River Valley remains hotspot.
Pacific North West Capital Corp. (PFN PFN Page Frame Number
PFN Pulse Forming Network
PFN Panama City, FL, USA (Airport Code)
PFN Pentecostal Fellowship of Nigeria
PFN Pooping Friends Network
PFN Physical File Name (grid computing) ) is expanding its diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program on its River Valley property near Sudbury over the next 12 months, armed with a $2.25-million exploration budget.
After finishing diamond drilling of 138 holes, PEN is entering a fifth phase of exploration intending to drill 20,000 additional metres, with financing from its partner Anglo American Platinum Corp.
The company is working the north end of the River Valley intrusion at Dana Lake and Lismer's Ridge in an area believed to yield almost 593,000 in platinum palladium palladium, chemical element
palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. , according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. an independent analyst.
"We're following a contact based on surface sampling in following a trail for about 10 kilometres," says Shane Starnes, manager of PFN's investor relations Investor relations
The process by which the corporation communicates with its investors. , in a phone interview from Vancouver.
"To date we've only drilled about a kilometre of that, so there's lots of work left to do," Starnes says. "There's a lot of really good surface targets that we've picked surface material off of."
The samples average about 1.46 grams of platinum-palladium per tonne tonne
measure of weight or mass; 1 tonne=1000 kg. See also ton. , says Starnes, "so we're all really confident we've come up with something serious, and Anglo's (sharing) our Sentiment."
PFN is the operator of the project, with JB Exploration and Development carrying out the field program.
One drill rig was expected to begin operation in November, with two more rigs to be moved into place by the beginning of the year, and possibly a third in 2002.
Anglo is equally bullish Bullish
Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook.
bullish about PFN's Agnew Lake property 50 kilometres to the west of the River Valley property, approving an exploration budget there of $1.89 million. Some surface sampling is ongoing with some drilling likely to carried out by year's end.
"We feel confident the property can be brought into production," says Starnes. And the fact that Anglo, the world's largest platinum producer, rarely finances any ventures outside of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and has struck two deals with PFN "says something."
"If they're confident, then we're confident," Starnes says.
PFN first made a discovery about two years ago on the 12,000-acre River Valley property after drilling 13 exploratory holes and hitting platinum-palladium in all of them. "It was one of those freak things; no one does that," Starnes says.
"The stock went from 40 cents to four bucks; it was just mental."
Prospects have looked so good in the last couple of years, Anglo intensified in·ten·si·fy
v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies
1. To make intense or more intense: its River Valley exploration efforts by expanding its overall budget from $4 million over five years to $6.7 million over three years.
The next area for drilling, more to the south, involves about eight, other "goodsized" targets where geologists have found up to eight grams of palladium in some surface rock.
"There are some serious targets there that have to be drilled," says Starnes. "That's why we have such a big budget because the indicator minerals on the surface are staggering."
The entire exploration project is being funded by Anglo, which has a 50 per cent interest in River Valley.