The following is a release put out by PFN on July 20th/99 detailing the Sargesson Lake results to that date.
News Release
Management of Pacific North West Capital Corp. ("PFN") and earn-in joint venture partner Consolidated Venturex Holdings Ltd ("CVA") report that first phase results have been received on the Sargesson Lake copper-nickel-PGM property in the Sudbury Mining District. Drill exploration conducted in the 1960's on this showing returned intercepts averaging 0.54% copper-nickel over a maximum true thickness of 4.6 metres (15 feet). No platinum group metal (platinum, palladium and gold, or "PGM") assays were reported from this work.
Sargesson Lake Results
A program of prospecting and surface sampling on the Sargesson Lake property has confirmed the presence of sulphide mineralization within 30-75 metres of the basal contact of a large gabbroic dyke and sedimentary rocks. 68 surface grab samples were taken from an area covering less than one third of the dyke as mapped. Over half of the samples returned strongly anomalous platinum, palladium and gold values, up to 2.1 grams per tonne PGM, with 0.76% copper and 0.32% nickel. These encouraging values have led to the initiation of a phase two program to complete surface evaluation of the dyke and define targets for an upcoming drill program.
Other Work Programs
PFN continues to evaluate other copper-nickel showings on the Company's extensive Sudbury Region properties, with the intention of drill testing several of the newly developed targets for PGM mineralization. As well, PFN will return to the Janes Project with a drill program designed to test the depth and southern extensions of PGM mineralization reported June 2 and July 5. PFN is also conducting fieldwork to develop drill targets on the River Valley property, where grab samples from two showings six kms apart have returned PGM values up to 12.87 grams per tonne (9.4 g/t palladium, 2.9 g/t platinum, 0.37 g/t rhodium and 0.2 g/t gold) in a large layered mafic instrusive complex.
Acquistion
PFN has entered into an agreement, subject to regulatory approval, whereby PFN has the exclusive right to purchase for a combination of cash and shares a 100% interest (less a retained 1.5% Net Smelter Royalty) in four claims located in Kelly Township, Ontario.
(Signed)
Harry Barr, President |
