(via Thenewswire.ca)
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-PFN’s newly staked claims increases size of its River Valley Extension property to
2150 ha
-Expands coverage of footwall and internal targets within the River Valley
Intrusion
-PFN’s property position at River Valley increased to a total of 76
km2 or 7600 ha
-PFN’s River Valley Project consists of a Primary Platinum Metal Deposit
-2.5 Moz Platinum Metals in near-surface Measured and Indicated Resources
-Within 100 road-km of Sudbury and strong infrastructure and community
support
-Summer-Fall Surface Exploration Programs underway
-New 100%-owned Li Division with Pegmatite Projects in Manitoba and Brine Projects
in Nevada – Summer/Fall surface programs underway
October 5, 2016 / TheNewswire / Vancouver, British Columbia – Pacific North West Capital Corp.
(“PFN” the “Company”) (TSXV: PFN OTCQB: PAWEF FSE: P7J) announces
staking of 8 new unpatented mining claims adjacent to its recently acquired River Valley Extension property (“RVX” – see PFN press
release dated August 4th, 2016), located next to
the company’s 100% owned River Valley PGM deposit (Figure 1). The River Valley PGM
deposit on RVX has been targeted in drill programs completed by the previous owner (Mustang Minerals Corp.) that returned
high-grade PGM assays at shallow depths. Collectively, the 100%-owned acquired and newly staked
claims of the RVX now comprise 2153 ha and are located within 100 road-kms of the City of Sudbury, Ontario.
The expanded RVX overlies the southeast extension of the River Valley PGM deposit, as
indicated in drill results, mineralized outcrops and geophysical surveys, and the footwall rocks and interior units of the River
Valley Intrusion. Recent drilling of the footwall rocks to PFN’s River Valley Project, located on
the same mineralized trend to the NW, discovered high-grade and near surface PGM mineralization at T2 (see PFN press release dated
March 11th, 2015). Geological and geophysical trends on the RVX suggest
presence of similar footwall targets.
Internally, the River Valley Intrusion on the RVX remains vastly under-explored.
Surface grab samples, geophysical surveys and sporadic drilling on the RVX have returned high-grade PGM assays.
However, the focus of exploration has generally been along the basal margin of the River Valley Intrusion
and, more recently, in the footwall rocks to the intrusion. Field exploration programs are currently underway on the RVX to develop
targets for drill testing, in 2017. Approximately $140K in assessment credits can be applied to the claims within the RVX
property, allowing PFN to focus exploration on the highest priority targets.
Click Image To View Full Size
Figure 1: Geological map showing the location of PFN’s 100% owned River Valley
Extension PGM property over the southeast corner of the River Valley Intrusion, adjacent to the River Valley PGM Project.
About PFN’s Platinum Group Metals Division
River Valley is Canada’s Largest Undeveloped Primary PGM Deposit.
Achievements to date and Future Plans for River Valley are outlined below as
follows:
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1.PFN currently has 100% ownership
in the River Valley Project, subject to a 3% NSR, with Options to Buy Down
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2.Completed Exploration and
Development Programs, on the River Valley Property:
Include more than 600 holes drilled, since year 2000, and several Mineral Resource Estimates and
Metallurgical Studies
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3.Results for the current (2012) Mineral
Resource Estimate are below
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4.2015 Drill Program confirms New
High Grade T2 Discovery
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5.Exploration and Development Plans outlined
for 2016
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6.Ongoing Strategic Partner Search
for River Valley Project
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7.Results for the current Mineral
Resource Estimate are summarized below:
- Prepared by Tetra Tech (Wardrop)
- High Confidence: Measured plus
Indicated = 72% of total
- Reported on PdEq basis: Pd=40% & Pt=20% of the Payable Metals
- Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
- High Grade Potential: particularly in the north part of the River Valley Deposit
- Resources under Evaluation for Development Potential as Open Pit Mining
Operation
Click Image To View Full Size
Click Image To View Full Size
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8.Results for the 2015 Discovery
Drill Program on the T2 Target are as follows:
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-Drill hole intercepts much higher than the average grade, of current Mineral Resource
Estimate
-Possible New Mineralized Zone at the north end of the River Valley Deposit
-Show potential to take the River Valley PGM Project in a New Direction
-More drilling planned
Click Image To View Full Size
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9. Exploration and
Development Plans for 2016
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-Mineral Prospecting and Geological Mapping on surface: In Progress
-Drill Programs targeted to add more, higher grade: Drilling Slated for Fall 2016
-Geological Interpretation and 2D/3D Modelling of all Drill and Surface Results
-Ongoing Strategic Partner Search for River Valley
Map showing the location of River Valley PGM Project relative to the City of
Sudbury.
About PFN’s Lithium Division
The Company’s Lithium Division will focus on the Discovery,
Acquisition, Exploration and Development of Lithium Projects in Canada. In the United States, the Company will use its wholly owned
U.S.A subsidiary to Acquire and Develop Projects, in Active Mining Camps, in Nevada, Arizona and California.
Management believes that these New Age Metals, Lithium, PGMs and Rare Earths, have
robust macro trends with surging demands and limited supply. Going forward, this New Division will
Explore for the Minerals needed to fuel the demand for Energy Storage and other Core 21st Century Technologies.
The Company has a Growing Portfolio of Lithium Projects: The Clayton Valley Forks Li Project, in Nevada, is a recent Lithium Brine Project acquired by the Company
(see PFN News Releases:
April 25th, 2016 and May 9th, 2016).
The Company also has several Hard Rock Lithium Projects in Canada: To date the Company has Acquired 5 Hard Rock Lithium Projects, in the Winnipeg River Pegmatite Field, in SE Manitoba
(see PFN News Releases: April
21st
2016, May24th, 2016,
June 15th, 2016, July 5th, 2016 and
July 21st, 2016).
This Pegmatite Field hosts the giant Tanco Pegmatite that has been mined for Tantalum, Cesium and
Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. Today,
the Tanco Mine is focused on the Mining and Production of Cesium Formate, a drilling fluid for the petroleum industry. PFN’s Li
Projects are strategically situated to further Explore this Pegmatite Field. Presently, the
Company is the Largest Claim Holder in the Winnipeg River Pegmatite Field.
Lithium and Platinum Group Metal Prices have improved drastically in recent months.
Lithium supplies remain in deficit, relative to their demand. Both Metals
Groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGMs, demand is
increasing for Autocatalysts, a key component for reducing toxic emissions, for automotive,
gasoline and diesel engines. Regarding Lithium, there is an ever increasing
demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy
products.
Click Image To View Full Size
PFN’s 5 New Lithium Projects in Manitoba, Surrounding Tanco Mine
Click Image To View Full Size
Figure 1: Company claim blocks in the Clayton Valley area of Nevada
(Figure 1 is a Company-made
composite and not intended for redistribution.
The Company accepts no responsibility for the accuracy of these claim blocks, other than the claim
block associated with the Clayton Valley Forks Li Project)
Clayton Valley is located in Esmeralda County, Nevada, host to the Albemarle
Corporation’s Silver Peak Lithium Mine and Brine processing operations. The mine has been in operation since 1967 and remains the
only Brine based Lithium Producer in North America. The new project acquisition in Nevada provides the
Company a project, in an area that is well known for its Lithium Carbonate production. Clayton Valley is a centralized location in
Nevada, with highway access, power infrastructure, water and local labour.
The company’s new Lithium Brine Project will be approximately 3.5 hours away
from Tesla’s Gigafactory, which has a planned annual Lithium-ion battery production capacity of 35 gigawatt-hours per year, by 2020. The CV West Li project is located approximately 3 hours north of the Faraday Electric Car
Factory to be operated in Las Vegas, Nevada.
Clayton Valley is one of the few locations globally known to contain commercial-grade
Lithium-Enriched Brines.
QUALIFIED PERSON
The contents contained herein that relates to Exploration Results or Mineral Resources is based on
information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital.
Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical
content.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward Looking Statements: This release
contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual
future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact
may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the
Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”,
“will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their
nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors,
including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current
public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other
factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that
identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly
any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue reliance on forward-looking
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