• Chromite bearing outcrop grab samples contain up to 2.3g/t platinum and 1.6g/t palladium
• Chip channel samples of chromite and sulfide bearing outcrop contain up to 0.86g/t platinum and 1.1g/t, palladium over a 2 meter interval
• Sulfide bearing outcrop grab samples contain up to 0.97% nickel and 0.58% copper
• Chip channel samples of sulfide bearing outcrop contain up to 0.75% nickel over a 2 meter interval

The 7,360 acre Tonsina Property is centered on Sheep Hill in the northeastern Chugach Mountains only 8 km east of the paved Richardson Highway and approximately 80 road miles north east of the all-weather port of Valdez.

This photo displays typical Sheep Hill nickel, copper, platinum group element mineralization which consists of sulfides (brassy color blebs) and chromite hosted in partially serpentinized ultramafic rocks (charcoal colored foreground). Two samples collected from this outcrop returned values of 0.39% Ni, 0.19% Cu, 616ppb Pt, 856ppb Pd, and 0.49% Ni, 0.25% Cu, 574ppb Pt, 856ppb Pd.

Nickel, copper, and platinum group element mineralization is hosted in dunite and lherzolite within the Tonsina Ultramafic Complex. The mineralized rock units comprise a north dipping magmatic layer. Sulfide and chromite mineralization within this layer define a distinct horizon (reef) up to 30 meters thick that has been mapped and sampled over a strike distance of 900 meters. The mineralized unit extends under cover to the north and west and is truncated to the east by a high angle fault with unknown displacement. This exploration success illustrates the potential for reef style nickel, copper and platinum group element mineralization in other magmatic layers of the Tonsina Ultramafic Complex.

A continuous chip channel sampling program was designed to cross the mineralized horizon and test the vertical extent of the exposed mineralization. Results indicate that copper and nickel correlate with sulfur, and that platinum group elements correlate with chromium. High grade metal anomalies extend over several meter intervals: 44-50 meters - 6 meter interval grading 0.8g/t platinum and 1g/t palladium, and 62-74 meters - 12 meter interval grading 0.59% nickel. The apparent dip of the sulfide horizon at TOC0717 is 67.35°, the slope at TOC0717 is 33.69°, therefore the true thickness of the 2 m samples is 1.975 m.

Table 1 Selected geochemistry from Chip Channel TOC0717
 

Examination of thin sections from selected mineralized samples at the University of Alaska petrography lab confirms the presence of widespread pentlandite together with millerite and lesser covellite.

The Tonsina project was part of the reconnaissance agreement with Stillwater Mining Company which was terminated in March 2008. This summer PFN's exploration plans are to continue outcrop sampling and mapping in an effort to expand on the currently identified sulfide and chromite horizon and identify possible mineralized horizons in the alternating magmatic layers. An IP survey is also planned to trace the north dipping mineralized horizon under cover to the west, and north.

 

• Located in Saskatchewan, 75 km north of La Ronge

• 9 claims, 8183 ha; 2 claims 100% PFN ownership, 7 claims subject to option agreement with Diamond Hunter Inc.

• Claims cover Gochager Lake Cu-Ni deposit (non - 43-101 compliant reserves of 1.7 million tons @ 0.74% Ni+Cu)

• Claims cover favourable mineralized horizon on strike from Gochager Lake, as well as numerous EM/Mag anomalies in the area

• Northern claim covers historic gold showing that returned assays of 103.6 g/t gold and 7.7 g/t silver over one meter width.

Glitter Lake, Quebec

• Located in James Bay lowlands, 140 km north of Matagami, Quebec
• 63 claims, 1008 ha, 100% PFN ownership
• adjacent to Horden Lake Cu-Ni deposit (indicated resource of 8.8Mt at 0.88% Cu and 0.21% Ni, inferred resource of 7.8Mt at 0.87% Cu and 0.25% Ni -Southampton Ventures Inc., Press Release, March 2, 2009).
• Claims cover favourable mineralized horizon on strike from Horden Lake
• Historic drill hole intersections up to 6.86% Cu over 0.9m
• Coincident resistivity, magnetic anomalies comparable to those associated with the Horden Lake deposit