Prophecy Platinum Corp. (CVE:NKL)(OTCQX:PNIKF) unveiled Wednesday further drill results from its 2012 underground program on its flagship Wellgreen Platinum group metals (PGM) and Nickel-copper project in the Yukon Territory.
company said holes WU12-528, WU12-529 and WU12-536 intercepted
mineralized widths ranging from 46.8 metres and up to 191.1 metres with
composited grades in excess of 0.4% Nickel equivalent.
Highlights include hole WU12-529, which returned assays of 1.16 grams per tonne (g/t) of Platinum+palladium+gold, 0.44% copper, and 0.24% Nickel, or 2.02% copper equivalent, over a core length of 14.2 metres.
WU12-528 and WU12-529 were drilled from Station 1 on the east portion
of the Wellgreen resource, while hole WU12-536 was drilled from Station 4
situated toward the centre of east portion of the resource.
company said all of the holes reported today were stopped due to poor
ground conditions, but mineralization occurs to the end of the hole.
a result, the hanging wall, or south contact, of the host intrusion has
yet to be reached by underground drilling, indicating there is
"significant mineralization" that is yet to be found at Wellgreen, Prophecy Platinum said.
additional holes are yet to be reported on Station 4 and one hole is
outstanding for Station 1. Prophecy has also completed two holes from
Station 5, further into the adit where higher Nickel-copper-Platinum group metals grades have been modeled.
surface drilling program, which kicked off in late June, has now
completed two holes, with both reaching the footwall contacts and
encountering some intercepts of "massive sulphides", the miner said.
there are three drills, one underground and two surface, on the
property, with a fourth drill expected on surface in late July.
Results of infill and exploration drilling will be published monthly throughout the summer, the company said.
month, Prophecy announced earlier results from the Wellgreen project,
including significant widths of mineralization of 242.6 metres,
containing 0.47 g/t of Platinum+palladium+gold, 0.24% Nickel and 0.13% copper, or 0.39% Nickel equivalent.
news followed Prophecy's unveiling of the NI 43-101 preliminary
economic assessment (PEA) of its project, including a whopping $3.0
billion net present value.
The economic report, prepared by Tetra Tech,
evaluated a base case open pit mine at an 111,500 tonne per day mining
rate, and an onsite concentrator at a 32,000 tonne per day milling rate.
The project is expected to produce 1.959 billion pounds of Nickel in concentrate, 2.058 billion pounds of copper and 7.119 million ounces of Platinum plus palladium plus gold over a 37-year mine life, with an average strip ratio of 2.57.
company said the Wellgreen economics yield a 38 per cent internal rate
of return (IRR), pre tax, as well as a $3.0 billion net present value at
an 8 per cent discount rate, with a payback period of just over three
and a half years.
Prophecy Platinum Corp. is focused on developing Platinum group metals (PGM) and Nickel sulphide projects. It also holds the Lynn Lake Nickel-copper project in Manitoba, the Las Aguilas Nickel-PGM deposit in Argentina, as well as five prospective claims in Uruguay.