- Phase One Program of Pegmatite Sampling Completed on Lithman North, Lithium One and Lithium Two
- Assay Results currently pending from the lab
- Lithman East is currently being Explored
- Numerous Pegmatites have been Reviewed and Sampled in the field
- Objective of a Summer/Fall Program: to Complete both Geological Reports and Go Forward Recommendations, on each of the Company’s 5 Lithium Projects in Manitoba
October 11, 2016 Vancouver, British Columbia — Pacific North West Capital Corp. (“PFN”) (TSXV: PFN OTCQB: PAWEF FSE: P7J) is very pleased to announce drilling has commenced at its 100% owned River Valley platinum metal (PGM) Project near Sudbury Ontario. In the next few weeks, PFN plans to complete up to 1100 metres of diamond drilling on its high grade T2 Target in the north part of the 16 km long River Valley PGM deposit.
The drilling is planned to test extensions of the high-grade mineralization intersected in previous drilling between the Dana North Zone to the west and the Pardo Zone to the east (Figure 1). Previous drilling intersected thick intervals of high-grade mineralization (see PFN press release dated March 11, 2015) immediately adjacent to the Dana North Zone. The mineralization appears to be open to expansion by drilling along strike for up to 2 km between Dana North and Pardo, and up-dip and down-dip of the previous intersections.
The current plan is to drill four holes (Figure 2). The first hole will be drilled on the same section as the previous two holes to expand the mineralization up-dip toward surface. The second and third holes will be drilled on the next section to the east to expand the mineralization 50 metres along strike. The fourth hole will be drilled 200 metres along strike to test for the presence of favour geology and high-grade mineralization. Pending successful drill results, six additional holes are planned for drilling at T2 in early 2017. Numerous additional T2-like targets at River Valley are also under evaluation for drill testing in 2017.
PFN contracted Jacob Samuel Drilling Ltd of Sudbury to provide a diamond core drill rig. The drill program is being carried out with financial support from the Junior Exploration Assistance Program (JEAP Project 16011) (see PFN press release dated June 6, 2016).
“We are extremely pleased to commence our T2 Target drill program for 2016” said Mr. Harry Barr, Chairman & CEO of PFN. “We have been looking forward to drilling these follow-up holes since the discovery of T2 in early 2015. The presence of a new high-grade, near-surface mineralized zone adjacent to the access road could significantly impact the development potential of our 100% owned River Valley PGM Project”.
Figure 1. Geological map showing the location of the T2 Target on PFN’s 100% owned River Valley PGM Project. The T2 Target is situated between the Dana North Zone to the west and the Pardon Zone to the east, at the north end of the River Valley Project. Note that the distance between Dana North and Pardo is approximately 2 km and vastly underexplored.
Figure 2. Plan view of 3D models of the T2 Target feature, which is situated about 100 metres below surface to the east of the Dana North Zone. Holes T2-16-03 to T2-16-06 will be drilled in the current program. Holes T2-15-01 and T2-15-02, the discovery holes, were previously drilled in 2015.
About the company’s Platinum Group Metals Division
Achievements to date and future plans for River Valley are outlined below as follows:
- PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR;
- 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;
- Results for the current (2012) mineral resource estimate are below;
- 2015 drill program confirms new high grade T2 discovery
- Exploration and Development Plans outlined for 2016
- Ongoing strategic partner search for River Valley project
- Results for the most recent Metallurgical Testwork Study 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 River Valley deposit
- Resources under evaluation for development potential as open pit mining operation
- 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 required and field crews have completed ground-proofing targets, to better plan Fall and Winter Drill Programs
- Mineral prospecting and geological mapping on surface
- Drill programs targeted to add more higher grade
- Geological interpretation and 2D/3D modelling of all drill and surface results
- 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 Mine 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 PGM’s, 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.
Figure 2: PFN’s (Lithium Canada Dev.) Lithium Projects in Manitoba, Surrounding the Tanco Mine
Figure 3: Company Claim Blocks in the Clayton Valley area of Nevada
(Figure 3 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 Labor.
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.
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 a 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 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 statements.