Prophecy Platinum confirms continuity between East and West zone at Wellgreen

Prophecy Platinum (CVE:NKL) announced Monday additional drill results from its 2011 drill program at its Wellgreen property in southwestern Yukon, which confirmed the continuity between the East and West zones.
Hole WS11-188 was drilled between the East and the West zone on the Wellgreen property, and intersected mineralization from surface to the footwall contact, showing continuity of the two zones, the company said.
Assays from the hole found 120.91 metres grading 0.36% nickel, 0.3% copper, and 1.26 grams per tonne (g/t) platinum group metals plus gold (PGM + Au), over a wider mineralization of 457.38 metres at 0.29% nickel, 0.18% copper, and 0.72 g/t PGM + Au.
Results from WS11-188 also included 1.03% nickel, 0.75% copper, and 3.14 g/t PGM + Au over 17.38 metres.
Prophecy said these high-grade results also indicate that material in the East zone continues to the west and at depth.
The company also announced that its preliminary economic assessment (PEA) on the Wellgreen property is proceeding on target. The PEA is expected to update the mineral resource and open-pit design, as well as determine the optimum mining rate, and estimate capital and operating costs.
The Vancouver, B.C.-based company has completed approximately 2,300 metres of drilling at the property to date, and will continue to drill and release assays as they become available, it said.
On the TSX-Venture Exchange, Prophecy shares increased 6.41% to $2.99 as of 12:15 pm EDT.