News...new discovery at Alaska project...
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Pacific North West Capital Expands New PGE Discovery at Union Bay Project, Alaska
1/20/04
VANCOUVER, Jan 20, 2004 (Canada NewsWire via COMTEX) --
Pacific North West Capital Corp. (PFN) is pleased to announce additional results from the 2003 field program at its Union Bay platinum project, in the Alexander Platinum Belt of southeastern Alaska, about 35 miles north-northwest of Ketchikan.
The Union
Bay project is under option to Lonmin PLC, the world's third largest primary underground producer of platinum, which produced over 930,000 oz of platinum in 2003.
The results of the 2003 program are most encouraging and suggest that the Union Bay project has potential to host significant accumulations of PGE mineralisation. The 2003 program consisted of reconnaissance sampling on the eastern, southern and western limits of the Union Bay complex, diamond saw channel sampling at Jaguar, Mt. Burnett, North, and Continental zones, and 4,490 feet of diamond drilling at North and Jaguar zones. Diamond drilling results indicated that controls on the distribution of platinum mineralisation are complex. Significant results are shown in Table 1.
The most significant new discoveries made in 2003 were at the Continental and Chevelle zones where rock sampling returned values ranging from 1 to 14 g/t Pt (see Table 2). The discovery was followed up by preliminary sawcut sampling at Continental. Encouraging results up to 6.2g/t Pt over 3.3ft were returned (see Table 3). The significance and extent of mineralization at these new zones is unknown, but the mineralisation is hosted by a similar rock type to the previously reported occurrences at North and Jaguar Zones lying 5km to the east.
A zone of Cu-Pt-Pd-bearing sulphides was discovered at Cannery Creek on the western side of the Union Bay project, close to the margin of the complex. The zone is open to the north and the east.
Results from the sampling of the Continental, Chevelle, and Cannery Creek zones were only available after the completion of the field season. Therefore, no drilling was carried out on these new discoveries in 2003.
All geochemical samples were analyzed by ALS Chemex for platinum, palladium and gold using fire assay techniques plus a multi-element suite via ICP-AES methods. The qualified person responsible for this news release is Curt Freeman, M.Sc. P. Geo. |
