Pacific North West begins phase II at River Valley
Pacific North West Capital Corp PFN
Shares issued 15,988,625 Jun 16 close $1.31
Fri 16 Jun 2000 News Release
Mr. Harry Barr reports
Phase II drilling is now under way on the River Valley project with an
objective to infill drill toward a minable resource and to increase strike
length of the known mineralization.
Holes will be drilled north of RV8 (the most northerly hole drilled to
date) to test for continuity of mineralization indicated by earlier surface
stripping, sampling and IP (induced polarization). Infill drilling will
also be carried out between 600N and 215S to better ascertain the dip and
depth extent of the mineralization. The Trench zone, where grab samples
assay as high as 13.17 grams per tonne combined Pt, Pd, Rh and Au, will
also be drilled.
Detailed stripping and sampling over the IP chargeability anomaly has been
completed in the Dana Lake area and has commenced in the Hen Lake area
(three kilometres to the south). Results are expected over the next 30 to
60 days. Stripping and sampling in the Dana Lake area has exposed the
western and eastern limits of mineralization and the intrusive contact with
the underlying basement gneisses.
Every hole in the phase 1 to 13 hole program intersected significant
platinum group metal (PGM) values over substantial core lengths. Hole RV8,
the most northerly hole drilled, intersected the longest mineralized
section in the drill program, with an intercept of 130.5 metres (428.2
feet) of 1.21 g/t PGM (Pt+Pd+Au+Rh) which includes higher-grade
intersections of 7.20 metres (23.60 feet) of 3.42 g/t PGM, 0.16 per cent
Cu, 0.02 per cent Ni and 28.60 metres (93.8 feet) of 2.18 g/t PGM, 0.17 per
cent Cu, 0.03 per cent Ni.
The River Valley project is financed through an agreement with Anglo
American Platinum Corporation (Amplats), the world's largest platinum
producer, which can earn a 50-per-cent 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-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
technical expertise in its search for platinum group metal deposits. PFN
remains operator of the projects. Amplats is financing a minimum $1-million
exploration program on River Valley and other PFN projects in 2000. |
