Pacific North West Capital Corp.: Lithium Canada 2016 Phase One Exploration Program Update Southeastern Manitoba
October 27, 2016 (Source) —
- 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
Pacific North West Capital Corp. (“PFN”, the “Company”) (TSXV: PFN; FSE: P7J; OTCQB: PAWEF) announces that its 100% owned subsidiary, Lithium Canada Developments, has been conducting its Phase One Exploration Program, of Pegmatite Exploration, and Sampling, over the past several months in SE Manitoba. Phase One is Near Completion and Assay Results are pending from the laboratory.
The Company carried out a Surface Phase One Exploration Program in the latter part of the summer of and into the fall of 2016. The purpose of this program was to Examine and Sample the known Surface Pegmatites, for their Lithium and REE potential. To date, the Surface Programs on Lithman North, Lithium One and Lithium Two Projects have been Completed. The Lithman East Project is currently underway and should be completed by the end of October.
The Phase One Exploration Program, as planned, will lay the groundwork for Future Exploration Plans, the Completion of a Geological Report, having further recommendations, with the goal of defining Drill Programs on our Manitoba Li Projects. Historic records from the region have indicated the Presence of Lithium Minerals to be present in several of the Pegmatites. Sampling has been carried out to confirm Lithium values.
All projects are situated in the Cat Lake – Winnipeg River Pegmatite Field of SE Manitoba. This Pegmatite Field hosts the World Class Tanco Pegmatite, which has been mined from an underground operation at the Tanco Mine Site, in various capacities, since 1969. It used to be one of the primary producers of Spodumene (a primary Lithium ore) in North America.
Current NI43-101 compliant resource calculations are not available for the Tanco Pegmatite. Academic publications have estimated the size of the deposit to be up to approximately 57 million tonnes. The last non-compliant published mineral reserves from the Tanco Pegmatite (end of 1992) were 1.075 million tonnes of 0.12% Ta2O5, 3.5 million tonnes of 2.7% LiO2, and 315,000 tonnes of 23.3% Cs2O.
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About the Company’s Lithium Division
The Company’s new 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, Platinum Group Metals (PGM’s) 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 (PFN News Releases April 25th, 2016 and May 9th, 2016). The Company also has 5 Hard Rock Lithium projects in Canada (PFN News Releases April 21st, 2016; May 24th, 2016; June 15th, 2016; July 5th, 2016 and August 16th, 2016), located in the Cat Lake – Winnipeg River Pegmatite Field of SE Manitoba.
Lithium and Platinum Group Metal Prices Have Improved Dramatically 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.
An aggressive 2016/17 Acquisition and Exploration Program is underway, with the objective of having several projects at the Drill Ready stage, by early 2017.
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, with Options to buy down;
- 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
5.Exploration and Development Plans outlined for 2016
6.Ongoing Strategic Partner search for River Valley Project
7.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
8.Results for the 2015 Discovery Drill Program on the T2 Target are as follows:
- Drill hole intercepts much higher than average grade, of current mineral resource estimate
- Possible new mineralized zone, at the north end of the River Valley Deposit
- Recent results 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
9. Exploration and Development Plans for 2016:
- Mineral Prospecting and Geological Mapping on surface
- Drill Programs Targeted to add more, higher grade – Fall Drill Program, on the T2 Discovery, Underway
- Geological Interpretation and 2D/3D Modeling 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.
- Ongoing Strategic Partner Search for River Valley
11.Aggressive on-going Project Acquisition Program in North America, with Specific focus on the Sudbury Mining District and in Alaska
The contents contained herein, which relate to Exploration Results or Mineral Resources, is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist, for Pacific North West 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 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.
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