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News
03.05.2012
Pacific North West Capital Announces 2.5 million ounces PGM+Gold Measured and Indicated Resources for its 100% Owned River Valley Project, Sudbury, Ontario
Pacific North West Capital Announces 2.5 million ounces PGM+Gold Measured and Indicated Resources for its 100% Owned River Valley Project, Sudbury, Ontario
•River Valley Measured + Indicated resources: 91 million tonnes @ 0.58 g/t* palladium, 0.22 g/t platinum, 0.04 g/t gold at a cut-off grade of 0.8 g/t PdEq** for 2,463,000 ounces PGM*** plus gold
•River Valley Inferred resources: 36 million tonnes @ 0.36 g/t palladium, 0.14 g/t platinum, 0.03 g/t gold at a cut-off grade of 0.8 g/t PdEq for 614,000 ounces PGM plus gold
•On a PdEq basis, the Measured + Indicated resources contain 3,944,000 ounces PdEq and the Inferred resources contain 1,201,000 ounces PdEq
•River Valley PGM-copper-nickel sulphide mineralized zones remain open to expansion with continued exploration
* g/t= grams per tonne, **PdEq = palladium equivalent, *** PGM=Platinum Group Metals
May 1st, 2012, Vancouver, BC -- Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) is very pleased to announce that the estimated NI43-101 compliant Measured and Indicated mineral resources at a cut-off grade of 0.80 g/t PdEq have increased by >400% from the previous NI43-101 compliant mineral resource estimate (May 2006) to 91,339,500 tonnes grading 0.84 g/t Pd+Pt+Au, 0.06% copper, and 0.02% nickel. The compliant Inferred mineral resources have increased by >1000% to 35,911,000 Mt grading 0.53 g/t Pd+Pt+Au, 0.06% copper, and 0.03% nickel. The River Valley PGM Project is located 100 km from the world-renown Sudbury Ni-Cu-PGM Mining Camp, has excellent infrastructure support, and is 100% owned by PFN.
Detailed Results
The detailed results of the new mineral resources estimate for the River Valley PGM Project are presented in Table 1. This NI43-101 compliant mineral resource estimate was completed by Tetra Tech, Sudbury. The new estimate incorporates the 13,140 metres in 46 holes drilled in the Dana North and Dana South Zones since the May 2006 estimate. All 462 holes were drilled at a sectional spacing of 25 metres to 100 metres on the eight separate mineralized zones shown in Figure 1.
Dr. William Stone, President & COO, comments, "The large increase in the estimated mineral resources confirms that River Valley is one of the largest undeveloped primary PGM Projects in North America. The strategy of including all the mineralized zones and the full value of the metal suite in the mineral resource estimation produced a very positive result. It greatly increases PFN's confidence in River Valley as the project is advanced toward a Preliminary Economic Assessment Study. The Company plans to further expand the PGM resources and to discover new resources with more drilling at the River Valley Project and its adjacent properties."
The mineral resources were estimated using Datamine Studio3(c) software and are reported at a cut-off grade of 0.8 g/t PdEq (Table 1). The 0.8 g/t PdEq cut-off was used pending future assessment of the economics and development potential of River Valley as an open pit mining project. The Company considers the 0.8 g/t cut-off value to be appropriate because: 1) the PdEq grade is 1.38 g/t for Measured and Indicated and 1.07 g/t for Inferred resources; and 2) rhodium and silver are not included in the PdEq calculation. The mineral resources are listed at a range of PdEq cut-off values in Table 2.
Comparisons are made above to the previous NI43-101 compliant River Valley mineral resource estimate of May 2006 (Technical Report by GeoSIMS available on PFN's SEDAR profile at www.sedar.com and on the Company's website). The large increase in the mineral resources reported herein is explained by the combined effects of: 1) incorporation of the 2011 resource drilling results; 2) inclusion of three mineralized zones that were previously overlooked (Figure 1); 3) use of PdEq rather than Pd+Pt cut-off grades; and 4) use of a length-weighted average Specific Gravity value of 2.94 measured for River Valley rather than the previous value of 2.89.
Please follow the link to view the entire news including tables and figures:
http://pfncapital.com/i/pdf/050112PFN.pdf
Harry Barr, Chairman & CEO, states, "In only one year since regaining 100% ownership of the River Valley PGM Project, I want to congratulate our team for completion of a major milestone by delivering a very positive resource statement. Our aggressive exploration and development strategy aims to unlock the true potential of River Valley. Going forward, our plans are to continue exploration to expand the resource, drill test new targets, and complete a preliminary economic assessment in the next 2 years."
Please follow the link to view the entire news including tables and figures:
http://pfncapital.com/i/pdf/050112PFN.pdf
Qualified Persons Statement
The mineral resource estimate was prepared by Tetra Tech of Sudbury, Ontario under the supervision of Todd McCracken, Principal Geologist. Mr. McCracken is an independent qualified person as defined by NI43-101. The effective date of the resource is May 1st, 2012.
The quality control, technical information and all aspects of the 2011 exploration program were supervised by Ali Hassanalizadeh, Vice President, Exploration of PFN and a Qualified Person under NI43-101. The information in this release was prepared under the direction of Dr. William Stone, President & COO of PFN and a Qualified Person as defined by NI43-101.
About River Valley Project
In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited. The River Valley Project is one of North America's most advanced primary PGM deposits. The project has excellent infrastructure support and is located 100 km from the city of Sudbury, Ontario, Canada's largest nickel-copper-PGM mining and metal recovery centre.
About Pacific North West Capital Corp
PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option/joint venture its projects through to production. PFN is focused on the discovery, exploration and development of PGM and nickel-copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company's key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. PFN also has PGM and nickel-copper projects and properties in northwest Ontario, Saskatchewan, and Alaska, and an option to joint venture a base metal project in northwestern BC's Golden Triangle region. The Company continues to evaluate PGM and nickel-copper properties and projects in North America for potential acquisition opportunities.
For further information, please visit PFN's website at www.pfncapital.com or send requests to:
Harry Barr
Chairman & CEO
Pacific North West Capital Corp.
Tel: 604-685-1870
Email: hbarr@pfncapital.com
Bill Stone
President & COO
Pacific North West Capital Corp.
Tel: 416-368-5268
Email: bstone@pfncapital.com
On behalf of the Board of Directors
Harry Barr
Chairman 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.
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•River Valley Measured + Indicated resources: 91 million tonnes @ 0.58 g/t* palladium, 0.22 g/t platinum, 0.04 g/t gold at a cut-off grade of 0.8 g/t PdEq** for 2,463,000 ounces PGM*** plus gold
•River Valley Inferred resources: 36 million tonnes @ 0.36 g/t palladium, 0.14 g/t platinum, 0.03 g/t gold at a cut-off grade of 0.8 g/t PdEq for 614,000 ounces PGM plus gold
•On a PdEq basis, the Measured + Indicated resources contain 3,944,000 ounces PdEq and the Inferred resources contain 1,201,000 ounces PdEq
•River Valley PGM-copper-nickel sulphide mineralized zones remain open to expansion with continued exploration
* g/t= grams per tonne, **PdEq = palladium equivalent, *** PGM=Platinum Group Metals
May 1st, 2012, Vancouver, BC -- Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) is very pleased to announce that the estimated NI43-101 compliant Measured and Indicated mineral resources at a cut-off grade of 0.80 g/t PdEq have increased by >400% from the previous NI43-101 compliant mineral resource estimate (May 2006) to 91,339,500 tonnes grading 0.84 g/t Pd+Pt+Au, 0.06% copper, and 0.02% nickel. The compliant Inferred mineral resources have increased by >1000% to 35,911,000 Mt grading 0.53 g/t Pd+Pt+Au, 0.06% copper, and 0.03% nickel. The River Valley PGM Project is located 100 km from the world-renown Sudbury Ni-Cu-PGM Mining Camp, has excellent infrastructure support, and is 100% owned by PFN.
Detailed Results
The detailed results of the new mineral resources estimate for the River Valley PGM Project are presented in Table 1. This NI43-101 compliant mineral resource estimate was completed by Tetra Tech, Sudbury. The new estimate incorporates the 13,140 metres in 46 holes drilled in the Dana North and Dana South Zones since the May 2006 estimate. All 462 holes were drilled at a sectional spacing of 25 metres to 100 metres on the eight separate mineralized zones shown in Figure 1.
Dr. William Stone, President & COO, comments, "The large increase in the estimated mineral resources confirms that River Valley is one of the largest undeveloped primary PGM Projects in North America. The strategy of including all the mineralized zones and the full value of the metal suite in the mineral resource estimation produced a very positive result. It greatly increases PFN's confidence in River Valley as the project is advanced toward a Preliminary Economic Assessment Study. The Company plans to further expand the PGM resources and to discover new resources with more drilling at the River Valley Project and its adjacent properties."
The mineral resources were estimated using Datamine Studio3(c) software and are reported at a cut-off grade of 0.8 g/t PdEq (Table 1). The 0.8 g/t PdEq cut-off was used pending future assessment of the economics and development potential of River Valley as an open pit mining project. The Company considers the 0.8 g/t cut-off value to be appropriate because: 1) the PdEq grade is 1.38 g/t for Measured and Indicated and 1.07 g/t for Inferred resources; and 2) rhodium and silver are not included in the PdEq calculation. The mineral resources are listed at a range of PdEq cut-off values in Table 2.
Comparisons are made above to the previous NI43-101 compliant River Valley mineral resource estimate of May 2006 (Technical Report by GeoSIMS available on PFN's SEDAR profile at www.sedar.com and on the Company's website). The large increase in the mineral resources reported herein is explained by the combined effects of: 1) incorporation of the 2011 resource drilling results; 2) inclusion of three mineralized zones that were previously overlooked (Figure 1); 3) use of PdEq rather than Pd+Pt cut-off grades; and 4) use of a length-weighted average Specific Gravity value of 2.94 measured for River Valley rather than the previous value of 2.89.
Please follow the link to view the entire news including tables and figures:
http://pfncapital.com/i/pdf/050112PFN.pdf
Harry Barr, Chairman & CEO, states, "In only one year since regaining 100% ownership of the River Valley PGM Project, I want to congratulate our team for completion of a major milestone by delivering a very positive resource statement. Our aggressive exploration and development strategy aims to unlock the true potential of River Valley. Going forward, our plans are to continue exploration to expand the resource, drill test new targets, and complete a preliminary economic assessment in the next 2 years."
Please follow the link to view the entire news including tables and figures:
http://pfncapital.com/i/pdf/050112PFN.pdf
Qualified Persons Statement
The mineral resource estimate was prepared by Tetra Tech of Sudbury, Ontario under the supervision of Todd McCracken, Principal Geologist. Mr. McCracken is an independent qualified person as defined by NI43-101. The effective date of the resource is May 1st, 2012.
The quality control, technical information and all aspects of the 2011 exploration program were supervised by Ali Hassanalizadeh, Vice President, Exploration of PFN and a Qualified Person under NI43-101. The information in this release was prepared under the direction of Dr. William Stone, President & COO of PFN and a Qualified Person as defined by NI43-101.
About River Valley Project
In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited. The River Valley Project is one of North America's most advanced primary PGM deposits. The project has excellent infrastructure support and is located 100 km from the city of Sudbury, Ontario, Canada's largest nickel-copper-PGM mining and metal recovery centre.
About Pacific North West Capital Corp
PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option/joint venture its projects through to production. PFN is focused on the discovery, exploration and development of PGM and nickel-copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company's key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. PFN also has PGM and nickel-copper projects and properties in northwest Ontario, Saskatchewan, and Alaska, and an option to joint venture a base metal project in northwestern BC's Golden Triangle region. The Company continues to evaluate PGM and nickel-copper properties and projects in North America for potential acquisition opportunities.
For further information, please visit PFN's website at www.pfncapital.com or send requests to:
Harry Barr
Chairman & CEO
Pacific North West Capital Corp.
Tel: 604-685-1870
Email: hbarr@pfncapital.com
Bill Stone
President & COO
Pacific North West Capital Corp.
Tel: 416-368-5268
Email: bstone@pfncapital.com
On behalf of the Board of Directors
Harry Barr
Chairman 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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6949161070">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6949161070</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.