Pacific North West Capital Corp Releases Varley Assay Drilling Results
Pacific North West Capital Varley Assay Results Intersect, Broad Zones of PGM Mineralization, River Valley PGM Project, Sudbury, Ontario
Vancouver, BC (PRWEB) May 26, 2005 -- Pacific North West Capital Corp. (PFN:
TSX, OTCBB: PAWEF))reports assays from drilling in the Varley Zone and Varley
Extension on the River Valley Project.
Assay results from the Varley
Zone are indicating broad zones of PGM mineralization. In addition assay results
from the Varley Extension Area indicate new anomalous zones along the contact as
well as within the intrusive (see Intersection Table at http://www.pfncapital.com/s/NewsReleases.asp?ReportID=107323).
The drill holes were all drilled across strike (See Location Table at http://www.pfncapital.com/s/NewsReleases.asp?ReportID=107323).
The dip of the zone varies along strike and to depth but generally dips
southwest between 65 and 75 degrees.
Assay results are still pending from
five holes in the Varley Zone, seven holes in the Varley Extension Area, and six
holes in the Jackson Flats Area. All assay values from the Lismer Extension
drilling have been received. Current interpretation of the drill data suggests a
repetition of the host breccia mineralization with the targeted areas.
Significant sulphide mineralization was intersected in all of the areas
and the zones are still open in along strike and to depth.
Updated
Resource Estimate
Once all of the assay results have been received and
compiled, a revised resource calculation will be completed which will include
the mineralization from the Lismer Extension Zone and upgraded mineralization
from the Varley Zone.
Phase Seven Budget Summary
April 2004 to April
2005 -- Drilling, Bulk Sample PFN, in joint venture with Anglo American Platinum
Corporation Limited (Anglo Platinum) has completed the $3.0 million Phase Seven
program. The program completed 20,740 metres of diamond drilling, metallurgical
testing and the collection of a 40 tonne bulk sample for metallurgical testing
on the Dana North and Dana South Zones.
In the Phase seven program
particular emphases has been placed on expanding targets identified by
reconnaissance drilling, geophysics and geological mapping, especially along the
northern contact of the intrusive. The known platinum-palladium mineralization
has been identified within the contact breccia zone over a strike length in
excess of 15 kilometres. The mineral resource estimates have been primarily
concentrated in the Dana Lake and Lismer's Ridge Zones, over a three kilometre
strike length.
The Qualified Person for this release is John Londry, VP
Exploration.
About Pacific North West Capital
Pacific North West
Capital Corp. (TSX: PFN; OTCBB: PAWEF) is an exploration company focused on the
discovery of platinum group metals in North America. PFN is currently exploring
the River Valley Project (joint ventured with Anglo American Platinum
Corporation Limited ("Anglo Platinum"), the world's largest primary producer of
platinum) and the Agnew Lake Project, currently under option to Anglo
Platinum.
Anglo Platinum has committed over $15.8 million to the River
Valley Project to date and may earn a 65% interest by funding it through to
production. In Alaska, PFN has a Joint Venture Agreement with Lonmin Plc, the
world's third largest primary underground platinum group metals producer. In
late 2004 PFN established a Nickel Division and currently has an Option Joint
Venture in the Timmins Mining District with Falconbridge Ltd. (please visit www.pfncapital.com for
additional information on the Company and it's properties).
On behalf of
the Board of Directors
"Harry Barr"
Harry Barr, President & CEO
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news
release may contain certain "Forward-Looking Statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time to time with The Toronto Stock Exchange, British
Columbia Securities Commission and the United States Securities & Exchange
Commission. Not to be construed as an offer to buy or sell securities of this
company.
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Source : http://www.prweb.com/releases/2005/5/prweb244309.htm