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 /CNW/ - 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
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
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
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
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
On behalf of the Board of Directors
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.
For further information:
Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: email@example.com, or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3