IS this identical to the News yesterday??
Th ereason i ask is this one was a company sponsored NR.
That means that all stockwatch members received it - That
differs from normal NRs where you only get it in your email
if you have PFN in your Portfolio.
They paid extra for thsi to be sent to everyone.
here it is
Phase One Drilling Program Intersects Significant Platinum Group Metal
Values In All Thirteen Holes
Pacific North West Capital Corp PFN
Shares issued 8,492,000 May 3 close $2.05
Thu 4 May 2000 Company Sponsored
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From: Pacific Northwest Capital Corp. (PFN)
pfncapital.com
mailto:ir@pfncapital.com
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Re: News Releases - Wednesday, May 03, 2000
Phase One Drilling Program Intersects Significant Platinum Group
Metal Values In All Thirteen Holes; Assays For Drill Holes RV-08,
RV-09, RV-10, RV-11, RV-12 and RV-13
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Pacific North West Capital Corp. ("PFN") is pleased to report assay results
from drill holes RV-8 to RV-13, (refer to attached table or
www.pfncapital.com for individual assay results) on the River Valley
Project, which is road accessible and located sixty kilometres northeast of
Sudbury.
The River Valley Project is funded through an agreement with Anglo American
Platinum Corporation Limited ("Amplats"), the world's largest platinum
producer, which can earn a 50% 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% interest by completing a feasibility
study; and 65% by financing the property through to production. In addition
to funding, Amplats is providing PFN with technical expertise in its search
for Platinum Group Metal deposits. PFN remains operator of the projects.
Amplats is funding a minimum $1 million exploration program on River Valley
and other PFN projects in 2000.
NEW AND PREVIOUS RESULTS AND DIAGRAMS CONTAINED IN ASSOCIATED PDF FILE.
Associated File: pfncapital.com
Every hole in the 13 hole Phase I program intersected significant platinum
group metal (PGM) values over substantial core lengths. Hole RV-8, the most
northerly hole drilled, intersected the longest mineralized section in the
drill program, with an intercept of 130.5m (428.2ft) of 1.21 g/t PGM
(Pt+Pd+Au+Rh) which includes higher grade intersections of 7.20m (23.60ft)
of 3.42 g/t PGM, 0.16% Cu, 0.02% Ni and 28.60m (93.8ft) of 2.18 g/t PGM,
0.17% Cu, 0.03% Ni.
Mineralization is associated with an induced polarization (IP)
chargeability anomaly that extends north of RV-8 for an additional 300m
(984ft) and is open to the northwest and northeast.
Mineralization in the Dana Lake North Area has been outlined over a strike
length of approximately 500m (1640ft) between holes RV-8 and RV-6.
Drill holes RV-11, 12, and 13 are stepout holes located 400m (1300ft) south
of RV-6 to test mineralization exposed at the surface at the South Zone.
These holes all intersected significant PGM values over a 75m (246ft)
strike length which is open to the north and south. The South Zone
mineralization lies in a comparable setting to that drilled further north,
within coarse breccia units subparallel to, and within 100m of the mafic
intrusive contact.
Stripping and sampling carried out at the Trench Zone, located midway
between RV-6 and RV-11, delineated significant PGM values (up to 13.17g/t
Pt+Pd+Rh+Au). It is inferred that mineralization extends along the
favourable intrusive contact between RV-8 and RV-12 for a distance of 1100m
(3600ft). If the IP chargeability anomaly extending north from the area of
RV-8 reflects underlying mineralization, as it does to the south, then the
strike length of the mineralization could extend even further, particularly
as mineralization remains open to the south of RV-12.
Mineralization, is interpreted to dip at 50o to 85o to the southwest and to
strike parallel to the intrusive contact, northwesterly in the north and
north-south at the South Zone.
Induced polarization surveys are in progress north and west of L900N and
also in the area between holes RV-6 and RV-11.
The regional IP program also covers the prospective contact area south of
the South Zone and southeast to the Central Reef Area, where grab samples
assay up to 10.4 g/t PGM, a distance of approximately 5 km.
A Phase II drill program will commence in the Dana Lake area when
interpretation of the IP survey has been completed. The objective of the
drill program will be two-fold; an infill program to define the extent of
the mineralization and give a indication of deposit geometry; and to test
surface mineralization and new IP targets. Further stripping and sampling
is planned for the Dana Lake Area and areas of high IP chargeability over
the coming months.
The drilling demonstrates predictable grade to depth with significant
high-grade intercepts over broad, lower grade intersections. Samples of
mineralized core are being sent to Amplats for mineralogical and
metallurgical studies. Amplats is also planning to carry out preliminary
resource assessment studies.
Lac des Iles Comparison
The target on the River Valley Property is a postulated multi-million tonne
bulk tonnage deposit of a size and grade comparable to that recently
reported by North American Palladium Ltd. for its Lac des Iles property
near Thunder Bay, Ontario (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% Cu, and 0.055% Ni). North American
Palladium has recently received a $90 million loan to finance the expansion
of its Lac des Iles mine, enabling it to triple annual palladium production
to 250,000 oz. Lac des Iles mine is the only primary PGM producer in Canada
and one of only two in North America. The unit cost of accountable
palladium production over the mine life, net of credits and excluding
royalty, is estimated at US$131 per ounce. Today's prices: Platinum
US$477.00, Palladium US$568.00 and Rhodium US$1,550.00.
BEHALF OF THE BOARD OF DIRECTORS
Harry Barr, President
S.E.C. 12g(3) exemption # 82-4828
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2000 PACIFIC NORTHWEST CAPITAL CORP. (PFN) All rights
reserved. For more information visit our website at
pfncapital.com or send mailto:ir@pfncapital.com
Disclaimer
This news release contains certain "Forward-Looking Statements" within the
meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the Canadian Venture Exchange, British Columbia Securities
Commission and the United States Securities & Exchange Commission.
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(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
