newsPacific North West Capital Corp (C:PFN)
Shares Issued 61,933,008
Last Close 10/14/2009 $0.14
Thursday October 15 2009 - News Release
Also Alto Ventures Ltd (C:ATV) News Release
Mr. Harry Barr of Pacific North West reports
DRILLING COMMENCES ON THE DESTINY GOLD PROJECT, QUEBEC
Pacific North West Capital Corp. (PFN) and Alto Ventures Ltd. confirm that a diamond drill has been mobilized and has commenced drilling on the Destiny gold project, located approximately 75 kilometres north of Val d'Or, in the Abitibi-Temiscamingue region of Quebec. The project is road accessible, and excellent mining infrastructure and support facilities are available in nearby Val d'Or.
Highlights:
- - 5000 metre diamond drill program in progress;
- - Property hosts high grade gold mineralization in quartz veins and alteration zones;
- - NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 grams per tonne (g/t) gold and an inferred resource of 444,753 tonnes grading 4.46 g/t gold;
- - Open along strike and at depth.
The fall work program will consist of approximately 5,000 metres of diamond drilling in approximately 14 holes. The program is designed to expand the known resources at the DAC zone through infill and step out drilling. This will be followed by an updated resource estimate to be completed in early 2010. PFN has allocated a $600,000 budget to the Destiny gold project for 2009, and the work program is being managed by Alto.
About the DAC deposit
The main area of mineralization on the Destiny Gold Project is the DAC zone, which occurs over a strike length of about 600 metres. In this area, four to five identifiable intervals of quartz veining and shear-related alteration zones carry high grade gold mineralization, with drill intersections up to 178.5 g/t gold over a drill width of 1.0 metres. The DAC zone hosts a NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 g/t gold (36,892 ounces) and an inferred resource of 444,753 tonnes grading 4.46 g/t gold (63,839 ounces) calculated by W.A. Hubacheck Consultants Ltd. in 2007 (see "A Resource Estimate of the DAC Gold Deposit, Despinassy Twp., Val d'Or, Québec" dated January 9, 2007, available at www.atloventures.com.
The DAC zone is open along strike and at depth. The Darla Zone, which lies 1 km east of the DAC Zone, was discovered in 2006. At this location, drilling intersected 19.5 g/t gold across 2.1 metre and 20.6 g/t over 0.8 metre. The occurrence of high grade gold mineralization in the Darla, DAC and 20 and 21 zones clearly indicates that the mineralizing system occurs across a significant portion of the property. Drill-hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
About the Destiny Gold Project
The Destiny Gold Project is underlain by Archean metavolcanic and metasedimentary rocks of the Abitibi Greenstone Belt. A regional scale structure, the Despinassy shear zone, transects the property. High grade gold mineralization occurs in quartz veins and alteration zones associated with this structure. Mineralization has been identified in several locations along the Despinassy shear zone on the property over a strike distance of about 6 km. The property consists of 175 mining claims totalling 7260 ha (17,940 acres).
The Destiny Gold Project is under Option to PFN. Under the terms of the Option Agreement, PFN will pay Alto $200,000, provide Alto with 250,000 common shares of PFN, and complete a total of $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the Destiny Gold Project. Subsequent to vesting of its interest, PFN will form a joint venture with Alto to further develop the project.
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
? 2009 Canjex Publishing Ltd.