- One of North America's only stand alone Platinum Group
Metals (PGM) Projects
- Advanced stage exploration and development project
- $5 Million exploration program planned in two phases
- Including a 15,500 metre drill program
- $1 Million Phase I Program includes 3D IP and 3500 metres drilling
- 2011 drill program to expand on targets from previous
exploration campaigns
Pacific
North West Capital Corp. ("PFN") (TSX: PFN; OTCQX: PAWEF;
FSE: P7J) is pleased
to announce the planned exploration program for 2011 at its 100%
owned River Valley PGM Project located near Sudbury, Ontario.
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 m 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.
Drilling and geophysical surveys are planned to commence in the
spring 2011.
During the Phase I drilling campaign, the Company will focus on three
objectives:
- Step-out drilling to expand the overall mineralized
footprint at Dana North
- Infill drilling to convert inferred resources to the
measured and indicated categories
- Drill testing of new targets generated from the 3D IP
survey
A
$1,000,000 budget has been approved for Phase I, targeting the Dana Lake Area and will
include the following:
- 3D Induced Polarization (IP) surveys over the Dana Lake
Area to trace known mineralization to
greater depths and highlight new targets in close proximity to
the higher grade resources
- 3500 Metre Drill Program to drill previously defined targets, drill extensions of
known mineralization and drill new 3D IP targets
- Develop a 3D Common Earth Model to aid interpretations and prioritize additional targets
along the 9 kilometre mineralized
horizon *
*Note:
Common Earth Modeling is a method that employs 3D and 4D (time)
computer modeling techniques to integrate all available geological
information into a single , 3D environment that can be viewed and
quarried on a computer
The Phase
II program will include:
- Airborne Gravity Survey; Falcon Airborne Gravity Gradiometry survey by Fugro
- Airborne ZTEM Survey; Z Axis Tipper Electromagnetic
survey by Geotech Ltd.
- Approximately 12,000 m drilling
- Initialization of environmental baseline
studies
- Preliminary economic
studies
The Phase
II drilling program will consist of approximately 12,000 metres focusing on two main objectives:
- Testing deeper targets that were generated to follow the
footwall mineralization down dip
- Testing near surface mineralized zones not yet fully
evaluated
The Phase
II drilling campaign will continue to build on the results from Phase
I and will include the addition of newly available airborne
geophysical survey technology. Phase II is scheduled to begin in
fall-winter 2011. The mineralized footprint at River Valley remains
unconstrained in all directions; therefore, the program will also
include on-going condemnation drilling to test the limits of the
known mineralization.
"The River Valley PGM project is one of North America's
newest, stand alone PGM projects. The project has extensive
exploration upside with over a 9 kilometre
prospective horizon. Furthermore, River Valley is located in one of
the best mining districts in the world - The Sudbury Mining District."
comments Harry Barr, President & CEO of Pacific North West
Capital Corp.
Anthony Kovacs VP Exploration states, "The Company can
rapidly benefit from previous exploration programs that outlined some
well defined drill targets. The early expertise also helps identify
appropriate technologies to generate additional high-priority
targets."
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.
The project is road accessible in Canada's premier Ni-Cu-PGM
mining and smelting district which boasts perfect infrastructure
and community support for mining activities.
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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. A mineral resource estimate in
accordance with the guidelines set out by NI43-101 was published in
2006
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Measured
and Indicated Resources using a 0.7 g/t cut off (Pt/Pd) of 30.5
million tonnes containing 953,900 ounces of
palladium (0.97 g/t), 329,500 ounces of platinum (0.34 g/t) and
59,500 ounces of gold (0.061g/t) with an additional 2.3 million tonnes containing 67,000 ounces of palladium
(0.87g/t), 23,800 ounces of platinum (0.31g/t) and 4,000 ounces of
gold (0.05 g/t) of Inferred Resources using a 0.7 g/t cut off (Pt/Pd). (PFN press release March 2006)
- Measured Resource: 8.53 million tonnes
containing 353,200 ounces of palladium (1.29 g/t), 116,800
ounces of platinum (0.43 g/t) and 20,400 ounces of gold (0.07
g/t)
- Indicated Resources: 22.02 million tonnes
containing 600,700 ounces of palladium (0.85 g/t), 212,800
ounces of platinum (0.30g/t) and 39,000 ounces of gold (0.06
g/t) with an additional inferred resource of 2.39 million
tones containing 67,000 ounces of palladium (0.87g/t), 23,800
ounces of platinum (0.31g/t) and 4,000 ounces of gold (0.05
g/t) using a 0.7 g/t cut off (pt/pd)
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Anglo
Platinum continued to fund exploration under the terms of the option
and joint venture agreement and invested over $22 million in the
exploration of the property for a 50% stake in the joint venture. As
a result of capital expenditure reductions during the global
financial crises, Anglo Platinum Limited decided that no new funds
would be allocated to the project, above and beyond the minimal
holding costs.
In January 2011, PFN and Anglo Platinum were able to come to terms
whereby PFN could acquire Anglo Platinum's 50% stake in the River
Valley JV giving PFN 100% of the River Valley PGM project by offering
12% of its current outstanding shares to Anglo Platinum. This would
enable PFN to seek additional funding for the project while Anglo
Platinum could benefit from any future success of the project through
its share ownership in PFN.
In 2000 the first forty drill holes were completed on the River
Valley property; 37 at the Dana Lake Area and 3 at Lismer's Ridge, located about 1.3 km southeast of
the Dana Lake Area. The results to date demonstrate predictable
grade to depth with significant high grade components over broad
intersections. Samples were taken from split drill core and sent
to XRAL Laboratories in Rouyn-Noranda,
Quebec for Pt-Pd-Au-Rh-Cu-Ni assay. The
following table illustrates the extent of mineralization during the
discovery stages of the project.
Highlights from Phase 1, 2 and 3 (2000) Drill Program
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. The River Valley PGM project is one
of North America's newest and largest primary platinum group metals
(PGM) deposits. The project is located in the Sudbury region of
Ontario.
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 (see news release
dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km near
Val-d'Or, Qu�bec (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.
The Company is currently completing a NI43-101 compliant resource
estimate on the Rock and Roll Polymetallic
Project. The project is located in the Iskut
River region of British Columbia (see press release dated October 27,
2010). The Rock and Roll project hosts volcanogenic massive sulphide mineralization, rich in precious metals,
in a volcano-sedimentary host rock package. The mineralization shows
similarities to the gold and silver rich mineralization of Barrick Gold's past producing Eskay
Creek mine. The Company also has PGM, gold and base metal projects in
Qu�bec, Ontario, Saskatchewan and Alaska and continues to
aggressively look for new acquisition of additional platinum group
metals, precious metals on an international scale.
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.
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 $6.6 million in working capital and
securities.
Pacific North West Capital Corp. is a member of the International
Metals Group of Companies
(www.internationalmetalsgroup.com).
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
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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 . Not to be
construed as an offer to buy or sell securities of this company.
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