With any luck, we've bottomed.....
Pacific North provides more River Valley drill results
2003-04-10 14:19 ET - News Release
Mr. Harry Barr reports
PACIFIC NORTH WEST CAPITAL CORP. - WIDEST INTERSECTION OF HIGH GRADE MINERALIZATION TO DATE NORTH OF CURRENT RESOURCE RIVER VALLEY PGM PROJECT, SUDBURY, ONTARIO
Pacific North West Capital reports eight recently completed drill holes from its phase 6 diamond drilling program now in progress on the River Valley property, located about 60 kilometres (km) northeast of Sudbury, Ont. The current drilling budget of $5.3-million represents an increase of more than 100 per cent over the 2002 budget of $2.3-million and is expected to facilitate the completion of more than 40,000 metres of new diamond drilling and an updated mineral resource in 2003.
Hole DL-106 intersected an unprecedented 17.5 metres (m) (57.4 feet) that assayed 5.1 grams per tonne (g/t) pladium-platinum-gold (Pd+Pt+Au) and included 3.5 m (11.5 feet) of 7.3 g/t Pd+Pt+Au, representing the highest grade/length intersection reported to date from the property. More importantly DL-106 was collared about 45 m (147 feet) north of the currently defined Dana North Mineral Resource (reported October, 2002), suggesting that excellent opportunities exist to augment the current resource toward the north.
DL-106 (Dana North, L6+35N)
227 m/-45/85Az
Drill From To Au Pt Pd
hole (m) (m) (ppb) (ppb) (ppb)
DL-106 2.50 12.00 73 304 857
incl. 2.50 6.50 115 558 1,673
DL-106 30.00 33.00 116 583 1,708
DL-106 104.50 105.00 149 1,630 3,090
DL-106 178.50 196.00 210 1,187 3,704
Incl. 179.00 181.50 285 1,904 5,740
Incl. 192.50 196.00 261 1,684 5,346
DL-106 (Dana North, L6+35N)
227 m/-45/85Az
Au+Pt Au+Pt
Drill From To +Pd +Pd
hole (m) (m) (ppb) (g/t)
DL-106 2.50 12.00 1,234 1.23
Incl. 2.50 6.50 2,347 2.35
DL-106 30.00 33.00 2,407 2.41
DL-106 104.50 105.00 4,869 4.87
DL-106 178.50 196.00 5,101 5.10
Incl. 179.00 181.50 7,929 7.93
Incl. 192.50 196.00 7,290 7.29
Mineralized intersections from drill holes DL-103 and DL-108, both located in the Dana North area, are reported below. Also included are the results from LR-86, collared in the Lismer's North area.
DL-103 (Dana North, L7+10N):
107 m/vertical
Drill From To Au Pt Pd
hole (m) (m) (ppb) (ppb) (ppb)
DL-103 2.00 31.50 60 351 1,058
Incl. 2.00 8.00 103 602 1,932
Incl. 2.50 6.00 126 753 2,367
Incl. 21.00 22.00 177 1,165 3,645
Incl. 27.50 31.50 71 504 1,624
DL-103 (Dana North, L7+10N):
107 m/vertical
Au+Pt Au+Pt
Drill From To +Pd +Pd
hole (m) (m) (ppb) (g/t)
DL-103 2.00 31.50 1,469 1.47
Incl. 2.00 8.00 2,636 2.64
Incl. 2.50 6.00 3,245 3.25
Incl. 21.00 22.00 4,987 4.99
Incl. 27.50 31.50 2,199 2.20
DL-108 (Dana North, L5+90N):
233 m/-45/9 0Az
Drill From To Au Pt Pd
hole (m) (m) (ppb) (ppb) (ppb)
DL-108 43.00 109.50 67 298 831
Incl. 43.00 51.00 68 465 1,141
Incl. 58.00 71.50 126 573 1,659
Incl. 63.00 66.00 242 1,018 2,587
Incl. 69.00 71.50 225 1,095 3,738
Incl. 82.50 84.00 170 1,156 3,937
Incl. 106.00 109.50 104 455 1,204
DL-108 217.50 220.50 56 543 1,639
DL-108 (Dana North, L5+90N):
233 m/-45/90 Az
Au+Pt Au+Pt
Drill From To +Pd +Pd
hole (m) (m) (ppb) (g/t)
DL-108 43.00 109.50 1,196 1.20
Incl. 43.00 51.00 1,674 1.67
Incl. 58.00 71.50 2,358 2.36
Incl. 63.00 66.00 3,846 3.85
Incl. 69.00 71.50 5,058 5.06
Incl. 82.50 84.00 5,263 5.26
Incl. 106.00 109.50 1,763 1.76
DL-108 217.50 220.50 2,238 2.24
LR-86 (Lismer's North, L-13+20N):
242 m/-60/45 Az
Drill From To Au Pt Pd
hole (m) (m) (ppb) (ppb) (ppb)
LR-86 162.00 163.00 14 783 2,350
LR-86 175.50 176.00 2 1,230 2,050
LR-86 205.50 206.50 38 851 2,090
LR-86 (Lismer's North, L-13+20N):
242 m/-60/45 Az
Au+Pt Au+Pt
Drill From To +Pd +Pd
hole (m) (m) (ppb) (g/t)
LR-86 162.00 163.00 3,147 3.15
LR-86 175.50 176.00 3,282 3.28
LR-86 205.50 206.50 2,979 2.98
Drill holes DL-102 (L9+00N) and DL-105 (L8+00N) intersected pyrite-bearing metasedimentary rocks over their entire lengths, defining the western extent of the intrusion and presenting an explanation for the high induced polarization (IP) (geophysical) signature in this area. Drill holes DL-104 (L7+10N) and DL-107 (L6+35N) intersected layered units of the River Valley intrusion only and were both terminated in faulted, footwall metasedimentary rocks.
Currently, two drill rigs are operating on the site to expand the current mineral resources and to test new platinum group mineral (PGM) targets. One drill rig is located at the Dana North deposit and the second rig is located at the Lismer's Ridge South deposit. As the program progresses, drilling will test several multigram PGM targets that have been identified along the plus-six-kilometre-long intrusive contact zone that extends southeast from Lismer's Ridge. The current drilling program is expected to extend over the next six to eight months.
To date, approximately 58,000 metres of diamond drilling has been completed on the property (about 288 drill holes) primarily focusing on the Dana Lake and Lismer's Ridge deposits. The current mineral resources lie within the northern half of the property and cover less than 30 per cent of the prospective target area (contact zone). The remaining 70 per cent of the prospective intrusive contact will be drill tested as part of the current drilling program.
The qualified person for this release is Scott Jobin-Bevans (MSc, PGeo), vice-president exploration for Pacific North West Capital Corp.; assays were completed by XRAL Laboratories (SGS Group).
Pacific North West Capital and Anglo Platinum each hold a 50-per-cent interest in the River Valley PGM project. Anglo Platinum may earn 60-per-cent interest by completing a feasibility study and 65-per-cent interest by financing the project through to production. Anglo Platinum has provided over $6.7-million for exploration on this project to date and the current 2003 budget increases the total exploration financing to over $12-million.
WARNING: The company relies upon litigation protection for "forward-looking" statements
..... They're learning more about the geology of the area, their drilling results are improving, and they have a tonne more to drill. A nice combination. Keep it comin'.
Ciao,
JT |
