Prophecy Platinum Announces Additional PGM-Ni-Cu Results From Far
East Zone at Wellgreen
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 16, 2013) -
Prophecy Platinum Corp. (TSX-VENTURE:NKL)(OTCQX:PNIKF) "Prophecy
Platinum" or the "Company" is pleased to announce further results
from the 2013 field program at its 100%-owned Wellgreen PGM-Ni-Cu
project, located in Canada's Yukon Territory. Re-logging and
sampling work that was part of the 2013 field program has confirmed
the extension of mineralization by more than 325 metres to the east
of the Far East cross section announced on November 21, 2013. That
cross section included hole 215, which intercepted 756 metres of
continuous mineralization grading 1.92g/t Platinum Equivalent ("Pt
Eq.") or 0.46% Nickel Equivalent ("Ni Eq."), including a 65.6 metre
interval grading 4.19g/t Pt Eq. (1.00% Ni Eq.), comprised of
1.33g/t platinum+palladium+gold ("3E") with an additional 0.56%
nickel and 0.45% copper.
These newly interpreted cross sections are 225 to 325 metres
east of hole 215 and indicate continuity of the mineralization in
the Far East with additional broad zones of mineralization in four
different drill holes ranging from 300 to 375 metres in width and
grading approximately 2 g/t Pt Eq. (0.48% Ni Eq.). These drill
holes are the eastern most in the deposit and, like drill hole 215,
also show higher grade zones of significant width at 3-5 g/t Pt Eq.
grades.
Investors should note that Wellgreen is a polymetallic deposit
with mineralization that includes platinum group metals (PGMs),
gold, nickel, copper and cobalt. At current metal prices using
anticipated metallurgical recoveries and proportionally allocated
costs for each of the metals, the net economic contribution is
anticipated to be largest for platinum, palladium and gold (3E
elements), followed by nickel and then by copper and cobalt.
Platinum equivalent values referred to in this release are intended
to reflect total metal equivalent content in platinum for all of
the metals using relative prices for each of the metals. Please
refer to Table 1 for assay results by individual metal and the
metal prices used to calculate Pt Eq. and Ni Eq.
Greg Johnson, Prophecy Platinum's President and Chief Executive
Officer, stated, "Our focus on the eastern portion of the Wellgreen
deposit in 2013 is yielding exciting results. Assays from hole 215,
which we recently released, demonstrate that the mineralization in
this part of Wellgreen is the widest seen yet in the deposit,
beginning from the surface and looks to be amenable to both open
pit and select bulk underground mining. We are developing a number
of compelling targets for further work, as the deposit remains open
down dip and to the south, as well as along trend further to the
east. We believe that the Far East Zone provides an opportunity for
improved economics for the overall deposit through a combination of
shallow open pit mining and bulk underground mining targeting
higher grade mineralized zones. These assay results are confirming
the predictability of the geologic model for the deposit and will
be important for advancing the project to the next level of
confidence on the resource estimate update and preliminary economic
assessment planned for Q2 2014. In addition, the metallurgical work
that is currently underway is showing encouraging results which are
improving on the results used in the 2012 PEA by optimizing the
conventional metallurgical process and flowsheet."
Drilling has now been completed for the season at Wellgreen.
Final assay results are pending for additional holes drilled in
2013 and for a number of the re-logged and sampled historical drill
holes. Results from these other areas in the Wellgreen deposit will
be reported in future updates as they are received and
interpreted.
Metallurgical Testing
Update
Additional batch sample test work is underway to optimize metal
recovery and concentrate quality from the conventional sulphide
flotation process at Wellgreen. This work includes improvements to
the magnetic separation process, optimization of grinding
requirements and evaluation of the extraction of the rare PGMs
(rhodium, iridium, osmium and ruthenium) in addition to platinum,
palladium and gold. Upon completion of the batch sample test work,
the metallurgy team will look to commence locked cycle tests
("LCTs") on composite samples that are representative of the
proposed mine production schedule, including the higher grade
underground areas in the Far East Zone. It is anticipated that the
initial phase of production would be higher sulphur material with
above average PGM grades. The results from this metallurgical test
work would be designed to provide estimated recovery and
concentrate grade data based on the projected production schedule
and allow for improved accuracy on the capital expenditure and
operating cost estimates in the 2014 PEA.
Far East Zone Cross
Section 578,600 E
The Far East Zone cross section depicted in Figure 1 is located
225 metres to the east of the cross section containing hole 215,
which was discussed in our news release dated November 21, 2013.
Drill holes in this section indicate that broad widths of
continuous PGM-Ni-Cu mineralization continue to the east and remain
open to expansion down dip to the south and on trend. As with other
areas at Wellgreen, mineralization begins near surface and is
continuous with grades of PGM-Ni-Cu mineralization generally
greatest in the lower two-thirds of the tabular ultramafic
body.
As can be seen in Figure 1, broad zones of significant PGM-Ni-Cu
mineralization over 300 metres in width define the mineralization
in this area. Drill hole 153 encountered a portion of the tabular
ultramafic body totalling 345.4 metres of 2.05 g/t Pt Eq. (0.49% Ni
Eq.), which included 16.3 metres grading 4.65 g/t Pt Eq. (1.11% Ni
Eq.) and a second interval of 24.5 metres of 3.48 g/t Pt Eq. (0.83%
Ni Eq.) The broad interval in hole 153 equals a grade thickness
value of 801 gram metres ("g-m"), highlighting the continuity of
broad zones of mineralization in this part of the Far East Zone.
Drill hole 114 did not fully test the full mineralized zone and
ended in higher grade mineralization. Mineralization is interpreted
to extend down dip to the south and is projected to exceed 500-600
metres in thickness. This represents a priority target for further
drill testing that the Company plans to evaluate in a future drill
program.
Figure 1 - Far East Zone Cross Section 578,600:
http://www.prophecyplatinum.com/images/2013-dec-578600e.jpg
| Table 1 -Drill Hole Intercept Highlights Far East Zone
Cross Section 578,6001 |
|
|
|
Downhole |
Base Metals |
Precious Metals |
Total Metals |
|
|
|
|
|
From |
To |
Width |
Ni |
Cu |
Co |
Ni Eq. |
Pt |
Pd |
Au |
3E |
Pt
Eq. |
Ni Eq. |
Pt Eq.-length |
3E length |
| Drill Hole |
m |
m |
m |
% |
% |
% |
% |
g/t |
g/t |
g/t |
g/t |
g/t |
% |
g-m |
g-m |
| WS - 114 |
35.2 |
66.4 |
31.2 |
0.25 |
0.09 |
0.015 |
0.31 |
0.14 |
0.18 |
0.02 |
0.34 |
1.50 |
0.36 |
47 |
11 |
|
76.3 |
355.4 |
279.2 |
0.26 |
0.10 |
0.014 |
0.33 |
0.22 |
0.25 |
0.03 |
0.50 |
1.67 |
0.40 |
467 |
140 |
|
incl |
298.0 |
349.0 |
51.0 |
0.34 |
0.18 |
0.016 |
0.44 |
0.36 |
0.43 |
0.05 |
0.84 |
2.34 |
0.56 |
120 |
43 |
|
|
2 intervals |
|
|
310.4 |
0.26 |
0.10 |
0.014 |
0.33 |
0.21 |
0.25 |
0.03 |
0.48 |
1.66 |
0.40 |
514 |
150 |
| WS - 120 |
50.8 |
123.3 |
72.6 |
0.25 |
0.19 |
0.020 |
0.36 |
0.32 |
0.16 |
0.06 |
0.54 |
1.90 |
0.45 |
138 |
39 |
|
132.4 |
270.7 |
138.3 |
0.30 |
0.11 |
0.017 |
0.37 |
0.29 |
0.30 |
0.04 |
0.63 |
1.96 |
0.47 |
272 |
88 |
|
|
2 intervals |
|
|
210.9 |
0.29 |
0.14 |
0.018 |
0.37 |
0.30 |
0.25 |
0.04 |
0.60 |
1.94 |
0.46 |
409 |
127 |
| WS - 153 |
64.9 |
76.5 |
11.6 |
0.24 |
0.10 |
0.015 |
0.30 |
0.23 |
0.26 |
0.03 |
0.51 |
1.58 |
0.38 |
18 |
6 |
|
104.1 |
120.4 |
16.3 |
0.44 |
0.85 |
0.031 |
0.82 |
0.89 |
0.68 |
0.19 |
1.76 |
4.65 |
1.11 |
76 |
29 |
|
144.1 |
489.5 |
345.4 |
0.27 |
0.18 |
0.016 |
0.37 |
0.36 |
0.34 |
0.07 |
0.76 |
2.05 |
0.49 |
707 |
264 |
|
incl |
333.9 |
358.4 |
24.5 |
0.51 |
0.23 |
0.020 |
0.63 |
0.59 |
0.68 |
0.06 |
1.32 |
3.48 |
0.83 |
85 |
32 |
|
|
3 intervals |
|
|
373.3 |
0.31 |
0.23 |
0.018 |
0.43 |
0.42 |
0.39 |
0.08 |
0.89 |
2.37 |
0.57 |
801 |
299 |
| WS - 182 |
0.0 |
71.2 |
71.2 |
0.31 |
0.22 |
0.023 |
0.43 |
0.28 |
0.15 |
0.04 |
0.47 |
2.14 |
0.51 |
152 |
33 |
|
|
1 interval |
|
|
71.2 |
0.31 |
0.22 |
0.023 |
0.43 |
0.28 |
0.15 |
0.04 |
0.47 |
2.14 |
0.51 |
152 |
33 |
| WU - 528 |
58.6 |
64.9 |
6.3 |
0.45 |
0.30 |
0.023 |
0.60 |
0.29 |
0.23 |
0.12 |
0.65 |
2.95 |
0.71 |
19 |
4 |
|
72.9 |
249.7 |
176.8 |
0.28 |
0.18 |
0.018 |
0.38 |
0.30 |
0.24 |
0.04 |
0.59 |
1.97 |
0.47 |
349 |
104 |
|
|
2 intervals |
|
|
183.2 |
0.28 |
0.19 |
0.018 |
0.39 |
0.30 |
0.24 |
0.04 |
0.59 |
2.01 |
0.48 |
368 |
108 |
| WU - 529 |
87.8 |
111.0 |
23.2 |
0.19 |
0.35 |
0.015 |
0.35 |
0.51 |
0.25 |
0.14 |
0.90 |
2.14 |
0.51 |
50 |
21 |
|
167.9 |
201.8 |
33.8 |
0.17 |
0.11 |
0.014 |
0.24 |
0.19 |
0.16 |
0.08 |
0.43 |
1.28 |
0.31 |
43 |
14 |
|
214.6 |
264.6 |
50.0 |
0.30 |
0.11 |
0.016 |
0.36 |
0.23 |
0.24 |
0.03 |
0.49 |
1.83 |
0.44 |
91 |
25 |
|
|
3 intervals |
|
|
107.0 |
0.23 |
0.16 |
0.015 |
0.32 |
0.28 |
0.21 |
0.07 |
0.56 |
1.72 |
0.41 |
184 |
60 |
|
| 1 Footnotes to Drill Interval Tables and
Figures: (1) Nickel equivalent (Ni Eq.%) and platinum equivalent
(Pt Eq. g/t) calculations reflect total gross metal content using
US$of $7.58/lb nickel (Ni), $2.85/lb copper (Cu), $12.98/lb cobalt
(Co), $1270.38/oz platinum (Pt), $465.02/oz palladium (Pd) and
$1102.30/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are a 20%
reduction of the LME 3-year trailing average metal prices as
presented in the Company's technical report entitled "Wellgreen
Project, Preliminary Economic Assessment, Yukon Canada" dated
August 1, 2012 (the "2012 Wellgreen PEA") and prepared by Andrew
Carter, C.Eng., Pacifico Corpuz, P. Eng., Philip Bridson, P.Eng.,
and Todd McCracken, P.Geo., of Tetra Tech Wardrop Inc. The 2012
Wellgreen PEA is available under the Company's profile on SEDAR at
http://www.sedar.com/. (2) Ni Eq.% and Pt Eq. g/t in "Base Metals"
and "Precious Metals" columns only refers to equivalents of base
and precious metals respectively, not total metals. In the "Total
Metals" column the Pt Eq. includes both base and precious metals,
as does the NiEq. (3) 3E represents the sum of platinum, palladium
and gold, measured in g/t. (4) Significant interval defined as a
minimum 15 g-m Pt Eq. interval. (5) Cutoff grade of 0.2% Ni Eq. (6)
Internal dilution up to six continuous metres of <0.2% Ni Eq.
(7) Some rounding errors may occur. (8) True thicknesses have not
been measured. (9) Drill holes WS87-102, WS88-114, and WS88-120
were sampled as part of the 2013 field program. |
Far East Zone Cross
Section 578,700 E
The Far East Zone cross section depicted in Figure 2 is located
approximately 100 metres east of the cross section shown in Figure
1 and approximately 325 metres east of drill hole 215. This section
represents the eastern limit of the currently defined Wellgreen
deposit. Drill holes 177, 178 and 184 intercepted a portion of the
ultramafic body between 300 to 375 metres in width grading
approximately 2 g/t Pt Eq. beginning at surface. In terms of grade
thickness, these holes range from 722 g-m to 872 g-m, suggesting
continuity of the broad zone of mineralization represented in
Figure 1. Similar to the cross section in Figure 1, mineralization
is interpreted to continue down dip to the south and remains open
to the east and to likely exceed over 500 metres in thickness.
Future drilling will test the continuity of mineralization down dip
and extension further to the east in the untested Quill target.
Figure 2 -Far East Zone Cross Section 578,700:
http://www.prophecyplatinum.com/images/2013-dec-578700e.jpg
| Table 2 -Drill Hole Intercept Highlights Far East Zone
Cross Section 578,7001 |
|
Downhole |
Base Metals |
Precious Metals |
Total Metals |
|
|
|
From |
To |
Width |
Ni |
Cu |
Co |
Ni Eq. |
Pt |
Pd |
Au |
3E |
Pt
Eq. |
Ni Eq. |
Pt Eq.-length |
3E length |
| Drill Hole |
m |
m |
m |
% |
% |
% |
% |
g/t |
g/t |
g/t |
g/t |
g/t |
% |
g-m |
g -m |
| WS - 177 |
46.3 |
108.8 |
62.5 |
0.23 |
0.07 |
0.013 |
0.28 |
0.11 |
0.16 |
0.01 |
0.28 |
1.31 |
0.32 |
82 |
18 |
|
125.6 |
501.4 |
375.8 |
0.28 |
0.21 |
0.016 |
0.39 |
0.33 |
0.30 |
0.07 |
0.70 |
2.10 |
0.50 |
790 |
262 |
|
incl |
324.5 |
346.3 |
21.7 |
0.50 |
0.30 |
0.020 |
0.65 |
0.50 |
0.58 |
0.07 |
1.15 |
3.43 |
0.82 |
75 |
25 |
|
incl |
380.3 |
426.7 |
46.5 |
0.24 |
0.31 |
0.016 |
0.38 |
0.41 |
0.32 |
0.12 |
0.84 |
2.19 |
0.52 |
102 |
39 |
|
incl |
426.7 |
434.0 |
7.3 |
0.36 |
0.45 |
0.020 |
0.56 |
0.80 |
0.58 |
0.22 |
1.61 |
3.50 |
0.83 |
26 |
12 |
|
incl |
459.0 |
501.4 |
42.4 |
0.24 |
0.41 |
0.019 |
0.42 |
0.54 |
0.35 |
0.16 |
1.05 |
2.54 |
0.60 |
108 |
45 |
|
|
2 intervals |
|
|
438.3 |
0.28 |
0.19 |
0.016 |
0.38 |
0.30 |
0.28 |
0.06 |
0.64 |
1.99 |
0.48 |
872 |
279 |
| WS - 178 |
64.6 |
109.3 |
44.7 |
0.24 |
0.11 |
0.014 |
0.30 |
0.20 |
0.21 |
0.03 |
0.43 |
1.53 |
0.37 |
68 |
19 |
|
143.1 |
171.2 |
28.1 |
0.23 |
0.08 |
0.014 |
0.29 |
0.19 |
0.19 |
0.02 |
0.40 |
1.45 |
0.35 |
41 |
11 |
|
185.6 |
488.9 |
303.3 |
0.27 |
0.19 |
0.016 |
0.36 |
0.30 |
0.28 |
0.06 |
0.64 |
1.95 |
0.47 |
591 |
194 |
|
incl |
350.7 |
376.4 |
25.7 |
0.45 |
0.28 |
0.019 |
0.59 |
0.52 |
0.51 |
0.07 |
1.09 |
3.18 |
0.76 |
82 |
28 |
|
incl |
434.0 |
488.9 |
54.9 |
0.23 |
0.38 |
0.017 |
0.41 |
0.56 |
0.35 |
0.15 |
1.06 |
2.49 |
0.59 |
137 |
58 |
|
504.3 |
516.5 |
12.2 |
0.19 |
0.36 |
0.011 |
0.34 |
0.41 |
0.27 |
0.15 |
0.82 |
2.03 |
0.48 |
25 |
10 |
|
530.9 |
572.0 |
41.1 |
0.22 |
0.38 |
0.018 |
0.40 |
0.44 |
0.24 |
0.13 |
0.80 |
2.27 |
0.54 |
93 |
33 |
|
|
5 intervals |
|
|
429.4 |
0.25 |
0.20 |
0.016 |
0.36 |
0.30 |
0.26 |
0.06 |
0.62 |
1.90 |
0.46 |
818 |
267 |
| WS - 184 |
137.2 |
478.8 |
341.7 |
0.33 |
0.17 |
0.016 |
0.42 |
0.25 |
0.29 |
0.04 |
0.57 |
2.11 |
0.51 |
722 |
196 |
|
incl |
429.3 |
440.4 |
11.1 |
0.76 |
0.52 |
0.025 |
0.99 |
0.77 |
0.87 |
0.09 |
1.74 |
5.23 |
1.25 |
58 |
19 |
|
|
1 interval |
|
|
341.7 |
0.33 |
0.17 |
0.016 |
0.42 |
0.25 |
0.29 |
0.04 |
0.57 |
2.11 |
0.51 |
722 |
196 |
About Prophecy
Platinum
Based in Vancouver, Canada, Prophecy Platinum Corp. is a
platinum group metals exploration and development company with
advanced projects in the Yukon Territory, Ontario, and Manitoba,
Canada. Our 100% owned Wellgreen PGM-Ni-Cu project, located in the
Yukon, is one of the world's largest undeveloped PGM deposits and
one of the few significant PGM deposits outside of southern Africa
or Russia. Our Shakespeare PGM-Ni-Cu project is a fully-permitted,
production-ready brownfield mine located in the well-established
Sudbury mining district of Ontario, and our Lynn Lake project is a
former operating mine located in Manitoba, Canada.
Our experienced management team has an extensive track record of
successful, large-scale project discovery, development, permitting,
operations and financing combined with an entrepreneurial approach
to sustainability and collaboration with First Nations and
communities. Our shares are listed on the TSX Venture Exchange
under the symbol "NKL" and on the US OTC-QX market under the symbol
"PNIKF".
Further information about the Company and our projects can be
found at www.prophecyplatinum.com.
Quality Assurance, Quality Control: The technical information in
this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101
Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators ("NI 43-101"). The Wellgreen
project geological technical information was prepared under the
supervision of Neil Froc, P. Eng., Prophecy Platinum's Wellgreen
Project Manager, who is a "Qualified Person" as defined in NI
43-101 and the person who oversees exploration activities on the
project. All other technical information was prepared under the
supervision of John Sagman, P.Eng., Prophecy Platinum's Senior Vice
President and Chief Operating Officer and a "Qualified Person" as
defined in NI 43-101. In addition, Mr. Sagman has reviewed and
approved the technical information contained in this news
release.
Prophecy Platinum executes a quality control program to ensure
data verification using best practices in sampling and analysis.
Samples are cut for assay with the remaining sample retained for
reference. Blanks, Standard Reference Material ("SRM"), and
duplicates were inserted into the sample stream every 20th or 25th
sample. A duplicate sample was either created by quartering core or
splitting the sample at the lab. The quartered core is then placed
into two different sample bags with different sample numbers and
sealed. The SRM material comes from Natural Resources Canada and
Analytical Solutions Limited. These were inserted into the sample
stream immediately after the second duplicate. The SRMs used were
OREAS 13P, WMS-1a, WPR-1, WGB-1, and WMG-1. Sample Blanks are
obtained from garden marble from hardware stores in Whitehorse,
Yukon. Assayed samples are transported in sealed and secured bags
for preparation at Acme Analytical Laboratories (Vanc) Ltd. or ALS
Global Prep Lab located in Whitehorse, Yukon. Pulverized (pulp)
samples are shipped for analysis to Acme Analytical Laboratories
(Vanc) Ltd. or ALS Global l in Vancouver, B.C. Platinum, palladium
and gold were determined by lead fusion fire assay with an ICP
atomic emission spectrometry finish. Copper, nickel and cobalt were
determined by four-acid digestion followed by an ICP atomic
emission spectrometry finish. Acme Analytical Laboratories (Vanc)
Ltd. and ALS Global are ISO/IEC 17025:2005 accredited laboratories
and registered under ISO 9001: 2000. Acme Analytical Laboratories
(Vanc) Ltd. and ALS Global independent from the Company. Quality
assurance and quality control are monitored using scatterplots,
Thompson-Howarth plots and statistical analysis to ensure
duplicates, blanks and standard data are reliable, and indicate
robustness of overall results. ALS Global and Acme
quality-assurance procedures are also included in this process.
Forward Looking Information: This news release includes certain
information that may be deemed "forward-looking information".
Forward-looking information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. All information in this release, other than
information of historical facts, including, without limitation, the
potential of the Wellgreen project, information regarding the 2013
field program with respect to resampling, drilling, metallurgical
optimization, engineering and mine planning, potential mining
methods, anticipated metal recoveries, potential economic
contributions of certain metals, potential update to the 2012
Wellgreen PEA, the timing and success of exploration activities
generally, the timing of future technical reports and general
future plans and objectives for the Wellgreen and Shakespeare
projects are forward-looking information that involve various risks
and uncertainties. Although the Company believes that the
expectations expressed in such forward-looking information are
based on reasonable assumptions, such expectations are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking
information. Forward-looking information is based on a number of
material factors and assumptions. Factors that could cause actual
results to differ materially from the forward-looking information
include unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future
resource estimates, future metal prices, availability of capital
and financing on acceptable terms, general economic, market or
business conditions, uninsured risks, regulatory changes, defects
in title, availability of personnel, materials and equipment on a
timely basis, accidents or equipment breakdowns, delays in
receiving government approvals, the Company's ability to maintain
the support of stakeholders necessary to develop the Wellgreen
project, unanticipated environmental impacts on operations and
costs to remedy same, and other exploration or other risks detailed
herein and from time to time in the filings made by the Company
with securities regulatory authorities in Canada. Readers are
cautioned that mineral resources that are not mineral reserves do
not have demonstrated economic viability. Mineral exploration and
development of mines is an inherently risky business. Accordingly,
actual events may differ materially from those projected in the
forward-looking information. For more information on the Company
and the risks and challenges of our business, investors should
review our annual filings which are available at www.sedar.com. The
Company does not undertake to update any forward looking
information, except in accordance with applicable securities
laws.
"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."
Prophecy Platinum Corp.Greg JohnsonPresident &
CEO1-888-715-7528Prophecy Platinum Corp.Rob BruggemanVP, Corporate
Development1-905-278-680 or 1-416-884-3556Prophecy Platinum
Corp.Chris AckermanInvestor Relations
Manager1-604-569-3690cackerman@prophecyplatinum.comwww.prophecyplatinum.com
Nickel Creek Platinum (QB) (USOTC:NCPCF)
Historical Stock Chart
From Nov 2024 to Dec 2024
Nickel Creek Platinum (QB) (USOTC:NCPCF)
Historical Stock Chart
From Dec 2023 to Dec 2024
