au.
Drill Holes DN009 to DN012 were collared at section 10200 and were
completed to test the shallower portions of the Breccia Zone on the
north section of Dana North (to view figures 1 and 2 - http://www.pfncapital.com/s/NewsReleases.asp?ReportID=465588).
Drill Hole DN009 (-54°) was collared at the same setup as DN010 (-45°),
and drilled to the east to test the deeper extension of the mineralized
zone. Drill Holes DN011 and DN012 were targeting the shallower sections
of the Breccia Zone on the same section (figure 1).
Drill Holes DN009 to DN011 continue to confirm the presence of
higher-grade sulphide-associated PGM (Pt Pd Au) values that occur
within a broad lower-grade mineralization envelope.
Table 1 Illustrates significant assay intervals in holes DN009 and
DN011.
Assay results of hole DN012 will be announced shortly after final QA/QC
have been received.
Four drill holes have been planned to extend the extensive
mineralization that intersected in Drill Hole DN011 (figure 2).
Furthermore, 3D-IP grids were extended to the north to extend the known
mineralized breccia zone in the northern extension of Dana Area
(approximately 100-150 meters north of DN011).
Based on preliminary geophysical results new drilling targets have been
generated. Final geophysical results will be announced shortly after
completion.
Project Objectives:
-- 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.
Drill Hole DN011 showed significant mineralization assaying 8gpt 3E over
11 metres (0.23 opt over 36.1 feet), Highest 3E value to date.
Table 1- Significant assay Intervals of DN009 and DN011 (Composite
Results)
________________________________________________________________________________________________________
| | | | Length | Length | | | | | | | | | | | |
| |From|To | of the | of the | True |Pt | Pt |Pd | Pd |Au |3E | 3E |Ni |Cu | |
|Hole No. |(m) |(m)|Intersect|Intersect|Thickness|(gt)|(opt)|(gt)|(opt)|(gt)|(gt)|(opt)|(%) |(%) | Rh |
| | | | | | (m) | | | | | | | | | | |
| | | | (m) | (feet) | | | | | | | | | | | |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|_______|
| DN009 | 91 |94 | 3 | 9.8 | 1.7 |0.40|0.01 |0.99|0.03 |0.01|1.40|0.04 |0.01|0.01| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN010 |223 |241| 18 | 59.0 | 15.3 |0.35|0.01 |1.18|0.03 |0.06|1.59|0.05 |0.03|0.10| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|223 |228| 5 | 16.4 | 4.25 |0.49|0.01 |1.61|0.05 |0.06|2.16|0.06 |0.04|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| And |233 |239| 6 | 19.7 | 5.11 |0.40|0.01 |1.40|0.04 |0.07|1.87|0.05 |0.04|0.10| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|233 |235| 2 | 6.6 | 1.70 |0.64|0.02 |2.38|0.07 |0.12|3.14|0.09 |0.04|0.15| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN011 | 52 |56 | 4 | 13.1 | 3.40 |0.75|0.02 |0.83|0.02 |0.01|1.59|0.05 |0.00|0.01| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|Results|
| And | 72 |86 | 14 | 45.9 | 11.91 |0.55|0.02 |1.70|0.05 |0.12|2.38|0.07 |0.02|0.13|Pending|
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 72 |76 | 4 | 13.1 | 3.40 |0.97|0.03 |2.93|0.09 |0.18|4.09|0.12 |0.02|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| And |134 |187| 53 | 173.8 | 45.10 |0.83|0.02 |2.52|0.07 |0.15|3.50|0.10 |0.03|0.18| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|143 |156| 13 | 42.6 | 11.06 |0.90|0.03 |2.83|0.08 |0.16|3.89|0.11 |0.03|0.17| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|171 |182| 11 | 36.1 | 9.36 |1.82|0.05 |5.83|0.17 |0.35|8.00|0.23 |0.07|0.38| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| And |223 |231| 8 | 26.2 | 6.81 |0.39|0.01 |1.26|0.04 |0.07|1.72|0.05 |0.04|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|223 |226| 3 | 9.8 | 2.55 |0.65|0.02 |2.15|0.06 |0.11|2.91|0.08 |0.06|0.19| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|_______|
During Phase IA-2011, Pacific North West Capital completed 15 holes
totalling 3750 metres of drilling from April through May in Dana North
Area.
The first thirteen holes were drilled over a strike length of 220 metres
and to maximum depth of 283 metres. Two holes, were drilled
approximately 650 metres south of Dana North to confirm known
mineralization in the Area.
The results from this program indicate that the mineralization has
excellent continuity along strike and to depth.
Results to date are defining a mineralized zone that is between 55 and 5
metres in true thickness and extends to at least 250 metres in depth
and contains higher grades over significant widths.
Several more high-grade intercepts have been intersected in the current
exploration drilling program including: 35 metres at 2.76 g/t, 24
meters at 2.15 and Pt/Pd/Au (3E) in DN004 and DN006 respectively.
Table 2 summarizes the significant intervals of first eight holes
drilled during 2011-Phase IA Exploration Program.
Table 2- Significant assay Intervals of DN001 and DN008 (Composite
Results)
________________________________________________________________________________________________________
| | | | Length | Length | True | | | | | | | | | | |
| |From|To | of the | of the |Thickness|Pt | Pt |Pd | Pd |Au |3E | 3E |Ni |Cu | |
|Hole No. | |(m)|Intersect|Intersect| |(gt)|(opt)|(gt)|(opt)|(gt)|(gt)|(opt)|(%) |(%) | Rh |
| |(m) | | | | (m) | | | | | | | | | | |
| | | | (m) | (feet) | | | | | | | | | | | |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|_______|
| DN001 |123 |173| 50 | 164 | 27.9 |0.26|0.01 |0.77|0.02 |0.05|1.1 |0.03 |0.02|0.09| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|123 |134| 11 | 36.1 | 6.1 |0.37|0.01 |1.11|0.03 |0.07|1.55|0.05 |0.02|0.09| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|141 |153| 12 | 39.4 | 6.7 |0.31|0.01 |0.9 |0.03 |0.05|1.26|0.04 |0.02|0.11| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|159 |173| 13 | 42.7 | 7.3 |0.28|0.01 |0.83|0.02 |0.06|1.18|0.03 |0.03|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN002 |114 |179| 65 | 213.3 | 55.3 |0.32|0.01 |0.95|0.03 |0.06|1.3 |0.04 |0.02|0.1 | |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|146 |158| 12 | 39.4 | 10.2 |0.43|0.01 |1.3 |0.04 |0.08|1.82|0.05 |0.03|0.14| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|173 |179| 6 | 19.7 | 5.1 |0.74|0.02 |2.34|0.07 |0.12|3.2 |0.09 |0.02|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN003 | 50 |115| 65 | 213.3 | 55.3 |0.42|0.01 |1.29|0.04 |0.08|1.8 |0.05 |0.03|0.13| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 50 |59 | 9 | 29.5 | 7.7 |0.98|0.03 |3.09|0.09 |0.18|4.25|0.12 |0.03|0.22| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 72 |84 | 12 | 39.4 | 10.2 |0.59|0.02 |1.76|0.05 |0.11|2.47|0.07 |0.04|0.16| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN004 | 29 |63 | 34 | 111.5 | 28.9 |0.66|0.02 | 2 |0.06 |0.12|2.8 |0.08 |0.03|0.16| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 29 |40 | 11 | 36.1 | 9.4 |1.12|0.03 |3.4 |0.10 |0.18|4.71|0.14 |0.04|0.24| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|Results|
|Including| 43 |47 | 4 | 13.1 | 3.4 |0.69|0.02 |2.06|0.06 |0.11|2.86|0.08 |0.03|0.16|Pending|
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN005 |201 |209| 8 | 26.2 | 6.8 |0.44|0.01 |1.04|0.03 |0.07|1.55|0.05 |0.02|0.12| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| And |250 |256| 6 | 19.7 | 5.1 |0.41|0.01 |1.11|0.03 |0.07|1.6 |0.05 |0.03|0.14| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|253 |255| 2 | 6.6 | 1.7 |0.6 |0.02 |1.62|0.05 |0.09|2.31|0.07 |0.04|0.18| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN006 |131 |155| 24 | 78.7 | 13.4 |0.58|0.02 |1.44|0.04 |0.13|2.15|0.06 |0.02|0.14| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|131 |137| 6 | 19.7 | 3.3 |0.92|0.03 |2.3 |0.07 |0.19|3.41|0.10 |0.02|0.13| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including|145 |155| 10 | 32.8 | 5.58 |0.6 |0.02 |1.5 |0.04 |0.12|2.22|0.06 |0.03|0.17| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN007 | 33 |79 | 46 | 150.9 | 39.1 |0.46|0.01 |1.1 |0.03 |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|0.04 |0.18|2.36|0.07 |0.03|0.28| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 76 |79 | 3 | 9.8 | 2.5 |0.46|0.01 |1.41|0.04 |0.1 |1.97|0.06 |0.03|0.18| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
| DN008 | 6 |14 | 8 | 26.2 | 6.8 |0.76|0.02 |2.38|0.07 |0.13|3.28|0.10 |0.02|0.15| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____| |
|Including| 9 |14 | 5 | 16.4 | 4.2 |1.03|0.03 |3.24|0.09 |0.18|4.45|0.13 |0.03|0.18| |
|_________|____|___|_________|_________|_________|____|_____|____|_____|____|____|_____|____|____|_______|
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.
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/July2011/06/c3515.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