- 1,400 metres of diamond
drilling to test borehole EM anomalies on the DAC deposit
and a new target to the south
- NI43-101 compliant
Resources Estimate Report in progress
December 16, 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 announce the
commencement of diamond drilling on the Destiny Gold Project,
located near Val-d'Or, Québec. The diamond drilling is the last
component of the 2010 Destiny exploration program which also
included high resolution airborne magnetic surveys and borehole
electromagnetic surveying (BHEM), see news release dated October
14, 2010. This drill program will focus on drill targets derived
from the geophysical surveys.
The current drill program will consist of 1,400 m in three
holes. The objectives of the program are (1) to test select BHEM
targets and the effectiveness of the geophysics to highlight
areas of mineralization, and (2) to test for shallow gold
mineralization to the south of the DAC deposit where the
recently completed high resolution magnetic survey identified
similar magnetic signatures as at the DAC. The drilling will be
completed before the end of this year and results will be
reported as they are received and interpreted.
Wardrop Engineering Inc has been commissioned to update the
NI43-101 compliant resource estimates that were reported in 2007
for the DAC deposit. The work on the new NI43-101 compliant
resource estimate will incorporate the results from infill and
step-out drilling completed by PFN in 2009 and 2010. The work on
the resource estimates is well in progress and results will be
reported when they are made available
Drilling conducted in 2009-2010 revealed a massive sulphide
mineralized zone adjacent to the gold mineralization (see news
releases dated
February
18 /
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 completed borehole pulse electromagnetic surveys
(BHEM) in certain drill holes to trace the extent of the massive
sulphide mineralization and to help guide drilling at depth.
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.
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).
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 national instrument 43-101.
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.
For more details regarding the Company's projects, please visit
our website at www.altoventures.com.
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,
Pacific North West Capital's current option/joint ventures
agreements are with Anglo Platinum, First Nickel, Alto Ventures
and is a major shareholder of Fire River Gold Corp.
www.firerivergold.com
Pacific North West Capital is a member of the International
Metals Group of Companies.
http://www.internationalmetalsgroup.com |
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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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