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- 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:
-
- 3.50 gpt, (0.10opt), 3E over 53 metres (173.8 ft) in hole
DN011
- including 3.89 gpt, (0.11 opt), 3E over 13m
(42.6ft)
- 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)
- 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
- 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 /PRNewswire/ -
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)
Hole # |
From
(m) |
To
(m) |
Length
of the
Intersect
(m) |
Length
of the
Intersect
(feet) |
True
Thickness
(m) |
Pt
(gt) |
Pt
(opt) |
Pd
(gt) |
Pd
(opt) |
Au
(gt) |
3E
(gt) |
3E
(opt) |
Ni
(%) |
Cu
(%) |
Rh |
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 |
Results
Pending |
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 |
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 |
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)
Hole # |
From
(m) |
To
(m) |
Length
of the
Intersect
(m) |
Length
of the
Intersect
(feet) |
True
Thickness
(m) |
Pt
(gt) |
Pt
(opt) |
Pd
(gt) |
Pd
(opt) |
Au
(gt) |
3E
(gt) |
3E
(opt) |
Ni
(%) |
Cu
(%) |
Rh |
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 |
Results
Pending |
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 |
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 |
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
SOURCE Pacific North West Capital Corp.