River Valley yields more PGEs (September 27, 2001)

Pacific North West Capital (PFN-T) has received the remaining assay results from its fourth phase of drilling on the River Valley platinum-palladium project near Sudbury, Ont.

Better results from 18 holes drilled on the Dana Lake North and South zones include:

• Hole DL-39 46 metres (from 123 metres below surface) grading 0.328 grams platinum and 0.894 grams palladium per tonne, including several sub-intervals returning up to 5.3 grams platinum and 13.2 grams palladium;
• Hole DL-41 21.5 metres (from 102 m) of 0.57 gram platinum and 1.61 grams palladium, including 4.5 metres of 1.13 grams platinum and 2.75 grams palladium; and
• Hole DL-49 113 metres (from surface) of 0.36 gram platinum and 1.14 grams palladium, including 5.5 metres of 1.02 grams platinum and 3.5 grams palladium.

The remaining holes returned similar grades over smaller intervals.

Mineralization at Dana Lake is divided in two zones, both of which remain open. The Dana Lake South zone has been traced for 300 metres along strike and to a depth of 290 metres, whereas the Dana Lake North zone has been traced for 500 metres along strike and to a depth of 200 metres.

About 2 km to the southeast, at the Lismer’s Ridge area, drilling continues to yield encouraging results. Holes LR-38 to LR-44 all cut mineralization, with hole 42 cutting the longest section of 25.5 metres (from 145.5 m) grading 0.26 gram platinum and 0.7 gram palladium. An 11.5-metre interval higher in the hole ran 0.31 gram platinum and 0.98 gram palladium. The best grades were seen in a short 1.5-metre interval in hole LR-41, which ran 0.99 gram platinum and 3.24 grams palladium. As at Dana Lake, higher-grading sub-intervals were common, as were copper, nickel and gold credits.

An independent resource estimate is underway at each zone, incorporating results from all holes drilled to date. The results are expected in mid-October.

Exploration at River Valley is being funded by Anglo American Platinum (AAPTY-O) as part of its requirements to earn a 65% interest in the project. The requirements include the arranging of development financing.