Pacific North West Capital and Alto Ventures Commence First Phase of Exploration Program on the Destiny Gold Project, Val d'Or, Quebec
VANCOUVER, July 19, 2011 /CNW/ --
-- Exploration Program planned in two phases including:
-- $200,000, 2500 MMI™ Geochemistry Program
-- 10,000 metre drill program, to expand the known Resource in DAC
Deposit
-- Mobile Metal Ion (MMI™) soil geochemistry survey has been
started.
-- MMI™ results could generate new drill targets at shallow
depths along four kilometre strike of the favourable structure
that hosts the DAC Deposit, with an Indicate Resource of
approximately 364,000 ounces gold and an Inferred Resource of
approximately 247,000 ounces of gold
-- Diamond drilling is slated to commence on expanded targets in
Winter 2011
VANCOUVER, July 19, 2011 /CNW/ --
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, July 19, 2011 /CNW/ - Alto Ventures Ltd. ('ATV') TSX-V: ATV and Pacific North West Capital
Corp. ('PFN') TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J (together 'the
Companies') are pleased to announce the commencement of Mobile Metal Ion (MMI™)
soil geochemistry on the Destiny Gold Project located near Val d'Or,
Quebec.
The MMI™ survey is the first phase of a two phase, Exploration program.
The second phase will include 10,000 m of drilling to expand the known
Resource in the DAC Deposit.
The DAC Deposit is one of several significant gold occurrences along a
four kilometre segment of the Despinassy Shear Zone ('DSZ'). The
deposit is covered by a 15 m thick blanket of overburden and the other
gold occurrences along the DSZ are also covered by overburden. The
Companies believe there is excellent potential to expand the gold
resources on the property at shallow depths in the areas covered by
overburden and the MMI method is ideally suited for this type of
terrain. An orientation survey completed in 2010 to test the method on
one of the gold zones (Darla Zone) successfully located gold
mineralization below the overburden cover.
The principal objectives of the survey are to extend the known
mineralization in the DAC deposit, test the mineralization continuity
between DAC, DARLA and Zone 20/21 and to better define shallow targets
for a planned diamond drilling program to be completed later this year
(Figure 1).
The diamond drilling program will be designed to expand the NI43-101
Resource Estimate filed for the DAC Deposit with SEDAR on March 7, 2011
and includes 10.8 million tonnes averaging 1.05 g/t gold (364,000
ounces) as an Indicated Resource plus 8.3 million tonnes averaging 0.92
g/t gold (247,000 ounces) as Inferred Resource at a cut-off grade of
0.5 g/t gold.
The MMI survey consists of approximately 2,500 soil samples of which
almost 60% will be along a four kilometre segment of the DSZ on strike
from the DAC Deposit. The remaining samples will be collected over
other high priority target areas generated from previous work on the
property. Sample collection work has been contracted to Geos Sciences
Inc of Rouyn-Noranda, Quebec and is currently in progress. Geos
Sciences has more than 10 years of experience in MMI sampling and
mineral exploration, including soil sampling, geophysical surveys and
prospecting.
Mobile Metal Ion (MMI™) Geochemistry is an advanced surface exploration
technique for finding mineral deposits and is a cost effective surface
exploration tool. This technology measures mobile metal ions in surface
soils. These mobile metal ions are released from ore bodies and travel
upward toward the surface.
Using sophisticated chemical processes and instrumentation, MMI™ is able
to measure these ions, in surface soils, to determine accurately where
buried mineralization is located.
The MMI analyses will be performed by SGS Mineral Services. Results
from the MMI analyses are expected in September.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Mike Koziol, B.Sc., P.Eng, P.Geo, a qualified person under the
provisions of National Instrument 43-101.
About the Destiny Gold Project
The main area of mineralization on the Destiny Gold Property is the DAC
Deposit which occurs over a strike length of about 600 m. In this area,
five identifiable intervals of quartz veining and shear-related
alteration zones carry significant gold mineralization for which a
Mineral Resource Estimate Report ('the Report') was prepared in 2011.
The Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech
Company ('Wardrop') and filed with SEDAR on March 7, 2011. At a
cut-off grade of 0.5 g/t gold and using the Inverse Distance Squared
(ID2) estimation method, the five gold zones that make up the DAC
Deposit contain an Indicated Resource of approximately 10.8 million
tonnes with an average grade of 1.05 g/t gold (364,000 contained
ounces). In addition, the Inferred Resource totals approximately 8.3
million tonnes with an average grade of 0.92 g/t gold (247,000
contained ounces). The resources block considers the mineralization to
start at approximately 15 m below surface down to a depth of 400 m for
the deepest zone. The mineralization remains open below 400 m.
The DAC Deposit remains open along strike and to depth and is one of
several significant gold occurrences along a four kilometre segment of
the Despinassy Shear Zone. The gold mineralization at the other
occurrences also starts near surface, and with additional drilling
these other occurrences may add significantly to the contained ounces
on the property either as satellite zones to the DAC or as new
deposits.
Results reported to date from the Destiny Project are very positive.
Previous drilling programs have confirmed anomalous gold values along
the DSZ and give rise to the possibility that additional shallow
mineralization may be added to the currently defined resource through
continued exploration. The Companies believe that there is excellent
potential to significantly increase the contained ounces on the
property.
A four million dollar program including drilling was recommended in the
report by Wardrop. The recommended drilling is intended to target
additional gold mineralization at shallow depths to increase the
viability of an open pit mining scenario for the project.
The Report can be viewed on each of the Companies' websites at www.pfncapital.com and www.altoventures.com.
Mineral Resources are not Mineral Reserves and by definition do not
demonstrate economic viability.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a
portfolio of highly prospective Canadian gold properties. The Company
is active in Quebec in the Abitibi greenstone belt where it has a
number of projects including the Alcudia and Destiny gold properties.
In Ontario, the Company is exploring in the Beardmore-Geraldton gold
belt and the Coldstream project in the Shebandowan gold district. In
the Chilcoten Plateau of British Columbia, the Company is exploring the
Chilko project near the Newton gold deposit. For more details regarding
the Company's projects, please visit Alto's website at www.altoventures.com.
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 9% of the Company (as of July, 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 April 20(th), 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. As of July 2011, PFN has completed more than 7800 metres of drilling and more
than 140 line km of 3D IP geophysics survey. 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.
On January 24(th), 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 27(th), 2011, PFN announces a new NI43-101 mineral resource estimate on the
Rock & Roll Gold-Silver-Polymetallic Project, located in Northern BC.
(see news release dated April 27(th), 2011). New mineral; resource estimate significantly increases historic
resource, indicated resources includes: 2,155,679 tonnes grading 0.68 g/t gold (47,040 contained oz of Au), and
82.7 g/t silver (5,734,445 contained oz of Ag) at a cut‐off grade of
0.5 g/t AuEq and including 0.22% Copper (10,500,833 lbs Cu), 0.22% Lead (10,399,960 lbs Pb), and 0.94% Zinc (44,522,995 lbs Zn). The Rock and Roll Polymetallic Project is under option from Equity
Exploration Consultants Ltd., First Fiscal Enterprises Ltd. and Pamicon
Developments Ltd.
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.
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/July2011/19/c6135.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