Pacific North West Capital Varley Assay Results Intersect, Broad Zones of PGM Mineralization, River Valley PGM Project, Sudbury, Ontario
Vancouver, BC (PRWEB) May 26, 2005 -- Pacific North West Capital Corp. (PFN:
TSX, OTCBB: PAWEF))reports assays from drilling in the Varley Zone and Varley
Extension on the River Valley Project.
Assay results from the Varley Zone are indicating broad zones of PGM mineralization. In addition assay results from the Varley Extension Area indicate new anomalous zones along the contact as well as within the intrusive (see Intersection Table at http://www.pfncapital.com/s/NewsReleases.asp?ReportID=107323).
The drill holes were all drilled across strike (See Location Table at http://www.pfncapital.com/s/NewsReleases.asp?ReportID=107323). The dip of the zone varies along strike and to depth but generally dips southwest between 65 and 75 degrees.
Assay results are still pending from five holes in the Varley Zone, seven holes in the Varley Extension Area, and six holes in the Jackson Flats Area. All assay values from the Lismer Extension drilling have been received. Current interpretation of the drill data suggests a repetition of the host breccia mineralization with the targeted areas.
Significant sulphide mineralization was intersected in all of the areas and the zones are still open in along strike and to depth.
Updated Resource Estimate
Once all of the assay results have been received and compiled, a revised resource calculation will be completed which will include the mineralization from the Lismer Extension Zone and upgraded mineralization from the Varley Zone.
Phase Seven Budget Summary
April 2004 to April 2005 -- Drilling, Bulk Sample PFN, in joint venture with Anglo American Platinum Corporation Limited (Anglo Platinum) has completed the $3.0 million Phase Seven program. The program completed 20,740 metres of diamond drilling, metallurgical testing and the collection of a 40 tonne bulk sample for metallurgical testing on the Dana North and Dana South Zones.
In the Phase seven program particular emphases has been placed on expanding targets identified by reconnaissance drilling, geophysics and geological mapping, especially along the northern contact of the intrusive. The known platinum-palladium mineralization has been identified within the contact breccia zone over a strike length in excess of 15 kilometres. The mineral resource estimates have been primarily concentrated in the Dana Lake and Lismer's Ridge Zones, over a three kilometre strike length.
The Qualified Person for this release is John Londry, VP Exploration.
About Pacific North West Capital
Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF) is an exploration company focused on the discovery of platinum group metals in North America. PFN is currently exploring the River Valley Project (joint ventured with Anglo American Platinum Corporation Limited ("Anglo Platinum"), the world's largest primary producer of platinum) and the Agnew Lake Project, currently under option to Anglo Platinum.
Anglo Platinum has committed over $15.8 million to the River Valley Project to date and may earn a 65% interest by funding it through to production. In Alaska, PFN has a Joint Venture Agreement with Lonmin Plc, the world's third largest primary underground platinum group metals producer. In late 2004 PFN established a Nickel Division and currently has an Option Joint Venture in the Timmins Mining District with Falconbridge Ltd. (please visit www.pfncapital.com for additional information on the Company and it's properties).
On behalf of the Board of Directors
Harry Barr, President & CEO
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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. Not to be construed as an offer to buy or sell securities of this company.
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Source : http://www.prweb.com/releases/2005/5/prweb244309.htm