Pacific North West Capital's (TSX - PFN) Updated NI 43-101 Mineral Resource Estimate Reports Significant Increase in Contained Ounces of Gold - Video Highlights Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, January 26, 2011 - Pacific North West Capital
Corp., symbol "PFN" on the Toronto Stock Exchange (OTCBB - PAWEF and Frankfurt -
P7J) and Alto Ventures Ltd., symbol "ATV" on the TSX Venture Exchange announced
receipt of a draft NI 43-101 Technical Report, which includes a new Mineral
Resource Estimate for the DAC Gold Deposit on the Destiny Project located near
Val d'Or, Quebec.
The Report was prepared by Wardrop, a Tetra Tech Company and incorporates over
7,600 metres of additional drilling that was completed on the deposit subsequent
to an earlier NI 43-101 compliant resource estimate calculated by W. A.
Hubacheck Consultants Ltd and filed on SEDAR in 2007.
InvestmentPitch.com, a multimedia technology company, offering a combined
solution for creating, hosting, promoting and distributing video content for
public companies has prepared a video, including maps, summarizing the report,
which can be viewed here. If this link is unavailable, please visit
www.InvestmentPitch.com, and enter "Pacific North West" in the search bar.
Indicated and Inferred resources have been determined for the DAC Deposit. The
deposit is made up of narrow high grade gold-bearing quartz veins occurring
within five parallel alteration zones. These alteration zones carry gold at
lower grades than the quartz veins but are significantly wider. The Wardrop
report indicates that the additional drilling has expanded the DAC Deposit and
significantly increased the contained ounces of gold.
"We have far exceeded our objectives for this project over the past year. Our
initial goal was to double the previous resource on the DAC deposit and now we
see the potential for something much bigger", stated Harry Barr, President and
CEO of PFN.
At a cut-off grade of 0.5 g/t gold and using the Inverse Distance Squared (ID2)
estimation method, the five gold zones contain an Indicated Resource of about
10.8 million tonnes with an average grade of 1.05 g/t gold (364,000 contained
ounces). In addition, the Inferred Resource totals 8.3 million tonnes with an
average grade of 0.92 g/t gold (247,000 contained ounces).
A cut off grade of 0.5 g/t gold was selected to tabulate the total resources
based on the results of similar gold projects located in Ontario and Quebec. In
addition, the following parameters were considered; 4:1 stripping ratio,
operating costs of $14.30/tonne at 10,000 tonnes per day, long term gold price
of $US973/troy ounce, $US to $Cdn conversion of 1.02 and gold recovery of 94%.
The resources block considers the mineralization to start at approximately 15 m
below surface down to a depth of 400m for the deepest zone (Zone 5).
Warning - Mineral Resources are not Mineral Reserves and by definition do not
demonstrate economic viability.
A copy of the final NI 43-101 Report will be filed on SEDAR within 45 days.
The Destiny Project is under option from Alto Ventures Ltd. Under the terms of
the option agreement, Pacific North West Capital 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 Pacific North
West Capital shares to Alto Ventures. 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.
Pacific North West Capital is a member of the International Metals Group of
Companies, and can be located at www.internationalmetalsgroup.com.
This is a summary of the full news release previously issued by Pacific North
West Capital. For additional information regarding this report, please visit
www.pfncapital.com, or contact the company at 1-800-667-1870.
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1482789]
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Datum: 27.01.2011 - 05:57 Uhr
Sprache: Deutsch
News-ID 50770
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