Prophecy Platinum (CVE:NKL) announced Tuesday it has commenced a metallurgical and mineralogy study on its Wellgreen deposit in the southwestern Yukon.
The company has prepared and shipped 150 kg in samples to SGS Minerals Services, where the assays will be completed. The study will focus on optimizing recoveries at the property through conventional flotation to produce a platinum group metal (PGM) nickel copper concentrate.
Results are expected for the first quarter of 2012.
Prophecy has also engage Wardrop, a Tetra Tech company, to conduct a preliminary economic assessment (PEA) on the Wellgreen property. The PEA is expected to update the mineral resource and the open-pit design, determine the optimum mining rate, and estimate capital and operating costs.
In addition, the PEA, which is also expected to be completed in the first quarter of 2012, will allow the company to proceed to either a pre-feasibility or full feasibility study, it said.
Prophecy chairman John Lee said: "The Wellgreen PGM-Ni-Cu project deserves world class status with its superior grades, location, resource base, and expansion potential. Over time, independent studies will demonstrate the quality attributes of this highly unique project."
In other news, Prophecy said it has completed the acquisition of the Burwash property from Strategic Metals (CVE:SMD). The property, now called Wellgreen East, was purchased for $1.0 million and adds approximately seven kilometres of exploration strike length to the east of the Wellgreen leases.
Prophecy shares on the TSX-Venture slipped 4.17% to $4.82 per share as at 2:46 pm EDT.
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