Spoke to the company this morning...Things look positive.
Ralph is in Thunder Bay for meetings. The planned drilling announced in their March NR is still on schedule for mid-April.
And most importantly, the Pacific North West (PFN.V) is looking very good and the market remains hot in this sector.
I've enclosed the Pacific North West NR for those who missed it.
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PFN.V
3.90
+0.00
delayed 20 mins - disclaimer
Wednesday March 29, 5:35 pm Eastern Time
Company Press Release
Platinum Group Metals Discovery, Pacific North West Capital Corp. Releases Initial Assays From First Phase Drill Program At River Valley
VANCOUVER, BRITISH COLUMBIA--Pacific North West Capital Corp. (PFN) is very pleased to report assay results from the first three holes from the recently completed Phase I diamond drill program on the River Valley Property located 60 km northeast of Sudbury, Ontario.
The thirteen hole (2000 m) drill program was carried out to test the depth extent of significant platinum group metal (Pt (plus) Pd (plus) Au (equals) PGM) mineralization recently reported by PFN following extensive stripping and sampling programs carried out in 1999 in the Dana Lake area on the northern part of the property.
Induced polarization (I.P.) geophysical surveys carried out in 1999 in conjunction with the surface sampling programs prior to commencement of drilling strongly indicated that PGM, Cu-Ni sulphide mineralization exposed at surface persists to depth. The Phase I drill holes were designed taking into consideration both the exposed surface mineralization and associated geophysical data. All 13 holes were drilled at an angle of -45 degrees.
The principal economic target on the River Valley property is a postulated multi-million tonne bulk tonnage deposit of a size and grade comparable to that recently reported by North American Palladium Ltd. for its Lac des Iles property near Thunder Bay, Ontario (proven plus probable 74.2 m.t. at 1.64 g/t Pd, 0.18 g/t Pt, 0.14 g/t Au, 0.066% Cu, and 0.055% Ni). The Lac des Iles deposit is the only primary PGM producer in Canada and one of only two in North America.
Significant mineralized drill core intersections from the first three holes are summarized below. Palladium and platinum constitute a very high percentage of the combined PGM values reported below, in a ratio generally in the range of 2-1 to 3-1 palladium to platinum. Rhodium assays will be added to the combined PGM value when completed.
Hole From To Interval Interval PGM g/t Cu Ni
m m m ft (Pd+Pt+Au) % %
RV-01 116m
285W 34.10 96.00 61.90 203.0 1.80 0.12 0.02
500N Incl. 41.72 84.00 42.28 138.7 2.25 0.14 0.02
Incl. 41.72 45.15 3.43 11.2 5.56 0.38 0.05
Incl. 72.25 80.00 7.75 25.4 3.70 0.22 0.03
Incl. 89.28 96.00 6.72 22.0 1.00 0.08 0.04
Mineralization was intersected between vertical depths of 22 to 60 m.
Hole From To Interval Interval PGM g/t Cu Ni
m m m ft (Pd+Pt+Au) % %
RV-02 200m
300W 93.20 141.5 48.30 158.5 2.04 0.14 0.02
450N Incl. 93.20 113.45 20.25 66.4 3.50 0.21 0.02
Incl. 94.90 98.5 3.60 11.8 6.78 0.38 0.04
Incl. 104.20 108.90 4.70 15.4 5.32 0.25 0.03
Mineralization was intersected between vertical depths of 66 to 103 m.
Hole From To Interval Interval PGM g/t Cu Ni
m m m ft (Pd+Pt+Au) % %
RV-03 161m
250W 104.50 127.35 22.85 87.1 2.31 0.16 0.03
400N Incl. 118.50 127.35 8.85 29.9 3.11 0.17 0.04
AND 155.60 160.70 5.10 16.7 2.51 0.02 0.02
Mineralization was intersected between vertical depths of 66 to 90 m. The last 5.1 m of hole RV-03 averaged 2.51 g/t PGM and this hole will be extended during the Phase II drill program.
PGM values in the reported intersections generally meet or exceed those in the current target economic model. Assay values from the remaining 10 holes will be reported at intervals over the next two to three weeks.
The accompanying map shows the co-ordinates of the 13 holes drilled, together with the extent of the 1999 stripping and sampling, and the associated chargeability highs. Holes 1, 2, and 3 are spaced at 50 m intervals over a 100 m north-south strike length. The mineralization intersected in these holes is open both up and down dip and to the north and south.
Induced polarization surveys are currently in progress, covering the prospective contact area that extends south from Dana Lake for a distance of more than 7 km. The geophysical survey will include coverage of an area of intermittent sulphide bearing outcrop with dimensions at least 300 m x 50 m located 5 km south of Dana Lake; grab samples from this area (Central Reef) carry values up to 10.4 g/t PGM.
PFN Management is very encouraged by these initial results and reminds its shareholders that the Dana Lake mineralization occupies just one small area of the property. Moreover, the property covers several kilometres of the highly prospective intrusive contact.
The Phase II drill program will commence towards the end of April as soon as all results from the current program have been plotted and thoroughly interpreted.
The River Valley Project is funded through an agreement with Anglo American Platinum Corporation Limited (``Amplats'), the world's largest platinum producer, which can earn a 50% interest in various PFN properties in the Sudbury area by paying $300,000 for the option (payment made) and spending $4 million on exploration; a 60% interest by completing a feasibility study; and 65% by financing the property through to production. In addition to funding, Amplats is providing PFN with considerable technical expertise in its search for PGM deposits. PFN remains operator of the projects. Amplats is funding a $1 million exploration program on River Valley and other PFN projects in 2000.
ON BEHALF OF THE BOARD OF DIRECTORS
Harry Barr, President
Disclaimer
This news release contains certain ``Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission
A map of the Company's River Valley Property can be obtained by contacting the Company at the numbers and/or addresses below.
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Contact:
Pacific North West Capital Corp.
Harry Barr
President
Toll Free 1-800-667-1870
(604) 685-8045
Website: www.pfncapital.com
E-mail: ir@pfncapital.com
Greg |
