PFN winds down River Valley drilling

Junior Pacific North West Capital (PFN-T) has released the final results of a fourth phase of drilling at the River Valley palladium project near Sudbury, Ont.

Ninety-eight holes were sunk at the Dana Lake and Lismer’s Ridge zones. Highlights from the last 18 holes are as follows:

– Hole 39 cut 46 metres (starting at a down-hole depth of 123 metres) averaging 0.89 gram palladium and 0.33 gram platinum per tonne, including several higher-grading sections of up to 13.2 grams palladium and 5.3 grams platinum.

– Hole 41 cut 21.5 metres (starting at 102 metres) grading 1.61 grams palladium and 0.57 gram platinum, including 2.75 grams palladium and 1.13 grams platinum over 4.5 metres. That interval itself was part of a larger section averaging 0.76 gram palladium and 0.28 gram platinum over 52.5 metres.

– Hole 49 cut 113 metres (starting at surface) grading 1.14 grams palladium and 0.36 gram platinum, including 3.5 grams palladium and 1.02 grams platinum over 5.5 metres.

Similiar grades, but over smaller widths, were encountered in the remaining 14 holes.

Mineralization at Dana Lake is divided into two zones, both of which remain open. The Dana Lake South zone has been traced for 300 metres along the River Valley intrusion’s contact and to a depth of 290 metres, whereas Dana Lake North has been traced for 500 metres along strike and to a depth of 200 metres.

Lismer’s Ridge, about 2 km to the southeast, is also a contact-mineralization target. Of the latest seven holes drilled there, hole 42 cut the longest interval of 25.5 metres (starting at 145.5 metres) grading 0.7 gram palladium and 0.26 gram platinum.

Within that, 11.5 metres ran 0.98 gram palladium and 0.31 gram platinum.

The highest grades came from hole 41, which averaged 3.24 grams palladium and 0.99 gram platinum over 1.5 metres. As at Dana Lake, higher-grading sub-intervals are common at Lismer’s Ridge, as are credits of copper, nickel and gold.

Pacific North West has ordered an independent resource estimate for each zone. The calculation, expected by mid-October, will incorporate results from all drilling to date.

Exploration at River Valley is funded by Anglo American Platinum (AAPTY-O) as part of its requirements to earn a 65% interest in the project. The major must also raise the necessary development financing.

Pacific North West has submitted a proposal for the next exploration phase, including a drill program to test other areas on the property.

These targets include Jackson’s Flats, where more than 3.94 grams palladium has been recovered from outcrop, and the Banshee Lake area, where in excess of 1 gram palladium has been recovered.