- New NI43-101 Technical
significantly increases historic resource
- Indicated Resource:
-
2,155,679 tonnes grading
0.68 g/t gold (47,040 contained oz of Au), and
82.7 g/t silver (5,734,445
contained oz of Ag) at a cut-off grade of 0.5 g/t
AuEq
- including 0.22%
Copper (10,500,833 lbs Cu), 0.22% Lead (10,399,960 lbs
Pb), and 0.94% Zinc (44,522,995 lbs Zn)
- The Black Dog Deposit
is a part of a larger area that includes the SRV Zone
hosting precious metal-rich volcanogenic sulphide (VMS)
mineralization
- Mineralized
occurrences display similarities to Eskay Creek
- Aggressive 2011/12
exploration program slated to expand resource and drill
test new areas
April 27, 2011,
Vancouver, BC -- Pacific North West Capital Corp. ("PFN")
TSX: PFN; OTCQX: PAWEF; FSE: P7J is pleased to
announce the Completion of an NI43-101 Technical Report
(the Report), including a new Mineral Resource Estimate
for the Black Dog Deposit, on the Rock and Roll
Gold-Silver-Polymetallic Project, located in Northern
BC. This report will be posted to SEDAR within 45 days
of this News Release. The Report was prepared by Equity
Exploration Consultants Ltd. (Equity) and GeoVector
Management Inc. (GeoVector). The resource was estimated
by Geovector Management Inc. (Geovector) and
incorporated the mineralized zones of the historic drill
core and the 540 metres (1772 ft) of the 5 diamond drill
holes that were completed by PFN in 2009/2010. Through
this work, PFN significantly increased the resources
contained within the Black dog deposit over the previous
resource estimate, completed prior to the
implementation of the NI 43-101 standards of disclosure.
The NI43-101 compliant mineral resource estimate in the
"indicated" category consists
of 2,155,679 tonnes grading 0.68 g/t Au (47,040
contained oz of Au), and 82.7 g/t Ag
(5,734,445 contained oz of Ag)
at a gold-equivalent cut-off grade
of 0.5 g/t. The deposit also
contains 0.22% Cu (10,500,833 lbs
Cu), 0.22% Pb (10,399,960 lbs Pb),
and 0.94% Zn (44,522,995 lbs Zn)
or 3.11 g/t gold equivalent (AuEq)
for an additional 215,239 oz of Au
Eq at the 0.5 g/t AuEq cut-off.
The AuEq grade
is based on $1000/oz Au, $15.80/oz
Ag, $2.92/lb Cu, $0.86/lb Pb and
$0.86/lb Zn. Table 1 and 2 gives the
mineral resource estimate for the
Black Dog deposit at varying cut-off
grades.
The Black Dog massive
sulphide deposit is part of a larger
area that includes the SRV Zone
hosting precious metal-rich
volcanogenic massive sulphide (VMS)
mineralization. These occurrences
display similarities to other
precious metal-rich deposits such as
Eskay Creek (50 km to the
east-southeast), Greens Creek, and
other deposits of the Canadian
Cordillera (Figure 1). |
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The mineralization on the
Rock and roll property is hosted by graphitic argillite
to siltstone. The Black Dog and SRV zones are dominated
by massive pyrrhotite with blebs and lenses of
chalcopyrite and sphalerite. Massive pyrite-sphalerite
forms finely laminated lenses locally, with minor
pyrrhotite, galena and chalcopyrite.
Indicated Mineral Resources, consistent with CIM
definitions required by NI43-101, are reported at
various cut-off grades in Table 1 (for Au and Ag) and
Table 2 (for Cu, Pb, Zn and gold equivalent values).
Inverse distances squared interpolation restricted to
mineralized domains were used to estimate gold
(grams/tonne Au), silver (grams/tonne Ag), copper (%
Cu), lead (% Pb), and zinc (% Zn) grades into the block
models. Gold, silver, copper, lead and zinc content were
combined into a gold equivalent value (using to the
prices given above) for resource reporting.
A $1.8 million Phase I Program
is recommended in the report for further exploration at
the Black Dog zone which includes initial metallurgical
testing, baseline environmental work and a major diamond
drilling program. The relatively shallow dips
of the stratigraphy and conductive cover material have
hampered exploration efforts in the past. Diamond
drilling is recommended to test the conductive horizons
for new mineral occurrences and also to extend the known
mineralization at the Black Dog and SRV zones that are
open along strike and down dip.
Table 1: Gold and Silver Indicated Mineral Resource
Estimate at various gold-equivalent cut-off grades.
Metallurgical recoveries and net smelter returns are
assumed to be 100%.
Table 2: Copper, Lead, Zinc and gold equivalent
Indicated Mineral Resource Estimate at various
gold-equivalent cut-off grades.
Figure 1: Location of the Rock and Roll project and
some adjacent VMS deposits.
Figure 2: Rock and Roll
property geology showing the Black Dog and SRV Zones.
About the Rock and Roll Polymetallic Project
The Rock and Roll Polymetallic Project is under option
from Equity Exploration Consultants Ltd., First Fiscal
Enterprises Ltd. and Pamicon Developments Ltd. Under the
terms of the option agreement, PFN can earn a 100%
interest in the property over a four year period by
completing $2,000,000 in exploration expenditures,
paying $130,000 and providing a total of 600,000 PFN
shares to the vendors. The property consists of 11
claims totalling 4244 ha (10,487 acres) and is located
in the Liard Mining District approximately 9 km west of
the Bronson airstrip and exploration camp in northern
British Columbia.
The Rock & Roll Project hosts precious metals rich,
volcanogenic massive sulphide mineralization in a
volcano-sedimentary host rock package. The
mineralization shows similarities to the gold and silver
rich mineralization of Barrick Gold's past producing
Eskay Creek mine.
Figure 3: Location of drill
holes for the Black Dog and SRV Zones.
Figure 4: Schematic cross
section through the Black Dog mineral horizon.
Mineralization on the Rock
and Roll Property occurs in multiple stacked sulphide
lenses in two zones, the Black Dog and SRV zones, over a
strike length of approximately 950 m. A total of
approximately 14,000 metres of core drilling in 110
drill holes was completed on the property from 1991 to
1997. Only six drill holes tested the host stratigraphy
outside of the known mineralization, but at least 5 km
of strike length of the prospective lithologies is
present on the Property.
In 2009, PFN conducted a drilling program consisted of a
total of 540 metres of core drilling in five holes and
flew a 350 line kilometre airborne Time Domain EM
survey.
Highlights of the 2009 drilling program includes
intersections up to 1.31 g/t gold, 296.2 g/t silver,
0.46% copper, 1.25% lead, and 3.99% zinc over 3.14
metres in drill hole RR09-107.
A 2010 Geological mapping and prospecting program was
designed to verify several geophysical electromagnetic
anomalies identified by the 2009 Aeroquest AEM survey.
The exploration program was carried out under the
supervision of Murray Jones, P. Geo. of Equity
Exploration Consultants Ltd. Mr. Jones is a Qualified
Person as defined under the terms of National Instrument
43-101.
PFN has also entered into the second year of a Public
Geoscience Partnership agreement with the Geological
Survey Branch (GSB) of the BC Ministry of Energy, Mines
and Petroleum Resources. Under this agreement, two
senior geologists from the GSB have now completed the
geological mapping and sampling on the Rock and Roll
Project, as well as in the district as a whole as part
of the Iskut River Regional Mapping Project. The goal of
this work was to define the age and stratigraphic
association of the host rocks to the Black Dog and SRV
mineralization, and to evaluate the potential for this
type of mineralization elsewhere on the property and
throughout the district. The results of this study has
been published on an ongoing basis through various
publications of the GSB, including the annual review of
fieldwork. The field work portion of the Public
Geoscience Partnership agreement is now complete on the
Rock and Roll project area.
Pacific North West Capital has carried out approximately
$450,000 of exploration on Rock and Roll Project to
date. The 2009 drill program tested the Black Dog Zone
and its extensionsand consisted of a total of 540 meters
of core drilling completed in five holes. The first four
holes were designed to test gaps in the historic
drilling on the Black Dog Zone in order to establish the
degree of continuity of the mineralization and to
confirm the historic geological model. Each of the
infill drill holes encountered the target
mineralization, confirming the continuity of the
sulphide lenses and the validity of previous geological
interpretations.
The final drill hole of the program tested a strong
electromagnetic anomaly that may represent the westward
continuation of the Black Dog Zone. Drilling at this
location encountered minor sulphide mineralization near
the bottom of the hole, but failed to return any
significant assays as the hole intersected a diorite
dyke at the projection of the Black Dog horizon. (see
December 16th, 2009 Press Release).
Qualified Person Statement
This news release has been reviewed and approved for
technical content by Allan Armitage, a qualified person
under the provisions of national instrument NI 43-101.
About Pacific North West Capital Corp
Pacific North West Capital Corp. is a mineral
exploration company whose corporate philosophy is to be
a project generator, explorer and project operator with
the objective of option / joint venturing its projects
through to production. In January 2011, Pacific North
West Capital successfully negotiated the 100%
acquisition of the River Valley PGM Project from Anglo
Platinum Limited, making Anglo Platinum the largest
shareholder of PFN holding approximately 12% of the
Company (see news release dated January 31, 2011). In
special situations, like our 100% owned River Valley PGM
Project, the Company is prepared to fund the project
through to feasibility and up to production. The River
Valley PGM project is one of North America's newest and
largest primary platinum group metals (PGM) deposits.
The project is located in the Sudbury region of Ontario.
On April 7, 2011, PFN announced the closing of the River
Valley acquisition from Anglo Platinum (see
news release dated April 7 2011).
On April 20, 2011, PFN announced that it has
commenced the Phase I of the $5 million, 15,500 metre
drill program for its 100% owned River Valley PGM
Project and results are expected in May 2011. Work
to date at River Valley suggest that the best potential
for economic accumulations of PGM-Cu-Ni sulphide
mineralization is within the Breccia Zone. This Zone
includes the main mineralized breccia or Main Zone. The
Main Zone occurs within about 20 metres of the intrusive
contact with Archean gneisses. This contact zone
extends for over 9 km of prospective strike length,
holds the current defined resource and is the main
target of the Company's renewed exploration efforts.
In January 2011, Pacific North West Capital successfully
negotiated the 100% acquisition of the River Valley PGM
Project from Anglo Platinum Limited, making Anglo
Platinum the largest shareholder of PFN holding
approximately 12% of the Company (see news release
dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101
mineral resource estimate on the Destiny Gold Project
which is situated 75 km near Val-d'Or, Québec (see news
release dated January 24, 2011). The Destiny Project is
under option from Alto Ventures Ltd. ("Alto"). 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 Company also has PGM, gold and base
metal projects in BC, Québec, Ontario, Saskatchewan and
Alaska and continues to aggressively look for new
acquisition of additional platinum group metals,
precious metals on an international scale.
In addition, PFN is a significant shareholder of
Fire River Gold Corp (FAU:TSX.V) which company is
developing the
Nixon Fork Gold Mine in Alaska, which is slated for
production in summer of 2011. (click
here to view Fire River Gold's 2011 President's Message)
Pacific North West Capital Corp. is well funded with an
experienced management team and the ability to take
advantage of its growing asset base in Platinum Group
Metals, gold and base metals. To that end, the
Company is in the process of adding key technical and
financial people to our management, advisory team and
our board of directors. PFN has approximately $8 million
in working capital and securities and no debt.
Pacific North West Capital Corp. is an International Metals
Group Company
(www.internationalmetalsgroup.com). |
