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News
Release
A Deep Penetrating UTEM Geophysical Program is Underway over the
West Timmins Nickel Project, Ontario
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April 1, 2008, Vancouver, BC -- Pacific North West Capital Corp. (PFN) (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) In a continuing program to evaluate the Montcalm Intrusive, a deep penetrating UTEM survey will begin shortly over 180 kilometers of recently cut grids.
The objective is to develop diamond drill targets south of the Montcalm Ni-Cu Mine (see map).
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The survey covers a complex sequence of mafic and ultramafic intrusive rocks which the joint venture believes is conducive to hosting magmatic Ni-Cu deposits. This area of the property has not been thoroughly evaluated in the past.
The planned $400,000 geophysical program, managed by
PFN, will be shared on a 50:50 basis with Xstrata Nickel. To ensure the evaluation of this highly regarded target area is completed as quickly as possible, selected priority ranked conductors will be diamond drill tested by year end.
Phase II Drill Summary:
Pacific North West Capital Corp. has completed the 2007 Phase II diamond drill program on its West Timmins Nickel property. This program consisted of four diamond drill holes (1058
metres) testing Pulse EM targets with coincident high magnetic response south of Xstrata's Montcalm Mine as well as airborne conductors to the northwest end of the property with coincident geochemical metal anomalies over conductors. The four drill hole locations are indicated on the attached map.
Disseminated sulphides were intersected in 3 of the 4 holes with anomalous copper and nickel assay values over narrow widths (see Table). All analysis from the drill program were carried out by Accurassay Laboratories located in Thunder Bay, Ontario.
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PFN Nickel Division
In late 2004 PFN established a Nickel Division and currently has an Option / Joint Venture in the Timmins Mining District with Xstrata Nickel. The Project covers 355 square kilometres (87,720 acres), 60 kilometres west of
Timmins, Ontario. The West Timmins Nickel Project is adjacent to Xstrata's Montcalm deposit. The Montcalm deposit contains a proven mineral reserve of 3.7 million tonnes at 1.37% Ni, 0.64% Cu as of June 30, 2007 and has a remaining expected mine life of 3.5 years. Ore from the Montcalm operation is being trucked to Kidd Metallurgical Site, a distance of approximately 90 kilometres to the east. An extensive geophysical and ground proofing exploration program has been completed on the project to date and PFN has expended approximately $3 million.
The West Timmins Nickel Project was obtained by a Joint Venture with Xstrata Nickel, whereby PFN may earn a 100% interest in the West Timmins Project. Under the terms of the Agreement PFN will spend $4 million over a 4 year period in order to vest with a 100% interest in the Project. Xstrata Nickel, will retain a 2 % NSR and may, under certain circumstances, back in and earn up to a 65% interest by either completing a feasibility study or spending $20 million on a feasibility study whichever occurs first. Under the Agreement PFN will act as Project Operator.
PFN has recently acquired additional nickel projects including the NickelPlats Project in Saskatchewan, the Swayze Nickel Project in the Timmins Mining Camp, Raglan Hills Nickel Project in Ontario and projects in the Voisey's Bay and King Lake districts of Newfoundland and Labrador.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a mineral exploration company focused on Platinum Group Metals
(PGMs) and Base Metals. Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, First Nickel, Benton Resources and
SOQUEM.
The Company has over $11 million in working capital and securities.
The Qualified Person for this release is John W. Londry,
M.Sc, P. Geo, VP Exploration, Pacific North West Capital Corp.
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On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further information, please contact our Investor
Relations Department at Toll Free 1-800-667-1870
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Pacific North West Capital Corp.
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EXPLORATEUR |
CODE : PFN.TO |
ISIN : CA6949161070 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Pacific NorthWest est une société basée au Canada. Pacific NorthWest détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont NIXON FORK en USA et GLITTER LAKE, RAGLAN HILLS, RIVER VALLEY, COLDWELL, SWAYZE, ROCK & ROLL, NICKEL PLATS et DESTINY GOLD au Canada. Pacific NorthWest est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,4 millions CA$ (1,3 millions US$, 927 314 €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2003 à 1,40 CA$, et son plus bas niveau récent le 13 janvier 2014 à 0,02 CA$. Pacific NorthWest possède 91 619 461 actions en circulation. |