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 report significant drilling results at Destiny gold project, Phase 2 underway
Pacific North West Capital Corp (TSX: PFN; OTC: PAWEF; FSE: P7J) and Alto Ventures Ltd (TSX-V: ATV) have announced significant results from four diamond drill holes completed on the DAC deposit during Phase-1 drilling at the Destiny Gold Project, Québec.
The results include high grade quartz veins containing intersections of up to 16.43 grams per tonne (gpt) gold over 0.5m and 6.02 gpt gold over 1.2m. Phase 2 of the exploration campaign began at the end of January.
Phase 1 consisted of 5,600m of drilling in 14 holes. These latest results add to previous results from the Phase 1 drilling program, which include values up to 44.39 gpt gold over 0.5m. Phase-1 has confirmed the large size of the gold system at the DAC Deposit, PFN said.
With Phase-2 underway and Phase-3 scheduled for later this year, the joint venture aims to expand the current NI-43-101 resources at the DAC deposit through infill and step-out drilling. The DAC zone currently hosts a NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 gpt gold and an inferred resource of 444,753 tonnes grading 4.46 gpt gold, equating to a current resource of 36,892 ounces in the indicated and 63,839 ounces in the inferred category.
According to PFN, the results from the first 12 holes are very positive as they confirm the continuity of gold mineralization between previously drilled holes, some of which were spaced from 100m to 200m apart. The company said that the mineralization remains open along strike and at depth.
The results for the remaining two holes from the Phase 1 program will be released as they become available.
The Destiny project is being developed under an option agreement between the Canadian mineral explorers, whereby Pacific North West can earn a 60% interest in the property over a four year period subject to the completion of C$3.5 million in exploration expenditures. Under the terms of the agreement, the company also pays Alto C$200,000 in cash and 250,000 common shares. Alto Resources is acting as the Destiny program manager.
