High grades at River Valley

Vancouver — Results from an ongoing 11,000-metre drill program by Pacific North West Capital (PFN-V) continue to show high-grade zones within a broad envelope of lower-grade mineralization at the River Valley platinum-palladium project, 70 km east of Sudbury, Ont.

Assays from four new holes confirm the potential for a high-grade resource that could be selectively mined underground, in addition to the primary, but lower-grade, bulk-tonnage target.

At the South zone, in the Dana Lake area, hole 4 cut 35.7 metres grading 0.94 gram platinum, 3.7 grams palladium and 0.16 gram gold per tonne at a down-hole depth of 147.6 metres. This high-grade zone is enveloped by 207 metres grading 0.2 gram platinum, 0.7 gram palladium and 0.04 gram gold.

Collared 43 metres to the west, hole 5 returned 6.8 metres averaging 0.33 gram platinum, 1.38 grams palladium and 0.06 gram gold at 208.9 metres down-hole. Mineralization at the zone remains open to the north, south and at depth.

A second rig is turning 1.3 km southeast at the Lismer Ridge area, where hole 5, in the latest program, hit 12 metres grading 0.2 gram platinum, 0.7 gram palladium and 0.1 gram gold at 50.5 metres down-hole.

Some 225 metres to the southeast, hole 6 returned 3.1 metres grading 0.61 gram platinum, 0.56 gram palladium and 0.03 gram gold at 54 metres down-hole. The Lismer Ridge contact zone remains open to the northwest, southeast and at depth.

The junior intends to delay drill-testing of additional targets to the southeast, including the high-grade Varley showing, in order to define the mineralization at Lismer Ridge.

The property overlies the northern part of the layered mafic River Valley intrusion. The current drill program is part of a $2-million exploration budget approved by the junior’s joint-venture partner, Anglo Platinum (Amplats).

To date, assay results have been received from 43 holes spanning four drill programs in the Dana Lake area. Mineralized mafic breccias have been outlined over a 900-metre strike length, over widths of more than 40 metres and to a vertical depth of 200 metres. The Lismer Ridge area has been tested by nine holes to vertical depths of 127 metres.

Anglo Platinum, a traded subsidiary of South Africa’s Anglo-American (AAUK-Q), can earn a 65% stake in the property by funding it through to production.

Drilling is expected to resume in late April.