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

To: jrhana who wrote (2228)	1/20/2004 12:25:39 PM
From: VAUGHN	Respond to of 2255

Hello jrhana I believe both do. Here's today's NR from ITF: Freegold Ventures Expands New PGE Discovery at Union Bay Project, Alaska Highlights: - Diamond drilling intercepts values to 7 gpt Pt over 3.8 ft at Jaguar - Recon exploration discovers +14 gpt Pt at Continental zone - Recon exploration discovers new sulfide mineralization at Cannery Toronto Stock Exchange Trade Symbol: ITF OTCBB: FGOVF VANCOUVER, Jan. 20 /CNW/ - Freegold Ventures Limited (ITF) 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. << Table 1. Significant Drill Results from North and Jaguar Zones. () UB0101 previously reported 10/24/2001 ------------------------------------------------------------------------- Drillhole From To Width Pt Pt Pd (ft) (ft) (ft) (ppb) (g/t) (ppb) ------------------------------------------------------------------------- UB0101 North Zone() 62.9 64.6 1.7 10590 10.59 565 ------------------------------------------------------------------------- UB0302 North Zone 99.4 109.4 2.0 1300 1.30 19 ------------------------------------------------------------------------- UB0306 North Zone 382.7 386.0 3.3 1005 1.00 11 ------------------------------------------------------------------------- UB0307 North Zone 386.0 389.7 2.0 851 0.85 5 ------------------------------------------------------------------------- UB0310 Jaguar 104.0 107.8 3.8 803 0.80 15 ------------------------------------------------------------------------- UB0311 Jaguar 405.9 409.7 3.8 7010 7.01 143 ------------------------------------------------------------------------- UB0311 (check assay) 405.9 409.7 3.8 9450 9.45 193 ------------------------------------------------------------------------- UB0311 Jaguar 442.0 446.4 4.4 934 0.93 10 ------------------------------------------------------------------------- Table 2: Significant (+ 3 gpt Pt) grab rock samples from 2003 at the Continental zone. ------------------------------------------------------------------ Sample No. Rock Unit Pt_ppb Pt g/t Pd_ppb ------------------------------------------------------------------ 390478 Magnetite vein 14950 14.95 940 ------------------------------------------------------------------ 394581 Magnetite vein 14200 14.20 900 ------------------------------------------------------------------ 394503 Magnetite vein 6660 6.66 237 ------------------------------------------------------------------ 390479 Pyrox - Wehr 6420 6.42 575 ------------------------------------------------------------------ 393857 Wehrlite 5530 5.53 542 ------------------------------------------------------------------ 492940 Magnetite vein 4430 4.43 433 ------------------------------------------------------------------ 394513 Wehrlite 4340 4.34 168 ------------------------------------------------------------------ 394504 Wehrlite 4180 4.18 212 ------------------------------------------------------------------ 393895 Pyrox - Wehr 3990 3.99 545 ------------------------------------------------------------------ 394516 Pyrox - Wehr 3880 3.88 322 ------------------------------------------------------------------ 393855 Wehrlite 3820 3.82 364 ------------------------------------------------------------------ 393867 Pyroxenite 3820 3.82 375 ------------------------------------------------------------------ 393852 Wehrlite 3160 3.16 209 ------------------------------------------------------------------ Table 3: Significant channel sample geochemistry, Continental zone. All values occur in Pyroxenite-Wehrlite-Magnetite rock type --------------------------------------------------------------------- Channel From ft To ft Int ft Pt ppb Pt g/t Pd ppb --------------------------------------------------------------------- 3 0 3.3 3.3 639 0.64 71 --------------------------------------------------------------------- 3 3.3 6.6 3.3 436 0.44 36 --------------------------------------------------------------------- 3 6.6 9.8 3.2 499 0.50 69 --------------------------------------------------------------------- 4 3.3 6.6 3.3 2960 2.96 129 --------------------------------------------------------------------- 4 6.6 9.8 3.2 696 0.70 51 --------------------------------------------------------------------- 9 0 3.3 3.3 1250 1.25 73 --------------------------------------------------------------------- 10 0 3.3 3.3 1065 1.06 63 --------------------------------------------------------------------- 10 3.3 6.6 3.3 276 0.28 23 --------------------------------------------------------------------- 10 6.6 9.8 3.2 167 0.68 14 --------------------------------------------------------------------- 11 0 3.3 3.3 1410 1.41 69 --------------------------------------------------------------------- 11 3.3 6.6 3.3 569 0.60 30 --------------------------------------------------------------------- 14 0 3.3 3.3 1160 1.16 57 --------------------------------------------------------------------- 14 3.3 6.6 3.3 169 0.17 8 --------------------------------------------------------------------- 14 6.6 9.8 3.2 1490 1.49 57 --------------------------------------------------------------------- 14 29.5 32.8 3.3 6240 6.24 266 --------------------------------------------------------------------- 14 32.8 36.1 3.3 773 0.77 30 --------------------------------------------------------------------- 15 0 3.3 3.3 3950 3.95 149 --------------------------------------------------------------------- 17 0 3.3 3.3 340 0.34 41 --------------------------------------------------------------------- 17 3.3 6.6 3.3 2590 2.60 213 --------------------------------------------------------------------- 17 6.6 8.2 1.6 2400 2.40 200 --------------------------------------------------------------------- 20 3.3 6.6 3.3 570 .57 43 --------------------------------------------------------------------- 20 6.6 9.8 3.2 436 .44 55 --------------------------------------------------------------------- 21 0 3.3 3.3 1205 1.21 93 --------------------------------------------------------------------- 21 3.3 4.9 1.6 1205 1.21 93 --------------------------------------------------------------------- 22 0 3.3 3.3 1435 1.44 55 --------------------------------------------------------------------- 22 3.3 5.7 2.4 1205 1.21 60 --------------------------------------------------------------------- 26 0 3.3 3.3 609 0.61 26 --------------------------------------------------------------------- 26 3.3 6.6 3.3 1980 1.98 78 --------------------------------------------------------------------- 28 0 3.3 3.3 325 0.33 25 --------------------------------------------------------------------- 28 3.3 6.6 3.3 526 0.53 38 --------------------------------------------------------------------- 28 6.6 7.5 0.9 1870 1.87 110 --------------------------------------------------------------------- 36 9.8 13.1 3.3 3070 3.07 116 --------------------------------------------------------------------- 36 19.7 23 3.3 2360 2.36 85 --------------------------------------------------------------------- 36 23 26.2 3.2 1440 1.44 57 --------------------------------------------------------------------- >> Background: In May 2003 Lonmin PLC entered into a joint venture agreement with Pacific North West and Freegold for further exploration and development on the project. Under the agreement Lonmin must fund a minimum US$815,000 exploration program in 2003. This obligation has been met. Lonmin has the further option to continue to fund the Union Bay project by expending a minimum of US$1 million per year in 2004, 2005, and 2006 and US $750,000 for each year thereafter. Pacific North West is the Operator of the project during the exploration phase. Lonmin may earn up to 70% interest in the project by delivering a full feasibility study. Upon the decision by the joint venture management committee to proceed to place the project into commercial production, Lonmin will arrange 100% of the required financing. Following commencement of commercial production, Pacific North West and Freegold will each repay their share of the financing costs on agreed upon commercial terms and contribute pro rata to operating costs. For further information, please contact PFN's Investor Relations Department at Toll Free 1-800-667-1870. On behalf of the Board of Directors "Harry Barr" Harry Barr Chairman The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release Disclaimer This news release may contain 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 Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission. For further information: please call Toll Free 1-800-667-1870, by email ir@pfncapital.com, or visit our website at www.pfncapital.com, by fax 604-685-8045, 2303 West 41st Avenue, Vancouver, B.C. V6M 2A3 Regards Vaughn