- Acquisition Complete for the Michano PGM Project in the Coldwell
- The Coldwell Complex is the largest composite alkaline intrusive
complex in North America
- 3,100 line kilometre VETM airborne survey is complete
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, March 11 /CNW/ - Pacific North West Capital Corp. (TSX: PFN;
OTCBB: PAWEF; Frankfurt: P7J). Pacific North West Capital is pleased to
announce that it has completed the acquisition of a NEW PGM project in the
south west contact of the Alkaline Coldwell Intrusive. The Coldwell Complex
hosts a number of Platinum Group Elements (PGE) and copper showings and
occurrences. The project is composed of nine claims (122 units) and has been
designated as Part of the Coldwell PGM Project. The Project is 100% owned by
PFN and is situated approximately 215 km north east of the city of Thunder
Bay, 10 km north of the town of Marathon, and 40 km west of the prolific Hemlo
To view map image click on the link:
A 3,100 line kilometre VETM airborne survey was flown by Geothech Limited
of Aurora, Ontario to enhance and better define mineralized zones and
structures of the Coldwell Complex. The Michano Project contains copper
showings up to 0.75% and nickel showings up to 0.35% with anomalous platinum
(200ppb), gold (400ppb), chromium (0.11%), and titanium (5.39%) in the
vicinity along the Coldwell contact, in a similar geologic environment to the
Marathon PGM deposit.
An extensive oxide (magnetite) gabbro unit in contact with the copper
showing has not been evaluated for PGE mineralization, and this is an
environment in which Marathon PGM and Benton have identified PGE values to the
east and northeast parts of the Coldwell. This is a showing that has seen
limited exploration over the past number of years and is contiguous with PFN's
claims along the West side of the Coldwell.
Numerous sulphide showings containing lead, zinc and silver have been
identified immediately west of the Coldwell contact in mafic volcanics. Lake
bottom sediment sampling results in two different surveys have returned
distinctly anomalous palladium (10.3ppb), platinum (3.9ppb), copper (331ppm),
and chromium (40ppm) values in the immediate vicinity of the copper showing
along the Coldwell contact.
The Coldwell hosts Marathon PGM Corporation PGE deposit of a
NI 43-101 Measured and Indicated resource of 81.4 million tonnes at 0.86gpt
palladium, 0.26gpt platinum, 0.09gpt gold, and 0.29% copper on the eastern
contact of the Coldwell Intrusive as well as the Benton PGE Bamoos occurrence
(drill intersections of 1.74gpt (3E (Pt,Pd,Au) with 0.28% Cu over 29.3m) (See
Marathon PGM Corporation's press release dated November 29, 2007).
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a
mineral exploration company focused on Platinum Group Metals (PGMs) and Base
Metals. Management's corporate philosophy is to be a Project Generator,
Explorer and Project Operator with the objective of option/joint venturing
projects with major mining companies through to production. To that end,
Pacific North West Capital's current option/joint ventures agreements are with
Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, First Nickel,
Benton Resources and SOQUEM.
PFN management is currently negotiating and acquiring several new PGM and
Nickel projects throughout North America.
The company has over $8 million in working capital and securities.
The Qualified Person for this release is John W. Londry, M.Sc, P. Geo, VP
Exploration, Pacific North West Capital.
On behalf of the Board of Directors
President and CEO
The Toronto Stock Exchange has not reviewed and does not accept
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 The Toronto Stock Exchange, British Columbia Securities
Commission and the United States Securities & Exchange Commission.
For further information:
For further information: Tel: (604) 685-1870, Fax: (604) 685-8045,
Email: email@example.com, or visit www.pfncapital.com, 2303 West 41st
Avenue, Vancouver, B.C., Canada, V6M 2A3