- Discovery of a new PGM1 mineralized
zone (Spade Zone) on its River Valley Property
- Assays up to 8m @ 0.81 gpt2 Pd,
0.31 gpt Pt, 1.18 gpt 3E3, 0.04% Ni, 0.09%
Cu from 184m down hole
- Hosted internally within the River Valley Intrusion,
stratigraphically above the typical contact style PGM
mineralization.
- Further zone delineation drilling planned
________________________________
1 PGM=Platinum Group Metals
2 gpt=grams per tonne
3 Pd+Pt+Au= Palladium + Platinum + Gold (aka
3E)
TSX: PFN OTCQX: PAWEF Frankfurt: P7J
www.pfncapital.com
VANCOUVER,
June 19, 2012 /PRNewswire/ - Pacific
North West Capital Corp. (TSX: "PFN" OTCQX: PAWEF; Frankfurt: P7J)
is pleased to announce assay results for exploration drill holes in
the River Valley 2012 phase I
exploration program on its 100% owned River Valley PGM Property,
located within 100 km northeast of Sudbury, Ontario. This phase of exploration
focused on drill testing three targets internally within the River
Valley Intrusion Complex (RVIC) for reef style platinum group metal
(PGM) mineralization (Figure 1). Significant intercepts are
listed in Table 1 and discussed below. Details of the
drill hole locations and orientations are provided in Table
2.
Spade Zone
The three drill holes at Spade Zone were
designed to test an olivine-bearing gabbronorite unit for PGM
mineralization, in follow-up to an intercept in a single hole
(SL-01) drilled in the hanging wall to the Azen Zone in 2006.
All three holes intersected wide intervals of gabbronorite hosted
PGM-Cu-Ni sulphide mineralization (Figure 2). Drill hole
SL008 was drilled on the same section, but at a stepper
angle than SL-01 in order to test for continuity of the
mineralization at depth. SL008 intersected two sequences of
olivine gabbronorite hosting 3-5 % sulphides, from 34 metres to 166
metres down hole and from 180 to 261 metres down hole, samples
which returned anomalous PGM assays and elevated nickel and copper
assays. The best composited assay result was a 0.83 gpt 3E over 14
metres, from 182 to 196 metres down hole, including 1.04 gpt 3E
over 4 metre from 186 to 190 metres down hole.
Drill hole SL009 was collared 75 metres
to the east of SL008. The hole intersected a sequence of olivine
gabbronorites from 77 to 99 metres down hole and gabbronorites from
173 to the 308 metre down hole. From 188 metres to 296 metres, the
hole intersected a broad interval of 0.3-0.9 gpt 3E assays.
The best composite assay from this interval was 1.16 gpt over 3
metres from 271 metres.
Drill hole SL010 was drilled 50 metres
east of SL008. The hole was collared in a sequence of
gabbronorite-olivine gabbronorites that continued to 253 metres
down hole. Assays from several intervals within the gabbronorite
returned anomalous results for PGM+Au. The best composite assays
were 1.18 gpt 3E over 8 metres from 184-192, including 2.36 gpt 3E
over 2 metres.
Figure 1. Collar location map for the 2012
exploration drill holes on the River Valley Property, Sudbury region
Figure 2. Spade Zone Drill Holes Cross
Section Drill Holes Location Map
(http://www.pfncapital.com/s/NewsReleases.asp?ReportID=531651)
The drill results for the 2012 program combined
with the previous drilling reveal the presence of a previously
unrecognized PGM mineralized zone, hereafter referred to as the
Spade Zone, which is actually separate and apart from the Azen
Zone. At this stage, the Spade Zone has been traced for only 125
metres along strike and from 80 metres to 200 metres depth. The
zone is open along strike and up- and down-dip, and additional
infill and extensional drilling has been recommended for this
area.
Its location internally within the River Valley
Intrusion means that Spade Zone represents stratiform or reef type
PGM mineralization, rather than contact type PGM Mineralization
like the underlying Azen Zone (more typical of River Valley PGM
mineralization). Furthermore, higher values of Mg, Ni/Pd and Cu/Pd
and lower Al, PGM and Pd/Pt suggest host rocks and contained
sulphides at Spade Zone that are comparatively less fractionated.
These results provide encouragement for systematic PGM exploration
internally within the intrusion, using an exploration model based
on multiple magmatic pulses in a dynamic system.
Other Targets
The three holes drilled at the Dragon target
(Figure 1) were designed to test for PGM mineralization
below mineralized grab samples of olivine gabbronorite. The holes
intersected mineralized intercepts from 8 metres to 35 metres wide
at shallow depths. Drill hole DZ001 returned the best assay
results: 2m @ 1.84 gpt 3E, including 1m @ 2.55 gpt 3E.
The three holes drilled at the East Banshee
target (Figure 1) were designed to test an internal IP
anomaly for PGM mineralization. The holes did not return any
significant PGM assay results. The IP anomaly is explained by the
presence of gabbro with up to 10% magnetite grains.
Figure 3. Plan view of the New Mineralized
zone at Spade Zone (new mineralization zone is not to scale).
This map shows the presence of a second PGM mineralized zone within
the River Valley Intrusion.
(http://www.pfncapital.com/s/NewsReleases.asp?ReportID=531651)
Table 1 - Composited assay results
for the 2012 exploration drill holes at Spade Lake
| Hole # |
From
(m) |
To
(m) |
Length of
the
Intersect
(m) |
Pt
(gpt) |
Pd
(gpt) |
Au
(gpt) |
3E
(gpt) |
Ni
(%) |
Cu
(%) |
| SL008 |
182 |
196 |
14 |
0.22 |
0.61 |
0.05 |
0.83 |
0.04 |
0.10 |
|
Including |
186 |
190 |
4 |
0.29 |
0.75 |
0.07 |
1.04 |
0.05 |
0.13 |
| SL009 |
271 |
278 |
7 |
0.24 |
0.65 |
0.03 |
0.92 |
0.05 |
0.07 |
|
Including |
271 |
274 |
3 |
0.3 |
0.83 |
0.04 |
1.17 |
0.08 |
0.10 |
| And |
277 |
278 |
1 |
0.5 |
1.64 |
0.09 |
2.23 |
0.03 |
0.12 |
| SL010 |
184 |
192 |
8 |
0.31 |
0.81 |
0.06 |
1.18 |
0.04 |
0.09 |
| Including |
186 |
189 |
3 |
0.56 |
1.5 |
0.1 |
2.16 |
0.08 |
0.15 |
Table 2 - Drill hole collar and end of hole
Information
| Hole # |
Easting |
North |
Elevation |
Az |
Dip |
EOH (m) |
| SL008 |
558746 |
5167457 |
270 |
360 |
-60 |
321 |
| SL009 |
558792 |
5167449 |
268 |
360 |
-50 |
335 |
| SL010 |
558691 |
5167424 |
267 |
360 |
-50 |
288 |
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.
About River Valley Project
In January 2011,
Pacific North West Capital Corp. successfully negotiated the 100%
acquisition of the River Valley PGM Project from Anglo Platinum
Limited. The River Valley Project is one of North America's most advanced primary PGM
deposits. The project has excellent infrastructure support and is
located 100 km from the city of Sudbury,
Ontario, Canada's largest nickel‐copper‐PGM mining and metal
recovery centre.
River Valley is
one of the largest undeveloped primary PGM Projects in North America.
| |
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|
Measured+Indicted Resources at a cut-off grade of 0.8
gpt PdEq |
Contained
Metal |
| Zone |
Pdeq
Cut-off |
TONNES |
Pd
(g/t) |
Pt
(g/t) |
Rh
(g/t) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Ni (%) |
Co
(%) |
Pdeq
(g/t) |
PGM+Au
(oz) |
PdEq |
| Azen |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Banshee |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dana North |
0.80 |
23,698,480 |
0.63 |
0.23 |
0.022 |
0.04 |
0.59 |
0.07 |
0.02 |
0.003 |
1.49 |
688,310 |
1,104,410 |
| Dana South |
0.80 |
14,020,550 |
0.74 |
0.25 |
0.025 |
0.04 |
0.58 |
0.05 |
0.01 |
0.003 |
1.57 |
462,760 |
686,480 |
| Lismer |
0.80 |
26,282,420 |
0.49 |
0.19 |
0.018 |
0.04 |
0.18 |
0.06 |
0.02 |
0.003 |
1.25 |
606,860 |
1,024,830 |
| Lismer Ext |
0.80 |
13,690,300 |
0.57 |
0.23 |
0.021 |
0.04 |
0.12 |
0.06 |
0.02 |
0.002 |
1.37 |
365,150 |
586,770 |
| Razor |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Varley |
0.80 |
13,647,800 |
0.53 |
0.21 |
0.019 |
0.03 |
0.17 |
0.05 |
0.01 |
0.002 |
1.27 |
339,980 |
540,420 |
| Total
Measured+Indicated |
|
91,339,550 |
0.58 |
0.22 |
0.021 |
0.04 |
0.34 |
0.06 |
0.02 |
0.002 |
1.38 |
2,463,060 |
3,942,910 |
|
Inferred Resources at a cut-off grade
of 0.8 gpt PdEq |
Contained Metal |
| Zone |
Pdeq
Cut-off |
TONNES |
Pd
(g/t) |
Pt
(g/t) |
Rh
(g/t) |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
Ni
(%) |
Co
(%) |
Pdeq
(g/t) |
PGM+Au
(oz) |
PdEq |
| Azen |
0.80 |
16,095,000 |
0.37 |
0.15 |
0.014 |
0.03 |
0.08 |
0.05 |
0.03 |
0.001 |
1.11 |
285,000 |
560,000 |
| Banshee |
0.80 |
3,320,000 |
0.35 |
0.19 |
0.015 |
0.03 |
- |
0.05 |
0.01 |
- |
1.00 |
62,000 |
103,000 |
| Dana North |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dana South |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Lismer |
0.80 |
303,000 |
0.31 |
0.13 |
0.012 |
0.03 |
- |
0.06 |
0.02 |
0.002 |
0.92 |
5,000 |
9,000 |
| Lismer Ext |
0.80 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Razor |
0.80 |
16,163,000 |
0.36 |
0.12 |
0.013 |
0.02 |
0.16 |
0.06 |
0.03 |
0.003 |
1.05 |
262,000 |
528,000 |
| Varley |
0.80 |
30,000 |
0.30 |
0.15 |
0.012 |
0.03 |
- |
0.07 |
0.01 |
0.002 |
0.94 |
500 |
1,000 |
| Total Inferred |
|
35,911,000 |
0.36 |
0.14 |
0.014 |
0.03 |
0.11 |
0.06 |
0.03 |
0.002 |
1.07 |
614,500 |
1,201,000 |
| Note: due
to rounding, some totals may not appear to total properly
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| Mineral resources which
are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title,
socio-political, marketing, or other relevant issues. |
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| Notes to
Mineral Resources in
above table |
| 1. |
|
|
The mineral resource estimates in this press release use the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by CIM Standing Committee on Reserve
Definitions and adopted by CIM Council on November 27, 2010. The
mineral resource estimates provided in this report are classified
as "measured", "indicated", or "inferred" as defined by CIM.
According to the CIM definitions, a Mineral Resource must be
potentially economic in that it must be "in such form and quantity
and of such grade or quality that it has reasonable prospects for
economic extraction". |
| 2. |
|
|
For the River Valley project, a palladium equivalent (PdEq)
cut-off grade was assigned based on economic assumptions from
comparisons to other projects, and was used in the resource
estimations. Resources reported in this press release use a cut-off
of 0.80 g/t PdEq. Grades have assumed 100% recoveries. The
parameters used to generate the PdEq value are provided
below: |
| PdEq=( (Au
grade*$Au*Factor1)+(Pt grade*$Pt*Factor1)+(Pd
grade*$Pd*Factor1)+(Ni grade*$Ni*Factor2)+(Cu
grade*$Cu*Factor2) +(Co grade*$Co*Factor3))/
($Pd*Factor1) |
| $Au = US$1271
per oz. |
| $Pt = US$1885 per
oz. |
| $Pd = US$896 per
oz. |
| $Ni = US$ 9.74 per
lb. |
| $Cu = US$3.00
per lb. |
| $Co = US$15.90 per
lb. |
| Factor1 =
0.0321508 (converts ounce per tonne to grams
per tonne) |
| Factor2 =
22.04622 (converts pounds to grade
percent) |
| Factor3 = 0.002205
(converts pounds to ppm) |
| 3. |
|
|
The mineral resources were estimated using a block model
with parent blocks of 10m x 10m x 5m and using ordinary kriging
(OK) methods for grade estimation. A total of eight individual
mineralized domains were identified. The determination technique of
the mineral resource is based on the combination of geological
modelling, geostatistics and conventional block modelling using the
OK method of grade interpolation. The block model resource estimate
prepared by the Tetra Tech, was based on more than 96,980 metres of
diamond drilling in 462 diamond drill holes. The assay data was
reviewed and a composite interval of 2.0 metres was used.
Statistical and Variogram analyses were performed to determine the
"nugget effect". Rhodium grades were not estimated by the OK
methodology. |
| 4. |
|
|
Rhodium values were determined using a regression formula
based on the platinum and palladium grades. Rhodium values are not
incorporated into the PdEq value. The PdEq value also does not
include silver. |
| 5. |
|
|
The QAQC protocols and corresponding sample preparation and
shipment procedures for the River Valley Project have been reviewed
and approved by Tetra Tech. |
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About Pacific North West Capital Corp
PFN is a mineral exploration company whose
philosophy is to be a project generator, explorer and project
operator in order to option/joint venture its projects through to
production. PFN is focused on the discovery, exploration and
development of PGM and nickel‐copper sulphide deposits in
geologically prospective regions in North
America, particularly Canada. The Company's key asset is its 100%
owned River Valley PGM Project in the Sudbury region of northern Ontario. PFN also has PGM and nickel‐copper
projects and properties in northwest Ontario, Saskatchewan, and Alaska, and an option to joint venture a base
metal project in northwestern BC's Golden Triangle region. The
Company continues to evaluate PGM and nickel‐copper properties and
projects in North America for
potential acquisition opportunities.
On behalf of the Board of Directors
(signed)
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.
SOURCE Pacific North West Capital Corp.