Pacific North West Capital Provides a Corporate Update
April 6, 2016 (Source) — Pacific North West Capital Corp. (“PFN” and the “Company”) (TSX.V: PFN; Frankfurt: PJA.F; OTC Pink: 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
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7.Results for the most recent Metallurgical Testwork Study are summarized below:
8.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
9. 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.
QUALIFIED PERSONThe 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.
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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