Pacific North West Capital Corp. Phase I Drilling Final Results Confirm Continuity of the DAC Deposit at the Destiny Gold Project, Québec
TSX: PFNOTCBB: PAWEF FSE: P7J.F - 4.43 g/t gold across 2.0m intersected within 26.0m wide zone averaging 0.89 g/t gold - Semi-massive sulphide assaying 5.72% zinc also intersected - Phase II drilling program in progress - Deposit open along strike and to depth - NI 43-101 Compliant Resource with potential for expansion
VANCOUVER, Feb. 18 /PRNewswire-FirstCall/ - Pacific North West Capital Corp. ("PFN" "Company") (TSX: PFN; OTCBB: PAWEF; FSE: P7J) and Alto Ventures Ltd. (ATV: TSX-V) are pleased to provide the final drilling results for the last two holes and a summary of the Phase I program completed in December 2009 at the DAC Deposit on the Destiny Gold Project. The program consisted of 5,600m in 14 holes. Results from hole DES09-132 include 5.2m averaging 1.48 g/t gold and DES09-133 intersected 4.43 g/t gold across 2.0m within a 26.0m wide section averaging 0.89 g/t gold. In addition to the gold zones DES09-133 also cut 5.72% zinc and 21 g/t silver across a 0.85m wide semi-massive sulphide zone.
Results from the Phase I drilling program are very positive as they validate the deposit model and confirm continuity of gold mineralization between previous wide-spaced holes. Each of the holes targeting the DAC deposit intersected gold within multiple zones of shearing, strong alteration, quartz veins containing variable amounts of sulphides. Significant gold values were obtained in 100% of the holes drilled including high grade quartz veins containing up to 44.39 g/t gold and wide mineralized shear zones including 21.0m averaging 1.39 g/t gold (see table below)
The gold mineralized system remains open along strike and to depth. The Phase II drilling program is currently in progress testing for western extensions to the DAC deposit and to depths below 300m vertical. A Phase III program is slated for later this year.
The semi massive sulphide section cut in DES09-133 is part of a regionally extensive horizon that was intersected intermittently by previous drilling on the property. This horizon generally contains from 5 to 25% sulphides consisting mainly of pyrite and pyrrhotite. When present in the area of the DAC Deposit, the sulphide horizon usually occurs from 20 to 70 m in the hanging wall above the gold zones. During the 2006 drilling program, hole DES06-94 also intersected semi-massive to massive sulphides over 0.7m along this same horizon. The massive sulphide section in DES06-94 assayed 1.21 g/t gold, 117.0 g/t silver, 5.79% copper and 3.42% zinc. The economic significance of the base metals values in these two holes has not yet been determined but it is encouraging that sections of the hanging wall sulphide horizon do form local concentrations of semi-massive to massive sulphide mineralization that can carry significant amounts of copper and zinc. This may add a new dimension to the Destiny project as progress is made towards updating the NI43-101 resource estimates. PFN continues to fund the exploration work as part of its earn-in. Alto continues as project manager.
The property is located approximately 75 km north of Val d'Or in the Abitibi-Témiscamingue region of Québec. The geological environment at Destiny including the shear-hosted high grade quartz veins is similar to the main Val d'Or gold belt. Val d'Or is one of the major gold mining centres in the Province of Québec, and currently active with many new mine development projects. The property is road accessible with excellent mining infrastructure and support facilities nearby.
Table of Significant Gold Assays Phase I Drilling Program
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Hole Number From (m) To (m) Width (m) Au (g/t)
*downhole
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DES09-120 256.5 257.5 1.0 3.08
294.7 301.0 6.3 4.46
includes 299.2 299.7 0.5 44.39
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DES09-121 37.5 38.1 1.0 2.13
105.5 113.5 8.0 0.6
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DES09-122 103.7 111.2 7.5 1.9
Includes 110.7 111.2 0.5 3.34
145.0 159.5 14.5 0.7
includes 152.5 153.7 0.7 4.57
234.4 235.5 1.1 3.78
241.4 262.0 20.6 0.23
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DES09-123 160.0 165.2 5.2 2.43
Includes 163.7 164.7 1.0 9.74
199.0 217.3 18.3 1.05
Includes 200.0 201.0 1.0 10.81
236.4 271.5 35.1 0.46
includes 269.9 270.5 0.6 5.90
312.1 312.8 0.7 4.54
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DES09-124 217.0 229.0 12.0 0.39
232.0 237.2 5.2 2.26
Includes 233.5 234.0 0.5 20.62
250.0 266.0 16.0 0.31
276.0 291.2 15.2 1.29
Includes 279.0 280.0 1.0 5.81
and 285.5 286.0 0.5 8.42
330.8 335.7 4.9 4.61
includes 331.3 331.8 0.5 39.5
377.3 377.8 0.5 2.21
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DES09-125 332.3 353.3 21.0 1.39
Includes 333.8 334.3 0.5 33.57
379.0 401.4 22.4 0.91
Includes 380.0 387.6 7.6 1.52
and 399.4 399.9 0.5 7.2
includes 419.7 438.8 17.1 0.84
433.3 435.3 2.0 5.3
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DES09-126 295.2 322.5 27.3 0.56
includes 295.2 297.1 1.4 5.0
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DES09-127 438.8 451.2 12.4 0.79
includes 442.2 444.7 2.5 1.81
and 450.7 451.2 0.5 4.64
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DES09-128 315.0 318.6 3.6 1.37
and 458.1 458.6 0.5 2.99
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DES09-129 257.7 266.0 8.3 1.10
and 308.8 316.3 7.5 0.78
407.0 407.5 0.5 16.43
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DES09-130 299.2 312.6 13.4 0.7
Includes 305.5 306.7 1.2 6.02
354.4 374.2 19.8 0.53
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DES09-131 94.6 119.9 25.3 0.51
includes 116.8 118.9 2.1 2.42
131.0 170.5 49.5 0.36
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DES09-132 346.3 351.5 5.2 1.48
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DES09-133 365.2 391.2 26.0 0.89
includes 375.0 377.0 2.0 4.43
425.8 443.6 17.8 0.42
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*Based on core angles and previous drilling, true widths are estimated at approximately 80 to 90% of the downhole lengths reported. Mineralized zones generally start at 0.1 g/t gold and assay averages may include minimal intervals of waste material. No top cuts of assays were used.
Summary of Significant Base Metals Mineralization in Sulphide Zones
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Hole From To Width Au Ag Cu Zn
Number (m) (m) (m) (g) (g/t) (%) (%)
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DES09-133 292.65 293.5 0.85 0.03 21.0 0.12 5.72
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DES06-94 158.7 159.4 0.7 1.21 117.0 5.79 3.42
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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, Quebec" dated January 9, 2007, available on the Alto Ventures website). Drill-hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
About Destiny Gold Project
The Destiny Gold Property 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 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 Property. 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.
Quality Assurance/Quality Control
Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores were sawed in half and one half was delivered to a commercial laboratory. The samples were delivered to the Accurassay preparation laboratory in Sudbury where they were crushed and a 500 gram pulp was prepared. The pulp was then shipped to Accurassay Laboratories in Thunder Bay for analyses. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram aliquot taken from a 500 gram split from the submitted sample. Commercially prepared standards and blanks were inserted by Alto every 25 samples to ensure precision of the results. The laboratory performs repeat check assays every 10 samples on pulps to ensure internal lab quality control.
The laboratory was instructed to prepare and analyze a second 500 gram split from the reject for those samples that indicated gold values of between 1 g/t and 5 g/t on the initial analysis. The gold assaying method on the re-split uses a standard Fire Assay with Gravimetric finish technique on a 30 gram aliquot. Pulp metallic assays were performed on all samples the returned greater than 5 g/t gold on the first assay. The results reported represent mathematical averages of all analyses performed on each specific sample.
Robert J. Tremblay P. Geo (Québec), Consulting Geologist to Alto Ventures, was responsible for supervision of the diamond drilling program.
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 currently active in Québec where it is focussed on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. ("PFN") 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, PFNs current option/joint ventures agreements are with Anglo Platinum, First Nickel, Alto Ventures and is a major shareholder of Fire River Gold Corp. (www.firerivergold.com)
PFN. 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 PFN 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. To that end, the company is in the process of adding key technical and financial people to our management and our advisory team. Pacific North West Capital Corp. is a member of the International Metals Group (www.internationalmetalsgroup.com) of Companies.
On behalf of the Board of Directors
(signed)
Harry Barr
President and CEO
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Further Information: Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: [email protected], or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3
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The Toronto Stock Exchange has not reviewed and does not accept 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 The Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.
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