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Gold/Mining/Energy : Pacific North West Capital Corporation-PFN on Alberta -- Ignore unavailable to you. Want to Upgrade?

To: Brumell who wrote (865)	3/29/2000 6:11:00 PM
From: Buckey	Read Replies (1) \| Respond to of 2255

Pacific North West Phase I assay results Pacific North West Capital Corp PFN Shares issued 8,492,000 Mar 27 close $1.96 Wed 29 Mar 2000 News Release Mr. Harry Barr reports Pacific North West Capital Corp. (PFN) has provided assay results from the first three holes from the recently completed Phase I diamond drill program on the River Valley property located 60 kilometres northeast of Sudbury, Ont. The thirteenth hole (2,000 metres) drill program was carried out to test the depth extent of significant platinum group metal (Pl plus Pd plus Au equals PGM) mineralization recently reported by PFN following extensive stripping and sampling programs carried out in 1999 in the Dana Lake area on the northern part of the property. Induced polarization (I.P.) geophysical surveys carried out in 1999 in conjunction with the surface sampling programs prior to commencement of drilling strongly indicated that PGM, Cu-Ni sulphide mineralization exposed at surface persists to depths. The Phase I drill holes were designed taking into consideration both the exposed surface mineralization and associated geophysical data. All 13 holes were drilled at an angle of negative 45 degrees. The principal economic target on the River Valley property is a postulated multimillion tonne bulk tonnage deposit of a size and grade comparable with that recently reported by North American Palladium Ltd. for its Lac des Iles property near Thunder Bay, Ont., (proven plus probable 74.2 m.t. at 1.64 g/t Pd, 0.18 g/t Pt, 0.14 g/t Au, 0.066 per cent Cu and 0.055 per cent Ni). The Lac des Iles deposit is the only primary PGM producer in Canada and one of the only two in North America. Significant mineralized drill core intersections from the first three holes are summarized below. Palladium and platinum constitute a very high percentage of the combined PGM values reported below, in a ratio generally in the range of 2 to 1 -- 3 to 1 palladium to platinum. Rhodium assays will be added to the combined PGM value when completed. RV-01 116 metres Hole 285 W From* To* Inter- PGM Cu Ni val * % % 34.10 96.00 61.90 1.80 0.12 0.02 Hole 500N (Incl.) From* To* Inter- PGM Cu Ni val * % % 41.72 84.00 42.28 2.25 0.14 0.02 41.72 45.15 3.43 5.56 0.38 0.05 72.25 80.00 7.75 3.70 0.22 0.03 89.28 96.00 6.72 1.00 0.08 0.04 * metres Mineralization was intersected between vertical depths of 22 to 60 metres. RV-02 200 metres Hole 300W From* To* Inter- PGM Cu Ni val * % % 93.20 141.5 48.30 2.04 0.14 0.02 Hole 450 N (incl.) From* To* Inter- PGM Cu Ni val * % % 93.20 113.45 20.25 3.50 0.21 0.02 94.90 98.5 3.60 6.78 0.38 0.04 104.20 108.90 4.70 5.32 0.25 0.03 * metres Mineralization was intersected between vertical depths of 66 to 103 metres. RV-03 161 metres Hole 250W From* To* Inter- PGM Cu Ni val * % % 104.50 127.35 22.85 2.31 0.16 0.03 Hole 400N From* To* Inter- PGM Cu Ni val * % % Incl. 118.50 127.35 8.85 3.11 0.17 0.04 AND 155.60 160.70 5.10 2.51 0.02 0.02 * metres Mineralization was intersected between vertical vertical depths of 66 to 90 metres. The last 5.1 metre of hold RV-03 averaged 2.51 g/t RGM and this hole will be extended during the Phase II drill program. PGM values in the reported intersections generally meet or exceed those in the current target economic model. Assays values from the remaining 10 holes will be reported at intervals over the next two to three weeks. Induced polarization surveys are currently in progress, covering the prospective contact area that extends south from Dana Lake for a distance of more than 7 kilometres. The geophysical survey will include coverage of an area of intermittent sulphide bearing outcrop with dimensions at least 300 metres by 50 metres located 5 kilometres south of Dana Lake; grab samples grab samples from this area (Central Reef) carry values up to 10.4 g/t PGM. PFN management is very encouraged by these initial results and reminds its shareholders that the Dana Lake mineralization occupies just one small area of the property. Moreover, the property covers several kilometres of the highly prospective intrusive contact. The Phase II drill program will commence toward the end of April as soon as all results from the current program have been plotted and thoroughly interpreted. The River Valley project is financed through an agreement with Anglo American Platinum Corporation Limited (Amplats), the world's largest platinum producer, which can earn a 50-per-cent working interest in various PFN properties in the Sudbury area by paying $300,000 for the option (payment made) and spending $4-million on exploration; a 60-per-cent interest by completing a feasibility study; and 65 per cent by financing the property through to production. In addition to financing, Amplats is providing PFN with considerable technical expertise in its search for PGM deposits. PFN remains operator of the projects. Amplats is financing a $1-million exploration program on River Valley and other PFN projects in 2000. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com