Pacific North West Capital Corp. & SOQUEM Thunder Target Update
Pacific North West Capital Corp. announce that it has received the report from SOQUEM on the channel sampling program for the new Thunder occurrence in the Cheneville claim group in Quebec. This occurrence is the result of ground truthing conductors defined by the airborne EM (AEM) and magnetic survey flown in 2007. The sulphide mineralization is hosted by a mafic intrusion and is 18 kilometres west of the original Cheneville showing (average 1.17gpt Pd, 0.14gpt Pt, 0.29gpt Au, 1.62 Cu, and 0.35% Ni). Initial trenching in the Thunder showing discovered a sulphide bearing zone along the contact of an anorthositic gabbro and sedimentary rocks. Values of up to 0.74 g/t of Pt + Pd, 0.16% Ni, and anomalous Cu were obtained from the contact zone. The width and strike length of the new zone has not been defined, however, the geophysical data suggests that it may be structurally enhanced and extend along strike for some distance. Follow up programs are being planned. The Thunder target is part of the 50-50 cooperation agreement with SOQUEM INC. which includes the Cheneville and Taureau areas. SOQUEM is the project operator.
Additional channel sampling is being completed on the Chenneville Showing to determine if drilling is warranted this year.
The Taureau Reconnaissance Program is continuing to evaluate the mafic intrusions for PGM mineralization in the defined Area of Mutual Interest (AMI) within the Grenville Province of Quebec and is expected to be completed in early Fall.
In 2006, PFN signed a Cooperation Agreement with SOQUEM Inc., a wholly owned subsidiary of the Societe Generale de Financement du Quebec. Under the terms of the Agreement, PFN and SOQUEM are participating in a 50/50 joint venture with the objective of identifying viable PGM and base metal properties for further exploration within the AMI.
SOQUEM INC. is a wholly owned subsidiary of the Societe Generale de Financement du Quebec (“SGF”). The mission of the SGF, an industrial and financial holding company, is to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec. SOQUEM’s head office is located in Val d’Or, with a regional office in Chibougamau.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J) is a mineral exploration company focused on Platinum Group Metals (PGMs) and Base Metals. Management’s corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major mining companies through to production. To that end, Pacific North West Capital’s current option/joint ventures agreements are with Anglo Platinum, Stillwater Mining Company, Xstrata Nickel, First Nickel, Benton Resources and SOQUEM.
PFN continues to review new opportunities for PGM and Nickel projects.
Pacific North West Capital Corp. has over $9 million in working capital and securities.
