Pacific North West Capital (PFN-T) saw it shares surge 24% as it released another nine assays from its River Valley primary platinum group metals (PGM) deposit near Sudbury, Ont.
The drill results are part of the first phase exploration program, which started last April. The $5-million program consists of 15,500 metres.
Pacific says the results from the project’s Dana North area continue to return high-grade PGM mineralization over wide intervals.
Three notable intersections on Dana North include: 33 metres grading 2.11 grams per tonne of palladium, platinum and gold in hole 32; 54 metres carrying 2.08 grams per tonne of palladium, platinum and gold in hole 33; and 20 metres of 2.77 grams per tonne of palladium, platinum and gold in hole 34.
The company drilled infill holes 30 to 33 on the southern portion of Dana North. The first two of those holes tested the shallower parts of the breccia zone, and extended the PGM mineralization up-dip to surface by about 40 metres, whereas the last two holes tested mineralization at depth, expanding the zone down-dip.
Hole 32, which was the deepest-drilled hole of the first phase, hit mineralization at 385 metres from surface.
The junior then punched five infill holes in the northern portion of the Dana North area to test about 100 metres of strike, with the first two of these holes hitting wide intervals of mineralization.
So far, the company has completed 53 holes or about 15,000 metres of the first phase program. Pacific plans to use the data to update the resource by March.
On the drill results, Pacific North shares gained 3¢ to close at 15.5¢.
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