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October 14th, 2010, Vancouver, Canada --
Pacific North West Capital Corp. ("PFN") TSX: PFN; OTCBB: PAWEF;
Frankfurt: P7J) and Alto Ventures Ltd. ("ATV") TSX-V: ATV
(together "the Companies") are pleased to provide an update of
proposed exploration activities for 2010 on the Destiny Gold
Project, located near Val-d'Or, Québec. The 2010 Destiny
exploration program is currently underway and will focus
primarily on high resolution airborne magnetic surveys, borehole
electromagnetic surveying and drilling.
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The drill program will focus on targets derived
from the geophysical surveys. The 2010 program
will also include the completion of an updated
National Instrument 43-101, Standards of
Disclosure for Mineral Projects ("NI43-101")
report with a resource estimate that
incorporates drilling carried out by PFN and ATV
prior to this campaign.
In 2009 and early 2010 PFN completed infill and
step-out drilling to expand the known resources
at the DAC zone. The results from these drill
programs (See press release dated
Dec. 3 2009,
Jan. 15 and
April 12 2010) will be used to update the
resource estimate and report the findings in
compliance with the NI43-101 standards of
disclosure. The estimate and report will be
completed by Wardrop Engineering Inc.
The Destiny project area is transected by the
Despinassy shear zone, a local structure that
may be related to the regionally extensive
Chicobi Fault Zone. |
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High grade gold mineralization occurs in quartz
veins and alteration zones associated with this structure.
Mineralization has been identified in several locations along
the Despinassy shear zone on the property for a strike distance
over 4 km. The entire area is overlain by quaternary glacial
sediments which have obstructed surface mapping and sampling of
the mineralization. The underlying stratigraphy and potential
mineralization extends approximately 20 km along the major
Chicobi Fault Zone. This fault zone parallels the prolific
Cadillac-Larder and Destor-Porcupine Deformation Zones, which
host multi-million ounce deposits to the south. Recent
structural interpretations conducted on drill core by Robert J.
Tremblay, PGeo, suggest that better grade mineralization tends
to be encountered in complexly folded zones. A magnetic marker
horizon is observable in the form of a thin gabbroic intrusive
which the Companies believe can be mapped by the high resolution
airborne magnetic survey.
Additional drilling conducted by the Companies in 2009-2010
revealed a massive sulphide mineralized zone adjacent to the
gold mineralization (see news releases dated
February 18 and
April 12, 2010). Drill hole DES10-137 returned 0.73 Cu, 6.4%
Zn, 0.3 g/t Au and 18 g/t Ag over a one metre interval. Previous
hole DES06-94 returned 5.79% Cu, 3.42% Zn, 1.21 g/t Au and 118.0
g/t Ag over a 0.7 m interval. The Companies interpret these
sulphide occurrences as important to the gold mineralizing
system and have elected to carry out bore hole pulse
electromagnetic surveys (BHEM) in certain drill holes to trace
the extent of the massive sulphide mineralization and to help
guide drilling at depths greater than 500m. The three known
deposits at the Destiny Gold Project are open to depth and along
strike.
Follow-up drilling will be conducted in November 2010, on a few
select targets, once the geophysical results are fully
interpreted. The goal of the drilling will be to test the
effectiveness of the geophysics to highlight areas of
mineralization.
Qualified Person Statement
This news release has been reviewed and approved for technical
content by Mike Koziol, P. Geo, a Qualified Person under the
provisions of NI 43-101.
About the Destiny Gold Project
The Destiny Gold Project is under option from Alto Ventures Ltd.
Under the terms of the option agreement, PFN can earn a 60%
interest in the property over a four year period by completing
$3.5 million in exploration expenditures, paying $200,000 and
providing a total of 250,000 PFN shares to Alto. The property
consists of 177 claims totalling 7,421 ha and is located
approximately 100 km by road north of the city of Val-d'Or. The
property is accessible by provincial highway 397 which passes
through the property.
Pacific North West Capital has fulfilled its obligations for the
first two years of the option term as outlined in the agreement.
As of the date hereof the Company has paid $50,000 and has
issued 75,000 shares to Alto Ventures Ltd.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is
the DAC zone, which occurs over a strike length of about 600 m.
In this area, four to five identifiable intervals of quartz
veining and shear-related alteration zones carry high grade gold
mineralization, with drill intersections up to 178.5 g/t gold
over a drill width of 1.0 metres. The DAC zone hosts a NI 43-101
compliant indicated resource of 166,863 tonnes grading 6.88 g/t
gold (36,892 ounces) and an inferred resource of 444,753 tonnes
grading 4.46 g/t gold (63,839 ounces) calculated by W.A.
Hubacheck Consultants Ltd. in 2007 (see "A Resource Estimate of
the DAC Gold Deposit, Despinassy Twp., Val d'Or, Québec" dated
January 9, 2007, available on the Alto Ventures website).
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company
with a portfolio of highly prospective properties in the
Canadian Shield. The Company is active in Québec in the Abitibi
greenstone belt where it has a number of projects including the
Alcudia and Destiny gold properties. In Ontario, the Company is
exploring in the Beardmore-Geraldton gold belt and the
Shebandowan gold district. Recently, with the acquisition of the
Chilko project in British Columbia, the Company has added large
tonnage bulk-mineable porphyry style deposits to its exploration
targets.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a mineral exploration
company focused on Platinum Group Metals (PGM), precious and
base metals. Management's corporate philosophy is to be a
Project Generator, Explorer and Project Operator with the
objective of option/joint venturing projects with major and
junior mining companies through to production. To that end,
PFN's current option/joint ventures agreements are with Anglo
Platinum, First Nickel, Alto Ventures and PFN is a major
shareholder of Fire River Gold Corp. (www.firerivergold.com)
Pacific North West Capital Corp. is well funded with an
experienced management team and the ability to take advantage of
the tremendous under funded opportunities that are available in
the mining sector today.
Management of Pacific North West Capital plans to use their
technical, financing and deal making abilities to acquire
additional Platinum Group metals, base metals and precious
metals projects on an international scale.
Pacific North West
Capital is a member of the International Metals Group (www.internationalmetalsgroup.com)
of Companies.
On behalf
of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further
information, please contact our Investor Relations Department at
Toll Free 1-800-667-1870
The Toronto Stock Exchange have not reviewed and does
not accept
responsibility for the adequacy or accuracy of this release.
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. Not to be construed as an offer to buy or sell securities of this company.
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