- PFN stakes 132 mining claims covering approximately 58,000
acres adjacent to its River Valley
palladium, platinum and gold project.
- The River Valley PGM Project is one of North America's newest and largest advance
stage exploration and development PGM Projects
- The new claims are highly prospective for PGM and
gold.
- PFN commissioned a third party technical report on the new
projects. This report is slated for completion by the end of
September.
TSX: PFN OTCQX: PAWEF Frankfurt: P7J
VANCOUVER,
Sept. 15, 2011 /PRNewswire/ - Pacific
North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J)
is pleased to announce the staking of 132 mining claims covering
approximately 58,000 acres adjacent to its River Valley palladium (Pd), platinum (Pt) and
gold (Au) project in the Sudbury
area of Ontario.
The newly acquired claim group is located east
of the city of Sudbury (Figure 1),
in the townships of Davis, Henry, Janes, Loughgrin, Pardo,
Dana Hobbs and McWilliams.
The property is situated to the east of the Sudbury Basin and north of Highway 17 (Figure
2). It covers two rock groups that host significant concentrations
of Platinum Group Metals (PGM) mineralization; the River
Valley-East Bull Lake Suite of rocks and the Nipissing Gabbro.
The new claims cover branches of the River
Valley Intrusion from the main intrusive body that hosts the River
Valley PGM resource and intrude Huronian sediments to the
west. These units are under explored making them attractive
exploration targets. The East Bull Lake Suite has the potential to
contain at least two different styles of sulphide mineralization:
1) brecciated contact style mineralization (similar to PFN's River
Valley PGM Project); and 2) reef style mineralization in the
interior of these intrusive bodies, at the interface or zone of
mixing of magmas of differing composition.
The Nipissing Gabbro has been explored for PGM on some areas of
the property. Public-sector geochemical data from the newly
acquired claims indicate widespread anomalous PGM, gold and base
metals. Hypersthene-bearing gabbro and contact breccia appear to be
the most favourable lithologies within the Nipissing for hosting significant PGM
mineralization.
Pacific North West Capital commissioned a third
party compilation report on the New Project that will provide
additional information on the newly acquired claims. Following
completion of the report, a recommended work program and budget for
the new project will be released.
View Figure 1- Location Map of
River Valley West and East Projects.
and Figure 2- Location of River
Valley West and East (Main River Valley Project in green)
at
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=479197
Qualified Person Statement
This news release has been reviewed and approved
for technical content by Ali Hassanalizadeh
M.Sc. P.Geo, a qualified person under the provisions of
National Instrument 43-101.
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).
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 America's newest
and largest primary platinum group metals (PGM) deposits. The
project has an excellent infrastructure support and is located 60
miles from Sudbury, Ontario, one
of Canada's largest mining centres
with two large mineral processing facilities that have excess
capacity.
On April
20th, 2011, PFN announced that it
commenced the Phase I of the $5
million, 15,500 metre drill program for its 100% owned River
Valley PGM Project. As of August
2011, PFN has completed more than 10,000 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. The latest mineral
resource estimate in accordance with the guidelines set out by
NI43‐101 was published in 2006 and the results are as
follows:
At a 1 g/t cut off
- Measured Resource: 7.99 million tonnes containing
342,000 ounces of palladium (1.33 g/t), 112,400 ounces of platinum
(0.44 g/t) and 19,600 ounces of gold (0.08 g/t)
- Indicated Resources: 11.309 million tonnes containing
391,100 ounces of palladium (1.08 g/t), 132,600 ounces of platinum
(0.36g/t) and 24,000 ounces of gold (0.07 g/t) with an additional
inferred resource of 0.88 million tones containing 38,400 ounces of
palladium (1.36g/t), 13,100 ounces of platinum (0.46g/t) and 2,100
ounces of gold (0.07 g/t) using a 1 g/t cut off (pt/pd)
Management objective for River
Valley is to prove sufficient reserves to establish
Multi Million tonne open pit PGM
project. Complete Multi-Phase drill programs and complete a new NI
43-101 resource estimate by end of first quarter of 2012.
On January
24th, 2011, PFN announced a new NI43-101 mineral
resource estimate on the Destiny Gold Project which is situated 75
km from Val-d'Or, Québec (see news
release dated January 24, 2011). On
August 8th, 2011 Pacific
North West Capital announced that subject to regulatory and
shareholder approvals, it has entered into a letter agreement with
Next Gen Metals Inc. ("Next Gen") (TSX.V: N) whereby Next
Gen has been granted an option to acquire the Company's 60% earn‐in
option interest in the Destiny Gold Project ( Please see news
release dated August 8th 2011) .
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). Fire River Gold Corp.'s Nixon
Fork Mine is operated by Mystery Creek Resources, a wholly owned
subsidiary of Fire River Gold, which is based in Anchorage, Alaska.
The Nixon Fork Mine, located in the resource
rich Tintina Gold Belt is Alaska's
newest operating gold mine and is projected to produce 50,000
ounces of gold per year.. Operations started in July of 2011, with
plans to ramp up to full production by late fall 2011. This
year‐round mining program will be producing both concentrate and
doré bars. Fire River Gold will be
replenishing what is mined on an annual basis by further drilling
exploration targets on surface and underground thereby extending
the life of the operation and receiving further benefit from the
strong metals market.( Please See Press Release dated July 5th 2011
and September 14th 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, Québec,
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.pfncapital.com)
On behalf of the Board of Directors
"signed"
Harry Barr
President and CEO
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 Company's expectations are disclosed in the
Company's documents filed from time to time with The Toronto Stock
Exchange, British Columbia Securities Commission and the United
States Securities & Exchange Commission
SOURCE Pacific North West Capital Corp.