Pacific North's River Valley budget set at $3-million
Pacific North West Capital Corp PFN
Shares issued 28,915,804 Apr 20 close $0.67
Wed 21 Apr 2004 News Release
Mr. Harry Barr reports
ANGLO PLATINUM APPROVES ADDITIONAL $3 MILLION EXPLORATION BUDGET FOR 2004
RIVER VALLEY PGM PROJECT, SUDBURY, ONTARIO
A phase 7 $3-million budget for the balance of 2004 has been approved for
the River Valley platinum group mineral (PGM) project near Sudbury, Ont.,
by joint venture partner Anglo American Platinum, the world's largest
producer of platinum.
Highlights of phase 6 program to date: highest-grade mineralized
intersection reported to date: 47 metres at 5.02 grams per tonne (g/t)
palladium (Pd) plus platinum (Pt) (3.81 g/t Pd plus 1.21 g/t Pt);
The drilling program resumed in early March after a brief hiatus to allow
for the compilation and review of the more than 40,000 metres drilled last
year.
The new program (phase 7) will comprise approximately 15,000 additional
metres of drilling with the objective of expanding the known resources, as
well as completing further infilling drilling along the southern contact,
in particular in the Varley, Jackson's Flats and Azen Creek areas. Surface
work and mapping will be carried out, which will further investigate the
geophysical targets identified from the spectrum airborne geophysical
survey flown last fall.
The results from River Valley continue to be extremely encouraging.
Exploration and drilling over the last year have intersected Pt-Pd
mineralization in marginal breccias, confirming the presence of a
multiple-enriched zone of a mineralized PGM-bearing breccia unit over a
nine-metre strike length. Initial mineral resource estimates have been
concentrated only in the Dana Lake and Lismer's Ridge area, a
four-kilometre area. The qualified person for this release is Peter Dasler,
PGeo, vice-president business development.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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