NEWS RELEASE: See, another agressive company, no hype!
Regards
G
Pacific North West Capital Corp PFN
Shares issued 8,075,000 1999-07-05 close $0.4
Tuesday Jul 6 1999
Mr. Harry Barr reports
Assay results have been received from hole 99-08 on the Jackie Rastall showing. Part of the recently completed 13-hole drilling program, JR99-08 returned values of 5.6 grams per tonne palladium, 0.89 g/t platinum, 0.22 g/t gold, 0.35 per cent copper, and 0.28 per cent nickel from 35.83 metres to 37.37 metres, a length of 1.54 metres (5.10 feet). Hole JR99-08 was drilled to test the down dip extension of high-grade values discovered in Trench No. 4, where surface values ranged as high as 123 g/t palladium, platinum, and gold (platinum group metals, or PGM). This area was the site of two near-surface drill intercepts, JR99-02 and JR99-03, as reported in Stockwatch June 3, 1999.
The Janes property, 50 kilometres northeast of Sudbury, is well-serviced by roads and within trucking distance of two of Canada's largest smelters.
The Janes project drilling program is the first to demonstrate the potential for the Nipissing Diabase to host both significant widths and grades of PGM mineralization. Current drilling has tested only one of 20 to 30 known copper-nickel showings on PFN's landholdings that are considered prospective for Platinum Group Metals. Current field programs are evaluating these showings with the objective of delineating drill targets which will be tested in conjunction with additional drilling planned on the Jackie Rastall showing. As well, next week a program will be started to explore the River Valley property, where a significant discovery (combined palladium, platinum, and rhodium values up to 12 g/t on surface) was made in the fall of 1998. PFN has the right, subject to a 3-per-cent net smelter royalty, to earn a 100-per-cent interest in the River Valley property.
On another matter, PFN has entered into an option to purchase agreement with Goldwright Explorations Inc., whereby PFN may purchase a 100-per-cent interest in four mineral claims in Davis and Kelly Townships, in Ontario, subject to a 2-per-cent nsr interest retained by Goldwright. In addition, PFN has entered into an option to purchase agreement with local prospectors (vendors) whereby PFN can purchase 100-per-cent interest in five mineral claims in Davis and Janes Townships, in Ontario, subject to a 2-per-cent nsr interest retained by the vendors. PFN may exercise either or both of these options on or before July 31, 1999.
With approximately $650,000 in cash, no debt, and interests in 55 square kilometres in the Sudbury mining district, PFN is mounting an aggressive 1999 program with the objective of becoming Canada's premier palladium/platinum exploration and development company. Announcements of further drilling programs will be made as targets are identified.
Hole From To Length Cu+Ni PGM
(m) (m) (m) % (g/t)
99-01 35.00 55.05 15.05 1.35 3.10
incl. 40.13 44.77 4.64 1.94 3.93
99-02 7.78 11.00 3.22 1.99 2.49
incl. 9.92 10.56 0.64 5.00 5.25
99-03 0.00 8.68 8.68 1.13 4.45
incl. 0.00 3.06 3.06 2.11 9.03
99-04*
99-05 2.75 8.01 5.26 0.34 1.15
and 23.99 32.86 8.87 0.13 0.36
99-06 9.90 23.91 2.40 1.34 4.45
99-07*
99-08 35.83 37.37 1.55 0.63 6.71
99-09 1.63 14.49 12.86 0.40 0.40
99-10*
99-11 32.52 48.68 16.16 0.91 2.15
99-12*
99-13
Metric conversion:
one gram per tonne equals 0.0292 troy
ounces per ton
one metre equals 3.215 feet
*Denotes no significant values.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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