Prophecy Platinum drills 384.9 metres of 0.45% nickel equivalent at Wellgreen

Prophecy Platinum Corp. (CVE:NKL) (OTCQX:PNIKF) announced Thursday the final set of drill results from its Wellgreen platinum group metals (PGM)-nickel-copper project in Yukon Territory, in advance of the planned preliminary economic assessment study - due out in February 2012.
Borehole WS11-192 intercepted 384.9 metres grading 0.623 grams per tonne (g/t) PGM + gold, 0.3% nickel and 0.15% copper, or 0.45% nickel equivalent, starting from 9.45 metres depth, and including a PGM-rich zone with a combined platinum, palladium, and gold grade of 1.358 grams per tonne (g/t) over 19.23 metres.
The company said holes WS11-190 to WS11-192 were step out drill holes roughly 100 metres from the southern boundary of the resource outline, aimed at expanding resources and bridging the gap between the Wellgreen Central-East and Central-West zones.
Holes 190 and 192 were drilled to the east of WS11-188, which returned 120.9 metres grading 1.26 g/t PGM+gold, 0.36% nickel, 0.30% copper within 457 metres grading 0.47% nickel equivalent.

Prophecy also said that hole WS11-191 was drilled 200 metres west of WS11-188 and was abandoned at 89.9 metres due to bad ground conditions. 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 in September.

The company noted that the mineralization in hole 192 shows a continuous swath of mineralization from just below overburden depth down to over 370 metres depth-to-surface. Holes 190 and 192 extend the known resource southward by approximately 100 metres at the top of the hole, Prophecy added.

The company said there is potential to expand the Central-West resource base, which currently contributes only roughly one quarter of the current 43-101 compliant resource at Wellgreen.

"Overall the program met with good success in expanding the resource to the east and south. The long drill intercepts suggest the deposit remains very much open in those directions," Prophecy concluded in a statement.

The preliminary economic assessment study is on schedule, and due to be released in February of next year. Metallurgical tests have been ongoing at the site since October, with results to be included in the PEA.

Prophecy, having recently completed a $10 million equity financing, is preparing for a 2012 exploration and extensive definition drilling program, with details to follow by year end.

The company is a Canadian nickel and platinum group metals exploration company with projects in Canada, Argentina and Uruguay. In Canada, it also holds the Lynn Lake project in Manitoba in addition to Wellgreen.