TSX: PFN OTCBB: PAWEF Frankfurt: P7J
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- First and second year option agreement obligations fulfilled, second
year program commencing
- 2010 program includes the completion of an updated NI43-101 resource
estimate
- Historic core re-sampling to continue, will provide basis for updated
resource estimate
- Field mapping and follow-up of airborne geophysical anomalies planned
- BCGS, British Columbia Geological Survey, Partnership enters second
year
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VANCOUVER, Aug. 30 /PRNewswire-FirstCall/ - Pacific North
West Capital Corp. ("PFN") TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J)
is pleased to provide an update of proposed exploration activities
for Summer 2010 for its Rock and Roll gold-silver-polymetallic
project, located in Northern BC.
To view map please visit:
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=416501
The 2010 Rock and Roll exploration program will commence in
September and will focus primarily on re-sampling the old drill
core and geological mapping and prospecting that will target
airborne conductors (K, L, M, N and P on figures below), geological
targets, overburden sampling and MMI geochem results. The field
work will be supported by further compilation of data from the
1990-97 programs. The 2010 program will also include the completion
of an updated NI43-101 report with resource estimate.
The Rock & Roll Project hosts precious metals rich,
volcanogenic massive sulphide mineralization in a
volcano-sedimentary host rock package. The mineralization shows
similarities to the gold and silver rich mineralization of
Barrick Gold's past producing
Eskay Creek mine.
Mineralization on the Rock and Roll Property occurs in multiple
stacked sulphide lenses in two zones, the Black Dog and SRV zones,
over a strike length of approximately 950 m. A total of
approximately 14,000 metres of core drilling in 110 drill holes was
completed on the property from 1991 to 1997. Only six drill holes
tested the host stratigraphy outside of the known mineralization,
but at least 5 km of strike length of the prospective lithologies
is present on the Property.
In 2009, PFN conducted a drilling program consisted of a total
of 540 metres of core drilling in five holes.
Highlights of the 2009 drilling program includes intersections
up to 1.31 g/t gold, 296.2 g/t silver, 0.46% copper, 1.25% lead,
and 3.99% zinc over 3.14 metres in drill hole RR09-107.
The Black Dog zone hosts an historic, non-NI 43-101 compliant,
indicated resource of 580,544 tonnes grading 2.4 g/t gold, 335.9
g/t silver, 0.64% copper, 0.79% lead, and 3.1% zinc (Government of
BC, MINFILE No 104B 377). Historic drilling has tested the known
mineralization down to depths of only about 160 m. The
mineralization is thus open along strike in both directions, and at
depth.
The 2010 Geological mapping and prospecting programs are
designed to verify several geophysical electromagnetic anomalies
identified by an earlier Aeroquest AEM survey. The exploration
program is being carried out under the supervision of Murray Jones, P. Geo. of Equity Exploration
Consultants Ltd. Mr. Jones is a Qualified Person as defined under
the terms of National Instrument 43-101.
To view map please visit:
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=416501
PFN has also entered into the second year of a Public Geoscience
Partnership agreement with the Geological Survey Branch (GSB) of
the BC Ministry of Energy, Mines and Petroleum Resources. Under
this agreement, two senior geologists from the GSB will complete
geological mapping and sampling on the Rock and Roll Project, as
well as in the district as a whole as part of the Iskut River
Regional Mapping Project. The goal of this work is to define the
age and stratigraphic association of the host rocks to the Black
Dog and SRV mineralization, and to evaluate the potential for this
type of mineralization elsewhere on the property and throughout the
district. The results of this study will be published on an ongoing
basis through various publications of the GSB, including the annual
review of fieldwork.
Pacific North West Capital has carried out approximately
$450,000 of exploration on Rock and
Roll Project to date. This work involves initial drill tests on the
Black Dog Zone and its extension. 2009 drilling program consisted
of a total of 540 meters of core drilling completed in five holes.
The first four holes were designed to test gaps in the historic
drilling on the Black Dog Zone in order to establish the degree of
continuity of the mineralization and to confirm the historic
geological model. Each of the infill drill holes encountered the
target mineralization, confirming the continuity of the sulphide
lenses and the validity of previous geological interpretations.
The final drill hole of the program tested a strong
electromagnetic anomaly that may represent the westward
continuation of the Black Dog Zone. Drilling at this location
encountered minor sulphide mineralization near the bottom of the
hole, but failed to return any significant assays. (see
December 16th, 2009 Press
Release).
About the Rock and Roll Property
The Rock and Roll Project is under option from Equity
Exploration Consultants Ltd., First Fiscal Enterprises Ltd. and
Pamicon Developments Ltd. Under the terms of the option agreement,
PFN can earn a 100% interest in the property over a four year
period by completing $2,000,000 in
exploration expenditures, paying $130,000 and providing a total of 600,000 PFN
shares to the vendors. The property consists of 11 claims totalling
4244 ha (10,487 acres) and is located in the Liard Mining District
approximately 9 km west of the Bronson airstrip and exploration
camp in northern British
Columbia.
Pacific North West Capital has fulfilled its obligations as
outlined in the agreement. As of the date hereof the company has
paid $30,000 and has issued 100,000
shares to Equity Exploration Consultants Ltd, First Fiscal
Enterprises Ltd. and Pamicon Developments Ltd.
Qualified Person Statement
This news release has been reviewed and approved for technical
content by Murray Jones, P. Geo.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. is a mineral exploration
company focused on Platinum Group Metals (PGM), precious 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 and junior mining
companies through to production. To that end, Pacific North West
Capital's current option/joint ventures agreements are with Anglo
Platinum, First Nickel, Alto Ventures and is a major shareholder of
Fire River Gold Corp. (www.firerivergold.com)
Pacific North West Capital Corp. is well funded with an
experienced management team and the ability to take advantage of
the tremendous under funded opportunities that are available in the
mining sector today.
Management of Pacific North West Capital plans to use their
technical, financing and deal making abilities to acquire
additional Platinum Group metals, base metals and precious metals
projects on an international scale. Pacific North West Capital is a
member of the International Metals Group
(www.internationalmetalsgroup.com) of Companies.
On behalf of the Board of Directors
(signed)
Harry Barr
President & C.E.O.
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.
SOURCE Pacific North West Capital Corp.
Copyright . 30 PR Newswire