PFN Launches 2016 PGM Exploration Program at River Valley Platinum Group Metal Project, Sudbury, Ontario
-Field crew mobilized to PFN's 100% owned River Valley PGM property
-Summer surface exploration followed by fall drill program
-Surface exploration to guide planning of Fall Drill Program, on T2 discovery and exploration for more T2-like discoveries, along the strike to the east and to the south
-River Valley, a primary PGM deposit with 2.5 Moz PGM in near-surface, Measured and Indicated resources, within 100 km of Sudbury - one of Canada's largest, undeveloped, Primary PGM Reserves.
-Strong infrastructure support, with year-round road access and nearby rail, power and communities
-4 New, 100% owned Lithium Projects, with Pegmatite deposits, in Manitoba and one Brine Exploration Project, Clayton Valley, Nevada
Vancouver, BC / TheNewswire / July 13, 2016 - Pacific North West Capital Corp. ("PFN", the "Company") (TSX.V: PFN; Frankfurt: P7J.F; OTCQB: PAWEF announces the launch of its 2016 Exploration Program, at its 100% owned River Valley Platinum Group Metal (PGM)-Copper-Nickel Project, near the city of Sudbury, Ontario (Figure 1). PFN's key objective for 2016 is to follow-up drilling at the high-grade T2 discovery, in order to confirm that it has the potential to warrant resource delineation drilling. To that end, the 2016 Exploration Program consists of two components: 1) a Surface Exploration Program for the summer field season; and 2) a follow-up Diamond Drill Program for the fall. Each of the components will be carried out under Exploration Permit PR-13-10095R and with financial support from the Junior Exploration Assistance Program (JEAP) (see PFN press release dated June 15th, 2016).
The Surface Exploration Program consists of geological mapping, mineral prospecting, sampling, assaying, litho-structural studies, drill core review and 3D modelling. The program focus is on areas with indications of higher-grade mineralization that remain under-explored. One such priority area is the surface above the T2 discovery (Figure 1). Two holes drilled at T2 in early 2015 (see PFN press release dated March 11, 2015) intersected higher-grade, near-surface PGM mineralization, under cover and in the footwall, to the east of the main mineralized trend at Dana North Zone. Highlights include 2.1 g/t PGM/16m from 184m downhole in Hole 1 and 2.8 g/t PGM/18m from 137m downhole in Hole 2. The T2 Discovery Mineralization remains open, up-dip to surface, at depth and east along the strike for 2 km, to the Pardo Zone (Figure 1). Furthermore, the Pardo Zone itself is mineralized, but also remains under explored.
Elsewhere at River Valley, the Surface Exploration Program will cover areas from which previous grab samples, grading up to 60 g/t PGM were taken, and that remain under explored. Previous and new assay data will be integrated with litho-structural data, in order to define the extents of potentially high-grade mineralization, within the main mineralized trend on the basal contact (i.e., Contact Style Mineralization) and internally within the River Valley Intrusion (i.e., Reef Type Mineralization) (Figure 2). In addition, the previous discovery of the Spade Zone (see PFN press release dated June 19, 2012) is to be examined for controls on the apparent thickening of the mineralization at that location (see Azen-Spade Zone in Figure 1). Overall, the Surface Exploration Program, as currently planned, requires 3-4 weeks of field time, from about mid-July to mid-September. The results of the Surface Exploration Program will be used to further guide and refine planning of the fall Diamond Drill Program.
The fall 2016 Diamond Drill Program, as currently planned, consists of four drill holes for a total of 1000m, at the T2 Discovery (Figure 3). The holes are designed to expand the near-surface, high-grade PGM mineralization up-dip, down-dip and eastward along the strike. Pending successful drill results, six additional holes are planned for drilling at T2, in early 2017. That program would then be followed by a Delineation Drill Program, for resource modelling. In addition, drill testing would be carried out on other priority T2-like targets (currently 9 in total) developed along the 12 km strike length of the River Valley PGM deposit, on PFN's property (Figure 4).
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.V: PFN; OTCQB: PAWEF; Frankfurt: PJ7) is a mineral exploration company, focused on the Discovery, Exploration and Development of one of Canada's largest primary Platinum Group Metals (PGM) deposits, the River Valley PGM Project, located in the Sudbury region of Northern Ontario. The Company also has a Lithium Division (Li), with 5 Li Projects.
Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator, with the objective of Option/Joint Venturing its projects, with major and junior mining companies, through to production. Pacific North West Capital Corp. is a member of the International Metals Group of Companies. For further information on the Company and its projects, please visit: www.PFNCapital.com
Click Image To View Full Size
Figure 1. River Valley location (inset) and property geology maps, showing the position of the Target T2 discovery, at the north end of the PGM deposit (red), between the Dana North Zone to the east and the Pardo Zone to the north. Note: location of the Azen-Spade Zone discovered in 2012 but never followed up.
Click Image To View Full Size
Figure 2. Geological map showing the distribution of surface grab samples with grades of >=1 g/t Pd + Pt (PGM).
Click Image To View Full Size
Figure 3. Map view of 3D models, for the T2 discovery, showing drill collar locations and holes traces, of the four holes planned for drilling in the fall of 2016. In this view, the T2 feature is 100-150m below surface, whereas Dana North is at surface. Holes labelled T2-01 and T2-02 are T2 discovery holes, drilled in early 2015. The T2-03 to T2-03 distance = 50m.
Click Image To View Full Size
Figure 4. Map showing location of three T2-like drill targets at the north end of the River Valley PGM deposit.
About PFN's Platinum Group Metals Division
River Valley is one of Canada's largest undeveloped primary PGM deposit.
Achievements to date and future plans for River Valley are outlined below as follows:
-
1.PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR, with options to buy down
-
2.Completed exploration and development programs, on the River Valley property, include more than 600 holes drilled since year 2000 and several mineral resource estimates and metallurgical studies;
-
3.Results for the current (2012) mineral resource estimate are below;
-
4.2015 Diamond Drill Program confirms new high grade T2 discovery
-
5.Exploration and development plans outlined for 2016
-
6.Ongoing strategic partner search for River Valley Project
-
7.Results for the most recent Mineral Resource Estimate are summarized below:
- Prepared by Tetra Tech (Wardrop)
- High Confidence: Measured plus Indicated = 72% of total
- Reported on PdEq basis: Pd=40% & Pt=20% of the Payable Metals
- Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
- High Grade potential, particularly in the north part of River Valley deposit
- Resources under evaluation for development potential as open pit mining operation
Click Image To View Full Size
Click Image To View Full Size
-
8.Results for the 2015 Discovery Drill Program on the T2 target are as follows:
-Drill hole intercepts much higher than the average grade of current mineral resource estimate
-Possible new mineralized zone at the north end of the River Valley deposit
-Show potential to take the River Valley PGM Project in a new direction
-More drilling required
Click Image To View Full Size
-
9. Exploration and Development Plans for 2016
-Mineral prospecting and geological mapping on surface
-Drill programs targeted to add more higher grade
-Geological interpretation and 2D/3D modelling of all drill and surface results
-Strategic Partner Search for River Valley
About PFN's Lithium Division
The company's Lithium Division will focus on the Discovery, Exploration and Development of Lithium Projects in Canada. In the United States, the company will use its wholly owned U.S.A subsidiary to Acquire and Develop projects in active mining camps in Nevada, Arizona and California.
Management believes that these New Age Metals, Lithium, PGMs and Rare Earths, have robust macro trends with surging demands and limited supply. Going forward, this new division will explore for the minerals needed to fuel the demand for energy storage and other core 21st Century Technologies.
The company has a growing portfolio of Lithium projects. The Clayton Valley Forks Li Project in Nevada is a recent Lithium Brine Project, acquired by the company (PFN News Releases April 25th, 2016 and May 9th, 2016). The company also has several Hard Rock Lithium projects in Canada. To date the company has acquired 4 Hard Rock Lithium projects in the Winnipeg River Pegmatite Field, in southeast Manitoba (April 21st 2016, May24th, 2016, June 15th, 2016 and July 5th, 2016). This Pegmatite Field hosts the giant Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities since 1969. Today, the Tanco Mine is focused on the mining and production of Cesium Formate, a completion fluid for the petroleum industry. PFN's Li projects are strategically situated to further explore this Pegmatite Field. Presently, the company is the largest claim holder in the Winnipeg River Pegmatite Field.
Lithium and Platinum Group Metal prices have improved drastically in recent months. Lithium supplies remain in deficit, relative to their demand. Both metals groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGMs, demand is increasing for Autocatalysts, a key component for reducing toxic emissions for automotive, gasoline and diesel engines. Regarding Lithium, there is an ever increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products.
QUALIFIED PERSON
The contents contained herein that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content.
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
Copyright (c) 2016 TheNewswire - All rights reserved.