Drilling adds lustre to PNWC’s River Valley project

The latest drill results from the River Valley platinum group metals PGM prospect, near Sudbury, Ont., have induced Pacific North West Capital (PFN-V) to step up exploration.

The Vancouver-based junior tabled results from the first 10 holes of a 13-hole, third phase of drilling, which was centred on the northern end of the Dana Lake prospect. To date, 37 holes, totalling 6,562 metres, have been drilled in the Dana Lake area.

Mineralized mafic breccias have been outlined over a 900-metre strike length, over widths of more than 40 metres and to a vertical depth of 190 metres. The variable grades and widths of intersections confirm that closely spaced drill holes will be required in order to outline a bulk-tonnage deposit.

Highlights from the phase-3 program are as follows:

– Hole 28 was drilled vertically and cut 151.4 metres grading 0.36 gram palladium, 0.16 gram platinum and 0.04 gram gold per tonne from a down-hole depth of 0.6 metre. Included in this broad section were several higher-grade intervals that returned up to 3.6 grams palladium, 1.2 grams platinum and 0.02 gram gold over 0.65 metre, at a down-hole depth of 57 metres.

– Hole 29, collared 55 metres to the east, was drilled vertically and returned 106.1 metres grading 0.48 gram palladium, 0.19 gram platinum and 0.04 gram gold from 93.9 metres down-hole. This intercept also contained several higher-grade portions, ranging up to 2.5 grams palladium, 0.9 gram platinum and 0.19 gram gold over 6.9 metres from 143.6 metres down-hole.

– A hundred metres to the south and 130 metres to the west, hole 30 was drilled in an easterly direction and inclined at an angle of minus 45. It hit two narrow mineralized zones that returned 0.27 gram palladium, 0.9 gram platinum and 0.006 gram gold over 1.5 metres from 192.5 metres down-hole, followed by 0.79 gram palladium, 0.25 gram platinum and 0.04 gram gold over 2.4 metres from 215 metres down-hole.

– A further 300 metres to the south and 372 metres to the east, hole 31 was drilled in an easterly direction and angled at minus 45. It cut three narrow zones of mineralization of up to 1.1 gram palladium, 0.4 gram platinum and 0.03 gram gold over 2.55 metres.

– Collared 50 metres to the north and 80 metres to the east, hole 32 was drilled in a westerly direction and angled at minus 45. It returned 2.17 grams palladium, 0.49 gram platinum and 0.15 gram gold over 0.6 metre from 15.4 metres down-hole, followed by 3.6 metres averaging 0.62 gram palladium, 0.22 gram platinum and 0.03 gram gold from 29.9 metres down-hole.

– Hole 33 was sunk 125 metres to the north and some 240 metres to the west. It was drilled in a northeasterly direction and angled at 45, hitting 7.8 metres grading 0.89 gram palladium, 0.32 gram platinum and 0.05 gram gold from 16.9 metres down-hole.

– Hole 34 was put down 75 metres north and about 100 metres east. Drilled in a westerly direction and angled at minus 70, it cut 4 metres averaging 0.84 gram palladium, 0.3 gram platinum and 0.04 gram gold from 173 metres down-hole.

– Collared 40 metres south and 140 metres to the west, hole 37 was drilled east-northeast and angled at minus 45. It cut 18.6 metres grading 1.85 grams palladium, 0.72 gram platinum and 0.1 gram gold from 42.5 metres down-hole, followed by 6.2 metres averaging 0.78 gram palladium, 0.24 gram platinum and 0.04 gram gold at a down-hole depth of 81.5 metres.

– Hole 36 was collared at the South zone, some 585 metres south and 100 metres west of hole 34. Drilled to the east and angled at minus 45, it tested the downdip extension of mineralization hit in previously reported hole 13 (14.4 metres grading 3.2 grams combined palladium-platinum-gold). Hole 36 returned an impressive 174.4 metres grading 1.13 grams palladium, 0.4 gram platinum and 0.09 gram gold from 60.5 metres down-hole. Included in this section were six higher-grade zones returning up to 5.17 grams palladium, 1.66 grams platinum and 0.38 gram gold over 8.8 metres from 186.2 metres down-hole.

Holes 38, 39 and 40 were collared in the Lismer’s Ridge area, 1.5 km southeast of the South zone, on the Dana Lake prospect. Assay results for these holes are still pending.

The first phase of drilling (completed in July) consisted of 13 holes, all of which cut platinum group metal values over a portion of an induced-polarization anomaly outlined in 1999. In the second phase, 14 holes (2,820 metres) tested the dip, width and depth extent of PGM mineralization.

In return for spending $4 million on exploration, Anglo American Platinum (Amplats), a traded subsidiary of South Africa’s Anglo American, stands to earn a half-interest in various properties owned by Pacific North West. On the River Valley project, the major was required to spend a minimum of $1 million. Amplats subsequently increased the budget and spent an extra $500,000 on the third phase of drilling.

Pacific North West plans to accelerate its exploration program over the next 14 months.