PFN cuts precious metals near Sudbury

A second phase of drilling at the Janes property in northern Ontario has intersected additional values of platinum group elements for Pacific North West Capital (PFN-T).

Hole 19 cut 28.2 metres (from 105.25 to 133.45 metres) of disseminated to massive sulphides averaging 0.31 gram of combined platinum, palladium and gold (PPG) per tonne, plus 0.81% copper and 0.1% nickel. The mineralization is hosted by brecciated sedimentary and gabbroic rocks that connect 140 metres updip with a surface showing that averages 4.36 grams PPG, 1.04% copper and 0.42% nickel over 13.3 metres.

Within the interval is a 0.3-metre lens of semi-massive chalcopyrite-pentlandite-pyrrhotite that averages 4.36 grams PPG, plus 1.04% copper and 0.42% nickel over 13.3 metres. Previous operators intersected a similar but larger lens; it averaged 1.8 grams PPG, 1.86% copper and 1.51% nickel over its 7.9-metre core length.

Hole 14 targeted the same showing as hole 19, but stepped out several tens of metres along strike to the northeast. The hole yielded 0.77 gram PPG, 0.35% copper and 0.16% nickel over 30 metres (48.2-78.2 metres). The final 9.75 metres graded 1.56 grams PPG, 0.4% copper and 0.19% nickel.

Results from hole 16 point to an increase in precious metal grades to the southwest. Collared on Trench 11, which exposes the most southern showing, the hole averaged 1.22 grams PPG, 0.48% copper and 0.22% nickel over 39.04 metres (25.6-37.5 metres). The final 5.41 metres of the interval averaged 4.21 grams PPG, 0.53% copper and 0.28% nickel.

Mineralization at Janes is hosted by the Nipissing diabase, along a section in contact with sedimentary rocks of the Gowganda Formation. The zone of interest measures roughly 700 metres in strike length.

The next phase of drilling will focus on extending mineralization farther to the south and downdip.

From a private vendor, PNF can earn 70% interests in the Janes and nearby Kelly properties by spending $1 million on exploration over four years, completing a feasibility study and arranging project financing. Exploration is being funded by South African-based Anglo American Platinum, which can earn half of PFN’s interest (or what it can acquire) in these and other select properties by providing $4 million over five years.

Meanwhile, Mustang Minerals (MMIN-C) has raised more than $1 million in an arm’s-length private placement that saw 2.6 million shares and 603,865 warrants issued. The offering represents 29.9% of the company’s outstanding shares.

Proceeds are earmarked for the East Bull Lake property, 80 km west of Sudbury. An upcoming drill program will focus on the Bullfrog target, which is one of two being explored as potential deposits of platinum group elements (T.N.M., Jan. 24/00).