Pacific North West upgrades River Valley PGM resource

Vancouver – An updated resource estimate at joint venture partners Pacific North West Capital’s (PFN-T) and Anglo American Platinum’s (AAPTY-Q) Sudbury-area River Valley PGM project shows a roughly 20% increase in contained platinum group metals.

The revised mineral resource estimate, independently conducted and NI 43-101 compliant, encompasses data from over 320 drill holes totaling in excess of 67,000 metres, focused primarily on the Dana Lake and Lismer’s Ridge areas of the River Valley project.

The latest phase of infill drilling has facilitated an upgrade of previously classified inferred resource to the measured and indicated category.

The measured and indicated resource, at Dana and Lismer’s Ridge, now stands at 25.4 million tonnes grading 0.98 grams palladium per tonne, 0.34 grams platinum and 0.06 grams gold. Contained metal is outlined as 798,300 oz. palladium, 273,200 oz. platinum and 49,700 oz. gold.

An additional inferred resource, that also includes the Varley zone, of 3.6 million tonnes grading 0.76 grams palladium, 0.28 grams platinum and 0.05 grams gold, has been calculated.

Anglo Platinum, who can earn up to a 65% interest in the project by taking it to production, recently approved a $3 million budget for its exploration programs covering the remainder of this year. Work will focus on both expanding known resources and delineating new ones through a further 15,000 metres of drilling in addition to major surface exploration and an aeromagnetic survey.

Platinum group metals (PGM) at River Valley occur in what is classified as “contact style” magmatic sulphide mineralization. It is hosted within a contact breccia zone of the River Valley layered mafic intrusive, an early Proterozoic layered gabbro-anorthosite that is part of the Huronian-Nipissing Magmatic Belt.

Zones of PGM mineralization and enrichment have been outlined along the 9-km. of strike length of the breccia unit on the property.

Anglo Platinum, the largest primary platinum producer in the world, has committed in excess of $12 million on the project.

Pacific North West Capital reports 29 million shares outstanding, as of the latest figures and the issue has recently traded in the range of 55-65 per share.