TSX: PFN OTCQX: PAWEF Frankfurt: P7J
- Positive infill drill results in the Dana North Area include;
- 2.47 gpt Pd+Pt+Au over 35 metres in hole DN021
-
- Including 5.06
gpt* Pd+Pt+Au**
over 6 metres
- Including 3.12 gpt*
Pd+Pt+Au** over 5
metres
- 2.57 gpt Pd+Pt+Au over 35 metres in hole DN022
-
- Including 3.20 gpt Pd+Pt+Au over 4
metres
- Including 2.71gpt*
Pd+Pt+Au** over 10
metres
- 3.18 gpt Pd+Pt+Au over 42 metres in hole DN023
-
- Including 3.43 gpt Pd+Pt+Au over 11
metres
- 2.88 gpt Pd+Pt+Au over 12 metres in hole DN024
-
- Including 3.97 gpt Pd+Pt+Au over 6 metres
- Infill drilling is now completed and the Company's current
drilling activities are focused on expanding mineralization and
testing new targets.
- Phase ID will be 2500 metres of drilling focused on testing the
new induced polarization targets.
|
*gpt = grams per tonne
**Pd+Pt+Au= Pladium+ Platinum+Gold
VANCOUVER,
Oct. 13, 2011 /PRNewswire/ - Pacific
North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J)
is pleased to announce assay results for five more drill holes in
the 2011 Phase IB Exploration program on its 100% owned River
Valley PGM-Gold Property, near Sudbury,
Ontario (Figures 1-3)
Significant intercepts are reported below:
Hole DN021:
This hole was drilled in the Dana North Area, on
Section 5+50E where some infill holes were required.
A wide mineralized Breccia Zone intersection
reports as 265.8 metres from 114 to 379.8 metres. Significant
mineralization within this wide breccia zone intersects 35 metres
from 214 to 249 metres at 2.47 gpt 3E.
This interval includes 6 metres from 216 to 222
metres at 5.06 gpt 3E and 5 metres from 226 to 231 metres at
3.12 gpt 3E.
Significant mineralization occurs again at
deeper depths;
The Hole DN021 intersection returned a
significant intercept of 19 metres from 304 metres at 2.01 gpt
3E. This intercept is followed by an 8 metres mineralized
breccia from 331 metres to 339 metres at 2.39 gpt 3E.
Figure 1- Drill Holes Location Map
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=484917
Hole DN022:
Drill Hole DN022 (‐51°) was collared at the same setup as DN021
(‐60°), and drilled to the east to test the shallower extension of
the mineralized zone.
Hole DN022, intersected 35 metres from 214 to
249 metres at 2.57 gpt 3E, including 4 metres from 199 to 203
metres at 3.20 gpt 3E and 10 metres from 208 to 218 metres at 2.71
gpt 3E.
Near Surface Mineralization Continues to be
encountered:
Three important holes recently drilled at River
Valley Project were DN023 through DN025. These holes extended the
near surface zone by approximately 45 metres up-dip, at near
surface target of the project (Fig 2). This shallow target
represents just one of several important targets that have been
identified for mineralization verification and expansion. This
target was not tested previously.
Figure 2- DN021 through DN024 cross section
on 3D-IP background
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=484917
Hole DN023 and DN024:
DN023 and DN024 were collared approximately 40
and 75 metres, respectively, North East of DN022 in order to test
shallower extension of the mineralized zone.
Hole DN023, intersected 42 metres from 68 to 110
metres at 3.18 gpt 3E including 11 metres from 88 metres at 3.43
gpt 3E. Mineralization in DN023 and DN024 correlates with the
mineralization in DN021 and DN022, which illustrates strong
continuity of mineralization on the section.
Hole DN025: This hole was collared
approximately 15 metres South- East of DN024 and tasted the same
shallow target as DN024. DN025 intercepted 2.23 gpt 3E over 10
metres, including 4.01 gpt 3E over 5 metres.
Results for significant intercepts achieved in
the current drill program at Dana North Area are tabulated in Table
1. True widths of intercepts are shown and are based on the current
interpretation.
Infill Drilling Confirms Continuity of
Mineralization, Exploration Drilling in Progress;
Results of infill drilling at Dana North have
been successful at confirming the nature of the mineralization,
with the majority of holes returning higher than anticipated PGM
grades.
Infill drilling in Dana North Area is now
completed and the Company's current drilling activities are focused
on expanding mineralization in the Dana
Area and testing new targets. Some new targets were
identified during a three-dimensional (3D) IP survey performed from
March to July 2011.
Exploration drilling is expected to continue
throughout the remainder of 2011 in order to expand the resource
and increase the confidence associated with the mineralization.
This drilling is required in order to prepare a resource estimate
for the project that is scheduled for the first Quarter of
2012.
Phase IC drilling program is in progress. To
date, 40 holes have been successfully completed, for a total
advance of 10,200 metres.
Table 1 - Significant assay intervals of DN016
to DN015 (Composite Results)
Hole # |
From (m) |
To (m) |
Length of the Intersect
(m) |
Length of the Intersect
(feet) |
True Thickness (m) |
Pt (gpt) |
Pt (opt) |
Pd (gpt) |
Pd (opt) |
Au (gpt) |
Rh (gpt) |
3E (gpt) |
3E (opt) |
Ni (%) |
Cu (%) |
DN021-2011 |
214 |
249 |
35 |
114.8 |
34.6 |
0.58 |
0.02 |
1.77 |
0.06 |
0.12 |
0.006 |
2.47 |
0.08 |
0.02 |
0.15 |
Including |
216 |
222 |
6 |
19.7 |
5.9 |
1.13 |
0.04 |
3.71 |
0.12 |
0.22 |
0.015 |
5.06 |
0.16 |
0.04 |
0.24 |
Including |
226 |
231 |
5 |
16.4 |
4.9 |
0.72 |
0.02 |
2.25 |
0.07 |
0.16 |
0.007 |
3.12 |
0.10 |
0.03 |
0.20 |
And |
304 |
323 |
19 |
62.3 |
18.8 |
0.47 |
0.02 |
1.45 |
0.05 |
0.09 |
0.004 |
2.01 |
0.06 |
0.04 |
0.17 |
And |
331 |
339 |
8 |
26.2 |
7.9 |
0.59 |
0.02 |
1.72 |
0.06 |
0.08 |
0.006 |
2.39 |
0.08 |
0.04 |
0.19 |
DN022-2011 |
214 |
249 |
35 |
114.8 |
33.7 |
0.42 |
0.01 |
1.27 |
0.04 |
0.88 |
0.004 |
2.57 |
0.08 |
0.03 |
0.13 |
Including |
199 |
203 |
4 |
13.1 |
3.9 |
0.67 |
0.02 |
2.36 |
0.08 |
0.17 |
0.006 |
3.20 |
0.10 |
0.04 |
0.21 |
Including |
208 |
218 |
10 |
32.8 |
9.6 |
0.64 |
0.02 |
1.96 |
0.06 |
0.12 |
0.006 |
2.71 |
0.09 |
0.04 |
0.17 |
DN023-2011 |
68 |
110 |
42 |
137.8 |
35.7 |
0.53 |
0.02 |
1.65 |
0.05 |
1.00 |
0.005 |
3.18 |
0.10 |
0.02 |
0.13 |
Including |
88 |
99 |
11 |
36.1 |
9.4 |
0.75 |
0.02 |
2.54 |
0.08 |
0.14 |
0.008 |
3.43 |
0.11 |
0.04 |
0.19 |
DN024-2011 |
25 |
37 |
12 |
39.4 |
10.2 |
0.68 |
0.02 |
2.08 |
0.07 |
0.12 |
0.007 |
2.88 |
0.09 |
0.03 |
0.16 |
Including |
25 |
31 |
6 |
19.7 |
5.1 |
0.93 |
0.03 |
2.90 |
0.09 |
0.15 |
0.009 |
3.97 |
0.13 |
0.03 |
0.18 |
And |
41 |
56 |
15 |
49.2 |
12.8 |
0.41 |
0.01 |
1.29 |
0.04 |
0.06 |
0.004 |
1.76 |
0.06 |
0.02 |
0.10 |
Including |
47 |
50 |
3 |
9.8 |
2.6 |
0.71 |
0.02 |
1.98 |
0.06 |
0.08 |
0.006 |
2.77 |
0.09 |
0.04 |
0.14 |
And |
61 |
72 |
11 |
36.1 |
9.4 |
0.41 |
0.01 |
1.41 |
0.05 |
0.08 |
0.004 |
1.90 |
0.06 |
0.03 |
0.15 |
Including |
67 |
70 |
3 |
9.8 |
2.6 |
0.39 |
0.01 |
1.36 |
0.04 |
0.08 |
0.005 |
1.83 |
0.06 |
0.03 |
0.16 |
DN025-2011 |
28 |
38 |
10 |
32.8 |
8.5 |
0.56 |
0.02 |
1.59 |
0.05 |
0.08 |
0.005 |
2.23 |
0.07 |
0.03 |
0.12 |
Including |
30 |
33 |
3 |
9.8 |
2.6 |
1.10 |
0.04 |
2.78 |
0.09 |
0.13 |
0.009 |
4.01 |
0.13 |
0.03 |
0.15 |
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 29 additional elements by
inductively coupled plasma (ICP) methods. Concentrations of
Pt-Pd-Au were determined using standard lead fire assay, followed
by dissolution with aqua-regia, and measurement with an ICP 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 sample. 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 Ali Hassanalizadeh
M.Sc. P.Geo, Acting Vice President Exploration for PFN and a
Qualified Person under the provisions of National Instrument
43-101.
About River Valley Project:
On April
20th, 2011 PFN announced that it
commenced the Phase I of the $5
million, 15,500 metre drill program for its 100% owned River
Valley PGM Project. As of August
2011, PFN has completed more than 10,000 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. The latest mineral
resource estimate in accordance with the guidelines set out by
NI43‐101 was published in 2006 and the results are as
follows:
NI43-101 Compliant Mineral Resources for River Valley
- Measured Resource: 7.99 million tonnes grading 1.33 g/t
p palladium, 0.44 g/t platinum, 0.08 g/t gold, 0.12% copper
and 0.02% nickel using a cut-off grade of 1.00 g/t palladium +
platinum (Pd+Pt)
- Indicated Resources: 11.31 million tonnes grading 1.08
g/t palladium, 0.36 g/t platinum,0.07 g/t gold, 0.10% copper
and 0.02% nickel using a cut-off grade of 1 g/t Pd+Pt
- Inferred Resources: 0.88 million tones
grading 1.36 g/t palladium,, 0.47 g/t platinum , 0.07 g/t gold,
0.10% copper and 0.02% nickel using a cut-off grade of 1 g/t
Pd+Pt
PFN's objective for River Valley is to delineate sufficient
resources to establish a multi-million tonne open pit PGM
mine.
Completion of a new NI43-101 mineral resource
estimate is scheduled for the end of first quarter of 2012.
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 optioning/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, which makes Anglo Platinum the largest shareholder of
PFN holding approximately 9% of the Company (as of July, 2011).
The River Valley PGM project is one of North America's newest and largest primary
platinum group metals (PGM) deposits. The project has excellent
infrastructure support and is located 100 km from Sudbury, Ontario, one of Canada's largest mining centres with two large
mineral processing facilities that have excess capacity.
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 board of directors. PFN has approximately
$4.5 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.