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On behalf of the
Board of Directors, I am pleased to update you on
the accomplishments of Pacific North West Capital
Corp (PFN or the Company) to date in 2013 and for
the foreseeable future.
PFN's activities and plans for the calendar year
2013 focus on advancement of its 100% owned flagship
River Valley platinum group metal (PGM) Project,
located 60 km to the east of Sudbury, Ontario. In
the first part of 2013, PFN completed its Phase 1
Metallurgical Study with SGS Canada Inc, which
demonstrates potential for a sulphide concentrator
to effectively process PGM mineralized material from
the River Valley deposit. The Company also
reassessed its large geoscience database for new
exploration opportunities to add value to the River
Valley Project. The main activities planned for the
remainder 2013 are a follow-up Phase 2 Metallurgical
Study and a drill program to conduct a first-pass
test of high priority exploration targets. |
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Dr.
William Stone,
President & COO
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The Phase 1 metallurgical study of River Valley was completed in
April 2013 (see Press Release dated April 10, 2013). Highlights of
the study are: 1) production of a concentrate grading 16% Cu, 2% Ni
and 189 g/t PGM (close to the concentrate grades for the 2001-2005
open pit mine at North American Palladium's Lac des Iles PGM
operation); 2) confirmation of the presence of pentlandite as the
primary nickel sulphide mineral; 3) possible expansion of the
payable metal package to include rhodium, cobalt and silver, in
addition to platinum, palladium, gold, copper and nickel; and 4)
apparent lack of deleterious elements, such as magnesium, arsenic,
bismuth, antimony and selenium. These results represent a strong
start but more work is required, particularly to improve recoveries
of nickel and PGM.
PFN's Technical Team seized the opportunity afforded by the slowdown
in exploration to reassess the potential exploration upside of the
River Valley PGM Project. Compilation and integration of high
quality geophysical and drilling datasets produced numerous
drill-ready targets along strike, down-dip and in the immediate
footwall to the main PGM mineralized zones. The targets have been
ranked and prioritized for drill testing. A formal application for
an exploration program, including drilling and geophysics, has won
approval from the provincial government with input for local
communities and Aboriginal Peoples, as mandated under the new mining
laws of Ontario.
Plans for the foreseeable future include Phase 2 Metallurgical
Studies and execution of the exploration drill program. A detailed
plan is in preparation with SGS Canada Inc. for Phase 2
Metallurgical Studies. The testwork will involve an expanded range
of samples, grades, rock types and depths for the River Valley
deposit. The exploration drill program will consist of up to twenty
drill holes, carefully designed to test the best two or three drill
targets. Some of the holes will be selected for down-hole induced
polarization surveys in order to detect and model the location of
off-hole mineralization for subsequent drilling. All of our
development and exploration plans are subject to outcomes and
funding in the market and (or) by an Option-Joint Venture Partner.
In the meantime, PFN has sufficient cash and equivalents for the
foreseeable future, as the Company has markedly reduced its monthly
cash requirement.
On behalf of the Board of Directors, and the Company's management, I
wish to thank you for your continued interest and support.
Yours sincerely,
William (Bill) E. Stone, Ph. D., M. Sc., B. Sc.
President and COO |
