- Platinum grades are variable and range up to 2.37g/t
- Phase One - $1,000,000 drill program commencing
- Three prospects have been delineated as drill targets for 2008
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
VANCOUVER, Feb. 7 /CNW/ - Pacific North West Capital Corp. (PFN) (TSX:
PFN; OTCBB: PAWEF; Frankfurt: P7J) is pleased to report assay results from the
2007 sampling from the Goodnews Platinum Project JV (GPP). 2007 field
activities commenced in June with a six person team collecting 651 grab rock
outcrop samples, 26 coarse wash pan concentrate samples, and 110 auger soil
samples. The 2007 GPP exploration program has identified numerous areas of
lode Pt mineralization in the uplands surrounding the Salmon River drainage.
The Goodnews Bay Mine produced 650,000 oz of placer platinum from the Salmon
River and its tributaries from 1927 through 1978. During this period the
Goodnews Bay Placers was the primary platinum producer in the United States.
Assay results from the 2007 outcrop sampling program range up to 2.3 ppm
platinum. Clusters of outcrop samples greater than 100 ppb platinum are
located on both Red Mountain and Susie Mountain. Assay results from basal soil
samples range from below detection to 432 ppb platinum, with a cluster of
samples with greater than 50 ppb platinum located at the SW flank of Susie
Based on assay results from 2006-2007 grab rock outcrop samples and basal
soil samples, three prospects (Last Chance, Susie West, and Rock Mite) have
been delineated as drill targets for the 2008 exploration program. (See map at
A $1,000,000 exploration budget has been approved for 2008 with the
objective to drill one or more established targets and to define additional
new platinum mineralization.
Outcrop grab rock sampling has defined the Last Chance prospect located
on Red Mountain at the head of Dowry Creek, a past producing platinum placer
deposit. The bedrock platinum anomaly measures 650 meters north - south by
175 meters east - west (Figure 1). The prospect has a vertical exposure of
50 meters with platinum enriched chromium iron (Cr-Fe) oxides outcropping in
dunite between elevations of 380 - 430 meters. Platinum grades are variable
and range up to 2.27g/t. Within this prospect there are also platinum and
palladium enriched magnetite-clinopyroxene veins cutting the dunite.
Platinum/palladium ratios are near 1 which clearly differentiates this
magnetite in clinopyroxene hosted mineralization from the chromite in dunite
hosted mineralization that has much higher platinum/palladium ratios.
Assay results from auger sampling conducted on Susie Mountain has defined
a platinum anomaly in basal mineral soils derived from clinopyroxene rich
rocks. A 50 meter by 100 meter sampling grid has defined a greater than 50 ppb
platinum soil anomaly with a teardrop shaped area that measures 200 meters
east-west by 35 meters north-south and contains samples that grade up to
432 ppb platinum. This basal soil platinum anomaly is open to the west. Susie
Mountain and Red Mountain are a single intrusion that has been dissected by
the Salmon River Fault. The Susie Mountain portion of the intrusion is at a
lower erosional level. This means that the recently discovered platinum
mineralization at the Susie west prospect is hosted in rock equivalent to what
has been eroded from Red Mountain to form the Salmon River platinum placer.
This discovery on Susie Mountain is very exciting and indicates the potential
of the area to host lode mineralization in rocks that correlate to the lode
source of the platinum placers on the west side of the Salmon River Fault.
This drill target is an area of outcropping wehrlite on the southwestern
ridge of Susie Mountain. Outcrop grab rock sampling conducted in 2006
identified platinum values up to 334 ppb in veins containing magnetite within
the wehrlite. Additional sampling in 2007 has expanded the known surface
extent of mineralization to the north and south. Of the twenty outcrop grab
rock samples collected in 2007, seven returned platinum values greater than
100 ppb, with a high of 603 ppb. The Rock Mite prospect represents another
form of platinum mineralization identified on Susie Mountain in rocks that
correlate to the lode source of the platinum placers on the west side of the
Salmon River Fault.
Goodnews Platinum Project
PFN and Stillwater Mining Company (Stillwater) (NYSE: SWC) are exploring
the lode platinum potential of the Goodnews Bay Ultramafic Intrusion, the
proposed source for the Salmon River platinum placer deposit. PFN has an
agreement with Calista Corp, which controls the subsurface estate surrounding
the Salmon River, to explore for and develop a potential lode platinum
deposit. An outcrop and basal soil sampling program was conducted in July 2006
and June-July 2007 which resulted in the definition of drill targets at both
Red Mountain and Susie Mountain.
Under the terms of the Option Agreement, by spending $4 million
Stillwater is entitled to earn a 50% interest in GPP by December 31, 2010.
Stillwater may elect to increase its interest to 60% by incurring an
additional $8 million in exploration expenditures within an additional two
year period or upon completion of a Feasibility Study, whichever occurs first.
Stillwater may increase its interest to 65% by arranging for 100% of the
project financing required to place the Property into Commercial Production
within an additional three years.
The GPP option agreement was approved by Calista Corporation in December
2007. Calista Corporation is the second largest landowner of 13 regional
Alaskan Native corporations formed in 1971 under the Alaska Native Claims
Settlement Act (ANCSA). Calista Corporation's land entitlements exceed
6.5 million acres in Southwest Alaska and contain several significant mineral
occurrences, including Goodnews Bay (platinum) and Donlin Creek gold project
(14.8 million ounces Measured and Indicated and 13.6 million ounces Inferred).
For more information about Calista visit their website www.calistacorp.com.
Stillwater Mining Company - Strategic Shareholder
On November 17, 2006, Stillwater acquired approximately 11% interest in
PFN by completing a $2 million private placement. In 2007, Stillwater has
participated in two additional private placements and currently holds
approximately 10% of Pacific North West Capital Corp.
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 and SOQUEM.
PFN management is currently negotiating and acquiring several new PGM and
Nickel projects throughout North America.
Pacific North West Capital Corp. has approximately $9 million in working
capital and securities.
The Qualified Person for this release is Curt Freeman, M.Sc. P.Geo.
On behalf of the Board of Directors
President & C.E.O.
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