Consolidated Venturex Holdings Ltd
450 – 999 West Hastings Street
Vancouver BC V6A 2W2
Phone: (604) 683-3070 Fax: (604) 683-2308
CNDX Trade Symbol: CVA
Pacific North West Capital Corp.
Mezzanine, 626 West Pender St
Vancouver BC V6B 1V9
Phone: 1-800-667-1870 Fax:
(604) 685-8045
CDNX Trade Symbol: PFN PRESS RELEASE
DECEMBER 20,1999PFN & CVA ANNOUNCE PLATINUM GROUP DRILL RESULTS
FROM DAVIS-KELLY PROJECT
Pacific North West Capital Corp. (CNDX: PFN) and Consolidated Venturex Holdings Ltd (CDNX: CVA) are pleased to announce assay results from recently completed diamond drill holes on the Davis-Kelly property, situated 50 km northeast of Sudbury, Ontario, a world-class mining district with a hundred year history of nickel-copper production. Under an option agreement with PFN, CVA is earning a 50% interest in three Sudbury District platinum group metal (PGM), copper, nickel properties, including Davis-Kelly.
Over the past few months CVA has funded a $150,000 field program on the Davis-Kelly and Sargesson Lake properties comprising geological mapping, prospecting, sampling and diamond drilling. Each of the properties is prospective for Cu-Ni-PGM mineralization near the base of Nipissing gabbro sills. Nipissing sills occupy as much as 25% of the surface exposure in this region and may be as much as 1 km thick.
The 1999 exploration program focused primarily on the Davis-Kelly property, where combined PGM (Pd + Pt + Au) values from grab samples of Nipissing gabbro assay up to 6.3 g/t. The mineralization occurs close to the lower contact of the gabbro with underlying metasediments.A 5 hole, 312m (1024ft) diamond drilling program was recently completed in the area of the principal mineralized showing in order to examine the local Nipissing stratigraphy and related mineralization.
The following table summarizes significant assay results.
PGM From (m) To (m) Interval (m) (Pd+Pt+Au g/t)
Hole 1
20.0 29.50 9.50 0.48 51.20 54.53 3.33 2.23 PGM
From (m) To (m) Interval (m) (Pd+Pt+Au) g/t
Hole 2
27.00 30.00 3.00 1.50
Incl. 28.50 30.00 1.50 2.31
49.10 53.50 4.40 3.87
Incl. 49.10 52.70 3.60 4.30 and 0.48% Cu, 0.33% Ni
Hole 3
31.85 35.60 3.75 1.20
Additional mineralized Nipissing gabbro showings were discovered 500 m to the north of the drilled area. Grab samples taken from this area assay as high as 3.4 g/t. This mineralization is also located close to the base of the gabbro sill.
Induced polarization surveys are now underway which will cover both mineralized areas in order to gauge their chargeability response.
The mineralization seen in outcrop and noted in drill core at Davis-Kelly is comparable in style to that reported on PFN's Janes Property situated 5 km to the southeast. Previous drilling (April, 1999) on the Janes Property has intersected values up to 3.2 g/t PGM and 1.39% combined Cu-Ni over 13.63 m.
From the work carried out by PFN over the past 18 months it is apparent that hypersthene-rich gabbro units close to the base of Nipissing sills are significantly enriched in PGM, Cu and Ni values, possibly over very extensive areas and several metre thicknesses. The intersection of PGM values exceeding 4 g/t over 3.6 m width during the very first drill test of the basal Nipissing section in Davis-Kelly this area is highly encouraging.
CVA has elected to proceed with the option to earn a 50% interest in the three properties and has committed to fund a $150,000 exploration program in 2000 which will include expanded prospecting, geophysical and drilling programs.
Recent spot prices for Platinum Group Metals: US$443.00 (Platinum) and US$448.00 (Palladium).
On Behalf of the Board of Directors
Douglas Mason,President
Consolidated Venturex Holdings Ltd
PFN: S.E.C. 12g(3) exemption #82-4828
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
On Behalf of the Board of Directors
Robert Douglas Hickey,
Director Pacific North West Capital Corp
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