Pacific North West Capital Corp PFN
Shares issued 8,492,000 Mar 2 close $0.89
Fri 3 Mar 2000 News Release
Mr. Harry Barr reports
The Pacific North West Capital (PFN) phase one drilling program is now
under way on the road accessible River Valley property, located 70 km
northeast of Sudbury, Ontario. The River Valley platinum-group metal
project is financed by Anglo American Platinum, the world's largest
platinum producer. Approximately $800,000 will be spent on the River Valley
property in 2000; the Phase One drilling program represents approximately
25 per cent of the current budget.
The 1999 surface exploration program outlined five zones of sulphide
mineralization within a 750 metre by 75 metre area, as reported Dec. 8th,
1999, and Feb. 8th, 2000. PFN reported 788 samples from these five zones
with weighted averages from 0.5 grams per tonne to 3.6 grams per tonne PGM;
individual sample values are up to 16.1 grams per tonne PGM, 0.45 per cent
Cu and 0.05 per cent Ni. All rhodium values have now been received and are
currently being incorporated into the previously reported assay results.
Rhodium values typically range from 0.03 grams per tonne to 0.38 grams per
tonne with the highest values reported from the Road and South zones. The
PGM-Cu-Ni sulphide occurs as disseminated and bleb grains hosted by a
heterolithic breccia within the contact environment.
An orientation induced polarization (IP) survey carried out in the Dana
Lake area, indicates strong chargeability responses coinciding with known
surface mineralization, and with a significant depth component (greater
than 75 metres). T high chargeability anomalies also extend several hundred
metres north of the reported surface mineralization, enlarging the
potential for this area; the IP anomaly remains open to the south.
Phase one drilling will concentrate on testing the strike and depth of
known surface POM-Cu-Ni mineralization in the Dana Lake area, guided in
part by the results of the IP survey. Results from the phase one drilling
program, along with data from a new IP survey being conducted along the 6km
prospective contact, will used to outline the phase two drill program. |
