To: Just G (706 )
From: Just G Tuesday, Nov 2 1999 7:05PM ET
Reply # of 707
NEWS RELEASE November 2, 1999
SECOND PHASE DRILL PROGRAM INITIATED
JANES PLATINUM/PALLADIUM PROJECT, SUDBURY ONTARIO
Pacific North West Capital Corp. ("PFN") is pleased to report that a second
phase drill program is underway on the Janes Project, located 50 km
northeast of Sudbury Ontario. Exploration of the Janes project, and several
other PFN projects, is funded by Anglo American Platinum Corporation Ltd
("AMPLATS"), the world's most important platinum producer PFN's exploration
target is Platinum-Group Metals ("PGM"), defined as
platinum+palladium+gold, and in some cases (i.e. PFN's River Valley
Project), a rhodium component as well.
PFN's agreement with AMPLATS provided for a $300,000 cash payment for the
option; $1.5 million guaranteed exploration funding in 1999/2000; a total
of $4 million over a five year period; and for feasibility study and
production financing to be funded by AMPLATS. PFN President Harry Barr
recently stated "Our agreement with AMPLATS not only creates a project
financing mechanism but is also a vote of confidence by the world's largest
platinum producer."
Drill Hole From To Interval *PGM *PGM Cu Ni
(m) (m) (m) (g/t) (oz/t) % %
JR99-01 35.00 50.05 15.05 3.10 0.09 1.08 0.27
including -- -- 4.64 3.93 0.12 1.68 0.26
JR99-11 32.52 48.68 16.16 2.15 0.06 0.64 0.27
including -- -- 5.67 3.07 0.09 0.70 0.31
JR99-06 9.90 23.91 14.01 2.07 0.06 0.84 0.35
including -- -- 2.40 4.45 0.13 0.87 0.47
JR99-02 7.78 11.00 3.22 2.49 0.07 1.34 0.65
including -- -- 0.64 5.25 0.15 3.37 1.67
JR99-03 0.00 8.68 8.68 4.45 0.13 0.69 0.44
including -- -- 3.06 9.03 0.26 1.20 0.91
JR99-08 35.83 37.37 1.55 6.71 0.20 0.35 1.10
Janes Project
A first phase drill program was completed on the Janes property earlier
this year that successfully identified PGM associated with copper-nickel
sulphide mineralization. The PGM-enriched mineralization occurs with
dessiminated, semi-massive and massive sulphides near the contact between
sediments and gabbro in the Nipping Diabase.
Together, holes JR 01, 11 and 06 define a southeast-dipping (25-35 degrees)
layer of Cu-Ni-PGM sulphide-bearing gabbro with a true width of about 14.0
m. This mineralized zone extends at least 60 m down-dip from surface
mineralization. Holes 02, 03 and 08 confirm the presence of semi-massive to
massive sulphides at the sediment-gabbro contact.
The second phase drill program on the Janes Project will concentrate on
expanding the areas of known mineralization, down-dip and along strike.
River Valley Project
PFN is pleased to report that detailed grid-based sampling of the Dana Lake
and Azen Creek Zones is near completion. Geophysical surveys (ground
magnetometer/induced polarization) are now in progress and initial results
suggest that I.P. surveys will be an important component of the exploration
program on the property. A full report of work completed on the River
Valley Project will be released when all data has been correlated.
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
S.E.C. 12g(3) exemption # 82-4828
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein
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