Jun 19 2012
Pacific North West Capital Corp.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
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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.
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Table 1 - Composited assay results for the 2012 exploration drill holes at Spade Lake
Table 2 - Drill hole collar and end of hole Information
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.
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
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SOURCE Pacific North West Capital Corp.