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Feb 15, 2012 06:48PM
Large Mineral Resource: 5.5 Moz PGM+Au, 2.9 B lbs Ni+Cu (M&I) with 13.8 Moz PGM+Au, 7.0 B lbs Ni+Cu (Inferred)
July 14, 2011 08:30 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2011) - Prophecy Platinum Corp. (TSX VENTURE:NKL)(PINK SHEETS:PNIKD)(FRANKFURT:P94P) ("Prophecy Platinum" or the "Company") is pleased to announce the receipt of an independent National Instrument (NI) 43-101 compliant report and mineral resource estimate for its Wellgreen PGE-Ni-Cu property located in the Yukon Territory, Canada. The report is authored by Todd McCracken, P.Geo., of Wardrop Engineering Inc., a Tetra Tech Company, who is an independent Qualified Person under NI 43-101.
The independent study incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totalling over 53,222 metres. Using a 0.4% NiEq (nickel equivalent) cut-off grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM+Gold), 0.38% nickel, and 0.35% copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM+Gold), 0.69% nickel, and 0.69% copper. The resource includes both the East Zone and the West Zone of the Wellgreen project, which are tabulated in Table 1 showing respective metal grades which are also expressed as nickel equivalent (NiEq) values:
Table 1: Wellgreen Indicated and Inferred Resource Totals
NiEq% cutoff |
Category | Zone | Tonnes | NiEq % |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
PGM+Au (g/t) |
Ni (%) |
Cu (%) |
Co (%) |
0.400 | Indicated | East | 14,308,000 | 1.36 | 0.99 | 0.74 | 0.52 | 2.25 | 0.69 | 0.62 | 0.05 |
NiEq% cutoff |
Category | Zone | Tonnes | NiEq % |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
PGM+Au (g/t) |
Ni (%) |
Cu (%) |
Co (%) |
0.400 | Inferred | East | 219,327,000 | 0.76 | 0.54 | 0.45 | 0.26 | 1.25 | 0.39 | 0.34 | 0.03 |
0.400 | Inferred | West | 69,919,000 | 0.67 | 0.50 | 0.34 | 0.12 | 0.96 | 0.34 | 0.38 | 0.02 |
Total inferred |
289,246,000 | 0.74 | 0.53 | 0.42 | 0.23 | 1.18 | 0.38 | 0.35 | 0.03 |
Several parameters were used in calculating the reported resource:
Contained Metals at Wellgreen*
Metal | Indicated Resource | Inferred Resource |
Nickel (Ni) | 0.22 Billion lbs. | 2.42 Billion lbs. |
Copper (Cu) | 0.20 Billion lbs. | 2.23 Billion lbs. |
Cobalt (Co) | 15.77 Million lbs. | 191.30 Million lbs. |
Platinum (Pt) | 0.46 Million oz. | 4.93 Million oz. |
Palladium (Pd) | 0.34 Million oz. | 3.91 Million oz. |
Gold (Au) | 0.24 Million oz. | 2.14 Million oz. |
PGM+Gold | 1.04 Million oz. | 10.97 Million oz. |
*Based on resource estimated at 0.4% NiEq cut-off, and 100% metals recoveries. |
"This initial independent resource report confirms Wellgreen as one of the largest Platinum Group Metals projects in Canada, and one of few outside of South Africa's Bushveld complex. We intend to aggressively expand total resource at Wellgreen in Yukon, Canada," stated John Lee, Chairman of Prophecy Platinum.
Prophecy Platinum has adopted a 0.4% nickel equivalent cut-off pending further work on the economics regarding the deposit. The Company believes that this represents a conservative cut-off value with a demonstrated NiEq value 0.74% for the inferred resource and 1.36% NiEq for the indicated resource. Additional payable metals such as rhodium, iridium, osmium and ruthenium are not figured into the current resource estimate. Resource numbers at their various cut-off values are tabulated below on a zone-by-zone basis (i.e. East Zone and West Zone):
Table 2: East Zone Indicated Resource Tonnage at Various NiEq Cut-Offs
NiEq Cut-Off |
Tonnes | Nieq % |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
PGM+Au (g/t) |
Ni (%) |
Cu (%) |
Co (%) |
0.200 | 14,423,900 | 1.349 | 0.988 | 0.732 | 0.514 | 2.234 | 0.683 | 0.615 | 0.051 |
0.250 | 14,423,900 | 1.349 | 0.988 | 0.732 | 0.514 | 2.234 | 0.683 | 0.615 | 0.051 |
0.300 | 14,423,900 | 1.349 | 0.988 | 0.732 | 0.514 | 2.234 | 0.683 | 0.615 | 0.051 |
0.350 | 14,398,100 | 1.351 | 0.990 | 0.733 | 0.514 | 2.237 | 0.684 | 0.616 | 0.051 |
0.400 | 14,308,000 | 1.357 | 0.995 | 0.736 | 0.517 | 2.248 | 0.686 | 0.619 | 0.051 |
0.450 | 14,085,100 | 1.372 | 1.007 | 0.743 | 0.523 | 2.273 | 0.694 | 0.626 | 0.051 |
0.500 | 13,662,800 | 1.400 | 1.029 | 0.755 | 0.532 | 2.316 | 0.708 | 0.639 | 0.052 |
0.550 | 13,235,700 | 1.428 | 1.051 | 0.767 | 0.543 | 2.361 | 0.722 | 0.654 | 0.053 |
0.600 | 12,711,700 | 1.463 | 1.075 | 0.780 | 0.556 | 2.411 | 0.740 | 0.671 | 0.054 |
0.650 | 12,198,800 | 1.498 | 1.100 | 0.794 | 0.568 | 2.462 | 0.760 | 0.689 | 0.055 |
0.700 | 11,693,600 | 1.534 | 1.123 | 0.808 | 0.581 | 2.512 | 0.779 | 0.705 | 0.056 |
0.750 | 11,281,200 | 1.563 | 1.141 | 0.821 | 0.593 | 2.555 | 0.796 | 0.718 | 0.057 |
0.800 | 10,838,078 | 1.595 | 1.157 | 0.831 | 0.601 | 2.589 | 0.816 | 0.731 | 0.058 |
0.850 | 10,384,400 | 1.629 | 1.177 | 0.843 | 0.612 | 2.632 | 0.836 | 0.747 | 0.059 |
0.900 | 9,776,000 | 1.676 | 1.201 | 0.859 | 0.624 | 2.684 | 0.866 | 0.764 | 0.060 |
0.950 | 9,472,900 | 1.700 | 1.214 | 0.865 | 0.630 | 2.709 | 0.880 | 0.777 | 0.061 |
1.000 | 8,850,700 | 1.751 | 1.241 | 0.884 | 0.644 | 2.769 | 0.912 | 0.796 | 0.062 |
Table 3: East Zone Inferred Resource Tonnage at Various NiEq Cut-Offs
NiEq Cut-Off |
Tonnes | Nieq % |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
PGM+Au (g/t) |
Ni (%) |
Cu (%) |
Co (%) |
0.200 | 392,934,000 | 0.554 | 0.363 | 0.320 | 0.166 | 0.849 | 0.301 | 0.228 | 0.022 |
0.250 | 336,506,000 | 0.609 | 0.411 | 0.356 | 0.188 | 0.955 | 0.326 | 0.258 | 0.024 |
0.300 | 300,049,000 | 0.650 | 0.446 | 0.382 | 0.206 | 1.034 | 0.343 | 0.280 | 0.025 |
0.350 | 259,831,000 | 0.700 | 0.491 | 0.414 | 0.231 | 1.136 | 0.364 | 0.309 | 0.027 |
0.400 | 219,327,000 | 0.760 | 0.543 | 0.448 | 0.261 | 1.252 | 0.388 | 0.344 | 0.029 |
0.450 | 176,065,000 | 0.842 | 0.610 | 0.493 | 0.303 | 1.406 | 0.423 | 0.392 | 0.032 |
0.500 | 139,224,000 | 0.940 | 0.682 | 0.545 | 0.351 | 1.578 | 0.468 | 0.445 | 0.036 |
0.550 | 109,865,000 | 1.051 | 0.762 | 0.604 | 0.401 | 1.767 | 0.520 | 0.504 | 0.041 |
0.600 | 92,700,000 | 1.140 | 0.823 | 0.649 | 0.437 | 1.909 | 0.564 | 0.547 | 0.045 |
0.650 | 81,026,000 | 1.214 | 0.870 | 0.685 | 0.465 | 2.020 | 0.603 | 0.583 | 0.048 |
0.700 | 71,595,000 | 1.285 | 0.911 | 0.715 | 0.489 | 2.115 | 0.642 | 0.617 | 0.051 |
0.750 | 64,098,000 | 1.350 | 0.943 | 0.738 | 0.509 | 2.190 | 0.680 | 0.649 | 0.053 |
0.800 | 57,420,000 | 1.417 | 0.974 | 0.755 | 0.526 | 2.255 | 0.721 | 0.681 | 0.056 |
0.850 | 52,190,000 | 1.477 | 1.002 | 0.770 | 0.537 | 2.309 | 0.759 | 0.709 | 0.058 |
0.900 | 48,055,000 | 1.529 | 1.021 | 0.782 | 0.544 | 2.347 | 0.795 | 0.732 | 0.059 |
0.950 | 44,213,000 | 1.581 | 1.039 | 0.792 | 0.549 | 2.380 | 0.831 | 0.756 | 0.061 |
1.000 | 40,494,000 | 1.637 | 1.056 | 0.804 | 0.554 | 2.414 | 0.870 | 0.782 | 0.062 |
Table 4: West Zone Inferred Resource Tonnage at Various NiEq Cut-Offs
NiEq Cut-Off |
Tonnes | Nieq % |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
PGM+Au (g/t) |
Ni (%) |
Cu (%) |
Co (%) |
0.200 | 99,481,000 | 0.569 | 0.433 | 0.311 | 0.103 | 0.847 | 0.291 | 0.305 | 0.019 |
0.250 | 97,203,000 | 0.577 | 0.437 | 0.313 | 0.104 | 0.854 | 0.296 | 0.310 | 0.019 |
0.300 | 93,447,000 | 0.589 | 0.444 | 0.317 | 0.105 | 0.866 | 0.303 | 0.318 | 0.019 |
0.350 | 85,117,000 | 0.615 | 0.460 | 0.324 | 0.108 | 0.892 | 0.316 | 0.337 | 0.020 |
0.400 | 69,919,000 | 0.667 | 0.497 | 0.338 | 0.118 | 0.953 | 0.340 | 0.381 | 0.021 |
0.450 | 52,081,000 | 0.749 | 0.557 | 0.356 | 0.138 | 1.051 | 0.376 | 0.460 | 0.023 |
0.500 | 39,114,000 | 0.841 | 0.624 | 0.374 | 0.158 | 1.156 | 0.415 | 0.547 | 0.026 |
0.550 | 32,943,000 | 0.901 | 0.657 | 0.385 | 0.162 | 1.204 | 0.447 | 0.595 | 0.027 |
0.600 | 28,791,000 | 0.948 | 0.677 | 0.391 | 0.162 | 1.230 | 0.475 | 0.631 | 0.029 |
0.650 | 25,386,000 | 0.991 | 0.694 | 0.396 | 0.158 | 1.248 | 0.503 | 0.662 | 0.030 |
0.700 | 22,224,000 | 1.036 | 0.711 | 0.402 | 0.160 | 1.273 | 0.530 | 0.696 | 0.031 |
0.750 | 19,931,000 | 1.072 | 0.722 | 0.403 | 0.159 | 1.284 | 0.554 | 0.721 | 0.032 |
0.800 | 17,814,000 | 1.107 | 0.735 | 0.408 | 0.159 | 1.302 | 0.577 | 0.745 | 0.032 |
0.850 | 15,891,000 | 1.141 | 0.745 | 0.409 | 0.160 | 1.314 | 0.601 | 0.768 | 0.033 |
0.900 | 13,731,000 | 1.183 | 0.758 | 0.409 | 0.161 | 1.328 | 0.628 | 0.798 | 0.034 |
0.950 | 11,890,000 | 1.223 | 0.764 | 0.405 | 0.163 | 1.332 | 0.656 | 0.829 | 0.035 |
1.000 | 10,081,000 | 1.268 | 0.767 | 0.406 | 0.170 | 1.343 | 0.687 | 0.862 | 0.036 |
Historic production focused on the massive sulphide pods/embayments. Recent exploration by Prophecy Platinum has concentrated on the evaluation of the Wellgreen property to host larger, lower grade, tonnages of PGM-enriched Ni-Cu mineralization. The modeled resource in this press release demonstrates that the disseminated material extends from surface to at least 800 meters depth, making a large volume of this material amenable to a low cost-bulk tonnage open pit mining scenario.
Higher-grade pockets of semimassive sulphides (>1% Cu and Ni and >2 g/t Pt), as historically mined by Hudson Yukon, are expected to continue to be located through exploration efforts. These higher grade pockets, although not continuous, could be targeted in a potential open pit operation in order to accelerate the project's pay back.
The ongoing 2011 diamond drill program announced in the Company's June 2, 2011 press release has been designed to augment this reported resource in recognition of the significant tonnage that was overlooked by previous operators on the property. There are two diamond rigs operating on the property since May, with drill results expected in the summer.
Overview of Wellgreen:
This news release has been reviewed and approved by Danniel Oosterman, P.Geo., and a Qualified Person as defined in NI 43-101.
About Prophecy Platinum
Prophecy Platinum Corp. is a Canadian based Nickel PGM exploration company with projects in Canada, Argentina and Uruguay. Prophecy Platinum's flagship Wellgreen PGM-Cu-Ni project is in Yukon Territory, Canada and the Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplat.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF PROPHECY PLATINUM CORP.
John Lee, Chairman
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Platinum believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, regulatory, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Platinum and the risks and challenges of its business, investors should review filings that are available at www.sedar.com.
"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."