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Re: News Releases - Thursday, December 08, 2011
Pacific North West Capital Commences 2200 Metres Exploration
Drill Program at River Valley PGM Project, Sudbury, Ontario
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- Approximately 2200m of exploration drilling to be completed by end of
January 2012.
- Drilling three new targets in interior of the River Valley
Intrusive Complex
- Approximately 13,500m resource drilling completed in Dana Area
- Data from the resource drilling delivered to Wardrop Engineering to
commence the new mineral resource estimate
December 8th, 2011, Vancouver, BC - Pacific North West Capital Corp.
(TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce that it
has commenced exploration diamond drilling on its 100% owned River
Valley Platinum Group Metals (PGM) Property, 70 km from Sudbury,
Ontario.
This phase of Exploration will focus primarily on drilling in
the interior of the River Valley Intrusion complex (RVIC, Figure 1).
The first target, East Banshee, will test one of the new targets that
were identified during a three-dimensional (3D) IP survey performed
from March to July 2011.
The second and third targets, Dragon and Spade
Zone, are designed to test olivine-bearing gabbronorite units in RVIC.
To date, 47 holes have been successfully completed for a total 13,500
metres.
Data from the resource drilling has been combined with that
from approximately 111,000m in 590 holes drilled previously and
delivered to Wardrop Engineering to form the basis for a mineral
resource update.
The resource update will be completed in the first
quarter of 2012.
East Banshee
The relatively high chargeability feature at east Banshee (Figure 2)
extends south from the Lismer Ridge area where Pacific North West
Capital had previously intersected up to 26.7 gpt Pd+Pt+Au**1 during
2000-2005 Exploration programs.
This chargeability anomaly coincides
with a low resistivity that extends to the surface.
Both chargeability
and resistivity anomalies are visible from surface to a depth at
approximately 200 metres.
This section is composed of two pods of
relatively high chargeability (15-20ms) material connected by an
approximately 100 metre thick unit of slightly lower chargeability
(>12ms), which extends around 100m below the surface.
The northwestern
pod represents Lismer Zone where previously drilled holes intersected
mineralized breccia zone (Figure 2).
Similar chargeability response
between this target and Lismer make this target very prospective.
This
target shows a northwest-southeast trend which coincides with an
airborne EM anomaly detected by Anglos 2003 SPECTREM survey.
Two grab
samples collected along this lineament returned assays of up to 0.319%
copper and 0.80 gpt 3E.
1 *gpt = grams per tonne, *opt = ounces per tonne,**Pd+Pt+Au= Pladium +
Platinum + Gold
Spade Zone
The Spade Zone target was identified during the 2005 drilling program.
The main target is an olivine gabbronorite unit which is south of and
overlies the breccia zone in the Azen area of the contact.
A single
hole intersecting this unit (SL-01) returned a composite assay of 1.2
g/t 3E over 18 metres, within a 40m envelop of elevated PGM values
(Figure 3).
Please click on the hyperlink below to view,
Figure 1- IP Chargeability Map shows the location of Dragon Zone and
East Banshee IP Targets.
Figure 2- Cross section of the East Banshee 3D inversion model of
interpreted resistivity and chargeability
Figure 3- Geological map showing the location of the proposed drill
holes in the Spade Zone Area
Figure 4- Geology and location map of proposed drill holes for the
Dragon zone
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=495227
The IP geophysical response in the Banshee East Target is very similar
to Lismer Ridge.
The Pt:Pd ratio in this interval, 109 metres to 127 metres, is 1:3 and
Nickel-copper values in this unit are elevated with values as high as
0.1% Ni and 0.2% Cu over 1 metre.
Approximately 3% sulphide (mainly
chalcopyrite and pyrrhotite) is disseminated throughout the olivine
gabbronorite unit.
Dragon Zone:
During the 2005-2007 exploration several sub-parallel lenses of varying
rock types were discovered and returned anomalous Platinum Group Metals
assays.
The 2 highest were 5.7 g/t and 3.3 g/t 3E at a Pt:Pd ratio of
1:1 from an olivine gabbronorite unit.
Several more assayed samples
returned results in 0.25-1.00 g/t range.
Dragon zones olivine
gabbronorite unit are mapped as a relatively narrow and short unit
(maximum 15 metres wide and 130 metres long), and is bounded by layered
gabbronorite unit (Figure 4).
During the 2011 IP survey only the
northern part of this unit was covered.
This part shows moderate
chargeability anomaly which coincides with a high resistivity feature
and is flanked to the east by a relatively low resistivity feature.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc.
P.Geo, Acting Vice President Exploration
for PFN and a Qualified Person under the provisions of National
Instrument 43-101.
About River Valley Project:
On April 20th, 2011 PFN announced that it commenced the Phase I of a $5
million, 15,500 metre drill program for its 100% owned River Valley PGM
Project.
As of October 2011, PFN completed more than 13,500 metres 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 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, hosts the current defined resource.
The
latest mineral resource estimate in accordance with the guidelines set
out by NI43-101 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
PFNs 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
successfully negotiated the 100% acquisition of the River Valley PGM
Project from Anglo Platinum Limited, which makes Anglo Platinum the
largest shareholder of PFN holding approximately 9% of the Company (as
of July, 2011).
The River Valley PGM project is one of North Americas
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 Canadas 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, 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 board of directors.
PFN has
approximately $6.0 million in working capital and securities and no
debt.
The Company has PGM, gold and base metal projects in BC, Ontario,
Saskatchewan and Alaska and continues to acquire new platinum group
metals projects, precious metals and base metals projects on an
international scale.
The Company has recently begun significantly expanding its PGM project
portfolio in Canada and the U.S.
(Alaska) and will be releasing updates
when these acquisitions have been completed.
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
Email:
Bill Stone
President & COO
Pacific North West Capital corp.
Tel: 416-368-5268
Email:
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, Chairman & CEO
For further Information, contact: Tel: +1.604.685.1870 Fax:
+1.604.685.8045
Email: , or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Disclaimer: This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended.
All statements, other than
statements of historical fact, included herein are forward-looking
statements that involve various risks and uncertainties.
There can be
no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
Important factors that could cause
actual results to differ materially from the Companys expectations are
disclosed in the Companys documents filed from time to time with The
Toronto Stock Exchange, British Columbia Securities Commission and the
United States Securities & Exchange Commission
This email should not be construed as an offer to buy or sell
securities of Pacific North West Capital Corp.
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Copyright (c) 2011 PACIFIC NORTH WEST CAPITAL CORP.
(TSX:PFN -
OTCQX:PAWEF - FSE:P7J.F) All rights reserved.
For more information
visit our website at http://www.pfncapital.com/ or send
mailto:
Message sent on Thu Dec 8, 2011 at 5:48:39 AM Pacific Time
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