A PFN news release
Pacific North West expands River Valley mineralization
Pacific North West Capital Corp PFN
Shares issued 16,175,375 May 7 close $1.14
Mon 7 May 2001 News Release
Mr. Harry Barr reports
Pacific North West Capital has discovered mineralization intersections on
the remaining 10 holes of the 33 holes completed to date from the phase 4
diamond drill program on the River Valley platinum group metal property
situated near Sudbury, Ont. Results from six new holes from the Dana Lake
area (DL-12 to DL-17) are reported below, together with results from four
additional holes (LR-13 to LR-16) from the regional drill program, which
extend southeast along Lismer's Ridge. Results from the new Dana Lake
holes, collared at the South zone, continue to expand the known
mineralization and confirm the presence of higher-grade sulphide-associated
PGM (Pt plus Pd plus Au) values that occur within a broad lower-grade
mineralization envelope. These intercepts include 13.0 metres at 3.83 grams
per tonne PGM and 35.5 metres at 4.36 g/t PGM within a 96-metre interval
grading 2.91 g/t PGM (DL-14); 5.5 metres at 3.57 g/t PGM within a 51-metre
interval grading 2.15 g/t PGM (DL-12); and 9.5 metres at 7.06 g/t PGM
within a 149-metre interval grading 2.45 g/t PGM (DL-15).
Widely spaced reconnaissance drill holes in the area of Lismer's Ridge, 1.3
kilometres southeast of Dana Lake, have now outlined mineralized magmatic
breccias containing significant PGM values that are comparable with those
at Dana Lake and extend over a 2.1-kilometre strike length. It is evident
that the belt of mineralization mafic breccias hosting the PGM
mineralization on the property is extensive, apparently continuous or
semi-continuous along strike, and is persistent to depth. The
mineralization at Dana Lake represents only one segment along this target
region.
Results from the initial 23 holes have been previously reported. The drill
program was temporarily suspended toward the end of March in order to
eliminate a backlog in assay results and is scheduled to resume on May 14,
2001. The phase 4 drill program involves two drill rigs, one of which is
systematically drilling off east-west sections spaced at approximately
25-metre intervals through the greater-than-900-metre-long, north-south
trending Dana Lake deposit. A second drill is evaluating the mineral
potential associated with the River Valley intrusive contact which extends
on the property southeast of the Dana Lake deposit for 10 kilometres and
encompasses a number of important surface PGM showings including Lismer's
Ridge and the Varley showing.
The 33 holes completed to date in the phase 4 drill program have been
successful in expanding the known mineralization at Dana Lake and have
demonstrated the potential for delineating mineral resources further
southeast on the property. Platinum, palladium and gold assays from
mineralized drill core intersections are reported below. Copper, nickel and
rhodium values will be released when completed.
Dana Lake area -- South zone
Phase 4 drill holes completed to date are concentrated in the South zone
and are aimed at determining the strike and depth extent of mineralization
exposed by stripping at the surface and intersected in earlier drill holes
that included RV-11, 12, 13 and 36 and DL-01, 02, 03, 04, 07, 08, 10 and
11.
DL-12 (24W/173S) 110m/86az/-44 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
23.00 74.00 51.00 85.95 465.16
incl.
32.00 57.00 25.00 109.16 620.75
incl.
61.00 66.50 5.50 122.55 754.91
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
23.00 74.00 51.00 1598.04 2149.15 2.15
incl.
32.00 57.00 25.00 2134.74 2864.65 2.86
incl.
61.00 66.50 5.50 2687.82 3565.27 3.57
DL-13 (53W/126S) 77m/92az/-44 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
5.50 10.00 4.50 73.89 360.67
incl.
8.00 10.00 2.00 126.50 648.00
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
5.50 10.00 4.50 1224.00 1658.56 1.66
incl.
8.00 10.00 2.00 2263.25 3037.75 3.04
DL-14 (48W/237S) 277m/86az/-44 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
130.50 226.50 96.00 113.84 611.61
incl.
130.50 143.50 13.00 147.81 770.77
incl.
152.00 187.50 35.50 168.99 917.69
incl.
193.50 202.50 9.00 78.80 639.67
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
130.50 226.50 96.00 2188.56 2914.01 2.91
incl.
130.50 143.50 13.00 2914.85 3833.42 3.83
incl.
152.00 187.50 35.50 3272.46 4359.14 4.36
incl.
193.50 202.50 9.00 2341.52 3059.99 3.06
DL-15 (14W/236S) 230m/87az/-45 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
51.00 200.00 149.00 91.48 511.87
incl.
51.00 102.00 51.00 102.04 578.47
incl.
111.50 178.50 67.00 111.26 640.07
incl.
141.00 150.50 9.50 195.74 1453.63
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
51.00 200.00 149.00 1847.63 2450.97 2.45
incl.
51.00 102.00 51.00 2105.50 2786.01 2.79
incl.
111.50 178.50 67.00 2339.96 3091.29 3.09
incl.
141.00 150.50 9.50 5405.84 7055.21 7.06
DL-16 (83W/238S) 284m/86az/-44 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
216.50 225.50 9.00 79.62 467.31
incl.
218.50 220.50 2.00 151.75 1132.00
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
216.50 225.50 9.00 1622.76 2169.69 2.17
incl.
218.50 220.50 2.00 4231.00 5514.75 5.51
PGM = Pt plus Pd plus Au
Drill hole DL 17 intersected only anomalous values (greater than 250 parts
per billion PGM). Additional drilling will be carried out west of DL 17.
The mineralization at the South zone trends southeast, is open to the north
and south, and extends to a vertical depth of at least 200 metres. When
drilling resumes, holes will test for the continuation of mineralization to
the south, toward Lismer's Ridge (plus 500 metres) and north toward the
Road zone (plus 500 metres).
Regional drill program -- Lismer's Ridge
The regional drill program, designed to evaluate the PGM potential along
the intrusive contact southeast of Dana Lake, commenced in the Lismer's
Ridge area, approximately 1.3 kilometres southeast of the South zone, Dana
Lake. Mineralization was intersected at Lismer's Ridge in several of the
earlier drill holes including RV-38, 39 and 40 and LR-01, 02, 03, 04, 05,
06, 07 and 10. These regional drill holes are mostly very widely spaced
(greater than 75 metres) and are essentially reconnaissance in nature.
Mineralised PGM-bearing breccias are now confirmed to extend over a minimum
strike length of 2.1 kilometres between 12 plus 75SE and 33 plus 75SE and
remain open to the northwest and southeast. This strike length does not
include the greater-than-900-metre-long mineralization zone at Dana Lake.
Mineralization has been traced from surface to a vertical depth of 190
metres. Holes LR-15 and LR-16 are collared at 500 metres and 1,000 metres,
respectively, southeast of LR-14. The high-grade Varley zone (10.4 g/t PGM
grab sample) is located an additional two kilometres further south of LR-16
along the intrusive contact.
LR-13 (2356SE/554NE) 116m/47az/-46 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
57.00 103.50 46.50 26.81 146.87
incl.
72.50 77.50 5.00 51.00 276.70
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
57.00 103.50 46.50 353.32 527.00 0.53
incl.
72.50 77.50 5.00 716.10 1043.80 1.04
LR-14 (2457SE/470NE) 167m/45az/-45 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
113.00 158.00 45.00 72.92 388.45
incl.
113.00 117.00 4.00 123.88 817.63
incl.
131.50 142.50 11.00 109.32 581.55
incl.
145.00 156.00 11.00 61.68 424.45
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
113.00 158.00 45.00 1231.10 1692.47 1.69
incl.
113.00 117.00 4.00 2647.75 3589.25 3.59
incl.
131.50 142.50 11.00 1967.14 2658.00 2.66
incl.
145.00 156.00 11.00 1299.86 1786.00 1.79
LR-15 (2835SE/122NE) 313m/45az/-45 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
224.50 227.50 3.00 8.00 546.67
incl.
224.50 225.50 1.00 17.00 1077.00
and
253.00 266.00 13.00 52.00 264.31
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
224.50 227.50 3.00 1205.00 1759.67 1.76
incl.
224.50 225.50 1.00 3025.00 4119.00 4.12
and
253.00 266.00 13.00 513.08 829.38 0.83
LR-16 (3356SE/99NE) 119m/43az/-46 degree dip
>From To Int Au Pt
(m) (m) (m) (ppb) (ppb)
6.00 7.00 1.00 63.00 1040.00
and
38.00 63.00 25.00 16.32 91.80
and
79.75 100.00 20.25 20.20 110.20
>From To Int Pd PGM PGM
(m) (m) (m) (ppb) (ppb) (g/t)
6.00 7.00 1.00 3629.00 4732.00 4.73
and
38.00 63.00 25.00 234.12 342.24 0.34
and
79.75 100.00 20.25 321.38 451.78 0.45
The main objective of the regional drill program is to identify discrete,
near-surface zones of mineralization along the contact, with the intent to
drill them off in detail during subsequent drill programs. The recently
achieved success in intersecting mineralization in such widely spaced holes
makes Lismer's Ridge a prime target area which will require additional
testing upon resumption of drilling. The regional program will eventually
extend further southeast from LR-16 (3356SE) along the intrusive contact
and will test several targets including the Varley and Azen Creek showings,
as well as other targets further east toward and including Jackson's flats.
Together these three areas cover greater than four kilometres of
prospective intrusive contact.
In addition to the primary bulk tonnage open pit target, the higher grade
values intersected in several drill holes at Dana Lake and Lismer's Ridge
indicate excellent potential for the development of mineral resources
exploitable by underground methods. Preliminary independent resource
calculations will be made following completion of the phase 4 drill program
at the end of June.
The River Valley property is under option to Anglo American Platinum
Corporation Limited which can earn up to a 65-per-cent interest in the
property by bringing it into commercial production. During the past two
years, Anglo has financed exploration programs totalling $2-million on PFN
properties. PFN is the exploration program operator. In 2001 Anglo is
financing exploration programs amounting to $2-million, including the
current 11,000-metre diamond drill program which is expected to be
completed by June, 2001. Programs and budgets for the second half of 2001
will be released when approved. Upon completion of the current program, an
estimated 100 holes totalling 18,000 metres will have been completed on the
River Valley property.
The city of Sudbury, located only one hour by road to the west of the River
Valley property, remains one of the world's major copper-nickel producing
areas. In addition to copper and nickel, the Sudbury mines 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 Ltd. and
Falconbridge Ltd.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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