Hi Jim;
If you are not allready aware of the sudbury PGM play,you may find this PFN news release of interest.No translation needed.
Regards : John
NEWS RELEASE September 28, 1999
PLATINUM-PALLADIUM PROJECTS, SUDBURY ONTARIO
EXPANDED EXPLORATION PROGRAMS / DISCOVERY OF
ADDITIONAL MINERALIZED ZONES
Management of Pacific North West Capital Corp. ("PFN") is pleased to
announce the discovery of two new mineralized zones, with grab samples
of up to 10 g/t PGM (platinum group metals) in addition to results from a
number of other field programs now in progress in the Sudbury region,
Ontario.
PFN is currently exploring properties covering an area exceeding 40,000
acres in the Sudbury region. Most of the programs are being funded by
the world's largest platinum producer, Anglo American Platinum
Corporation Ltd ("AMPLATS"), through a 100%-owned subsidiary
company, Kaymin Resources Limited. PFN acts as operator. (For details
of the AMPLATS Agreement, see Press Release dated Aug. 4th, 1999.)
Field programs will continue through to the end of October, and several
drill programs are being planned in conjunction with this work. The
following is a project-by-project overview.
The River Valley Project (AMPLATS Agreement)
The River Valley property, located approximately 60km northeast of
Sudbury, overlies part of a large layered gabbro-anorthosite intrusion that
contains significant PGM values. Detailed geological mapping, stripping,
detailed sampling and prospecting is currently in progress on the Dana
Lake Zone (grab samples up to 12.6 g/t PGM =
platinum+palladium+rhodium). Exploration to date has significantly
expanded the original areas of mineralization which now extends
intermittently over an area of about 7.5 hectares (750m x 100m). Grab
samples from the expanded areas of mineralization include assays of 5.7
g/t, 7.6 g/t, 10.8 g/t and 11.7 g/t PGM. Detailed sampling over the
expanded areas is now in progress. Stripping and sampling is also in
progress at the second principal PGM showing located 6km to the south
at Azen Creek (grab samples up to 3 g/t PGM). On completion of
detailed sampling, PFN will carry out orientation induced polarization
(IP) surveys across the Dana Lake and Azen Creek Zones, followed by
grid IP and magnetometer/VLF-EM surveys.
New River Valley Discoveries
Preliminary mapping and prospecting of the entire River Valley property
commenced in August, and has resulted in the discovery of 2 new
mineralized zones located 1km northwest (Central Reef) and 1.5km
northeast (East Reef) of the Azen Creek Zone. Grab samples assay up to
10 g/t PGM (Pt=4.2 g/t, Pd=5.6 g/t, Rh=0.23 g/t). As in the Dana and
Azen Creek Zones, rhodium remains an important component in the total
PGM. These new discoveries will see additional detailed mapping and
sampling over the next two months. Initial results from the River Valley
Project are encouraging, and PFN anticipates the delineation of several
drill targets on completion of the current field programs.
Janes and Kelly Projects (AMPLATS AGREEMENT)
These two projects, located approximately 50km northeast of Sudbury,
overlie PGM and copper, nickel mineralization that occurs within
Nipissing gabbro sills. A second phase drill program is planned for the
Janes Project (option with Goldwright Explorations Inc.). This drill
program will test the down dip extension of significant PGM, copper and
nickel values intersected in drilling earlier this year (14.01m of 1.11%
Cu+Ni and 2.70 g/t Pt+Pd+Au). The earlier drilling demonstrated that
mineralization extends for at least 60m down dip from surface trenches.
Blasting, trenching and sampling will be carried out shortly on the Kelly
Project, located about 10km northwest of the Janes Project. Preliminary
grab samples from the Kelly Project have returned values up to 5.1 g/t
combined PGM.
Summary
Initial exploration of the River Valley property has been encouraging;
with additional mineralized areas continuing to be identified within the
property. A thorough evaluation of each mineralized area will be
undertaken as the field program progresses over the next two months,
leading to a comprehensive drill program.
Earlier this year, drilling on the Janes property produced significant
PGM, copper and nickel drill intercepts. These values confirm the
anomalous nature of the Nipissing gabbro and its potential to host
economic PGM-Cu-Ni sulphide deposits. In addition to drilling on the
Janes property, drill programs funded by an option agreement with
Consolidated Venturex Holdings Ltd ("CVA") will be conducted on the
Davis-Kelly and Sargesson Lake properties, as announced by CVA
September 16, 1999. PFN plans to complete three drill programs by
mid-November 1999, and conduct extensive field programs on other
Sudbury region properties.
PFN's mission is to enhance shareholder value by the aggressive
acquisition, exploration, and development of Platinum Group Metal
projects. Platinum Group Metals are rare, enjoy unique chemical and
physical properties, and are in great demand for jewelry, auto catalysts,
and industrial uses. Current spot prices (Sept 28/99) in US dollars are
Palladium $378.00, Platinum $403.00, and Rhodium $925.00.
ON BEHALF OF THE BOARD OF DIRECTORS
Harry Barr, President
For Further information: Call Investor Relations at
1-800-667-1870 or by email: pfn@info-mine.com |
