Pacific North West Capital Corp - News Release
Pacific North West outlines 2001 exploration program
Pacific North West Capital Corp PFN
Shares issued 16,175,375 2000-12-11 close $0.55
Tuesday Dec 12 2000 News Release
Mr. Harry Barr reports
Anglo American Platinum Corp. (Amplats, now Anglo Platinum), will finance a minimum $2-million phase I exploration program in 2001 on the River Valley platinum group metal (PGM) project. Anglo Platinum is the largest PGM producer in the world. Anglo American PLC holds a majority interest in Anglo Platinum.
The River Valley property is located 60 kilometres northeast of Sudbury, Ont., and overlies the northern part of the layered mafic River Valley intrusion. Exploration programs financed by Anglo Platinum during 1999 and 2000 have demonstrated significant potential for the discovery of bulk tonnage open pittable PGM mineralization in mafic magmatic breccias adjacent to the intrusive contact. Anglo Platinum may earn up to a 65-per-cent interest in the project by financing it through to commercial production.
The approved $2-million program will provide for a substantial (minimum 10,000 metres) two-rig diamond drill program which is expected to be completed by June, 2001. Upon completion, results will be evaluated by Pacific North West (PFN) and Anglo Platinum and a budget established for the period July to December, 2001.
The planned two-rig drill program will enable one rig to be employed exclusively in the Dana Lake area with the objective of establishing a mineral resource. The other rig will be used regionally to evaluate geophysical and geological targets delineated along the prospective River Valley intrusive contact which extends eight kilometres through the property.
Pacific North West Capital, the program operator, is now planning the detailed logistics of the 2001 program which will consist of geological and geophysical surveys, stripping and sampling in addition to drilling.
Anglo Platinum has further advised PFN that it will shortly report results of preliminary studies relating to the Dana Lake area mineralization and, in addition will report results of metallurgical studies it has completed on drill core from the Dana Lake area.
Apart from its major focus on the River Valley project, PFN is in the process of completing a comprehensive phase I geological and geophysical program on the Agnew Lake property located 60 kilometres west of Sudbury. The Agnew Lake property overlies a layered mafic intrusion which shares many important characteristics with the River Valley intrusion and which make both intrusions important PGM targets.
PFN has an option from New Millennium Metals Corp. to earn 50 per cent of its interest in this property. PFN and New Millennium are currently at an advanced stage of negotiations with a major mining company which wishes to participate in the project.
PFN continues to evaluate PGM properties of merit and expects to release details of additional important property acquisitions in the coming months.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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