- First and second year option agreement obligations fulfilled,
second year program commencing
- 2010 program includes the completion of an updated NI43-101
resource estimate
- High Resolution Airborne Magnetic Survey to map structural
controls to mineralization
- Borehole Electromagnetic Surveys to target massive sulphide
mineralization
- Drill program to commence on expanded targets in Nov 2010
VANCOUVER, Oct. 14 /PRNewswire/ - Pacific North West Capital
Corp. ("PFN") TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) and Alto
Ventures Ltd. ("ATV") TSX-V: ATV (together "the Companies") are
pleased to provide an update of proposed exploration activities for
2010 on the Destiny Gold Project, located near Val-d'Or, Québec. The 2010 Destiny exploration
program is currently underway and will focus primarily on high
resolution airborne magnetic surveys, borehole electromagnetic
surveying and drilling.
The drill program will focus on targets derived from the
geophysical surveys. The 2010 program will also include the
completion of an updated National Instrument 43-101, Standards of
Disclosure for Mineral Projects ("NI43-101") report with a resource
estimate that incorporates drilling carried out by PFN and ATV
prior to this campaign.
In 2009 and early 2010 PFN completed infill and step-out
drilling to expand the known resources at the DAC zone. The results
from these drill programs (See press release dated Dec. 3 2009, Jan.
15 and April 12 2010) will be
used to update the resource estimate and report the findings in
compliance with the NI43-101 standards of disclosure. The estimate
and report will be completed by Wardrop Engineering Inc.
The Destiny project area is transected by the Despinassy shear
zone, a local structure that may be related to the regionally
extensive Chicobi Fault Zone. 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 for a strike
distance over 4 km. The entire area is overlain by quaternary
glacial sediments which have obstructed surface mapping and
sampling of the mineralization. The underlying stratigraphy and
potential mineralization extends approximately 20 km along the
major Chicobi Fault Zone. This fault zone parallels the prolific
Cadillac-Larder and Destor-Porcupine Deformation Zones, which host
multi-million ounce deposits to the south. Recent structural
interpretations conducted on drill core by Robert J. Tremblay, PGeo, suggest that better
grade mineralization tends to be encountered in complexly folded
zones. A magnetic marker horizon is observable in the form of a
thin gabbroic intrusive which the Companies believe can be mapped
by the high resolution airborne magnetic survey.
Additional drilling conducted by the Companies in 2009-2010
revealed a massive sulphide mineralized zone adjacent to the gold
mineralization (see news releases dated February 18 and April 12,
2010). Drill hole DES10-137 returned 0.73 Cu, 6.4% Zn, 0.3
g/t Au and 18 g/t Ag over a one metre interval. Previous hole
DES06-94 returned 5.79% Cu, 3.42% Zn, 1.21 g/t Au and 118.0 g/t Ag
over a 0.7 m interval. The Companies interpret these sulphide
occurrences as important to the gold mineralizing system and have
elected to carry out bore hole pulse electromagnetic surveys (BHEM)
in certain drill holes to trace the extent of the massive sulphide
mineralization and to help guide drilling at depths greater than
500m. The three known deposits at the Destiny Gold Project are open
to depth and along strike.
Follow-up drilling will be conducted in November 2010, on a few select targets, once the
geophysical results are fully interpreted. The goal of the drilling
will be to test the effectiveness of the geophysics to highlight
areas of mineralization.
Qualified Person Statement
This news release has been reviewed and approved for technical
content by Mike Koziol, P. Geo, a
Qualified Person under the provisions of NI 43-101.
To view maps, please visit:
http://www.pfncapital.com/s/NewsReleases.asp?ReportID=423301
About the Destiny Gold Project
The Destiny Gold Project is under option from Alto Ventures Ltd.
Under the terms of the option agreement, PFN can earn a 60%
interest in the property over a four year period by completing
$3.5 million in exploration
expenditures, paying $200,000 and
providing a total of 250,000 PFN shares to Alto. The property
consists of 177 claims totalling 7,421 ha and is located
approximately 100 km by road north of the city of Val-d'Or. The property is accessible by
provincial highway 397 which passes through the property.
Pacific North West Capital has fulfilled its obligations for the
first two years of the option term as outlined in the agreement. As
of the date hereof the Company has paid $50,000 and has issued 75,000 shares to Alto
Ventures Ltd.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is
the DAC zone, which occurs over a strike length of about 600 m. 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 on the Alto Ventures website).
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company
with a portfolio of highly prospective properties in the Canadian
Shield. The Company is active in Québec in the Abitibi greenstone
belt where it has a number of projects including the Alcudia and
Destiny gold properties. In Ontario, the Company is exploring in the
Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the
acquisition of the Chilko project in British Columbia, the Company has added large
tonnage bulk-mineable porphyry style deposits to its exploration
targets.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a mineral exploration
company focused on Platinum Group Metals (PGM), precious and base
metals. Management's corporate philosophy is to be a Project
Generator, Explorer and Project Operator with the objective of
option/joint venturing projects with major and junior mining
companies through to production. To that end, PFN's current
option/joint ventures agreements are with Anglo Platinum, First
Nickel, Alto Ventures and PFN is a major shareholder of Fire River
Gold Corp. (www.firerivergold.com)
Pacific North West Capital Corp. is well funded with an
experienced management team and the ability to take advantage of
the tremendous under funded opportunities that are available in the
mining sector today.
Management of Pacific North West Capital plans to use their
technical, financing and deal making abilities to acquire
additional Platinum Group metals, base metals and precious metals
projects on an international scale. Pacific North West Capital is a
member of the International Metals Group
(www.internationalmetalsgroup.com) of Companies.
On behalf of the Board of Directors
(signed)
Harry Barr
President & C.E.O.
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 The Toronto Stock
Exchange, British Columbia Securities Commission and the United
States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.
Copyright . 14 PR Newswire