Wednesday March 7, 10:54 pm Eastern Time
Press Release
Pacific North West Capital Reports Initial Assay Results From Phase 4 River Valley Drill Program
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 2001-- Pacific North West (CDNX:PFN. - news)
Pacific North West Capital Corp. is pleased to report initial drill results from the first 7 holes of its Phase 4 diamond drill program, now in progress on the River Valley Platinum Group Metal property located near Sudbury, Ontario.
The current drill program involves 2 drill rigs, one of which is systematically drilling off sections spaced at approximately 25m intervals through the (greater than)900m long, north-south trending Dana Lake deposit. The second drill is testing numerous widely spaced targets associated with the contact of the River Valley intrusion, which extends for (greater than)6km southeast of the Dana Lake deposit and includes Lismer's Ridge.
Current drilling has confirmed the presence of extremely rich PGM, sulphide-associated mineralisation at the South Zone, including 4.50m @ 10.13g/t Pt(plus)Pd(plus)Au (DL-01), 4.00m @ 4.11g/t Pt(plus)Pd(plus)Au (DL-02), and 4.40m @ 12.14g/t Pt(plus)Pd(plus)Au (DL-03). In addition, an intersection from Lismer's Ridge assayed 18.00m @ 4.72g/t Pt(plus)Pd(plus)Au including 2.05m @ 28.14g/t Pt(plus)Pd(plus)Au (LR-02), the highest grade intersection to date.
Thus far, a total of 24 new holes have been completed in the Dana Lake and Lismer's Ridge areas, and core logging, sampling and assaying is in progress. PGM assays (PGM(equals)Pt(plus)Pd(plus)Au) from mineralised drill core intersections are reported below. Copper, nickel and rhodium values will be reported at a later date.
Dana Lake Area
Initial drilling is centered at the South Zone and is aimed at evaluating the strike and depth extent of mineralisation intersected in drill holes RV-11, RV-12, RV-13, and RV-36 which were completed during the Phase 1 and 3 drill programs.
DL-01 (128W/175S) 217m/90(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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140.00 179.00 39.00 127.96 107.7 499.5 1752.0 2359.3 2.36
incl. 141.20 167.00 25.80 84.65 137.0 631.1 2263.3 3031.5 3.03
incl. 143.30 150.15 6.85 22.47 319.4 1675.6 6115.8 8110.8 8.11
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*PGM(equals)Pt(plus)Pd(plus)Au
DL-02 (128W/150S) 152m/90(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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47.40 145.00 97.60 320.23 66.8 291.3 890.0 1248.2 1.25
incl. 47.40 104.50 57.10 187.35 60.9 427.4 1377.9 1866.1 1.87
incl. 53.70 66.50 12.80 42.00 81.9 715.7 2369.3 3166.9 3.17
incl. 84.50 88.50 4.00 13.12 144.3 918.0 3048.3 4110.5 4.11
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*PGM(equals)Pt(plus)Pd(plus)Au
DL-03 (162W/150S) 239m/90(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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153.90 213.80 59.90 196.53 63.6 482.7 1331.9 1878.3 1.88
incl. 153.90 196.50 42.60 139.77 64.9 569.0 1546.8 2180.6 2.18
incl. 153.90 158.30 4.40 14.44 297.3 3476.9 8364.3 12138.5 12.14
incl. 182.00 188.00 6.00 19.69 85.9 585.3 2155.4 2826.6 2.83
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*PGM(equals)Pt(plus)Pd(plus)Au
Mineralisation at the South Zone is open to the north and south, has been intersected between vertical depths of 33m and 200m, is open to depth and can be traced to surface outcroppings. Additional drilling is in progress to determine its geometry.
Regional Drill Program - Lismer's Ridge
Initial holes from the regional program are collared at the Lismer's Ridge area, located approximately 1.3km southeast of the South Zone at the Dana Lake Area. At Lismer's Ridge, mineralisation was intersected in earlier drill holes from the P3 program (RV-38, 39 and 40). Although the regional drilling is widely spaced and essentially reconnaissance in nature, the initial assay results, tabulated below, indicate the highly prospective nature of the intrusive contact zone. Extremely high individual assays intersected over narrow intervals in LR-02, including 13.4 g/t PGM over 1.55 m and 73.7 g/t PGM over 0.50 m, are most encouraging.
LR-01 (1273SE/698NE) 92m/45(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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8.00 38.00 30.00 98.43 49.0 253.9 772.2 1075.1 1.08
incl. 8.00 17.95 9.95 32.65 84.4 499.7 1693.3 2277.4 2.28
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*PGM(equals)Pt(plus)Pd(plus)Au
LR-02 (1333SE/644NE) 206m/45(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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100.50 118.50 18.00 59.06 99.3 1380.5 3236.8 4716.6 4.72
incl. 100.50 105.70 5.20 17.06 217.4 3981.2 9011.1 13209.7 13.21
incl. 101.75 103.80 2.05 6.73 440.3 8455.9 19246.2 28142.4 28.14
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*PGM(equals)Pt(plus)Pd(plus)Au
LR-03 (1192SE/664NE) 95m/45(degrees)/-45
:anomalous PGM values
LR-04 (1375SE/623NE) 197m/45(degrees)/-45
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From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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134.90 180.10 45.20 148.30 44.9 213.3 555.2 813.4 0.81
incl. 145.10 166.30 21.20 69.56 60.3 315.8 799.5 1175.5 1.18
incl. 157.40 161.60 4.20 13.78 81.0 414.2 1283.4 1778.6 1.78
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*PGM(equals)Pt(plus)Pd(plus)Au
Mineralisation at Lismer's Ridge is open to the northwest and southeast, has been intersected between vertical depths of 5m and 127m, is open to depth, and can be traced to surface outcroppings.
The main objective of the current regional drilling program is to identify discrete near-surface zones of mineralisation along the contact with the intent to drill them off in detail during subsequent drill programs. The regional program will eventually extend southeast along the intrusive contact and will test numerous targets including the area around the Varley showing, and further east to the Azen Creek and Jackson's Flats; together these 3 areas cover (greater than)4km of prospective intrusive contact.
The higher grade values intersected in DL-02 and LR-02 and in several of the previously drilled holes, including RV-36, indicate excellent potential for the development of mineral resources exploitable by underground methods, in addition to the primary bulk tonnage, open pit target. Moreover, drilling to date demonstrates the consistency in grade and width for mineralisation at the Dana Lake Area.
Drilling will continue until late March at which time it will be suspended temporarily for a period of approximately four weeks in order to allow results to be plotted and interpreted in an orderly manner. Preliminary resource studies are already in progress and will be up-dated following completion of the current phase of drilling. Anglo Platinum has advised that it will shortly complete metallurgical studies on drill core from the Dana Lake Area and PFN expects to be able to report principal conclusions at that time.
Some of the best intersections prior to the Phase 4 drill program are:
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Drill Area-
Hole Phase From To Int. Int. Au Pt Pd PGM* PGM*
(m) (m) (m) (ft) (ppb) (ppb) (ppb) (ppb) (g/t)
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RV-01 Dana-1 41.72 45.15 3.43 11.25 219 1228 4108 5555 5.56
RV-05 Dana-1 37.10 49.60 12.50 41.01 167 778 2456 3401 3.40
RV-18 Dana-2 253.60 261.20 7.60 24.94 235 1213 3426 4874 4.87
RV-36 Dana-3 186.15 194.95 8.80 28.87 385 1658 5173 7216 7.22
RV-37 Dana-3 51.15 61.05 9.90 32.48 127 939 2503 3569 3.57
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*PGM(equals)Pt(plus)Pd(plus)Au
The River Valley property is under option to Anglo American Platinum Corporation Limited which can earn up to a 65% interest in the property by bringing it into commercial production. During the past 2 years, Anglo has funded exploration programs totalling $2 million on PFN properties; PFN is operator of the exploration programs. In 2001, Anglo is funding additional programs amounting to Can $2 million, including the current 11,000 metre diamond drill program which is expected to be completed by June 2001. Upon completion of the current program, an estimated 100 holes totalling 18,000 m will have been drilled on the River Valley property.
Located 60km northeast of Sudbury and road accessible, the principal economic target on the River Valley property is a postulated multi-million tonne bulk tonnage platinum group metal deposit of size and grade comparable to that reported by North American Palladium Ltd. for its Lac des Iles mine near Thunder Bay Ontario (measured and indicated resource (July 2000) 121.7 m.t. at 1.63 g/t Pd, 0.18 g/t Pt, 0.13 g/t Au, 0.06% Cu, and 0.05% Ni). Lac des Iles mine is the only primary PGM producer in Canada.
Sudbury has been one of the world's major copper, nickel producing areas for more than a century. The current mines, in addition to copper and nickel, produce more than 700,000 ounces of platinum group metals annually. The Sudbury District has excellent infrastructure including roads, power, and an experienced work force and is the site of two major smelters owned by Inco and Falconbridge.
On behalf of the Board of Directors
Harry Barr, President and Chief Executive Officer
Disclaimer:
This news release contains information about adjacent or similar properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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
NOTE: Location map available from the company at the number(s) listed below or on the CCN Disclosure website at www.cdn-news.com
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