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 continued gold intersections at Destiny Gold
Pacific North West Capital (TSX-V: PFN, OTC: PAWEF; FSE: P7J) and Alto Ventures (TSX-V: ATV) reported promising results from the last three holes of the Phase II drilling program at the DAC Deposit on the Destiny Project, Québec. The drilling was completed in March, and the results are being incorporated with Phase I into the extensive data base for the Destiny project for the next stage of work which may include diamond drilling.
The final three holes are DES10-136, DES10-137 and DES10-138.
Drilling continued to intersect multiple gold zones with high grade values over significant widths, including DES10-137 which intersected 20.85 grams per tonne gold over 1.1m, within a vein zone that averaged 8.46gpt over 3m. DES10-136 included 3.95gpt over 1.6m from 460.9-461.5m.
DES10-137 also intersected another gold zone containing 12gpt gold over 0.5m within a quartz-veined shear zone averaging 1.16 gpt gold over 6.6m and a massive sulphide lens assaying 6.4% zinc over 1m. The geologists believe that the base metals are indications of an earlier copper-zinc-gold massive sulphide system that has been subsequently overprinted by the gold enriched shear zones.
Drill hole DES10-138 was drilled to test an IP geophysical anomaly approximately 100m south of the DAC Deposit. Having hit bedrock at 22m, a mineralized shear zone averaging 0.39gpt gold was intersected immediately. The partners state that the shear zone is the near-surface projection of the southern most gold zone of the DAC Deposit.
DES10-138 intersected other areas of shearing from 89-94.4 m where the shear zone contains a one metre wide mineralized quartz vein that assays 2.57gpt gold. This is a new vein system that is similar in appearance to the high grade quartz veins of the DAC Deposit.
The drill hole continued to cut intermittent shearing and veining from 106-152m, and scattered anomalous gold values up to 1.36gpt gold over 1.3m are associated with some of the quartz veins. DES10-138 ended in a gold bearing shear zone, with the last sample of the Phase II program containing 0.81gpt gold from 151.2-152m.
“New discovery of quartz veins and shearing throughout DES10-138 is very significant as it indicates that the previously untested areas are targets with excellent potential for finding additional gold zones at shallow depths just south of the DAC Deposit”, the partners stated.
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. The Phase III program is slated for later this year, once the Phase II results are have been incorporated into the DAC deposit database.
In total the Phase I program consisted of 14 holes combining 5,600m. Previously on the 28 February, the companies announced the final results of Phase I. According to the JV partners, 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. The 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 partners said.
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 were 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.
