🕐26.07.11 - 16:27 Uhr
PFN REPORTS ON GEOCHEMICAL STUDY FOR PREDICTING FIVE-ELEMENT PGE CONCENTRATIONS,
RIVER VALLEY PLATINUM GROUP METAL (PGM) PROJECT
=======================================================================
Re: News Releases - Tuesday, July 26, 2011
PFN Reports On Geochemical Study for Predicting Five-Element PGE
Concentrations, River Valley Platinum Group Metal (PGM) Project
=======================================================================
- A technique has been developed to estimate the Rhodium (Rh),
concentration of the Indicated and Measured Resource of the River
Valley intrusion from Platinum (Pt) and Palladium (Pd) concentrations.
- The Rh content of the resource is estimated at ~ 10% of the Pt
content
- A significant proportion of the PGEs initially deposited in the
conduit may still be present and may represent a new target and a
significant resource
July 26th, 2011, Vancouver, BC -- Pacific North West Capital Corp.
(TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce the
completion of a detailed geochemical study of PGE mineralization in the
River Valley intrusion near Sudbury, Ontario.
The program was designed by Dr.
Reid Keays to establish a genetic model
of mineralization for the River Valley system, determine the cause of
lateral variations in PGE content, and develop a technique to estimate
Rhodium, Iridium and Ruthenium concentrations in the indicated and
inferred resource categories Platinum and Palladium concentrations
without the need to assay all samples for the full suite of PGEs.
This
approach provides a better estimate of the true value of the
mineralization in the River Valley resource.
Geochemical study was carried out to:
- Document the full suite of five element (5E* ) platinum group
element (PGE) concentrations in the mineralization at River Valley
- Develop a estimation technique to predict Rhodium (Rh), Iridium
(Ir) and Ruthenium (Ru) concentrations from Platinum (Pt) and Palladium
(Pd)
- Determine the cause of lateral variations in PGE content
- Establish a genetic model of mineralization for the River Valley
system
Dr.
Reid Keays of Monash University in Australia is an expert in the
geochemistry of nickel-copper-PGM deposits and the processes leading to
their formation.
He selected a total of 336 core samples from five
drill holes from the River Valley project area for his study.
The
samples were to provide a sample set that encompasses a wide range of
PGM concentrations, rock types, degrees of alteration, and geographic
locations.
The samples also represent stratigraphic sections through
the mineralization, from footwall through the mineralized breccia unit
and into the overlying layered series lithologies.
Dr.
Keays concluded from the study that estimates of the Rh, Ir, and Ru
concentrations in the River Valley resource can be obtained on the
basis of the average Pt and Pd assay grades through a regression
analysis.
His study indicates that Rh concentrations are equivalent to
~10% of the Pt grades, Figure 1 illustrates a measured Rh values versus
Pt values for all 336 analysed samples and the regression line with its
derived equation
15E*= Rhodium + Iridium + Ruthenium + Platinum + Palladium
2PGE= Platinum Group Elements
The reader is cautioned under National Instrument 43-101 guidelines for
reporting standards that further study is required to verify that this
method provides an acceptable measure that conforms to the CIM
standards for mineral resources and mineral reserves estimates.
Dr.
Keays implications for exploration within the River Valley System
includes:
- The PGE-rich sulphides within the River Valley Intrusion were
formed elsewhere along the magma conduit and transported by the magmas
which formed the mineralized zone
- The continued supply of both PGE-rich sulphides and mafic and
felsic footwall fragments in the magma which filled the River Valley
chamber after the main mineralizing event indicates that not all of the
PGE-rich sulphides that were initially deposited in the magma conduit
"upstream" from River Valley were removed in the "main" mineralizing
event
- A significant proportion of these sulphides may be at shallow depth
in feeders to the River Valley Intrusion.
Figure 2- is a graphic illustrating that significant proportion of the
PGEs initially deposited in the conduit may still exist and could
represent a significant resource.
All 336 samples were submitted to the Geosciences Laboratories., an
ISO/IEC 17025 (2005) accredited analytical laboratory located in
Sudbury, Canada, for nickel sulphide (NiS) collection fire assay
analysis of platinum, palladium, iridium, rhodium, ruthenium, and gold
concentrations.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by John Londry M.Sc, P.Geo, a director of the Company and a qualified
person under the provisions of National Instrument 43-101.
About the River Valley PGM Project
The River Valley PGM project is located in the Dana and Pardo townships
of Northern Ontario, approximately 60 km east of Sudbury, Ontario
(figure-3).
The project is road accessible in Canadas premier
Ni-Cu-PGM mining and smelting district which boasts excellent mining
infrastructure and community support for mining activities.
The River Valley project mineral claims were optioned by PFN in 1998
following the discovery of highly anomalous PGM values in grab samples.
The property was subsequently optioned by PFN to Anglo Platinum in
1999.
Initial exploration was guided by geochemical and induced
polarization surveys with subsequent drilling proving up significant
mineralization at Dana Lake and Lismers Ridge.
Please refer to the hyperlink below to view Figures 1,2,3 and 4
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=468504
Anglo Platinum continued to fund exploration under the terms of the
option and joint venture agreement and invested over $22 million in the
exploration including 500 drill holes of the property for a 50% stake
in the joint venture.
Additional discoveries were made over a 9 km strike length but due to
lower commodity prices and the financial crises in 2008 and 2009 the
projects true potential had not yet been realized.
The third mineral resource estimate in accordance with the guidelines
set out by NI43-101 was published in 2006.
In April 2011, PFN and Anglo Platinum closed a transaction allowing PFN
to acquire Anglo Platinumʹs
50% stake in the River Valley JV giving PFN 100% of the River Valley
PGM project.
The transaction issued 12% of PFNʹs outstanding
shares, (as of January 2011) to Anglo Platinum.
Through its share
ownership in PFN, Anglo Platinum can benefit on any future success of
the River Valley Project.
Immediately after acquiring 100% of the
project PFN commenced a $5,000,000 exploration program on its 100%-
owned River Valley project, (April 20th, 2011).
Phase IA and IB drilling is completed and significant intervals of
Platinum, Palladium and Gold mineralization has been intersected in the
drill holes.
Phase IC is slated to commence on expanded and new targets in August
2011.
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 option / 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, making Anglo Platinum the largest
shareholder of PFN holding approximately 9% of the Company (as of July,
2011).
In special situations, like our 100% owned River Valley PGM Project,
the Company is prepared to fund the project through to feasibility and
on to production.
The River Valley PGM project is one of North
Americas newest and largest primary platinum group metals (PGM)
deposits.
The project has an excellent infrastructure and is located 60
miles from Sudbury, Ontario, one of Canadas largest mining centres
with 2 large mineral processing facilities that have extra capacity.
On April 20th, 2011, PFN announced that it has commenced the Phase I of
the $5 million, 15,500 metre drill program for its 100% owned River
Valley PGM Project.
As of July 2011, PFN has completed more than 7800
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, holds the current defined
resource and is the main target of the Companys renewed exploration
efforts.
On January 24th, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km.
Val-dOr,
Qubec (see news release dated January 24, 2011).
The Destiny Project
is under option from Alto Ventures Ltd.
("Alto").
Under the terms of
the option agreement, PFN can earn a 60% interest in the property over
a four-year period by completing $3.5 million in exploration
expenditures, paying $200,000 and providing a total of 250,000 PFN
shares to Alto.
On April 27th, 2011, PFN announces a new NI43-101 mineral resource
estimate on the Rock & Roll Gold-Silver-Polymetallic Project, located
in Northern BC.
(see news release dated April 27th, 2011).
New mineral
resource estimate significantly increases historic resource, indicated
resources includes: 2,155,679 tonnes grading 0.68 g/t gold (47,040
contained oz of Au), and 82.7 g/t silver (5,734,445 contained oz of Ag)
at a cut‐off grade of 0.5 g/t AuEq and including 0.22% Copper
(10,500,833 lbs Cu), 0.22% Lead (10,399,960 lbs
Pb), and 0.94% Zinc (44,522,995 lbs Zn).
The Rock and Roll Polymetallic
Project is under option from Equity Exploration Consultants Ltd., First
Fiscal Enterprises Ltd.
and Pamicon Developments Ltd.
In addition, PFN is a significant shareholder of Fire River Gold Corp
(FAU: TSX.V) which company is developing the Nixon Fork Gold Mine in
Alaska, which is slated for production in summer of 2011.
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 our board of directors.
PFN has
approximately $6.5 million in working capital and securities and no
debt.
Aggressive Ongoing Acquisition Program
The Company has PGM, gold and base metal projects in BC, Qubec,
Ontario, Saskatchewan and Alaska and continues to aggressively acquire
new acquisition of additional 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
as soon as these acquisitions have been completed.
Pacific North West Capital Corp.
is an International Metals Group
Company
(www.internationalmetalsgroup.com).
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
For further information, please contact our Investor Relations
Department at Toll Free 1-800-667-1870
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.
Not to be construed as an
offer to buy or sell securities of this company.
This email should not be construed as an offer to buy or sell
securities of Pacific North West Capital Corp.
=======================================================================
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 Tue Jul 26, 2011 at 6:06:48 AM Pacific Time
=======================================================================