Pacific North West Capital Corp. - PFN Reports On Geochemical Study for Predicting Five-Element PGE Concentrations, River Valley Platinum Group Metal (PGM) Project
VANCOUVER, July 26, 2011 /CNW/ --
TSX: PFN OTCQX: PAWEF Frankfurt: P7J
-- A technique has been developed to estimate the Rhodium (Rh),
concentration of the Indicated and Measured Resource of the
River Valley intrusion from Platinum (Pt) and Palladium (Pd)
concentrations.
-- The Rh content of the resource is estimated at ~ 10% of the Pt
content
-- A significant proportion of the PGE's initially deposited in
the conduit may still be present and may represent a new
target and a significant resource
VANCOUVER, July 26, 2011 /CNW/ - Pacific North West Capital Corp. (TSX:
PFN) (OTCQX: PAWEF) (Frankfurt: P7J) is pleased to announce the
completion of a detailed geochemical study of PGE mineralization in the
River Valley intrusion near Sudbury, Ontario.
The program was designed by Dr. Reid Keays to establish a genetic model
of mineralization for the River Valley system, determine the cause of
lateral variations in PGE content, and develop a technique to estimate
Rhodium, Iridium and Ruthenium concentrations in the indicated and
inferred resource categories Platinum and Palladium concentrations
without the need to assay all samples for the full suite of PGE's. This
approach provides a better estimate of the true value of the
mineralization in the River Valley resource.
Please follow this link to view tables and maps associated with this
press release: http://www.pfncapital.com/s/NewsReleases.asp?ReportID=468504
Geochemical study was carried out to:
-- Document the full suite of five element (5E*(1)) platinum group
element (PGE)( )(2) concentrations in the mineralization at
River Valley
-- Develop a estimation technique to predict Rhodium (Rh), Iridium
(Ir) and Ruthenium (Ru) concentrations from Platinum (Pt) and
Palladium (Pd)
-- Determine the cause of lateral variations in PGE content
-- Establish a genetic model of mineralization for the River
Valley system
Dr. Reid Keays of Monash University in Australia is an expert in the
geochemistry of nickel-copper-PGM deposits and the processes leading to
their formation. He selected a total of 336 core samples from five
drill holes from the River Valley project area for his study. The
samples were to provide a sample set that encompasses a wide range of
PGM concentrations, rock types, degrees of alteration, and geographic
locations. The samples also represent stratigraphic sections through
the mineralization, from footwall through the mineralized breccia unit
and into the overlying layered series lithologies.
Dr. Keays concluded from the study that estimates of the Rh, Ir, and Ru
concentrations in the River Valley resource can be obtained on the
basis of the average Pt and Pd assay grades through a regression
analysis. His study indicates that Rh concentrations are equivalent to ~10% of the Pt
grades, Figure 1 illustrates a measured Rh values versus Pt values for all 336
analysed samples and the regression line with its derived equation
The reader is cautioned under National Instrument 43-101 guidelines for
reporting standards that further study is required to verify that this
method provides an acceptable measure that conforms to the CIM
standards for mineral resources and mineral reserves estimates.
Dr. Keays' implications for exploration within the River Valley System
includes:
-- The PGE-rich sulphides within the River Valley Intrusion were
formed elsewhere along the magma conduit and transported by the
magmas which formed the mineralized zone
-- The continued supply of both PGE-rich sulphides and mafic and
felsic footwall fragments in the magma which filled the River
Valley chamber after the main mineralizing event indicates that
not all of the PGE-rich sulphides that were initially deposited
in the magma conduit 'upstream' from River Valley were removed
in the 'main' mineralizing event
-- A significant proportion of these sulphides may be at shallow
depth in feeders to the River Valley Intrusion.
Figure 2- is a graphic illustrating that significant proportion
of the PGE's initially deposited in the conduit may still exist
and could represent a significant resource.
All 336 samples were submitted to the Geosciences Laboratories., an
ISO/IEC 17025 (2005) accredited analytical laboratory located in
Sudbury, Canada, for nickel sulphide (NiS) collection fire assay
analysis of platinum, palladium, iridium, rhodium, ruthenium, and gold
concentrations.
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.
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)
In April 2011, PFN and Anglo Platinum closed a transaction allowing PFN
to acquire Anglo Platinumʹs 50% stake in the River Valley JV giving PFN 100% of the River Valley PGM project. The transaction issued 12% of PFNʹs outstanding shares, (as of January
2011) to Anglo Platinum. Through its share ownership in PFN, Anglo
Platinum can benefit on any future success of the River Valley Project.
Immediately after acquiring 100% of the project PFN commenced a
$5,000,000 exploration program on its 100%- owned River Valley project,
(April 20th, 2011).
Phase IA and IB drilling is completed and significant intervals of
Platinum, Palladium and Gold mineralization has been intersected in the drill holes.
Phase IC is slated to commence on expanded and new targets in August
2011.
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.
(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
(1) 5E*= Rhodium Iridium Ruthenium Platinum Palladium
(2) PGE= Platinum Group Elements
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/26/c7446.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