Pacific North West Capital Corp - News Release
Pacific North West releases more River Valley results
Pacific North West Capital Corp PFN
Shares issued 19,357,480 Feb 19 2002 close $.670
Tuesday Feb 19 2002 News Release
Mr. Harry Barr reports
PACIFIC NORTH WEST CAPITAL CORP. - DRILLING CONTINUES TO EXPA ...
The phase 5 drill program continues to add to the existing platinum-group metal (PGM) sulphide mineralization on the River Valley PGM property, located near Sudbury. The current 20,000 metre drill program, financed by joint venture partner Anglo American Platinum Corp. Ltd., is aimed initially at doubling the current 600,000 ounce PGM resource estimate reported in October, 2001. These results continue to augment those released by the company in January, 2002 and represent some of the highest-grade intersections to date.
Presently, two drill rigs are operating on the property and 38 holes have been completed to date in the phase 5 drill program. The objective of the current program, in addition to increasing the resource, is to gauge the extent of the mineralized system (depth and strike) and to estimate the amount of drilling that will be required to delineate it. An estimated 80 holes will be completed by the end of May, bringing the total number of holes drilled on the property to about 220. Data from these holes will be incorporated into a new mineral resource estimate that is expected to be completed by June, 2002, by independent consultant Derry Michener Booth and Wahl Consultants Ltd.
Hole DL-64, collared at Dana South, intersected 35.5 metres assaying 2.7 grams per tonne Pt + Pd + Au, and included 9.0 metres assaying 6.5 grams per tonne Pt + Pd + Au. Hole DL-66, also collared at Dana South, intersected 20.7 metres assaying 3.4 grams per tonne Pt + Pd + Au, and included 7.0 metres assaying 5.9 grams per tonne Pt + Pd + Au.
Below is a summary of results from the five most recently completed holes at Dana South and the first five holes from phase 5 at Lismer's Ridge.
DANA LAKE AREA
DL-64: 76.5E/361S (238m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
130.50 231.50 101.00 331.38 62.3
incl. 195.50 231.00 35.50 116.48 100.3
incl. 197.50 210.50 13.00 42.65 169.1
incl. 197.50 199.50 2.00 6.56 306.5
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
328.6 1074.5 1465.4 1.47 0.01 0.09
591.0 2009.7 2701.1 2.70 0.02 0.14
1084.1 3745.2 4998.4 5.00 0.03 0.19
2630.0 8096.5 11033.0 11.03 0.02 0.15
(*)PGM = Pd + Pt + Au
DL-66: 32E/414S (274m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
167.50 272.00 104.50 342.86 48.8
incl. 224.00 266.00 42.00 137.80 83.1
incl. 232.00 247.00 15.00 49.22 169.2
incl. 233.50 240.50 7.00 22.97 229.9
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
291.6 853.0 1193.4 1.19 0.01 0.08
462.7 1471.6 2017.4 2.02 0.02 0.13
970.4 3111.2 4250.8 4.25 0.03 0.23
1347.7 4327.1 5904.8 5.90 0.03 0.27
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
182.00 304.00 122.00 400.28 37.4
incl. 255.00 304.00 49.00 160.77 70.5
incl. 271.50 293.00 21.50 70.54 97.1
incl. 272.50 283.00 10.50 34.45 146.6
incl. 193.50 194.50 1.00 3.28 395.5
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
284.4 784.2 1106.0 1.11 0.01 0.08
495.7 1552.7 2118.9 2.12 0.03 0.16
746.3 2334.6 3178.0 3.18 0.03 0.19
1206.5 3793.6 5146.7 5.15 0.04 0.22
4895.0 10320.0 15610.5 15.61 0.02 0.12
Hole DL-65 (53E/386S), designed to determine the location of the intrusive/footwall contact and extent of up-dip mineralization, encountered footwall material over most of the hole and assayed anomalous PGM values including 1.2 grams per tonne Pt + Pd + Au over 3 metres. Hole DL-67 (93.5E/478S), also intended to test for the location of the intrusive contact, intersected footwall material and assayed anomalous PGM values.
These five drill holes are from 25-metre spaced sections that extend southeast from the Dana Lake South zone. Most notably, drill hole DL-68 lies only approximately 150 metres north of the northern edge of the 600-metre long Banshee Lake geophysical anomaly that is currently being drill-tested.
LISMER'S RIDGE AREA
LR-45: 701NE/1371SE (77m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
11.50 27.50 16.00 52.50 66.3
inc. 16.00 18.00 2.00 6.56 157.5
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
521.1 1128.4 1715.8 1.72 0.01 0.07
1502.5 4060.0 5720.0 5.72 0.01 0.13
(*)PGM = Pd + Pt + Au
LR-46: 591NE/1371SE (214m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
incl. 164.00 168.50 4.50 14.76 160.7
incl. 164.00 166.00 2.00 6.56 293.3
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
1103.9 2967.8 4232.3 4.23 0.01 0.13
2127.8 5808.0 8229.0 8.23 0.02 0.20
LR-47: 656NE/1415SE (155m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
74.50 78.00 3.50 11.48 43.0
103.00 128.50 25.50 83.67 59.6
incl. 123.50 128.50 5.00 16.41 101.0
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
478.7 838.3 1360.1 1.36 0.02 0.07
336.0 890.9 1286.6 1.29 0.02 0.09
495.9 1469.0 2065.9 2.07 0.02 0.13
LR-48: 582NE/1420SE (246m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
173.50 213.00 39.50 129.60 38.4
incl. 174.50 184.00 9.50 31.17 67.6
incl. 176.00 181.00 5.00 16.41 77.5
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
268.5 564.4 871.3 0.87 0.01 0.07
571.9 1106.3 1745.8 1.75 0.02 0.10
797.9 1441.5 2316.9 2.32 0.03 0.12
LR-49: 616NE/1472SE (181m/45/-45)
DDH From To Int Int Au
(m) (m) (m) (ft) (ppb)
94.50 95.50 1.00 3.28 145.5
114.00 130.00 16.00 52.50 24.7
incl. 114.00 120.50 6.50 21.33 37.5
PGM PGM
Pt Pd (*) (*) Ni Cu
(ppb) (ppb) (ppb) (g/t) % %
1405.5 2435.0 3986.0 3.98 0.02 0.06
291.7 578.5 894.8 0.89 0.01 0.05
593.5 1187.6 1818.6 1.82 0.01 0.05
Drill hole LR-46 is collared approximately one kilometre southeast of hole DL-68. Drilling continues on northeast sections and is gradually expanding the mineralized zone to the south and at depth. The present drilling at Lismer's Ridge is located approximately 600 metres north of hole LR-14 (phase 4 - 45 metres at 1.69 grams per tonne Pt + Pd + Au) and approximately three kilometres northwest of the Varley Showing (greater than 10 grams per tonne Pt + Pd + Au).
Approximately 300 metres to the south of the Dana Lake South zone and approximately one kilometre west of the highly prospective Lismer's Ridge lies a newly identified greater than 600-metre long geophysical (induced polarization) anomaly referred to as Banshee Lake. Drilling has started on this new drill target and results will be reported as they become available.
With numerous prime targets still requiring drill-testing, including the Banshee Lake area and those south and southeast of Lismer's Ridge, and because the mineralization at Dana Lake South and Lismer's Ridge is open to depth, it has become apparent that three drill rigs are now needed to accelerate the program.
The current phase 5, $2.5-million, exploration program, which incorporates approximately 20,000 metres of diamond drilling, is anticipated to be completed by the end of May, 2002. The company considers the results to date to be extremely encouraging and, provided these positive results continue, it is the intention of PFN, as the program manager, to recommend a significantly expanded drill program commencing in June and extending through 2002 and into 2003.
The River Valley project is part of a 50-50 joint venture between Anglo American Platinum and Pacific North West. Anglo Platinum holds a 50-per-cent interest in the project and may increase its interest to 65 per cent by placing it into commercial production. The River Valley project is located 60 kilometres east of Sudbury, and has excellent infrastructure. In addition to major copper and nickel production, Sudbury mines recover more than 700,000 ounces of platinum group metals each year. Sudbury is the site of two major smelters, owned by Inco Ltd. and Falconbridge Ltd. The qualified person for the River Valley project is John Royall, PEng.
Anglo American Platinum is financing a second major exploration program managed by PFN, on the Agnew Lake PGM property located west of Sudbury.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com |
