April 6, 2016 Vancouver, Canada – Pacific North West Capital Corp. (“PFN”, the “Company” and “Lithium Canada Inc.”) (TSX.V: PFN; Frankfurt: P7J.F; OTCQX: PAWEF is pleased to provide a corporate update on the business plan for Pacific North West Capital. This update will also outline our progress to date and our goals and objectives for 2016 and beyond.
PFN is a junior company focused on acquisition, exploration and development of platinum group metals (PGM) properties in Canada and U.S.A. Its flagship is the River Valley PGM Project near Sudbury, Ontario (see below). River Valley is a primary PGM deposit, like the Lac des Iles and Stillwater Mine deposits of Canada and USA, respectively. This means that the majority of potential payable metal from a possible mining operation at River Valley would be palladium plus platinum rather than nickel plus copper. Primary PGM deposits are rare outside of South Africa and Russia and River Valley is the largest undeveloped primary PGM deposit in Canada. Sudbury is one of the top five nickel-copper-PGM sulphide mining and processing centres globally. Part of our 2016 plan is to partner with a Major mining company and or a Private Equity finance company to help PFN further develop the River Valley project.
The directors and management of PFN have decided to add a second division to its project portfolio. A new Lithium and Rare Earth Division is planned. Management believes that PGM’s and Lithium and certain rare earths (Green metals) have excellent future growth potential and strong market demand. Going forward, this new division will explore for the minerals needed to fuel the demand of our 21st Century Technologies. This new direction will involve the acquisition of new projects and additions to our existing technical team.
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
- 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
- Results for the most recent Metallurgical Testwork Study are summarized below:
- Results for the 2015 discovery drill program on the T2 target are as follows:
- 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
- Exploration and Development Plans for 2016
- 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
- Application to the OPA’s Junior Exploration Assistance Program (JEAP) for 33% refund of all exploration expenditures up to $300,000.
- Strategic Partner Search for River Valley
The junior exploration industry has suffered for 5 years from economic uncertainty and a marked decrease in venture capital for mineral exploration and project development. However, platinum metal and Lithium prices have markedly improved in recent months and supplies remain in deficit relative to demand, primarily from the expanding automobile industry worldwide and in the case of Lithium, ever increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products. PFN directors, management and consultants continue to work diligently to finance the company and move existing and new projects forward.
On behalf of Management and the Board of Directors, I wish to thank you for your patience and continued support over the last 5 years and we look forward to a strong comeback for the Junior Mining industry.
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 PFN. 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
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.
Disclaimer: 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 TSX Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.