Anglo Platinum funds River Valley program

Pacific North West Capital (PFN-V) is gearing up for another round of drilling at its River Valley platinum group metals (PGM) project in Ontario’s Sudbury region.

The company’s partner, Anglo Platinum, has allocated $2 million for the project as part of its earn-in requirements. To earn a half-interest in River Valley and other select properties, the major must spend $4 million on exploration.

Over the past two years, drilling and other means of exploration have indentified near-surface PGM mineralization along the northern border of the layered mafic intrusion after which the property is named. The upcoming campaign will use two drill rigs to sink 10,000 metres in the Dana Lake zone and other (less-advanced) targets elsewhere along the intrusive contact.

Pacific North West Capital (PNWC), which operates the project, expects to complete the program by June. Besides drilling, the work will consist of geophysics and trenching.

To date, 37 holes comprising 6,562 metres have outlined the Dana Lake zone over a strike length of 900 metres, along which it widens to more than 40 metres and extends to 190 metres in vertical depth. Tighter drill spacings are required to calculate a resource, owing to the variable grades and widths of mineralization obtained so far.

Meanwhile, PNWC is wrapping up preliminary exploration of the Agnew Lake PGM property, 60 km west of Sudbury. Geological and geophysical surveys were carried out.

Like River Valley, Agnew Lake overlies a layered mafic intrusion. PNWC can earn a half-interest in the property by spending $500,000 on exploration, as well as paying $200,000 and issuing 50,000 shares to New Millennium Metals (PGM-V).