Updated NI43-101 Mineral Resource Estimate Reports Significant Increase in Contained Ounces of Gold for the Destiny Gold Project near Val-d'Or, Québec
Jan 24, 2011 8:00:00 AM
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Indicated Resource contains approximately 364,000 ounces gold
Inferred Resource contains approximately 247,000 ounces gold
DAC Deposit occurs at surface and is open in both strike and dip
Awaiting assay results from the Phase 3 drilling program
TSX: PFN OTCQX: PAWEF FSE: P7J
VANCOUVER, Jan. 24 /CNW/ - Pacific North West Capital Corp. ("PFN") TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J and Alto Ventures Ltd. ("ATV") TSX-V: ATV (together "the Companies") are pleased to announce receipt of a draft of an NI43-101 Technical Report (the Report) including a new Mineral Resource Estimate for the DAC Gold Deposit on the Destiny Project located near Val d'Or, Quebec. The Report was prepared by Wardrop, a Tetra Tech Company (Wardrop) and incorporates over 7,600 m of additional drilling that was completed on the deposit subsequent to an earlier NI43-101 compliant resource estimate calculated by W. A. Hubacheck Consultants Ltd and filed on SEDAR in 2007.
Indicated and Inferred resources have been determined for the DAC Deposit. The deposit is made up of narrow high grade gold-bearing quartz veins occurring within five parallel alteration zones (Figures 1 and 2). These alteration zones carry gold at lower grades than the quartz veins but are significantly wider. The Wardrop report indicates that the additional drilling has expanded the DAC Deposit and significantly increased the contained ounces of gold. "We have far exceeded our objectives for this project over the past year. Our initial goal was to double the previous resource on the DAC deposit and now we see the potential for something much bigger." Harry Barr, President and CEO of PFN.
At a cut-off grade of 0.5 g/t gold and using the Inverse Distance Squared (ID2) estimation method, the five gold zones contain an Indicated Resource of about 10.8 million tonnes with an average grade of 1.05 g/t gold (364,000 contained ounces). In addition, the Inferred Resource totals 8.3 million tonnes with an average grade of 0.92 g/t gold (247,000 contained ounces). Table 1 summarises the Resource Estimate at the 0.5 g/t cut-off.
Table 1- DAC Resource Estimation Summary (using ID2 method)
Class Zone Capping
Grade
(g/t) Tonnes
Above
Capped
Grade Average
Grade
(g/t) Average
True
Width (m) Au
Ounces
Indicated 1 7.53 1,395,600 0.84 16 37,760
2 19.63 2,942,700 1.19 30 112,644
3 6.66 1,370,700 0.99 12 43,675
4 10.80 3,542,600 1.06 21 121,221
5 14.00 1,573,900 0.97 15 49,231
Total 10,825,500 1.05 364,530
Inferred 1 7.53 971,900 0.70 16 21,724
2 19.63 1,841,100 1.06 30 62,487
3 6.66 725,500 0.93 12 21,759
4 10.80 3,085,300 0.89 21 88,767
5 14.00 1,706,600 0.96 15 52,854
Total 8,330,400 0.92 247,590
Table 2- Cut-off Sensitivities for the DAC Deposit Resource Estimate
Class ID2 Cut-off
(Au g/t) Tonnes Average Grade
(Au g/t) Contained
Ounces Au
Indicated
AI
