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May 5, 2008, Vancouver, BC - Pacific North West Capital Corp. (TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J) is pleased to announce the
results from the 2007 exploration program conducted at its 100%
controlled Tonsina Property located in Southcentral Alaska. Outcrop
sampling and mapping completed in September has defined a drill ready
nickel, copper, and platinum group element target.
Highlights from the 2007
exploration program include:
- Chromite
bearing outcrop grab samples contain up to 2.3g/t platinum and
1.6g/t palladium
- Chip
channel samples of chromite and sulfide bearing outcrop contain up
to 0.86g/t platinum and 1.1g/t, palladium over a 2 meter
interval
- Sulfide
bearing outcrop grab samples contain up to 0.97% nickel and 0.58%
copper
- Chip
channel samples of sulfide bearing outcrop contain up to 0.75%
nickel over a 2 meter interval
The 7,360
acre Tonsina Property is centered on Sheep Hill in the northeastern
Chugach Mountains only 8 km east of the paved Richardson Highway and
approximately 80 road miles north east of the all-weather port of
Valdez.
This photo
displays typical Sheep Hill nickel, copper, platinum group element
mineralization which consists of sulfides (brassy color blebs) and
chromite hosted in partially serpentinized ultramafic rocks (charcoal
colored foreground). Two samples collected from this outcrop returned
values of 0.39% Ni, 0.19% Cu, 616ppb Pt, 856ppb Pd, and 0.49% Ni, 0.25%
Cu, 574ppb Pt, 856ppb Pd.
Nickel, copper, and platinum group element mineralization is hosted in
dunite and lherzolite within the Tonsina Ultramafic Complex. The
mineralized rock units comprise a north dipping magmatic layer. Sulfide
and chromite mineralization within this layer define a distinct horizon
(reef) up to 30 meters thick that has been mapped and sampled over a
strike distance of 900 meters. The mineralized unit extends under cover
to the north and west and is truncated to the east by a high angle
fault with unknown displacement. This exploration success illustrates
the potential for reef style nickel, copper and platinum group element
mineralization in other magmatic layers of the Tonsina Ultramafic
Complex.
A continuous chip channel sampling program was designed to cross the mineralized
horizon and test the vertical extent of the exposed mineralization.
Results indicate that copper and nickel correlate with sulfur, and that
platinum group elements correlate with chromium. High grade metal
anomalies extend over several meter intervals: 44-50 meters - 6 meter
interval grading 0.8g/t platinum and 1g/t palladium, and 62-74 meters -
12 meter interval grading 0.59% nickel. The apparent dip of the sulfide
horizon at TOC0717 is 67.35�, the slope at TOC0717 is 33.69�, therefore
the true thickness of the 2 m samples is 1.975 m.
Table 1 Selected geochemistry from Chip Channel TOC0717
Examination
of thin sections from selected mineralized samples at the University of
Alaska petrography lab confirms the presence of widespread pentlandite
together with millerite and lesser covellite.
The Tonsina project
was part of the reconnaissance agreement with Stillwater Mining Company
which was terminated in March 2008. This summer PFN's exploration plans
are to continue outcrop sampling and mapping in an effort to expand on
the currently identified sulfide and chromite horizon and identify
possible mineralized horizons in the alternating magmatic layers. An IP
survey is also planned to trace the north dipping mineralized horizon
under cover to the west, and north.
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 exploration philosophy is to generate new projects
and advance them to the point where they can be joint ventured to major
mining companies and funded 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, SOQUEM,
First Nickel and Benton Resources.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. 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
currently has over $11 million in working capital and securities.
The Qualified
Person for this news release is Curtis Freeman, MS., P. Geo
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