- Option to acquire 100% of a strategic lithium project
- Claims situated 8.5 km SE of the Tanco Mine Site
- 40 historical surface pegmatites, many lithium bearing
- Objective to develop an economic lithium hard rock project
- Exploration planning in progress
April 21st 2016 / Vancouver, Canada – Pacific North West Capital Corp. (“PFN”, the “Company”) (TSX.V: PFN; Frankfurt: P7J.F; OTCQX: PAWEF announces that is has acquired, through option, claims in southeast Manitoba with historical pegmatite lithium mineralization and assays from spodumene returning values of 2.90 to 8.20% Li2O (from Manitoba Inventory File No 190). The historic assays have not been confirmed in the field. These claims will be a part of the company’s Lithium One Project.
Management previously announced (April 14th, 2016) that PFN is developing a Lithium and Rare Earth Division. The Company’s management believes that adding an additional “green metal” to its existing Platinum group metals (PGM’s) division is warranted. These new age metals, Lithium, PGM’s and Rare Earths, have robust macro trends with surging demands and limited supply. Going forward, this new division will explore for the minerals needed to fuel the demand for energy storage and other core 21st Century Technologies.
The option on the Lithium One Project was acquired from Cliff Allbutt of Winnipeg, Manitoba, the optionor. The project area is part of the Winnipeg River Pegmatite Field. This pegmatite field is host to the world-class Tanco Mine, which has been one of the world’s richest mines for tantalum, cesium and spodumene (a major source of lithium). The mine began operations in 1969 and is still producing today.
PFN has a two year option to purchase 100% interest in the 11 unpatented contiguous mining claims. The claim area is 2,272 hectares (5,614 acres) and is situated 8.5 kilometres southeast of the Tanco Mine Site. Management believes that from the historic work on the surface pegmatites and the reported assays from that time period, that there is economic potential for further lithium (Li) mineralization.
The Lithium One Project is located approximately 125 kilometres northeast of Winnipeg, Manitoba. Historically the area is known for the presence of over 40 surface pegmatites of various dimensions and compositions. Past exploration in the region has focused on the lithium, beryllium and tantalum potential of the pegmatites. Bulk samples were removed from the pegmatites in the 1930’s but no large scale mining was undertaken due changes in the market conditions and commodity prices after the war. Lithium minerals were previously considered for the medical and ceramic industry, however in recent years lithium has seen an increased usage in the “green energy sector”. There has been limited recent exploration in the region.
Management’s technical team is presently planning a 2016 exploration program for the Lithium One Project.
About the company’s Lithium Division
The company’s new Lithium Division will focus on the acquisition, exploration and development of Lithium Projects in Canada. In the United States the company will use its wholly owned U.S.A subsidiary to acquire and develop projects in active mining camps in Nevada, Arizona and California.
Lithium and Platinum group metal prices have improved dramatically in recent months. Lithium supplies remain in deficit relative to their demand. Both metals groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGM’s, demand is increasing for autocatalysts, a key component for reducing toxic emissions for automotive, gasoline and diesel engines. In regards to Lithium, there is an ever increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products.
About the company’s Platinum Group Metals Division
Achievements to date and future plans for River Valley are outlined below as follows:
- 1.PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR;
- 2.Completed exploration and development programs on the River Valley property include more than 600 holes drilled since year 2000 and several mineral resource estimates and metallurgical studies;
- 3.Results for the current (2012) mineral resource estimate are below;
- 4.2015 drill program confirms new high grade T2 discovery
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- 5.Exploration and development plans outlined for 2016
- 6.Ongoing strategic partner search for River Valley project
- 7.Results for the most recent Metallurgical Testwork Study are summarized below:
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– Prepared by Tetra Tech (Wardrop)
– High Confidence: Measured plus Indicated = 72% of total
– Reported on PdEq basis: Pd=40% & Pt=20% of the payable metals
– Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
– High Grade potential, particularly in the north part of River Valley deposit
– Resources under evaluation for development potential as open pit mining operation
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- 8.Results for the 2015 discovery drill program on the T2 target are as follows:
-Drill hole intercepts much higher than the average grade of current mineral resource estimate
-Possible new mineralized zone at the north end of the River Valley deposit
-Show potential to take the River Valley PGM Project in a new direction
-More drilling required
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- 9. Exploration and Development Plans for 2016
- -Mineral prospecting and geological mapping on surface-Drill programs targeted to add more higher grade-Geological interpretation and 2D/3D modelling of all drill and surface results
- -Application to the OPA’s Junior Exploration Assistance Program (JEAP) for 33% refund of all exploration expenditures up to $300,000.
Strategic Partner Search for River Valley
For further information, please see the press releases dated Apr 14, 2016, April 6, 2016, visit PFN’s website at www.pfncapital.com, or email us at [email protected]
On behalf of Management and the Board of Directors, I wish to thank you for your patience and continued support over the last 5 years and we look forward to a strong comeback and rotation of funding back into the Junior Mining industry.
QUALIFIED PERSON
The contents contained herein that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for PFN. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content.
Further Information: Tel: +1.604.685.1870 Fax: +1.604.685.8045
Email: [email protected], or visit www.pfncapital.com
Suite 101 – 2148 West 38th Ave., Vancouver, BC, V6M 1R9
On behalf of the Board of Directors
Harry Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
