/C O R R E C T I O N from Source -- Pacific North West Capital/
VANCOUVER, Aug. 4, 2011 /CNW/ --
In c9289 transmitted at 08:30e today, an error occured in the headline
which incorrectly reported the concentration of Rhodium as 0.054 ounces
per ton. The actual rhodium concentration is 0.17 gpt, 0.005 ounces per
ton. The reported significant intervals and Rhodium concentrations in
grams per ton are unchanged. Corrected copy follows:
Pacific North West Capital Clarifies Significant Rhodium Concentrations
on its River Valley Palladium, Platinum and Gold Project , Sudbury,
Ontario, Up To 0.17 gpt over 23 meters (0.005 opt, 75.4 ft)
TSX: PFN OTCQX: PAWEF Frankfurt: P7J www.pfncapital.com
___________________________________________________________________
| -- 0.17 gpt Rhodium over 23 meters in hole DN011, |
| -- that includes 8.00 gpt (0.23 opt), Pt Pd Au (3E) over 11m |
| (36ft) |
| -- 0.12 gpt Rhodium over 11 meters in hole DN004 |
| -- Completed more than 130 line-km 3D IP and 7438 meters |
| drilling to date. |
| o Part of 2011 multi phases, $5M, Exploration program including a|
| 15,500 meter drill program |
| -- In Early August the Company will commence Phase IC |
| exploration program, including an additional 6000 meters of|
|________drilling___________________________________________________|
VANCOUVER, Aug. 4, 2011 /CNW/ - Pacific North West Capital Corp. (TSX:
PFN; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce significant
concentrations of Rhodium (Rh) in the first eleven holes of Phase IA
drill progr am in the Dana North area of the Company's 100% owned River
Valley Platinum Group Metals (PGM) Project near Sudbury, Ontario.
Table 1 illustrates the results from 11 holes drilled during Phase IA
from the Dana Lake Area (DN001-2011 and DN011-2011). (For complete PGM
assay for the first 11 holes of this exploration campaign, please refer
to press release dated July 6, 2011.)
2011-Rh Assay results confirm geochemical study conducted by Dr. Keays
(Please see Press release on July 26th, 2011) which indicates that Rh concentrations are equivalent to ~10% of the Pt grades.
Rhodium is a relatively rare and valuable component of Platinum Group
Metals (PGM) and is commonly used to harden platinum and palladium. It
is found in the nickel-copper-PGM deposits of the Sudbury basin. And it
is used in automotive catalytic converters to reduce nitrogen oxides
and in jewelry as a plating agent to provide brightness.
The Company plans to include Rhodium in the next resource estimate
calculation, slated for first quarter of 2012.
During Phase IA and IB 2011, Pacific North West Capital completed 32
holes totaling 7438 metres of drilling from April through June in Dana
North Area.
The company completed approximately 130 line-km 3D IP, ground
geophysical data. Based on preliminary geophysical results new
drilling targets have been generated and final geophysical results will
be announced shortly after completion.
Results to date are indicating a mineralized zone that is between 5 and
55 metres in true thickness, extends at least 250 metres in depth and
contains higher 3E grades over significant widths.
The results from Phase IA and IB Exploration program indicate that the
mineralization has excellent continuity along strike and to depth
Table 1: Composite Rhodium results from 11 holes drilled during Phase IA
from the Dana Lake Area
Length of Length of True
Hole No. From To the the Thickness Rh
(m) (m) Intersect Intersect (m) (gpt)
(m) (feet)
DN002 134 136 2 6.56 1.7 0.07
And 175 180 5 16.4 4.3 0.10
DN003 50 59 9 29.52 7.7 0.10
And 73 78 5 16.4 4.3 0.08
And 145 146 1 3.28 0.9 0.12
DN004 29 40 11 36.08 9.4 0.12
And 43 44 1 3.28 0.9 0.12
And 59 63 4 13.12 3.4 0.07
DN005 253 255 2 6.56 6.8 0.06
DN006 131 137 6 19.68 13.4 0.08
And 145 147 2 6.56 3.3 0.07
And 149 155 6 19.68 5.58 0.08
DN007 36 46 10 32.8 39.1 0.062
Including 36 38 2 6.56 19.6 0.10
DN008 6 14 8 26.24 6.8 0.09
DN010 224 226 2 6.6 1.7 0.09
And 233 235 2 6.6 1.70 0.11
DN011 72 76 4 13.1 3.40 0.12
And 143 155 12 39.4 10.21 0.10
And 159 182 23 75.4 19.57 0.17
Assay results of the remaining Drill holes will be announced shortly
after receiving the results and conducting final QA/QC studies.
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.
Figure-1 River Valley Claim Map
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.
Project Objectives:
-- Management objective for River Valley is to prove sufficient
reserves to establish a Multi Million tonne open pittable PGM
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 NI43-101 compliant resource estimate ~ Q1 2012
-- Preliminary Economic Assessment (PEA) ~ 18 months
-- Commence pre-Feasibility ~ 36 months
Figure-2 River Valley location Map
_____________________________________________________________________
|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 Rhodium 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
expertise 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/August2011/04/c9558.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