Pacific completes geophysical program
Pacific North West Capital Corp PFN
Shares issued 8,492,000 May 10 close $1.34
Thu 11 May 2000 News Release
Mr. Harry Barr reports
Pacific North West has completed a geophysical program on the River Valley
project.
Pacific's geological and exploration team is currently at the project site
on a week-long planning session interpreting the results from the recently
completed geophysical survey and planning the next round of infill
drilling.. Further details on the geophysical program and the next round of
infill drilling are expected within the next seven days.
Over the next three weeks management will be concluding a series of site
visits. Site visitors will include mining analysts, major and regional
newspapers, and newsletter writers from Canada, the U.S. and Europe. Our
geological team will be on hand to further discuss the results that are
already in the public domain.
The River Valley project is funded through an agreement with Anglo American
Platinum Corporation, the world's largest platinum producer, which can earn
a 50-per-cent interest in various Pacific properties in the Sudbury area by
paying $300,000 for the option 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 funding, Anglo
American is providing Pacific with technical expertise in its search for
platinum group metal deposits. Pacific remains operator of the projects.
Anglo American is funding a minimum $1-million exploration program on River
Valley and other Pacific projects in 2000.
Every hole in the 13 hole phase 1 drill program intersected significant
platinum group metal values. Hole RV-8, the most northerly hole drilled,
intersected the longest mineralized section in the drill program, with an
intercept of 130.5 metres of 1.21 g/t PGM (Pt+Pd+Au+Rh) which includes
higher grade intersections of 7.2 metres at 3.42 g/t PGM, 0.16 per cent Cu,
0.02 per cent Ni; and 28.6 metres at 2.18 g/t PGM, 0.17 per cent Cu, 0.03
per cent Ni. |
