Pacific North West Capital (PFN-T) posted more assays from its ongoing $5-million drill program at its River Valley platinum-group metals (PGM) project in Sudbury, Ont.
It released five assays from the Dana North Area, saying it has completed infill drilling, but will carry on with exploration drilling until year end.
Some of those assays released today include: 3.18 grams palladium, platinum and gold over 42 metres in hole 23; 2.57 grams palladium, platinum and gold over 35 metres in hole 22; and 2.47 grams palladium, platinum and gold over 35 metres in hole 21.
The junior enthuses the majority of the holes drilled to date have returned higher than expected PGM grades.
While upgrading the current resource, it says it will turn its attention to expanding mineralization, and testing new targets at River Valley.
Pacific North West plans to put out a new resource estimate for the wholly-owned project by March 2012.
A 2006 NI 43-101 report shows River Valley hosts a measured resource of 7.99 million tonnes grading 1.33 grams palladium, 0.44 gram platinum, 0.08 gram gold, 0.12% copper and 0.02% nickel. It had another 11.31 million tonnes of 1.08 grams palladium, 0.36 gram platinum, 0.07 gram gold, at similar copper and nickel percentages in indicated.
To get more money in its coffers to help advance River Valley, Pacific North West announced a $2.7-million non-brokered private placement today.
The financing consists of up to 2.5 million non-flow-through (NTF) units priced at 20¢ and up to 10 million flow-through (FT) units at 22¢.
Proceeds from the FT units will go towards River Valley, while funds from the NTF units will be earmarked for its other projects and potential acquisition plans.
On the drill results and financing news, the junior’s shares closed flat at 20¢.
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