www.pfncapital.com
Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J.F) 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, the Company's current option/joint ventures agreements are with Anglo Platinum, First Nickel and Alto Ventures. In addition, Pacific North West Capital Corp. is also the majority shareholder of Fire River Gold Corp (FAU:TSX.V) who is currently developing the Nixon Fork Gold Mine in Alaska.
Pacific North West Capital Corp. is well funded with an experienced management team and the ability to take advantage of the tremendous opportunities that are available in the mining sector today. Our focus will be to acquire advanced stage precious metals projects, continue to expand our PGM and base metals division and to look for special situations and under-funded projects in the resource sector.
Pacific North West and Alto Ventures begin phase II exploration of Destiny gold project
Pacific North West Capital (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) and Alto Ventures (TSX-V: ATV) announced that Phase II diamond drilling has begun at the DAC deposit on the Destiny gold project. The 2,000 metre programme intends to follow up the positive results from the Phase I program, completed in December 2009.
The Destiny gold project is approximately 75 kilometres north of Val d'Or in Quebec. The property hosts a similar geological environment to the shear-hosted high grade quartz of the main Val d'Or gold belt. The DAC deposit currently has a NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 grams per tonne (g/t) gold and an inferred resource of 444,753 tonnes grading 4.46 g/t gold.
The Phase I and Phase II programs are designed to expand the known NI43-101 compliant resources at the DAC deposit through infill and step-out drilling. Results from the first eight of 14 holes completed during the Phase I program returned high grade values up to 44.39 grams per tonne gold over 0.5m.
According to Pacific North West, the initial phase 1 results are very positive as they confirm continuity of gold mineralization between previously drilled holes, some of which were spaced from 100m to 200m apart. The DAC gold mineralization remains open along strike and at depth.
Phase III is also scheduled later this year, the size of the program will depend on final results from Phase I and results from the current Phase II program.
The Phase I and Phase II programs are managed by Alto. Pacific North West has funded the C$600,000 Phase I program and will continue to fund Phase II. The Destiny project is being developed under an option agreement between the Canadian mineral explorers, whereby Pacific North West can earn 60% interest in the property over a four year period subject to the completion of C$3,500,000 in exploration expenditures. Under the terms of the agreement, the company also pays Alto $200,000 in cash and 250,000 common shares.
