Pacific North West Capital Corp PFN
Shares issued 16,175,375 Oct 20 close $0.75
Mon 23 Oct 2000 News Release
An anonymous director reports
Pacific North West Capital has made a significant new platinum group metal
(PGM) discovery on the River Valley property in the Lismer's Ridge area,
located approximately 1.5 kilometres southeast of the main mineralized
target at Dana Lake.
PGM-bearing mafic magmatic breccias, comparable in width and grade with
those exposed on surface at the Dana Lake area, have now been exposed
intermittently along the intrusive contact in the Lismer's Ridge area over
an 800-metre strike length. Mineralized breccias have already been
delineated along the same intrusive contact near Dana Lake, intermittent
over a 900-metre strike length and to depths of more than 190 metres.
The results of the stripping and sampling programs at the Dana Lake area
and Lismer's Ridge, the only two areas of the 10-kilometre-long prospective
River Valley intrusive contact area on the property where stripping has
been carried out to date, indicate that the prospective PGM-bearing breccia
units are much more extensive than previously thought and extend, at least
semi-continuously, along the contact for two kilometres to three
kilometres. In addition, the extensive mineralized strike length at
Lismer's Ridge and its similarities to the Dana Lake area suggest the
mineralization may extend to depth.
This new discovery is therefore significant because the strike length and
depth extent of the mineralized breccia presents large tonnage
opportunities.
Drill holes RV-38, RV-39 and RV-40 were completed as part of the phase 3
drill program as an initial test of the Lismer's Ridge mineralization.
Assay results from these drill holes will be reported in the coming week.
The following surface sample assay information is given only to provide a
general impression of the range and extent of PGM values in this area.
Additional stripping and sampling will be required in order to ascertain
the boundaries of the mineralization.
Line Est. Dimensions Area Samples
(S.E.) Width Length (square
(m) (m) metres)
12+75 10 10 100 15
13+25 10 10 100 17
13+75** 25 10 250 40
14+50 15 7.5 113 16
16+75 20 8 160 35
18+00** 20 90 1,800 173
19+75 12 10 120 25
20+25 25 30 750 57
Line* Range Average Highest
(S.E.) in PGM Pd:Pt PGM
From To
(g/t) (g/t) (g/t) (g/t)
12+75 0.02 0.72 0.18 2.2 1.01
13+25 0.13 1.27 0.48 2.2 1.27
13+75** 0.08 3.40 0.68 2.4 3.40
14+50 0.04 3.54 0.57 2.5 3.54
16+75 0.02 2.66 0.50 2.2 2.66
18+00** 0.01 6.86 0.88 2.0 6.86
19+75 0.01 5.00 0.60 2.0 5.00
20+25 0.04 9.30 1.52 2.4 9.30
* grid lines are oriented at 45 degrees east of north
** previously reported in Stockwatch on Sept. 26, 2000
The company, in its capacity as program operator, has recently laid out a
proposal for consideration whereby exploration on the property will be
greatly expanded over the next 14 months with the objective of accelerating
exploration along the favourable contact. This will include systematic
drilling along the contact to intersect the breccia unit at depths of up to
300 metres or more.
Financing for exploration on the River Valley property is provided by Anglo
American Platinum Corporation (Amplats). Amplats may earn up to a
65-per-cent interest in the property by financing it through to commercial
production. Amplats has already contributed $2-million in exploration
financing to the property, in addition to making PFN a $300,000 cash
payment.
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