| | | Pacific North West Capital Announces High Grade PGM Results at Depth in Dana South Zone on its River Valley Project, Sudbury, Ontario | | |
- The Highest Grade PGM* Intersection at depths greater than 350 m
- High grade PGM* drill results for the Dana South Area are;
- 2.1 gpt** 3E*** over 33 metres in hole DS001
Including 15.4 gpt 3E over one metre
- 2.45 gpt 3E over 20 metres in hole DS003
Including 3.94 gpt 3E over 10 metres
And 2.94 gpt 3E over 15 metres
Including 4.31 gpt 3E over 5 metres
- Three holes intersected PGM mineralization at depths greater than 350 metres from surface, indicating the presence of mineralization at depths greater than previously drilled
PGM mineralization has relatively consistent high grade PGM values in the Dana South Zone
*PGM=Platinum Group Metals **gpt= grams per tonne ***Pd+Pt+Au= Palladium + Platinum + Gold (aka 3E)
March 20, 2012, Vancouver, BC - Pacific North West Capital Corp. (TSX: "PFN"; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce assay results for six drill holes in the River Valley 2011 Phase I Exploration program on its 100% owned River Valley PGM Property, 70 km from Sudbury, Ontario. The drill holes in the Dana South Zone intersected high grade PGM mineralization over wide intervals within the breccia unit on the footwall contact of the River Valley intrusion.
In order to infill gaps in the drilling and test continuity in the northern sections of the Dana South Zone, six drill holes were drilled to the northeast (Table 2) to test approximately 500 metres (m) strike length of the PGM mineralization (Figure 1). All six holes were designed to test deeper targets on this section. Holes DS001, DS003 and DS004 intersected wide intervals of PGM mineralization (Table 1).
Drill holes DS001 and DS002 were designed to test the down-dip extension of mineralization encountered in DL-32 (2.52 gpt 3E over 9.5 m). Both holes intersected PGM mineralization within the main breccia unit. In DS001 PGM-bearing sulphide mineralization was encountered from 368 m to 498 m, with a higher grade interval from 368 m to 401 m (33 m of 2.1 gpt 3E, including 5 m of 4.98 gpt 3E from 377 m to 385 m) and 1 m of 15.40 gpt 3E (from 380 m to 381 m ).
Drill holes DS003 and DS004 were designed to test for the presence of PGM mineralization at depth, thereby expanding the mineralized zone down-dip. DS003 intersected 20.0 m of 2.45 gpt 3E including 10 m of 3.94 gpt 3E. In addition, hole DS003, one of the deepest holes drilled in this phase of exploration tested a second shallower target structurally above the footwall contact. There, DS003 intersected 15 m of higher grade interval mineralization down hole (from 446 m to 458 m) of 2.94 gpt 3E including 5 m of 4.31 gpt 3E (331 m vertical from surface). This hole extended the PGM mineralization down-dip by approximately 30 m.DS004 also tested the along strike continuity of mineralization to the northwest from the Dana South Zone. DS004 intersected wide mineralized Breccia Unit from 213 m to 406 m (193 m) down hole. The mineralization within this breccia is 31 m from 334 m to 365 m at 1.98 gpt 3E. This interval includes 3 m from 336 to 339 m at 4.11 gpt 3E.
DS005, the deepest hole drilled on the River Valley PGM project, targeted a deep 3D IP anomaly and tested the presence of PGM mineralization at depth. DS005 was drilled to the depth of 639 metres downhole, 503.5 metres from surface. DS005 intersected 2 m of 1.6 gpt 3E from 514 m to 515 m. In addition hole DS005 intersected 1 metres of 2.13 gpt 3E from 629 m to 630 m, which confirms the presence of PGM mineralization at much greater depths than previously drilled.
Results for significant intercepts achieved in the current drill program at Dana South Zone are tabulated in Table 1. True widths of intercepts are shown.
Data from this resource drilling has been combined with that from approximately 111,000 m in 590 holes drilled previously up to 2005, and delivered to Wardrop Engineering for a mineral resource update. The resource update is schedule for completion by the end of the first quarter of 2012.
Exploration Update and Discussion
Exploration Drilling
The exploration phase of drilling at River Valley in 2011-2012, focused primarily on drilling in the interior of the River Valley Intrusion Complex (RVIC) (see Press Release dated December 8th 2011). Six exploration holes for approximately 2,500 m have been completed in the Dragon, Spade Zone and East Banshee (Figure 4) and encountered favourable olivine-bearing gabbronorite units in the RVIC. Assay results will be announced after receiving the results and conducting final QA/QC checks.
Discussion
Information from drilling suggest that the Main Zone of the breccia-hosted PGM mineralization averages 20-50 m in thickness, continues to depths of greater than 200 m, and is for the most part open along strike and downdip. In addition, the drilling demonstrates predictable grade to depth with significant high grade intersections (5-10 gpt 3E over 1-5 m & 3-5 gpt 3E over 5-10 m) enveloped by broader (commonly >20 m and sometimes >100 m) lower grade (1.0-1.5 gpt 3E) intersections.
The continuity of mineralization and the remarkable consistency in the geology and stratigraphy along strike and at depth, suggests that there is significant potential to increase resources on the property through further extensional drilling away from the currently defined mineralized zones.
Deeper holes confirmed the presence of mineralization at depths greater than 350 m (down dip and down plunge).
There is a general correlation between three dimensional induced-polarization (3D-IP) geophysical survey anomalies and PGM sulphide intersections. The intersections for most of the holes correlate with relatively high chargeability, an indication of disseminated sulphide.
Qualified Person Statement
This news release has been reviewed and approved for technical content by Ali Hassanalizadeh M.Sc. P.Geo, Vice President, Exploration for PFN a Qualified Person under the provisions of National Instrument 43-101.
Table 1 - High grade assay intervals of DS001, DS003 and DS004 (Composited Results)
Hole No. |
From
(m) |
To
(m) |
Length of the Intersect
(m) |
Length of the Intersect
(feet) |
True
Thickness
(m) |
Pt
(gt) |
Pt
(opt) |
Pd
(gt) |
Pd
(opt) |
Au
(gt) |
Rh
(gpt) |
3E
(gt) |
3E
(opt) |
Ni
(%) |
Cu
(%) |
DS001-2011 |
368 |
401 |
33 |
108.2 |
28.3 |
0.51 |
0.02 |
1.53 |
0.05 |
0.06 |
|
2.10 |
0.07 |
0.02 |
0.09 |
Including |
368 |
373 |
5 |
16.4 |
4.3 |
0.98 |
0.03 |
3.37 |
0.11 |
0.12 |
|
4.47 |
0.14 |
0.03 |
0.15 |
Including |
377 |
382 |
5 |
16.4 |
4.3 |
1.32 |
0.04 |
3.53 |
0.11 |
0.13 |
|
4.98 |
0.16 |
0.03 |
0.16 |
Including |
380 |
381 |
1 |
3.3 |
0.9 |
3.73 |
0.12 |
11.30 |
0.36 |
0.37 |
|
15.40 |
0.50 |
0.08 |
0.40 |
And |
492 |
498 |
6 |
19.7 |
5.1 |
0.45 |
0.01 |
1.45 |
0.05 |
0.08 |
|
1.98 |
0.06 |
0.03 |
0.14 |
DS003-2011 |
400 |
420 |
20 |
65.6 |
14.6 |
0.53 |
0.02 |
1.84 |
0.06 |
0.08 |
|
2.45 |
0.08 |
0.03 |
0.22 |
Including |
409 |
419 |
10 |
32.8 |
7.3 |
0.82 |
0.03 |
2.99 |
0.10 |
0.13 |
|
3.94 |
0.13 |
0.05 |
0.36 |
And |
446 |
461 |
15 |
49.2 |
11.0 |
0.64 |
0.02 |
2.19 |
0.07 |
0.11 |
|
2.94 |
0.09 |
0.04 |
0.22 |
Including |
453 |
458 |
5 |
16.4 |
3.7 |
0.93 |
0.03 |
3.20 |
0.10 |
0.18 |
|
4.31 |
0.14 |
0.05 |
0.31 |
DS004-2011 |
334 |
365 |
31 |
101.7 |
21.9 |
0.48 |
0.02 |
1.41 |
0.05 |
0.09 |
0.005 |
1.98 |
0.06 |
0.02 |
0.12 |
Including |
336 |
339 |
3 |
9.8 |
2.1 |
0.98 |
0.03 |
2.97 |
0.10 |
0.16 |
0.009 |
4.11 |
0.13 |
0.02 |
0.13 |
Table 2 -Drill Hole Collar and End of Hole Information
Drill Hole |
Easting
(m) |
Northing
(m) |
Azimuth |
Dip
(m) |
EoH
(m) |
DS001 |
555415 |
5171800 |
45 |
-59 |
690 |
DS002 |
555417 |
5171802 |
45 |
-47 |
390 |
DS003 |
555455 |
5171709 |
45 |
-47 |
528 |
DS004 |
555497 |
5171701 |
45 |
-45 |
469 |
DS005 |
555272 |
5172002 |
45 |
-52 |
639 |
DS006 |
555515 |
5171581 |
45 |
-52 |
466 |
Figure 2 - DS001 and DS002 Cross Section
Figure 3 - DS003 and DS004 Cross Section
About River Valley Project
On April 20th, 2011 Pacific North West Capital (PFN) announced that it commenced the Phase I of a five million Dollars, 15,500 metre drill program for its 100% owned River Valley PGM Project. As of January 2012, PFN completed more than 15,000 m of drilling and more than 140 line km of 3D IP geophysics survey. Work to date at River Valley suggests that the best potential for economic accumulations of PGM-Cu-Ni sulphide mineralization is within the Breccia Zone. This zone includes the main mineralized zone. The main zone occurs within about 20 m of the intrusive contact with country rocks. This contact zone extends for over 9 km of prospective strike length and hosts the currently defined resource. The current NI43-101 mineral resource estimate was published in 2006 and the results are summarized as follows:
NI43-101 Compliant 2006 Mineral Resources for River Valley
- Measured Resources:
7.99 million tonnes grading 1.33 g/t p palladium, 0.44 g/t platinum, 0.08 g/t gold, 0.12% copper and 0.02% nickel using a cut-off grade of 1.00 g/t palladium + platinum (Pd+Pt).
- Indicated Resources:
11.31 million tonnes grading 1.08 g/t palladium, 0.36 g/t platinum,0.07 g/t gold, 0.10% copper and 0.02% nickel using a cut-off grade of 1.00 g/t Pd+Pt.
- Inferred Resources:
0.88 million tones grading 1.36 g/t palladium,, 0.47 g/t platinum , 0.07 g/t gold, 0.10% copper and 0.02% nickel using a cut-off grade of 1.00 g/t Pd+Pt
PFN's objective for River Valley is to delineate sufficient resources to establish a multi-million tonne open pit PGM mine. Completion of a new NI43-101 mineral resource estimate is scheduled for the end of first quarter of 2012.
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 optioning/joint venturing its projects through to production. In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited, which makes Anglo Platinum the largest shareholder of PFN. The River Valley PGM project is one of North America's newest and largest primary platinum group metals (PGM) deposits. The project has excellent infrastructure support and is located 100 km from Sudbury, Ontario, one of Canada's largest mining centres with two large mineral processing facilities that have excess capacity.
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 (defined as "PGM" above), gold and base metals.
The Company has PGM, gold and base metal projects in BC, Ontario, Saskatchewan and Alaska and continues to evaluate additional PGM, precious metals and base metals projects.
Pacific North West Capital Corp. is an International Metals Group Company.
(www.pfncapital.com)
Please send requests for further information to:
Harry Barr
Chairman & CEO Pacific North West Capital Corp. Tel: 604-685-1870
Bill Stone President & COO Pacific North West Capital Corp. Tel: 416-368-5268
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
Disclaimer: Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: Certain information presented, including discussions of future plans and operations, contains forward-looking statements involving substantial known and unknown risks and uncertainties. These forward-looking statements are subject to risk and uncertainty, many of which are beyond control of company management. These may include, but are not limited to the influence of general economic conditions, industry conditions, fluctuations of commodity prices and foreign exchange rate conditions, prices, rates, environmental risk, industry competition, availability of qualified staff and management, stock market volatility, timely and cost effective access to sufficient working capital or financing from internal and external sources. Actual results, performance, or achievements may differ materially from those expressed or implied by these forward looking statements. |
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