VANCOUVER, Britisha Columbia, April 22, 2002 (PRIMEZONE) -- Platinum Group Metals Ltd. (CDNX:PTM) reports that Pacific North West Capital Corp. (TSX:PFN) has confirmed that Anglo American Platinum Corporation Limited (Anglo Platinum) has recently approved a $1.25 million dollar budget for the 2002 exploration program on the Agnew Lake property. This program will commence immediately. PFN can earn a 50% interest in the property from Platinum Group Metals Ltd. (PTM) which recently merged with New Millennium Metals (see press release: August 9 & 31, 2000).
The Agnew Lake property, located 60 km southwest of Sudbury, Ontario, covers more than 9,000 hectares (22,500 acres) and overlies the Agnew Lake layered mafic intrusion, a crudely elliptical body measuring ~10 km x 6 km. The intrusion is a member of a suite of mafic complexes of similar age and composition in the Sudbury area known to host deposits of palladium, platinum, rhodium and gold in association with copper-nickel sulphide mineralization. The primary focus of exploration at Agnew Lake is to locate intrusive contact style PGM mineralization comparable to that seen at the River Valley intrusion, located 60km east of Sudbury, where PFN is exploring with Anglo Platinum under the terms of a joint venture agreement.
The Agnew Lake intrusion is known to contain very anomalous platinum group metal values at intervals along its 15km long intrusive contact zone. The prospective intrusive contact zone is almost twice the length of the contact at River Valley. The Agnew Lake property offers a unique exploration opportunity, with excellent accessibility and local infrastructure.
The $1.25 million exploration program for 2002 will include a substantial (9,000 m) drill component that will, in part, further test the 15 km intrusive margin for contact-type PGM-Cu-Ni mineralization. Drilling will also include one relatively deep (greater than 1200 m) drill hole aimed at intersecting the full geological sequence of the intrusion and testing a significant gravity anomaly, located on the eastern side of the intrusion. In addition to testing the prospective mineralized area immediately above the basement contact, a detailed analysis of the deep hole core should help delineate prospective reef horizon(s) in higher in the stratigraphy.
The following is a summary of results from the 2001 Exploration Program. The 2001 program was funded by Anglo Platinum which may earn up to a 60% interest in the property under the terms of an agreement with PFN and New Millennium Metals Corporation. (see PFN press release June 27, 2001).
During the 2001 exploration program, PFN - the Operator - completed line cutting, regional geological mapping and sampling, stripping, detailed mapping and sampling, induced polarization (I.P.) surveys, magnetometer surveys and diamond drilling, with the objectives of expanding the known areas of mineralization, identifying new zones, delineating diamond drill targets based upon geology, sampling and geophysical surveys, and gaining a better understanding of the geology, geometry and petrology of the intrusion
Mineralized Zones
5 zones of anomalous PGM mineralization have been identified to date on the property. The zones occur principally along the western and northern margins of the intrusion and are located ~400m horizontally from where the footwall contact is mapped at surface, and within ~200m vertically from the underlying footwall contact. Anomalous PGM values also occur along the southern margin of the intrusion where little work has been carried out to this date. The main areas of mineralization are hosted by breccia and inclusion-bearing gabbro and variably textured varieties of gabbronorite.
The 5 zones are: 1) A-Zone: located along the western margin of the intrusion; 2) B-Zone: located along the northwest portion of the intrusion; 3) C-Zone: located along the northern contact of the intrusion; 4) D-Zone: located along the northern contact, approximately 2km east of the C-Zone; and, 5) Mong Lake Zone: located along the southern contact of the intrusion.
Most of the 2001 program focused on the contact region within the A- and B-Zones, with the balance of the work being directed towards regional prospecting of the entire intrusion including the C-, D- and Mong Lake Zones.
In the A- and B-Zones, 6 areas were selected on the basis of high PGM values in surface samples and favorable rock types, for stripping, detailed mapping and sampling. Of the 1886 channel-grab samples taken during detailed sampling, the highest assay value was 4.78g/t Pd, 2.08g/t Pt, 0.37g/t Au, 0.23% Cu, 0.023% Ni. In addition, several samples from each of these 6 areas assayed greater than 1g/t Pd+Pt+Au (3E).
Regional Sampling
A total of 2,639 grab samples were collected during the regional surface sampling program. These samples were collected irrespective of rock type, sulphide content, mineralogy or geological setting. The highest assay contained 8.3g/t Pt, 3.8g/t Pd, 0.15g/t Au, 0.44% Cu, 0.25% Ni. Fifty two samples assayed 501-750ppb 3E, twenty-three samples assayed 751-1000 ppb 3E, thirty samples assayed 1001-1500 ppb 3E, six samples assayed 1501-2000 ppb 3E, ten samples assayed 2000-3000 ppb 3E, and twelve samples assayed greater than 3000 ppb 3E.
Geophysical Surveys
A 17 km induced-polarization (IP) and magnetometer survey was completed over the northwest region of the A-Zone in order to correlate potential geophysical signature with newly discovered PGM sulphide mineralization in the area. Several chargeability highs were delineated by this survey and subsequent field examination indicated a good correlation with mineralization found in outcrop. Other chargeability anomalies occupy areas with no outcrop and will require stripping to discover their source.
Diamond Drilling
A Phase 1 exploration-drilling program, totaling 3000m in 21 holes, was carried out in the A4- and B4-Zones, from November 2001 to March 2002. The primary purpose of this drilling was to gain a better understanding of the stratigraphy, geochemistry, and mineralogy of the lower 250m of the Agnew Lake Intrusion. In addition, the drilling was aimed at testing the Vari-textured Unit, which, based on surface results and historic drilling, was viewed as having the best potential to host PGM mineralization. Generally, drill holes were collared in areas where anomalous PGM values were known at the surface and/or in areas with chargeability high anomalies.
Anomalous and sub-economic PGM assay values, some over broad intervals, are listed below. The substantial widths of anomalous PGM values intersected in this initial phase of drilling are extremely encouraging, especially when taking into consideration that the strike length of the intrusive contact is 15km long and remains to be drill tested. (Please see the link for tables)
PTM also holds 100% owned mineral rights on the River Valley Intrusion where active drilling programs are also underway on the adjoining joint ventures.
In addition PTM controls a large land position in the Lac des Iles area near Thunder Bay Ontario surrounding Canada's only producing primary PGE mine and a land position in the active western Sudbury Basin area.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 800 - 409 Granville Street, Vancouver British Columbia, Canada, V6C 1T2 or from the SEC: 1(800) SEC-0330.
The full text of this document, including tables, are available at the following link: http://www.ebsinc.net/ptmrelease/ptm0422.htm