Pacific Northwest Janes property drilling results
Pacific North West Capital Corp PFN
Shares issued 8,492,000 Feb 16 close $1.00
Wed 16 Feb 2000 News Release
Mr. Harry Barr reports
Pacific North West Capital has received assay results from a phase two
diamond drilling program recently completed on its Janes township
copper-nickel-platinum group metal (PGM = Pt+Pd+Au) property (option from
Goldwright Explorations) situated about 50 kilometres northeast of Sudbury,
Ont.
The current drilling was carried out in order to expand the known
mineralization along strike and to depth. Mineralization occurs proximal to
the lower contact of a Nipissing diabase intrusion where it is associated
with a high-magnesium gabbroic rock unit; locally, mineralization occurs
within a sediment-gabbro and/or sulphide breccia. The current drilling
demonstrates that mineralization extends down-dip from surface showings for
at least 140 metres (460 feet) from surface showings at the Main trench to
intersections in JR99-19, and is open to depth. Significant intersections
from the current program are outlined below.
FROM TO LENGTH Cu% Ni% Cu+ Pt+Pd
(m) (m) Ni% +Au
g/t
Hole 99-14
48.20- 78.20 30.0 0.35 0.16 0.51 0.77
Incl.
68.45- 78.20 9.7 0.40 0.19 0.59 1.56
Hole 99-16
25.60- 37.50 11.9 0.48 0.22 0.70 1.22
Incl.
35.85-37.50 1.6 0.53 0.28 0.81 4.21
Hole 99-19
105.25-133.45 28.2 0.81 0.10 0.91 0.31
Incl.
132.10-132.95 0.8 5.69 0.36 6.05 0.74
Incl.
132.65-132.95 0.3 11.08 0.60 11.69 1.14
Incl.
132.65-133.15 0.5 6.11 0.36 6.46 0.71
Of particular interest is drill hole JR99-19. This hole intersected
sediment-gabbro breccia that contains disseminated and massive sulphide,
including 0.30-metre intersection of near massive
chalcopyrite-pentlandite-pyrrhotite mineralization. This mineralization is
proximal to and up-dip from an intersection reported in 1968 by Kennco
Explorations (Canada) Ltd. that subsequently assayed 1.86 per cent Cu, 1.51
per cent Ni and 1.8 g/t PGM over 7.9 metres.
Drill hole JR99-16 demonstrates that PGM-bearing sulphide mineralization
extends southward on the property. The PGM-Cu-Ni sulphide intersection in
JR99-16 is about 22 m down-dip of an intersection in JR99-09 (0.6
grams/tonne PGM, 0.54 per cent Cu and 0.21 per cent Ni over 5.39 m). It is
important to note that although both intersections share similar widths,
JR99-16 has a significantly higher PGM grade. This increase in PGM suggests
that the zone of PGE-enrichment occurs beneath the surface showings in the
south end of the property. Moreover, it suggests that PGM values comparable
with those from the Main trench and holes such as JR99-01 and 11 may extend
further down-dip from JR99-16 and below previously drilled JR99-05; the
latter hole is located about 32 m south of JR99-16.
PFN plans to carry out a phase three drilling program on the Janes project
to extend the mineralization to the south and further down-dip. Drill
programs an PFN's Langmuir project near Timmins, Ont., and on the
Davis-Kelly and River Valley projects near Sudbury, Ont., are scheduled to
be under way before month-end.
PFN has a financing agreement with Anglo American Platinum Corporation Ltd.
(Amplats), which guarantees a minimum $1-million in exploration financing
for the year 2000. Amplats can earn a 50-per-cent interest in various PFN
properties by paying $300,000 for the diamond drill hole locations option
(payment made) and spending $4-million on exploration; a 60-per-cent
interest by completing a feasibility study; and 65-per-cent by financing
the property through to production. In addition to financing, Amplats is
providing PFN with considerable technical expertise in its search for PGM
deposits. PFN remains operator of the projects. In addition to the Amplats
financing, PFN has a minimum year 2000 commitment of $150,000 from another
earn-in joint venture partner on several other PGM properties in the area,
$1.8-million cash in its treasury, and no debt.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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