PFN cuts more PGM’s at River Valley (May 02, 2003)

Vancouver — Pacific North West Capital (PFN-V) has tabled assay results for nine recently completed drill holes from the Phase 6 exploration program currently underway at the River Valley platinum-group metal (PGM) property, situated about 60 km northeast Sudbury, Ontario.

The current $5.3 million drilling campaign, is designed increase the size and confidence of the PGM mineralization. To date, in excess of 16,700 metres has been drilled, about one third of the approximately 45,000 metres scheduled to becompleted this year. An updated resource estimate is expected in October.

Five of the nine holes were collared at Dana North (DL-series) and the remaining four were collared at Lismer’s Ridge North (LR-series). Highlights of a few of the higher grade holes are as follows;

At Lismer’s Ridge North hole LR-85 cut 25.5 metres averaging 0.48 gram platinum, 1.13 grams palladium and 0.04 gram gold starting 184.5 metres down-hole. This included a couple of higher grade intervals; 1.5 metres averaging 3.3 grams platinum, 7.45 grams palladium and 0.13 gram gold and; 1.5 metres averaging 1.45 grams platinum, 3.45 grams palladium and 0.1 gram gold.

At Dana North, hole DL-110 cut 0.5 metres averaging 1.71 grams platinum, 2.61 grams palladium and 0.02 gram gold, starting 3.5 metres down-hole. This was followed by a 36-metre interval that averaged 0.37 gram platinum, 0.92 gram palladium and 0.06 gram gold, starting 23 metres down-hole. Included within this interval was a 3-metre section that averaged 1.14 grams platinum, 3.25 grams palladium and 0.16 gram gold.

Hole DL 111 cut 3 metres averaging 1.3 grams platinum, 2.52 grams palladium and 0.03 gram gold, starting 87 metres down-hole. This was followed by a 30-metre interval that averaged 0.25 gram platinum, 0.75 gram palladium and 0.05 gram gold, starting 123.50 metres down-hole. This included a 1.5-metre interval that averaged 0.75 gram platinum, 2.13 grams palladium and 0.13 gram gold.

Hole DL-113 cut 58 metres averaging 0.26 gram platinum, 0.73 gram palladium and 0.058 gram gold, starting 97 metres down-hole. This included a 14 metre section that averaged 0.67 gram platinum, 2.14 grams palladium and 0.12 gram gold. Within this higher grade interval was a 1.5 metre section that averaged 1.08 grams platinum, 3.53 grams palladium and 0.23 gram gold.

Mineralization is hosted in a steeply dipping gabbro-breccia unit that occurs nearly continuously over a strike length of several km and is tested to a depth of over 400 metres vertically.

PGM values have been intersected in nearly all of the drill holes completed on the property to date and Pacific North West Capital believes that additional drilling will increase the tonnage of the deposit. The company also points out that in some areas the mineralized breccia unit may increase in size and grade.

The River Valley Project is a 50-50 Joint Venture between Anglo American Platinum Corporation and Pacific North West Capital. Anglo Platinum may earn a 60% interest in the property by completing a feasibility study and 65% by putting the project into commercial production. When this year’s budget is included, Anglo Platinum has committed over $12 million to the project so far.