New NI43-101 Technical significantly increases historic resource
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
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 Black Dog Deposit is a part of a larger area that includes the SRV
Zone hosting precious metal-rich volcanogenic sulphide (VMS)
Mineralized occurrences display similarities to Eskay Creek
Aggressive 2011/12 exploration program slated to expand resource and
drill test new areas
VANCOUVER, April 27 /CNW/ - Pacific North West Capital Corp. ("PFN") (TSX: PFN) (OTCQX: PAWEF) (FSE: P7J) is pleased to announce the Completion of an NI43-101 Technical Report
(the Report), including a new Mineral Resource Estimate for the Black
Dog Deposit, on the Rock and Roll Gold-Silver-Polymetallic Project,
located in Northern BC. This report will be posted to SEDAR within 45
days of this News Release. The Report was prepared by Equity
Exploration Consultants Ltd. (Equity) and GeoVector Management Inc.
(GeoVector). The resource was estimated by Geovector Management Inc.
(Geovector) and incorporated the mineralized zones of the historic
drill core and the 540 metres (1772 ft) of the 5 diamond drill holes
that were completed by PFN in 2009/2010. Through this work, PFN significantly increased the resources contained within the Black dog
deposit over the previous resource estimate, completed prior to the implementation of the NI 43-101 standards of
The NI43-101 compliant mineral resource estimate in the "indicated"
category consists of 2,155,679 tonnes grading 0.68 g/t Au (47,040 contained oz of Au), and 82.7 g/t Ag (5,734,445 contained oz of Ag) at a gold-equivalent cut-off grade of 0.5 g/t. The deposit also
contains 0.22% Cu (10,500,833 lbs Cu), 0.22% Pb (10,399,960 lbs Pb), and 0.94% Zn (44,522,995 lbs Zn) or 3.11 g/t gold equivalent (AuEq) for an additional 215,239 oz of Au Eq at the 0.5 g/t AuEq cut-off. The AuEq grade is based on $1000/oz Au, $15.80/oz Ag, $2.92/lb Cu,
$0.86/lb Pb and $0.86/lb Zn. Table 1 and 2 gives the mineral resource
estimate for the Black Dog deposit at varying cut-off grades.
The Black Dog massive sulphide deposit is part of a larger area that
includes the SRV Zone hosting precious metal-rich volcanogenic massive
sulphide (VMS) mineralization. These occurrences display similarities
to other precious metal-rich deposits such as Eskay Creek (50 km to the
east-southeast), Greens Creek, and other deposits of the Canadian
Cordillera (Figure 1). The mineralization on the Rock and roll property
is hosted by graphitic argillite to siltstone. The Black Dog and SRV
zones are dominated by massive pyrrhotite with blebs and lenses of
chalcopyrite and sphalerite. Massive pyrite-sphalerite forms finely
laminated lenses locally, with minor pyrrhotite, galena and
Indicated Mineral Resources, consistent with CIM definitions required by
NI43-101, are reported at various cut-off grades in Table 1 (for Au and
Ag) and Table 2 (for Cu, Pb, Zn and gold equivalent values). Inverse
distances squared interpolation restricted to mineralized domains were
used to estimate gold (grams/tonne Au), silver (grams/tonne Ag), copper
(% Cu), lead (% Pb), and zinc (% Zn) grades into the block models.
Gold, silver, copper, lead and zinc content were combined into a gold
equivalent value (using to the prices given above) for resource
A $1.8 million Phase I Program is recommended in the report for further
exploration at the Black Dog zone which includes initial metallurgical
testing, baseline environmental work and a major diamond drilling
program. The relatively shallow dips of the stratigraphy and conductive cover
material have hampered exploration efforts in the past. Diamond
drilling is recommended to test the conductive horizons for new mineral
occurrences and also to extend the known mineralization at the Black
Dog and SRV zones that are open along strike and down dip.
About the Rock and Roll Polymetallic Project
The Rock and Roll Polymetallic Project is under option from Equity
Exploration Consultants Ltd., First Fiscal Enterprises Ltd. and Pamicon
Developments Ltd. Under the terms of the option agreement, PFN can earn
a 100% interest in the property over a four year period by completing
$2,000,000 in exploration expenditures, paying $130,000 and providing a
total of 600,000 PFN shares to the vendors. The property consists of 11
claims totalling 4244 ha (10,487 acres) and is located in the Liard
Mining District approximately 9 km west of the Bronson airstrip and
exploration camp in northern British Columbia.
The Rock & Roll Project hosts precious metals rich, volcanogenic massive
sulphide mineralization in a volcano-sedimentary host rock package. The
mineralization shows similarities to the gold and silver rich
mineralization of Barrick Gold's past producing Eskay Creek mine.
Mineralization on the Rock and Roll Property occurs in multiple stacked
sulphide lenses in two zones, the Black Dog and SRV zones, over a
strike length of approximately 950 m. A total of approximately 14,000
metres of core drilling in 110 drill holes was completed on the
property from 1991 to 1997. Only six drill holes tested the host
stratigraphy outside of the known mineralization, but at least 5 km of
strike length of the prospective lithologies is present on the
In 2009, PFN conducted a drilling program consisted of a total of 540
metres of core drilling in five holes and flew a 350 line kilometre
airborne Time Domain EM survey.
Highlights of the 2009 drilling program includes intersections up to
1.31 g/t gold, 296.2 g/t silver, 0.46% copper, 1.25% lead, and 3.99%
zinc over 3.14 metres in drill hole RR09-107.
A 2010 Geological mapping and prospecting program was designed to verify
several geophysical electromagnetic anomalies identified by the 2009
Aeroquest AEM survey. The exploration program was carried out under the
supervision of Murray Jones, P. Geo. of Equity Exploration Consultants
Ltd. Mr. Jones is a Qualified Person as defined under the terms of
National Instrument 43-101.
PFN has also entered into the second year of a Public Geoscience
Partnership agreement with the Geological Survey Branch (GSB) of the BC
Ministry of Energy, Mines and Petroleum Resources. Under this
agreement, two senior geologists from the GSB have now completed the
geological mapping and sampling on the Rock and Roll Project, as well
as in the district as a whole as part of the Iskut River Regional
Mapping Project. The goal of this work was to define the age and
stratigraphic association of the host rocks to the Black Dog and SRV
mineralization, and to evaluate the potential for this type of
mineralization elsewhere on the property and throughout the district.
The results of this study has been published on an ongoing basis
through various publications of the GSB, including the annual review of
fieldwork. The field work portion of the Public Geoscience Partnership
agreement is now complete on the Rock and Roll project area.
Pacific North West Capital has carried out approximately $450,000 of
exploration on Rock and Roll Project to date. The 2009 drill program
tested the Black Dog Zone and its extensionsand consisted of a total of
540 meters of core drilling completed in five holes. The first four
holes were designed to test gaps in the historic drilling on the Black
Dog Zone in order to establish the degree of continuity of the
mineralization and to confirm the historic geological model. Each of
the infill drill holes encountered the target mineralization,
confirming the continuity of the sulphide lenses and the validity of
previous geological interpretations.
The final drill hole of the program tested a strong electromagnetic
anomaly that may represent the westward continuation of the Black Dog
Zone. Drilling at this location encountered minor sulphide
mineralization near the bottom of the hole, but failed to return any
significant assays as the hole intersected a diorite dyke at the
projection of the Black Dog horizon. (see December 16th, 2009 Press
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Allan Armitage, a qualified person under the provisions of national
instrument NI 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 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 12% of the Company (see news release dated January 31, 2011). In special situations, like
our 100% owned River Valley PGM Project, the Company is prepared to
fund the project through to feasibility and up to production. The River Valley PGM project is one of North America's newest and
largest primary platinum group metals (PGM) deposits. The project is
located in the Sudbury region of Ontario.
On April 7, 2011, PFN announced the closing of the River Valley
acquisition from Anglo Platinum (see news release dated April 7 2011).
On April 20, 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 and results are expected in May 2011. Work to date at River Valley suggest 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
Company's renewed exploration efforts.
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 12% of the Company (see news release dated January 31, 2011).
On January 24, 2011, PFN announced a new NI43-101 mineral resource
estimate on the Destiny Gold Project which is situated 75 km near
Val-d'Or, Québec (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. The Company also has PGM, gold and base
metal projects in BC, Québec, Ontario, Saskatchewan and Alaska and continues to aggressively look for new acquisition of additional
platinum group metals, precious metals on an international scale.
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. (click here to view Fire River Gold's 2011 President's Message)
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 $8 million in working capital and
securities and no debt.
Pacific North West Capital Corp. is an International Metals Group
On behalf of the Board of Directors
President & C.E.O.
To view maps and tables associated with this news release please visit: http://www.pfncapital.com/s/NewsReleases.asp?ReportID=453500
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.
For further information: