Pacific North West Capital Corp - News Release
Pacific North West conditionally listed on the TSE
Pacific North West Capital Corp PFN
Shares issued 16,175,375 2001-05-22 close $0.92
Wednesday May 23 2001 News Release
Mr. Harry Barr reports
Pacific North West Capital has received conditional listing approval from the Toronto Stock Exchange subject to the TSE receiving final documentation from PFN.
Drilling began May 14 on the River Valley platinum group metal (PGM) property situated near Sudbury, Ont. 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.
In addition to the primary bulk tonnage open pit target, the higher grade values intersected in several drill holes to date 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 phase 4 drill program involves two drill rigs, one 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 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 (Canadian), 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 and Falconbridge.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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