Vancouver, BC (PRWEB) February 17, 2005
Pacific North West Capital Corp. (PFN: TSX, OTCBB: PAWEF) reports assays from the 500 metre long newly discovered Lismer Extension Zone on the River Valley Project.
The Lismer Extension Zone lies 400 metres southeast along strike from the mineral resource reported in the Dana Zones, and 400 metres northwest of the Lismer Zone mineral resource.
It is one of nine target areas, along the 15 kilometre long northern contact of the River Valley intrusive. The drill holes, in the Lismer Extension Zone continue to intersect wide widths of sulphide mineralization within the intrusive contact breccia.
Additional high-grade intervals have been intersected in the current exploration drill program which includes 27 metres at 3.43 g/t Pt/Pd/Au (3E) in DDH LR-140. Results to date are defining a mineralized zone that is between 20 and 30 metres in width and extends to at least 200 metres in depth and contains higher grades over significant widths, e.g. 7.0 metres at 3.75 g/t 3E and 2.0 metres at 16.62 g/t 3E in LR-141 (See Intersection Table). The drill holes were all drilled across strike (See Location Map). The dip of the zone varies along strike and to depth but generally it is to the southwest at between 65 and 75 degrees.
Eleven additional holes have now been drilled in the Lismer Extension Zone, all aimed at determining the trend and depth extent of the mineralized zone. All assays have been completed by SGS Laboratories and check assays by ALS Chemex. Please click on the map image to view entire map.
Other Mineralized Zones
Two other drills are now working on the Varley Zone approximately 3 kilometres southeast of the Lismer's Ridge Zone. This drilling will continue to evaluate and expand the mineralized zone that currently hosts an inferred resource of 2.7 million tonnes of 1.16 g/t (3E).
Three drill rigs are working on the property. Two drill holes have been completed in the Casson Zone, located within the River Valley Intrusive, 1800 metres south of the Dana Zone.
Narrow (less than 3.0 metres) sulphide zones were intersected in these drill holes. An IP survey has been completed in the Casson area, to evaluate this interior portion of the layered intrusive. All assays are pending. Other mineral zones that will be drill tested as machines become available include the Azen South, Azen North, Drop, and Jackson Flats Zones.
Phase 7 Budget Summary May 2004 to April 2005 -- Mapping, Geophysics, Drilling, Bulk Sample
PFN, in joint venture with Anglo American Platinum Corporation Limited (Anglo Platinum) is carrying out a $3.0 million Phase 7 program. The program plans for 15,000 metres of diamond drilling, metallurgical testing and the collection of a bulk sample. At the current time, a 40 tonne bulk sample has been collected for metallurgical studies, which will be used for metallurgical testing on the Dana North and Dana South Zones.
Particular emphasis is being placed on expanding targets identified by reconnaissance drilling, geophysics and geological mapping especially along the northern contact of the intrusive. The platinum-palladium mineralization has been identified to exist within the contact breccia zone occurring over a strike length in excess of 15 kilometres. The initial mineral resource estimates have been concentrated only in the Dana Lake and Lismer's Ridge Zones, a 3 kilometre long area. The Qualified Person for this release is John Londry, VP Exploration.
About Pacific North West Capital Corp.
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.
On behalf of the Board of Directors
Harry Barr, President & CEO
The Toronto Stock Exchange have 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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