PNWC proves up River Valley deposit

Vancouver — Pacific North West Capital (PFN-V) has tabled encouraging results for nine holes drilled in the sixth-phase program under way at the River Valley platinum group metal property, 60 km northeast Sudbury, Ont.

The $5.3-million program is aimed at expanding the PGM mineralization. So far, more than 16,700 metres have been drilled, about one third of the 45,000 metres planned for this year. An updated resource estimate is expected in October.

Five of the nine holes were collared at Dana North and the remaining four were collared at Lismer’s Ridge North. Highlights from a few of the higher-grade holes are as follows:

— At Lismer’s Ridge North, hole 85 cut 25.5 metres averaging 0.48 gram platinum, 1.13 grams palladium and 0.04 gram gold per tonne starting at a down-hole depth of 184.5 metres. 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 of 1.45 grams platinum, 3.45 grams palladium and 0.1 gram gold.

— At Dana North, hole 110 cut half a metre of 1.71 grams platinum, 2.61 grams palladium and 0.02 gram gold starting at 3.5 metres down-hole. This was followed by a 36-metre interval of 0.37 gram platinum, 0.92 gram palladium and 0.06 gram gold starting at 23 metres down-hole. This second interval included a 3-metre section of 1.14 grams platinum, 3.25 grams palladium and 0.16 gram gold.

— Hole 111 at Dana North cut 3 metres grading 1.3 grams platinum, 2.52 grams palladium and 0.03 gram gold starting at 87 metres down-hole. This was followed by 30 metres of 0.25 gram platinum, 0.75 gram palladium and 0.05 gram gold starting at 123.50 metres down-hole. The latter interval included a 1.5-metre interval of 0.75 gram platinum, 2.13 grams palladium and 0.13 gram gold.

— Hole 113 at Dana North intersected 58 metres averaging 0.26 gram platinum, 0.73 gram palladium and 0.058 gram gold starting at 97 metres down-hole. This included a 14-metre section of 0.67 gram platinum, 2.14 grams palladium and 0.12 gram gold. Within this higher grade interval was a 1.5-metre section of 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 kilometres. The unit has been tested to a depth exceeding 400 metres vertically.

PGM values have been intersected in nearly all the holes drilled to date, and further drilling will try to increase the tonnage. In some areas, the company says, the mineralized breccia unit may increase in size and grade.

The River Valley project is owned equally by Pacific North West Capital and Anglo American Platinum (AAPTY-O). The latter can boost its stake to 60% by completing a feasibility study and to 65% by advancing the project to production. Including this year’s budget, Anglo Platinum has spent more than $12 million on the project.