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Prophecy Platinum Wellgreen Animation: A very large precious and base metals resource
Prophecy Platinum’s Wellgreen deposit in Canada’s Yukon Territory contains a very large and rich base and precious metals resource.
The known deposit is contained within an area measuring 2.6 km by 200 to 400 metres, to a depth of over 800 metres.
Prophecy’s work to date includes sampling, trenching, geochemical and airborne magnetic surveys, in addition to 735 historic and new drill holes.
A July 2011 independent NI 43-101 compliant mineral estimate shows the property to host over 1 million ounces platinum group metals plus gold, and over 200 million pounds each of copper and nickel in the indicated category. In the inferred category, 11 million ounces of platinum group metals + gold, along with over 2.4 billion pounds of nickel and 2.2 billion pounds of copper.
(Based on July 2011 NI 43‐101 Technical Report by Wardrop Engineering. NiEq% cutoff at 0.40%; 14.3 mt of Indicated @ 0.99 g/t Pt, 0.74 g/t Pd, 0.52 g/t Au, 0.69% Ni, and 0.69% Cu
289.2 mt of Inferred at 0.53 g/t Pt, 0.42 g/t Pd, 0.23 g/t Au, 0.38% Ni, and 0.35% Cu.)
Results from a preliminary economic assessment released in June 2012 represent just a hint of Wellgreen’s true potential.
(Note that the preliminary economic assessment is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.)
An airborne magnetic survey has identified an anomaly immediately to the east of the main mineralized zone that is 2.6 km in length, and remains open to the east.
Drilling in this area has returned very intriguing results. Drill hole 184 intersected 49.5 metres grading 1.27 g/t PGM+Au, 0.71% Ni, 0.45% Cu (1.11% NiEq) within 472.6 meters of mineralization grading 0.43% NiEq from surface. This suggests that this anomaly may actually be a mineralized extension of the existing resource.
Elsewhere, drill hole 188, which intersected mineralization over 457 metres, proved that Wellgreen Central-East and Central-West are connected, further establishing both the continuity and tonnage of the deposit.
View Prophecy Platinum, Wellgreen Deposit in a larger map
Hole 188 also supports the company’s hypothesis that mineralization extends at depth in the west zone.
The area also has strong high grade potential that is believed to plunge to the west.
As Prophecy Platinum firms up and adds resources in the conceptual pit area, potential also exists to add resources further along strike both to the east and west.
Prophecy controls 17.5 km of prospective strike length in the Wellgreen West, Central and East Claims.
Sampling has returned many instances of excellent mineralization in the intrusive that is exposed at the surface.
This mineralization includes platinum group metals, nickel and copper, with the occurrence exotic platinum group elements: rhodium, ruthenium, osmium and iridium also appearing in hole 188 and grab samples from underground.
With a successful PEA in hand, ongoing drilling yielding impressive results and a strong, experienced management team guiding the development of this potentially world-class project, Prophecy Platinum is quickly becoming recognized as an exceptionally unique and exciting investment opportunity.
This Preliminary Economic Assessment is based on the July 2011 resource estimate completed by Tetra Tech WEA. A 0.22% NiEq cut-off is adopted as constrained by an optimized open pit design. At this cutoff the Wellgreen Project is estimated to contain an Indicated Resource of 14.4 Mt at 0.68% Ni, 0.62% Cu, and 2.23 g/t Pt+Pd+Au. In addition, the Wellgreen Project is estimated to contain an Inferred Resource of 446.6 Mt at 0.31% Ni, 0.25% Cu, and 0.87 g/t Pt+Pd+Au. The open pit was designed using a two-stage approach. In the first stage, an optimum pit shell was identified using the Lerchs-Grossman (LG) pit optimization method. In the second stage, phase mining and production schedules were developed, equipment selections were performed, and the capital and operating costs were estimated. Financial calculations were then calculated based on the preceding outputs.
A PEA should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the project have not been demonstrated at this time. This PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that this PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.