TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, June 26 /CNW/ - Pacific North West Capital Corp. (PFN)
(TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) and First Nickel Inc. ("First Nickel"
or the "Company") (TSX: FNI) are pleased to report the results of the recently
completed AeroTem III and AeroTem IV geophysical survey by Aeroquest Limited
("Aeroquest") on the Raglan Hills Joint Venture Project. The Raglan Hills
Project is situated northeast of Bancroft in the Province of Ontario and
comprises 21 claim blocks totalling 2,752 hectares.
The Raglan Hill Project is located over the northeastern portion of the
Raglan Hills Intrusive Complex. The Complex is a differentiated mafic
intrusive composed primarily of meta-gabbro with lesser proportions of
meta-pyroxenite. Three historical, nickel and copper sulphide occurrences and
one nickel and copper prospect are identified in Ontario's Mineral Deposit
Inventory (see Figure 1) and may represent the feeder system to the Raglan
Hills Intrusive Complex. Minimal exploration has occurred since the late
1980's and the property has potential to host economic nickel-copper sulphide
zones within these possible feeder systems.
The Aeroquest airborne geophysical survey was completed on the Raglan
Hills property in the first quarter of 2008 and comprised of a total of 1,750
line kilometres of electromagnetic and magnetic data. The preliminary
geophysical interpretation of the magnetic data indicates several large
magnetic features and multiple smaller magnetic anomalies associated with the
interpreted mafic and ultramafic intrusions within the property boundaries
(see Figure 2).
The electromagnetic data has identified a number of electromagnetic
anomalies of varying strength, most coincident with magnetic highs.
Electromagnetic anomalies were identified over the known disseminated nickel
and copper mineralization within the meta-pyroxenitic portions of the Raglan
Hills Meta-gabbro Intrusive Complex. Several conductors identified by the
Aeroquest survey appear to be covered by glacial overburden and no historic
documentation has been observed indicating that these anomalies may not have
been previously explored.
A surface mapping and sampling program is scheduled for the summer that
is designed to ground truth the numerous electromagnetic anomalies identified
by the Aeroquest survey. All work will be completed on staked mining claims
currently held by either First Nickel or PFN that form the Raglan Hills Joint
Pacific North West Capital and First Nickel are participating in a 50% -
50% Joint Venture whereby both Companies agree to bear all expenditures and
participate in a single purpose unincorporated Joint Venture for the purpose
of carrying out all Mineral exploration. First Nickel will act as Operator for
the project and will be responsible for carrying out all exploration
The information in this release was prepared under the direction of Paul
Davis, P.Geo., Vice President of Exploration for First Nickel Inc., a
"qualified person" as defined by National Instrument 43-101. First Nickel Inc.
follows a rigorous QA/QC protocol on all of its exploration projects.
For Figures 1 & 2, Please follow the hyperlink to:
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, Benton Resources,
First Nickel and SOQUEM.
Pacific North West Capital Corp. has approximately $9.5 million in
working capital and securities.
About First Nickel:
First Nickel is a Canadian mining and exploration company. It is
currently active in the Sudbury Basin in northern Ontario, the location of the
company's producing property (the Lockerby Mine) and three of its exploration
properties and in eastern Ontario. First Nickel also has two exploration
properties in the Timmins region of northern Ontario. First Nickel's shares
are traded on the TSX under the symbol FNI.
On behalf of the Board of Directors
President & 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.
For further information:
For further information: Tel: (604) 685-1870; Fax: (604) 685-8045;
Email: firstname.lastname@example.org, or visit www.pfncapital.com; 2303 West 41st
Avenue, Vancouver, B.C., Canada, V6M 2A3