Pacific North West - River Valley
Pacific North West Capital Drills 18 Meters of 2.785 g/t Palladium + Platinum; Confirms New High Grade PGM Zone at its River Valley Deposit
Vancouver, British Columbia (March 11, 2015) - Pacific North West Capital Corp ("PFN") (TSX.V: PFN; Frankfurt: P7J.F; OTC Pink: PAWEF) is delighted to announce results from the Winter 2015 Drill Program on its 100% owned River Valley platinum group metal ("PGM") deposit near Sudbury, Ontario. Two diamond holes drilled to test a new target area each returned significant intersections of PGM-Cu sulphide mineralization hosted in favourable River Valley Intrusion rocks.
Highlights
• Hole 2015-DN002 intersected 18 metres grading 2.786 grams per tonne ("g/t") palladium plus platinum (Pd+Pt), 0.095 g/t Au, 0.217% Cu from 137 metres downhole, including 9 metres grading 3.909 g/t Pd+Pt, 0.121 g/t Au and 0.264% Cu from 145 metres downhole.
• Hole 2015-DN001 intersected 16 metres grading 2.054 g/t Pd+ Pt, 0.091 g/t Au and 0.179% Cu from 184 metres downhole, including 5 metres grading 2.442 g/t Pd+Pt, 0.092 g/t Au and 0.166% Cu from 184 metres downhole and 5 metres grading 2.752 g/t Pd+Pt, 0.123 g/t Au and 0.259% Cu from 193 metres downhole.
• PGM-Cu Mineralization appears to be structurally offset from the Dana North Zone
• Host rocks and inverted stratigraphy confirm new geological model for north part of the River Valley PGM deposit
• Additional drilling planned to expand this new mineralized zone and to test similar exploration targets elsewhere at River Valley
Drill Results
Assay results from the Winter 2015 Drill Program are tabulated below:
Table 1. Assay Results from Winter 2015 Drill Program at River Valley PGM Project near Sudbury, Ontario
Note: Intersections listed may not be true thicknesses, which are generally estimated to be about 80% of downhole lengths.
Harry Barr, Chairman and CEO of Pacific North West Capital Corp. said, "We are delighted to have discovered this new high-grade PGM mineralized zone at River Valley". The high grade assay results and near-surface occurrence of the mineralization indicate that the north part of the River Valley deposit is the most prospective of the entire property. PFN plans to follow-up aggressively with additional drill holes designed to expand and define extents of the new zone.
The PGM-Cu deposit at River Valley is hosted in a distinctive gabbro Breccia Unit on or near the contact of the Paleoproterozoic age River Valley Intrusion with footwall rocks of the Grenville Province. The Breccia hosted PGM-Cu deposit has been traced in outcrops, trenches and drill holes for 12 km along strike on PFN's property and drilled to an average depth of only 220 metres below surface. The deposit consists of 10 mineralized zones separated by faults with apparent offsets of up to at least 1 km. The northernmost mineralized zone, Dana North, appears in map view to be truncated to the north by a Grenville fault. The Winter 2015 Drill Program was designed to test the target (dubbed T2) for evidence of right-angle rotation of the Dana North Zone into structural coincidence with that fault below a surface IP chargeability anomaly (Figure 1).
2015-DN001 (drilled at -60 degrees towards 325 degrees for 258 metres). This drill hole was designed to test: 1) the new geological model for this part of the host River Valley Intrusion; and 2) the presence of high grade mineralization that was previously drilled obliquely down-dip (see PFN press release dated January 27, 2015).
The hole was drilled from southeast to northwest (rather than from east to west) to cut more orthogonally across the dip of the T2 Target. The hole intersected River Valley rocks immediately below overburden, the favourable Breccia Unit from 146 metres to 220 metres, Huronian (younger) sedimentary rocks from 220 metres to 224 metres, Grenville fault from 224 metres to 225 metres, and Huronian sedimentary rocks again from 225 metres to end of hole (Figure 2). The hole intersected three intervals of PGM-Cu mineralization (Table 1) within the favourable Breccia Unit.
Figure 1. Surface drill collar locations and hole traces (black) with River Valley deposit shell shown in red and underlying Grenville fault in grey.
2015-DN002 (drilled at -60 degrees towards 325 degrees for 216 metres). This drill hole was collar 60 metres along azimuth 325 degrees from hole 2015-DN001 in order to achieve the same objectives as the latter, but farther up-dip on the same cross section (Figure 2). This hole intersected River Valley Intrusion below overburden, the favourable Breccia Unit from 89 metres to 170 metres, younger Huronian sedimentary rocks from 170 metres, Grenville fault from 203 metres, and Huronian sedimentary rocks again from 207 metres to end of hole. The hole intersected two intervals of PGM-Cu mineralization (Table 1) within the favourable Breccia Unit.
Dr. Bill Stone, Chief Consulting Geoscientist, indicates: "Intersection of high PGM grades in favourable host rocks below a surface IP chargeability anomaly definitely warrants further exploration. The inverted stratigraphy in drill holes 2015-DN001 and 2015-DN002 is consistent with rotation of the River Valley Intrusion in this area during ductile deformation along the Grenville fault. The fact that the mineralization appears to be structurally transposed from the Dana North Zone meets the criteria established at River Valley for designation of a new mineralized zone. PFN plans to follow-up with geophysical surveys and drill holes designed to expand the high grade mineralization up-dip toward surface, down-dip to depth, and along strike to the east. Furthermore, confirmation of the new geological model means that the entire north part of the River Valley PGM deposit (2 km long) will be evaluated for more such exploration targets (Figure 3)".
Figure 2. Orthogonal cross section view looking towards 235o showing drill collar locations (black) and hole traces with River Valley deposit shell shown in red and underlying Grenville fault in grey. The drill hole traces are colour coded for lithology and PGM assay results. Note the deposit shell is not clipped to the fault pending data from additional drilling.
Figure 3. Exploration targets along structural offsets of the four known PGM-Cu mineralized zones in the north part of the River Valley Deposit.
About Pacific North West Capital
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 to partners for funding 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. River Valley is one of the largest undeveloped primary PGM projects in Canada. The Company continues to evaluate PGM and nickel‐copper properties and projects in North America for potential acquisition opportunities.
About River Valley PGM Project
Figure 2. Location of the River Valley PGM Project, Ontario.
Figure 2. Location of the River Valley PGM Project, Ontario.
River Valley is one of the largest primary PGM Projects in Canada. NI43-101 compliant near-surface resources are: 26 Mt grading 1.5 g/t PdEq for 1.2 Moz contained PdEq in the measured category; 66 Mt grading 1.4 g/t PdEq for 2.8 Moz contained PdEq in the indicated category; and 36 Mt grading 1.1 g/t PdEq for 1.2 Moz contained PdEq in the inferred category (see PFN's website for details).
The Project is located within 100 road-km of Sudbury and is readily accessible via paved and gravel roads with settlements, power and rail all nearby. The River Valley PGM deposit is overlain by mining leases owned 100% by PFN. Exploration upside is enormous, particularly at depth.
QUALIFIED PERSON
The technical content of this new release has been prepared, reviewed and approved by Dr. William Stone, P.Geo., principal consulting geologist to Pacific North West Capital Corp. and a Qualified Person under the . provisions of National Instrument 43-101.
On behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman and CEO
Neither the TSX Venture nor its Regulation Services Provider accepts 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 Company's expectations are disclosed in the Company's documents filed from time to time with TSX Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
You can view the Previous News Releases item: Fri Sep 18, 2015, Pacific North West Capital Announces Colin Bird's Appointment as President, COO & Director
Source: http://www.pfncapital.com/s/NewsReleases.asp?ReportID=699889&_Type=News-Releases&_Title=Pacific-North-West-Capital-Drills-18-Meters-of-2.785-gt-Palladium-+-Platinu...
|