Intent on discovering platinum group elements,
The junior has already tied up more than 16,000 ha in the area, with the latest acquisition adding a further 3,616 ha. Most of the existing claims cover portions of the Nipissing Diabase, within which showings of platinum, palladium and gold have been found.
The River Valley property covers the northern part of the gabbroanorthosite intrusion after which it is named. Several showings of platinum- palladium-rhodium are known, from which up to 12.64 grams per tonne of those metals have been returned in grab samples.
To earn a 100% interest, Pacific North West must pay $265,000 and issue 600,000 shares to the vendors over four years, plus spend $100,000 annually on exploration. The vendors retain a small royalty, a portion of which the company can acquire for cash.
Exploration of the known showings will be begin shortly, followed by property-wide mapping and prospecting.
Meanwhile, drilling has begun on a property in nearby Janes Twp., where the company is earning a 70% interest from a privately owned company. Ten holes are planned, all of which will target mineral showings and coincident chargeability highs that follow the contact between Nipissing diabase and underlying sediments.
Pacific North West has $1 million in cash and no debt.
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