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 reveal final Phase I results at Destiny Gold Project
Pacific North West Capital Corp (TSX: PFN, OTC: PAWE, FSE: P7J) and Alto Ventures Ltd. (ATV: TSX-V) released the final drilling results for the Phase I program at the DAC Deposit on the joint venture (JV) Destiny Gold Project, Quebec. The Phase I program was completed in December 2009, and the gold mineralized system remains open along strike and to depth. The Phase II drilling program is currently in progress testing for western extensions to the DAC deposit and to depths below 300m. A Phase III program is also scheduled for 2010.
The final results were from the two remaining holes from phase I. Hole DES09-132 included 5.2m averaging 1.48gpt gold and DES09-133 intersected 4.43gpt gold across 2m within a 26m wide section averaging 0.89gpt gold. Additionally DES09-133 also cut 5.72% zinc and 21gpt silver across a 0.85m wide semi-massive sulphide zone. The semi massive sulphide section cut in DES09-133 is part of a regionally extensive horizon that was intersected intermittently by previous drilling on the property, the JV said.
In total the program consisted of 14 holes combining 5,600m. According to the JV, significant gold values were obtained in every hole drilled, including high grade quartz veins containing up to 44.39 grams per tonne (gpt) gold and wide mineralized shear zones including 21m averaging 1.39gpt gold. Results from the Phase I drilling program are very positive as they validate the deposit model and confirm continuity of gold mineralization between previous wide-spaced holes, the statement said.
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.
The JV 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.
Phase 2 of the exploration campaign began at the end of January.
