Pacific North West Capital Intersects high grade gold up to 44.39 g/t (1.56 ounces/ton) at Destiny G
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Pacific North West Capital Intersects high grade gold up to 44.39 g/t (1.56 ounces/ton) at Destiny Gold Project, Québec
•High grade gold including 44.39 g/t (1.56 ounces./t), 39.5 g/t (1.39 ounces./t) and 20.6 g/t
•(0.72 ounces/t) across 0.5m intersected in wide shear zones
•Open along strike and at depth
•Phase 1 5000 metre diamond drill program underway
December 3, 2009 Vancouver, B.C. Pacific North West Capital Corp. (PFN) (TSX: PFN; OTCBB:
PAWEF; Frankfurt: P7J) and Alto Ventures Ltd. (ATV: TSX-V are pleased to announce highgrade gold results from the first five diamond drill holes completed at the DAC Deposit on the Destiny Gold Project, Quebec. High grade quartz veins including 44.39 g/t gold (1.56 oz./t), 39.5 g/t gold (1.39 oz./t)and 20.6 g/t gold (0.72 oz./t) across 0.5m were intersected. These veins occur within wide shear-related alteration zones which themselves are gold bearing.
Subject to final results of the current drill program, Pacific North West Capital plans to begin Phase II drilling in early 2010. A third phase of drilling is slated for Spring/Summer 2010 and its size will be dependent on the results found in Phases I & II. The objective of the above mentioned program is to expand the current NI 43-101 resources on the project.
These first five holes are part of a 5,000m, 14 hole drill program designed to expand the known resources at the DAC zone through infill and step-out drilling.
The property is located approximately 75 km north of Val d’Or in the Abitibi-Témiscamingue region, Quebec. The geological environment at Destiny is similar to the main Val d’Or belt, one of the major mining centres in the Province of Québec, and host to many mine development projects. The property is road accessible with excellent mining infrastructure and support facilities nearby.
Table of significant gold assays: http://www.irw-press.com/dokumente/PacificNorth_120110_EN.pdf
PFN has allocated a $600,000 budget to the Destiny Gold Project for 2009 and the work program is being managed by 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 (6.29 oz./ton) 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 company’s website). . Drill-hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
Pacific Northwest Capital Corp. has entered into an Option Agreement for the Destiny Gold Property. Under the terms of the Option Agreement, PFN will pay Alto Ventures Ltd., $200,000, provide Alto with 250,000 common shares of 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, the contract between the Parties calls for the formation of a Joint Venture with ATV 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 results reported represent mathematical averages of all analyses performed on each specific sample.
Robert J. Tremblay P. Geo (Quebec), Consulting Geologist to Alto Ventures, is responsible for supervision of the diamond drilling program.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J.F) is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Managementʹs 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, Pacific North West Capitalʹs current option/joint ventures agreements are with Anglo Platinum, First Nickel, Fire River Gold Corp. and Alto Ventures. 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. To that end, the company is in the process of adding key technical, and financial people to our management, advisory team and to our board of directors. Pacific North West Capital is an International Metals Group of Companies.
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 Quebec where it is focused on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
On behalf of the Board of Directors
Harry Barr
President and CEO
Further Information: Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: info(at)pfncapital.com, or visit www.pfncapital.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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. The conversion between grams/ton and ounces/ton were done through the facilities of http://www.metric-conversions.org/weight/grams-to-ounces.htm
Note: 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.
Leseranfragen:
PACIFIC NORTH WEST
2303 West 41st Avenue
Vancouver, B.C.
V6M 2A3 Canada
Toll Free: 1.800.667.1870
Telephone: +1.604.685.1870
Facsimile: +1.604.685.8045
Datum: 12.01.2010 - 13:01 Uhr
Sprache: Deutsch
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