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http://business.financialpost.com/2012/06/23/...-its-first-yukon-pea/
By Kevin Michael Grace
Throughout a 50-year history with numerous owners, the Wellgreen Project has never lacked for promise. Extensively drilled, it briefly produced high-grade nickel and copper in the Yukon 30 years ago. The property has been owned since 2011 by Prophecy Platinum (TSXV:NKL), which has added gold and platinum group metals (PGMs) to the traditional resource base. With the June 18 release of a positive preliminary economic assessment, that promise has begun to emerge. Wellgreen could, in the words of Chairman John Lee, “potentially reach of the size of the some of the world’s largest nickel-sulphide projects.”
Lee calls Wellgreen “humungous.” It measures 22.1 square kilometres precisely, with “up to almost 18 kilometers of known mineralization. We’ve only explored two kilometers. The existing resource, which is at 450 million tonnes, is entirely encapsulated in that two-kilometer strike.” The project is located in the southwest of the Yukon, 317 kilometres northwest of Whitehorse, 35 kilometres northwest of the Burwash Landing airstrip, 15 kilometres from the Alaska Highway and 402 kilometres from the deepsea port of Haines, Alaska.
According to the PEA, Wellgreen hosts (at a 0.22% nickel-equivalent cutoff), an indicated pitshell of 14.4 million tonnes grading 0.68% nickel, 0.62% copper, 0.05% cobalt, 0.51 grams per tonne gold, 0.99 g/t platinum and 0.73 g/t palladium. The inferred pitshell is 446.6 million tonnes grading 0.31% nickel, 0.25 copper, 0.02% cobalt, 0.16 g/t gold, 0.38 g/t platinum and 0.33 g/t palladium.
Over a 37-year mine life, Wellgreen is expected to produce annually 53 million pounds nickel, 55.6 million pounds copper, 3.6 million pounds cobalt, 36,600 ounces gold, 66,600 ounces palladium and 89,200 ounces palladium. This totals 1.96 billion pounds nickel, 2.06 billion pounds copper and 7.12 million ounces of platinum+palladium+gold in concentrate.
The project has a CAPEX of $863 million, a pretax internal rate of return (IRR) of 38%, a pretax net present value (NPV) of $3 billion (at an 8% discount rate) and a 3.55-year payback. The CAPEX is based on diesel power, but Prophecy will consider reducing energy costs by such means as importing natural gas and building natural gas plants.
Lee comments, “The early indications of economic viability appear to be excellent. I think the market also reacted fairly well. We traded a half million shares, which is the highest trading-volume day for this year.”
The market has of late reacted negatively to several large-CAPEX projects. Does Lee believe $863 million will be amenable to investors? “I think we have to look at things relatively,” he responds. “This mine, once it is in production, will become one of the largest platinum-palladium projects in all of North America. And given the grade is fairly high compared to other deposits, we’re able to reduce the footprint to the milling rate of 32,000 tonnes per day at a fairly decent strip ratio of 2.5 to 1. I think our footprint is lower than the other megaprojects like International Tower Hill['s (TSX:ITH) Alaska Livengood gold project], that envisions 200,000 tonnes or 300,000 tonnes of mining weight, whereas we’re about 100,000 tonnes of mining weight.”
He continues, “We look at Wellgreen as more of a midsized project, and because of our location we’re able to eliminate a lot of the infrastructure costs. Not to mention that the $863 million CAPEX includes a 25% contingency. Not to say there won’t be project overruns, but we’re fairly comfortable with these numbers compared to the numbers turned out by our peers. Relative to our NPV, which is pegged at $3 billion, the CAPEX also seems very reasonable, versus other projects that have a $2-billion CAPEX and a $2-billion NPV.”
Wellgreen appears to contain significant amounts of rhodium, ruthenium, iridium and osmium. Yet these were not considered in the PEA. Lee explains, “This is a very early study, and this is one of the very few deposits in the world that contains these exotic elements. Some of these metals have traded at $9,000 an ounce, as in the case of rhodium in 2007. Iridium was $300, and now it’s over $1,000 an ounce. The inclusion of these metals could potentially further enhance the economics. About a month ago, we released some of the additional assay data on these exotic PGMs, and it looks like they could create as much as 30% of the existing known PGM-precious-metal resource base. But these metals could be difficult to extract, and we have to spend a lot more time and resources in really figuring out how these metals can add value.”
Prophecy has embarked this year on “the most extensive drill program” in Wellgreen’s half-century in order to convert inferred resources to measured and indicated and expand the resource. Thirty to 50 holes are expected at a cost of $15 million to $20 million.
Wellgreen assays released June 19 include”
0.13% copper, 0.24% nickel, 0.22 g/t platinum, 0.21 g/t palladium, 0.04 g/t gold over 242.6 metres
(including 0.23% copper, 0.24% nickel, 0.31 g/t platinum, 0.4 g/t palladium, 0.04 g/t gold over 50.9 metres)
(including 0.27% copper, 0.5% nickel, 0.42 g/t platinum, 0.59 g/t palladium, 0.04 g/t gold over 18.1 metres)
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As drilling continues, Prophecy moves to derisk Wellgreen. “The deposit has been mined before in the 1970s, and we’re still in the process of collecting a lot of the legacy data,” Lee reports. “After the PEA, there is metallurgy, prefeasibility, feasibility, environment impact assessment, water permitting, and so you’re looking at all permitting taking approximately three years, and that’s on the conservative side. So, therefore, we’re looking at construction beginning around 2016 and production at 2019.”
Lee is bullish on the Yukon; he characterizes its permitting process as “very transparent and well documented.” He adds, “We have invested a lot of time with the First Nations. There are two First Nations in the area of influence of where our project is, and we have very good relationships with both of them. When we go up there we stay at their hotels, and we employ their local youth to help us with some of the exploration work. So we feel very comfortable. But there are many steps that we have to take over time, in terms of a memo of understanding that’s in the works.”
Prophecy’s takeover of Ursa Major Minerals (TSX:UMJ) will close July 16. Lee comments, “Our specialty is mergers and acquisitions. In the last 2.5 years, we have done six. We’ve been successful in all these transactions, and we raised over $100 million in profits as a group in the last three years, even during times of financial crisis. We see Ursa Major as being lucrative and complementary to Wellgreen, even though its [Shakespeare] project is smaller in nature. But it falls into the same type of mineralization, which is platinum, palladium, precious metals, nickel and copper. Most important, its project is fully permitted and has had some contract mining in the last 12 months. We could be looking at turning around from a break-even situation for the mine to having substantial cash flow, depending on optimization and higher metal prices.”
Prophecy also owns the Lynn Lake nickel-copper project in Manitoba. This is “where we all got started in 2009,” Lee says. “We got it for a very good price, and it’s one of the very few advanced nickel-sulphide projects in Canada. It also has an extensive history of prior mining up until the 1970s. It has big infrastructure with an airport, power and rail. So our view is much that Ursa Major’s property requires revision of the feasibility study to better understand the economics. One of our projects is fully permitted, and one is well on its path to getting the mine permitted. So we’re going to move the projects and at the right time make a production decision. However, in the interim, for at least the next 12 months, the focus is squarely on Wellgreen.”
Lee believes that platinum is an underrated and undervalued component of Wellgreen. “Platinum in the last 30 years has consistently traded at a 30% premium to gold,” he points out, “and 90% of platinum is produced in South Africa, which has its own share of issues with power, mining costs and empowerment. The rest of the world produces only about a million ounces of platinum-palladium combined. Yet these metals are essential to other production of other catalysts, and they’re precious metals as well.”
And, “So we believe that platinum in due time is going to trade back to its historic norm, at a premium to gold, and that platinum demand will rise as economic recovery continues with other catalyst demands. We see Wellgreen as one of the handful of projects of a size that can appeal to majors and contribute significantly to global gold-PGM production.”
As for the interest of such majors in Wellgreen, Lee reports, “We’re open to all different proposals, and we’re in discussions.” Possible outcomes could include investment, a joint venture or an outright takeover.
Prophecy shares have risen about 25% since the beginning of June. “We’re almost back to where we started in 2012, which can’t be said of too many other junior companies,” Lee says. He concludes, “We attracted a lot of interest based on the fundamentals of the [PEA]. Our view is that the market is close to bottom for mining equities, and therefore the [PEA] news couldn’t be more timely for us.”
At press time, Prophecy Platinum had 55.5 million shares trading at $2.09 for a market cap of $115.9 million. On June 21, the company announced an up to $23-million private placement of special warrants.
Read more articles like this at resourceclips.com.
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Posted in: Small Cap News Tags: copper, gold, Kevin Michael Grace, nickel, platinum, Prophecy Platinum Corp, Yukon Territory
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Wertpapier: Wellgreen Platinum |
http://tmx.quotemedia.com/...le.php?newsid=52266228&qm_symbol=NKL
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces that the Company has arranged a non-brokered private placement of 5,000,000 units at a price of $2.25 per share to raise aggregate gross proceeds of $11,250,000. It has canceled the overnight-marketed offering of special warrants announced on June 21, 2012.
Each private placement unit will be comprised of one share and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional common share (a "Warrant Share") at a price of $3.00 per Warrant Share for a period of 24 months.
Finder's fees may be payable in connection with the financing in accordance with the policies of the TSX Venture Exchange.
Prophecy intends to use the proceeds of the Placement to advance its Wellgreen property towards pre-feasibility as well for exploration on the balance of the projects in its mineral portfolio, to evaluate merger & acquisition transactions, and for general corporate purposes. The completion of the Placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.
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Wertpapier: Wellgreen Platinum |
http://app.quotemedia.com/quotetools/...;cp=off&webmasterId=89753
Dear Shareholders,
Being the third largest Prophecy Platinum shareholder (after Prophecy Coal and Sprott), and having bought into the last Prophecy Platinum financing, I was also disappointed with the terms of the financing announced last Thursday (See press release dated June 21, 2012).
Upon review and reflection, we have decided to downsize the offering to minimize dilution, and switched to a non-brokered private placement in order to have better control of the process and reduce financing cost. As the company is in active M&A and joint venture discussions, having a tighter share structure means any potential deal would generate greater shareholder value.
Prophecy Platinum has a great future ahead. Since the Company was spun off from Prophecy Coal last June, we have accomplished the following:
-- Announced 43-101 compliant Wellgreen resource estimate with an inferred
resource of 289.2 million tonnes at an average grade of 1.18 g/t
PGM+Gold, 0.38% nickel, and 0.35% copper. These numbers equate to over
10 million oz of inferred PGM+Gold resource. (Please see technical
report published July 2011 by Wardrop Engineering Inc. and available on
the Company's SEDAR profile).
-- Raised $10 million in 2011 under difficult market conditions without
warrants.
-- Brought on Sprott as a major shareholder, and received favourable
research coverage from 3 Canadian investment banks.
-- Brought on world-class technical director and advisors.
-- Entered into a plan of arrangement to acquire Ursa Majors' Shakespeare
project, a deposit with reserves that is production ready and highly
levered to Ni-PGM prices.
-- Concluded first Wellgreen metallurgical program which demonstrated good
metal recovery and a marketable concentrate.
-- Made the first PEA announcement(i), which highlighted a NPV of $3
billion and IRR of 38%, with a modest capex of $900 million. (Please see
the Company's press release dated June 18, 2012).
In addition to infill drilling, the exploration drilling outside of the resource boundaries could be ground breaking with the potential to substantially increase Wellgreen's already outstanding resource base. We will have results published monthly.
Wellgreen is a highly unique Ni-Cu-PGM deposit in southwestern Yukon, situated at a low altitude and next to the Alaska Highway that leads to a port. The location commands a premium for its low political risk, and clear path to permitting.
Since Prophecy Platinum's current market cap is about 4% of Wellgreen's projected NPV, our goal is bring that number to 10-20%, which is more in line with the market. With persistent marketing, and continued drilling and studies to de-risk the project, we believe the goal can be achieved.
As newly appointed as interim CEO of Prophecy Platinum, I will be more hands on with all aspects of the Company, particularly regarding fundraising. I have been investing in resource stocks for 10 years as an accredited investor and have successfully raised over $80 million for Prophecy Platinum and Prophecy Coal as a group in the last 3 years.
I have just authored an article entitled Market Bottom Only In Hindsight (www.prophecyplat.com/market.php) which outlines my thoughts on the current state of the resource market.
With strong project fundamentals and the likelihood of a market bottom, I am a buyer of Prophecy Platinum shares in the open market, and I look forward to sharing more of Prophecy's progress and success in the days to come.
Sincerely,
"JOHN LEE"
(i) Please note a PEA should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the project has not been demonstrated at this time. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserve do not have demonstrated economic viability. The PEA is based on the July 2011 resource estimate prepared by Wardrop Engineering Inc. The full PEA report will be available on the Company's SEDAR profile in late July 2012.
About Prophecy Platinum
Prophecy Platinum Corp. is a mineral exploration company focused on developing platinum group metals (PGM) and nickel sulphide projects. Defining and driving the company is its flagship Wellgreen PGM Nickel Copper property in Canada's Yukon Territory. Prophecy's further holdings include the Lynn Lake Nickel Copper project in Manitoba, the Las Aguilas Nickel PGM deposit in Argentina, as well as five prospective claims in Uruguay.
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Wertpapier: Wellgreen Platinum |
wann kommt ein angebot von vale???
Prophecy Platinum Appoints Harald Batista and Myron Manternach as Directors VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/10/12 -- Prophecy Platinum Corp. (TSX VENTURE: NKL)(OTCQX: PNIKF)(FRANKFURT: P94P) ("Prophecy" or the "Company") is pleased to announce the appointments of Mr. Harald Batista and Mr. Myron Manternach to its Board of Directors. Mr. Batista is an accomplished entrepreneur with over 2 decades of sales and marketing experience. He holds an MBA degree from Santa Clara University in California and is a member of the prominent Batista family in Brazil that includes Eliezer Batista, the founder of Vale do Rio Doce Company (now Vale) and Eike Batista, the founder of EBX Group. EBX Group focuses on investment opportunities in infrastructure and natural resources, sectors in which Brazil presents important competitive differentials. These investments are focused on MMX (iron-ore mining), MPX (energy), LLX (logistics), OGX (oil and gas), AUX (gold mining), CCX (coal mining) and OSX (oil services). MMX, OGX, MPX, CCX and LLX are listed on Brazil's Novo Mercado - at the Sao Paulo Stock Exchange (BOVESPA). The combined market capitalization of EBX Group companies exceeds US $20 billion...
www.finanznachrichten.de/nachrichten-2012-07/...-as-directors-256.htm
Schauen Sie sich das an! http://bullve.st/1g6
Wo wird über solche Längen Mineralisierung erreicht. 191 Meter, 173 Meter, 131 Meter mit Kupferequivalent Werten bis über 2%!!!
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Wertpapier: Wellgreen Platinum |
UMJ hat nach meinen bisherigen informationen ein GPV von ca. 2,5MRD USD.
Nickel (lb) : 152,224,395 (76.0% recovery)
Copper (lb) : 201,718,384 (95.0% recovery)
Cobalt (lb) : 12,502,847 (71.0% recovery)
Gold (oz) : 63,180 (38.0% recovery)
Platinum (oz) : 217,498 (75.0% recovery)
Palladium (oz) : 134,509 (42.0% recovery)
Der Web-Seiten-Link von UMJ ist bereits umgeleitet und verweist schon auf NKL.
http://www.prophecyplat.com/
Damit kommt NKL jetzt auf ein GPV von über 50MRD USD.
mfg
Arriba
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Wertpapier: Wellgreen Platinum |
Für das Projekt Shining Tree waren bisher indicated und inferred zusammen
ca 400mio usd als GPV angegeben,
bei shakespear sind bereits ca . 1mrd usd als "probable" vermerkt.
zur Erinnerung hier noch die Meldung vom Febr.
http://www.marketwire.com/press-release/...l-mine-tsx-umj-1614856.htm
NKL kann also jetzt vorzeitig, durch die Aquisition, schon sehr bald cashflow generieren.
mfg
Arriba
meine posts sind
kein Handelshinweis zum Kauf oder Verkauf
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Wertpapier: Wellgreen Platinum |
"""
Prophecy Platinum Reports 12.9% Nickel Concentrate and Separate 23% Copper Concentrate with PGE's At Wellgreen From SGS Lab
Das könnte den weiteren Kursverfall erstmal stoppen.
mfg
Arriba
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Wertpapier: Wellgreen Platinum |
aber im Moment tun sich die Palladium-Platinfrmen sehr schwer, nicht nur die Explorer, sondern auch die Produzenten.
hier hilft nur eines: Warten bis sich die Gesamtlage wieder ändert. Indikatoren könnten sein:
1) Wirtschaft in China zieht wieder an oder wird stimuliert
2) USA Wirtschaft erholt sich weiter
3) Q3-Porgramm, d.h. es wird nioch mal Geld zur Wirtschaftsstimulation in den Markt gepumpt
Meine Vermutung ist, dass es hier erst wieder aufwärts geht, wenn die EU ihre Probleme langfristig gelöst hat, d.h. es muss Klarheit mit Spanien und Italien her und Griechenland wird vermutlich - nahc der jetzigen Datenlage - pleite gehen, weil die Rettungspolitik gescheitert ist. Aber auch das ist ein Signal an alle anderen Staaten sich anzustrengen und wirkliuch Reformen nicht nur herbeizureden, sondern auch umzusetzen!
Zur Zeit stehen sehr viele Rohstoffklassen so niedirg wie zuletzt 2008/09, nicht zu Pd und Pt sondern auch Kupfer, Eisen, Kohle, Nickel.
Es hält sich nur Gold, Lithium, Öl und Dünger (Pottash), wobei die Goldminen auch viel an wert verloren haben, aber heir gibt es Erholungstendenzen von den Tiefs. Öl dürfte im Falle ienr wirtschaftlichen Rezession weiter nachgeben, Kohle steht in Konkurrenz zum billigen Erdgas, besonders in den USA.
Lithium hat keine Konkurrenz und Dünger auch nicht.
Wenn die wirtschaftliche Wende kommt, kann man mit Prophecy Coal oder Prophecy Platin ciel Geld verdienen, aber das kann noch bis 2014 dauern.
http://www.prophecyplat.com/..._platinum_closes_private_placement.php
daher vermutlich auch der kleine Kursanstieg der die letzten Tage zu sehen war.
Ausserdem steht der Platinpreis derzeit bei 1500$ , also seit Mitte Aug ca. um 100$ höher.
mfg
Arriba
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Wertpapier: Wellgreen Platinum |
absolut gut.
heute noch bei kursen unter 2$ zu haben,
_Da ist noch reichlich Musik drin. wer das thema kennt , weiß bescheid.
mfg
Arriba1
(meine infos sind keine Handelsempfehlungen)
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Wertpapier: Wellgreen Platinum |
http://tmx.quotemedia.com/article.php?newsid=54189809&qm_symbol=NKL
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Wertpapier: Wellgreen Platinum |
http://www.prophecyplat.com/...ltiple_massive_sulphide_intercepts.php
mfg
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Wertpapier: Wellgreen Platinum |
Saturday, October 06, 2012 by Joyanta Acharjee
Prophecy Platinum (CVE:NKL)(OTCQX:PNIKF) Thursday updated investors with progress at the company's flagship Wellgreen project, which is rich in platinum group metals (PGM) as well as nickel and copper.
In a webcast event, Prophecy Platinum's chairman and CEO John Lee went over the company's progress over the past year and highlighted features that showed Wellgreen's potential as a deposit that ranks amongst the world's top five undeveloped nickel sulphide projects.
Wellgreen is located in the south west of Canada's mining-friendly Yukon Territory, approximately 35 kilometres northwest of the airstrip at Burwash Landing, just 15 km from the Alaska Highway and 402 km from the deep sea port of Haines in Alaska.
A July 2011, NI 43 101-compliant report provides a resource estimate of 289 million tonnes in the inferred category with grades of 0.38% nickel, 0.35% copper, 1.18 grams per tonne (g/t) PGM and gold, and 14 million tonnes in the indicated category at 0.69% nickel, 0.62% copper, 2.25 g/t PGM and gold.
"The Wellgreen project is large and has attractive economical and strategic value in PGMs and will represent up to 20 per cent of North American platinum output once in production," Prophecy Platinum's Lee told investors, analysts and shareholders listening in on the webcast.
"This is a brownfield exploration story with a significant history."
Lee said that a preliminary economic assessment (PEA) from earlier this year showed "good economics" with cash costs in the second quartile.
In June, Prophecy Platinum released the PEA which showed Wellgreen had a net present value of $3.0 billion.
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.
This is a third of the production of Stillwater, one of the largest independent PGM producers in North America, Lee said.
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.
The company said the Wellgreen economics yield a 38 per cent internal rate of return, with a payback period of just over three and a half years. Initial capital costs were pegged at $863 million, including 25 per cent contingency.
Lee said that the Wellgreen deposit was open in both directions and was linked to infrastructure literally at its doorstep, with an all-weather road next to the entrance of the underground mine workings that joins the Alaska Highway, and which sweeps to the south to connect to the deep sea port of Haines.
Prophecy Platinum's Lee said that Yukon was emerging as a premier mining destination, with Kinross (NYSE:KGC), Kaminak Gold(CVE:KAM) and Capstone Mining (TSE:CS) all operating in the region near Wellgreen.
He also said that Wellgreen compared favourably with First Quantum's (TSE:FM) Kevitsa project in Finland.
Prophecy Platinum aims to upgrade the resource estimate next year and then complete a pre-feasibility study on Wellgreen by 2014, which will be a "comprehensive study" that will look to put the project into production.
The company said it has drilled 10,000 metres since February 2012 with work still ongoing.
"Wellgreen still has plenty of exploration potential," Lee said.
Copper and nickel concentrates are industrial grade, he remarked, and was "very confident" of its product being marketable.
Turning to the recently-acquired Shakespeare nickel mine near Sudbury, Ontario, Lee said that Shakespeare provides a medium-to long-term production strategy for the company.
The mine was the primary asset of URSA Major Minerals, which was acquired earlier this year.
"We like Shakespeare, it is an open pit, has good infrastructure and is permitted, all of which carry a very big premium in the market today. It has the potential to be a significant profit and revenue driver."
During the twelve months of operation ending January 31, 2012, the mine produced 151,910 tonnes of ore and generated gross revenue of $11.2 million.
Prophecy Platinum's Lee said the company's immediate focus is Wellgreen and will look to update the resource at Shakespeare in 2013.
In terms of an outlook, Lee said that he was "very bullish" on nickel, which has had a volatile price since 2007.
Over the past year, the miner said it has raised $20 million, inked a co-operation deal with the Kluane First Nations, completed the first stage of metallurgical studies, kept its budget in check, and has hit mineralization in all drilled holes except one.
The company has also attracted a lot of investor attention of late.
"Over 10 investment banks have toured Wellgreen and want to do business with us. We probably met with 100 funds all over the world and have been overwhelmed by all the attention we have
Prophecy Platinum Initiates Wellgreen Environmental Baseline Studies and Expects New COO Early November
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/15/12 -- Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE: NKL)(OTCQX: PNIKF)(FRANKFURT: P94P) is pleased to announce it has entered into a contract with EBA Engineering Consultants Ltd. ("EBA"), a Tetra Tech Company from Whitehorse to initiate environmental baseline studies this fall on the Company's 100% owned Wellgreen PGM-Ni-Cu Project, located in the southwestern part of Yukon, Canada.
Engaging EBA is another milestone in moving the Wellgreen project forward. The present scope of baseline work to be carried out by EBA includes collection of meteorological data, surface water flows, surface water quality and analysis of recent wildlife studies.
Yukon Environmental and Socio-economic Assessment Board (YESAB) requires approximately two years of baseline data as part of the overall quartz mining permit application, which Prophecy targets to submit by 2015.
Prophecy announces that it expects a new Chief Operating Officer to start in early November, 2012. The Company has also recruited Matthew Emery as an investor relations manager. Mr. Emery has been in the communications and investor relations field for the past 12 years and will assist in the following areas: investor communications promoting full and fair disclosure by the Company; dissemination of Company news and information; and creation and implementation of an investor relations program that provides investors and interested parties with Company information. Mr. Emery has been granted 40,000 stock options to purchase shares at a price of $1.65 per Common Share. The options will have a term of five years with a 2-year vesting.
Lastly, the Company also announces the termination of its option agreement with Marifil Mines Ltd. on the Las Aquilas property in Argentina.
About EBA Engineering Consultants
EBA, a Tetra Tech Company, has progressively expanded since its inception in 1966 and, today, clients are served by more than 650 engineers, scientists, technologists, and support staff from offices predominantly across western and northern Canada. EBA has undertaken similar environmental baseline studies in the Yukon, including for the Ketza River Mine, Selous Project, and Mactung Project.
About Prophecy Platinum
Prophecy Platinum Corp. is a Canadian based nickel PGM exploration company with projects in Canada. Prophecy Platinum's flagship Wellgreen PGM-Cu-Ni project is located in Yukon Territory, Canada. Prophecy's Shakespeare PGM-Cu-Ni project (fully permitted) is located in Ontario, and its Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplat.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Prophecy Platinum Corp
Sehr Undurchsichtig alles!
Schade, dass dort vom Management keine Infos kommen.
Heisses Eisen z.Z....., vielleicht gehts noch lang tiefer und es ist noch billiger dranzukommen.
MarketWire · Mehr Nachrichten von MarketWire
Prophecy Platinum Appoints Greg Johnson as President and Chief Executive Officer
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE: NKL)(OTCQX: PNIKF)(FRANKFURT: P94P) is pleased to announce the appointment of Greg Johnson, as President and Chief Executive Officer. Mr. Johnson has over twenty-five years of experience in the exploration and development of large scale projects in the mining industry and, through his global network of contacts, has been involved in raising over $650 million in project financing.
Mr. John Lee, Chairman of the Board and founder of the Company through the initial spin-out from Prophecy Resource Corp, stated, "We are excited to welcome Mr. Greg Johnson to lead the executive management team at Prophecy Platinum Corp. and to take the Company through the next stages of development. Mr. Johnson has the demonstrated experience, expertise and vision that we believe will allow the Company to successfully advance its projects and maximize shareholder value going forward. Along with the recent addition of John Sagman as Chief Operating Officer, we are putting in place a recognized executive management team to lead technical, financial and developmental aspects of the world class Wellgreen PGM-Cu-Ni project in the Yukon."
Prior to joining Prophecy, Mr. Johnson held the position of President and CEO at South American Silver, where he lead the significant advancement and expansion of the Company's two development stage projects in South America - including a world class silver deposit and a major new copper-gold discovery. During this time, South American Silver's market capitalization increased from $20 million to a peak of $350 million.
Previously as a co-founder and executive at NovaGold Resources, Mr. Johnson was a key member of the executive team that led NovaGold from a $50-million market capitalization to more than $2-billion and oversaw the expansion of the company's resource base to over 30 million ounces of gold. Over his 12 years with NovaGold, Mr. Johnson played a prominent role in the acquisition and advancement of three world-class deposits, including the completion of three feasibility studies. For his role in the discovery and advancement of the 40-million-ounce Donlin Creek gold deposit in Alaska, Greg was honoured as a co-recipient of the PDAC's Thayler Lindsay International Discovery Award.
Mr. Johnson began his career with Placer Dome Inc. (now Barrick Gold), where he held various senior roles in domestic and international exploration in projects from early discovery stage to feasibility and operations in Alaska, Canada, Africa, Australia and Russia. Mr. Johnson holds an honors degree in Geology from Western Washington University.
Mr. Greg Johnson, newly appointed President and CEO, stated, "I am excited to join Prophecy Platinum at this point of rapid growth, yet early market awareness for the company. We look to continue to build the technical and management team to successfully advance and grow what is already one of the world's largest undeveloped platinum group metal, nickel and copper deposits at Wellgreen. With its low political risk location in the Yukon and existing development infrastructure, we believe there is excellent opportunity to significantly add shareholder value as we advance the project toward development."
Mr. Johnson was granted 800,000 options at an exercise price of $1.14 per share expiring November 2, 2017.
The Company also advises that it has granted 500,000 options having an exercise price of $1.24 per share expiring October 17, 2017 to its new Chief Operating Officer, Mr. John Sagman.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/13 -- Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE: NKL)(OTCQX: PNIKF) is pleased to announce the final results of its US$6.5 million, 11,000 metre 2012 exploration drill program at the Company's 100%-owned Wellgreen PGM-Ni-Cu project, located in the southwest of Canada's Yukon Territory. Fourteen of fifteen drill holes, from across approximately two kilometres of the existing mineral resource area, intercepted significant mineralized widths, including two of the best intercepts drilled at the Wellgreen project to date.
Highlights
Highlighted drill results are summarized below in platinum equivalent (Pt Eq.)(1) and nickel equivalent (Ni Eq.)(1):
-- WS12-214 intersected three mineralized intervals totalling 362.8 metres
of 2.22g/t Pt Eq. or 0.49% Ni Eq. including 37.6m of 5.31g/t Pt Eq. or
1.18% Ni Eq.;
-- WS12-205 intersected five mineralized intervals totalling 314.4 metres
of 2.38g/t Pt Eq. or 0.53% Ni Eq. including 44.1 metres of 4.13g/t Pt
Eq. or 0.92% Ni Eq.;
-- WS12-203 intersected two mineralized intervals totalling 317.2 metres of
1.91g/t Pt Eq. or 0.42% Ni Eq.;
-- WS12-208 was entirely mineralized, totalling 142.5 metres of 4.01g/t Pt
Eq. or 0.89% Ni Eq.;
-- WS12-204 intersected three mineralized intervals totalling 295.0 metres
of 1.92g/t Pt Eq. or 0.43% Ni Eq.;
-- WS12-213 intersected two mineralized intervals totalling 251.9 metres of
2.08g/t Pt Eq. or 0.46% Ni Eq.
Please refer to the tables below for additional details on all drilling results.
Greg Johnson, Prophecy Platinum's recently appointed President and Chief Executive Officer, stated, "We are very pleased by the results from this last round of drilling in the 2012 Wellgreen exploration program and are developing a good understanding of the geologic controls for a large scale, bulk mining approach to the Wellgreen project. These drill holes from four different areas across the main Wellgreen deposit, designed to test representative sections of the deposit, demonstrate wide intervals of impressive mineralization. Two of these drill holes are in the top holes ever drilled on the property to date in terms of width and grade of mineralization and six of these drill holes exceed a grade thickness value of over 500 gram-metres of platinum equivalent. A grade thickness value of 20 gram-metres is considered economically significant and most high quality gold or platinum mines would have a core zone of 100 gram-metres or more. A value of 500 gram-metres is exceptional and two of our holes in the project are nearly 1000 gram-metres highlighting the strength of the Wellgreen system. In addition, most of these zones remain open to further expansion at depth and along trend."
"Over the past several months our Wellgreen team has been compiling all of the historic exploration data on the project and systematically integrating it along with the results from the 2012 program. This work is showing a nearly continuous zone of disseminated PGM, nickel and copper mineralization in ultramafic intrusive rocks of up to 200-500 metres in thickness with a higher grade package of ultramafics lower in the section of up to 150-300 metres with substantially higher PGM content."
Central Zone
The Central Zone, which occurs between the East and West Resource zones, had undergone only limited drilling at the time of the Wellgreen resource estimate, in 2011. Subsequent drilling in this area (see Wellgreen Plan View) has revealed one of the thickest zones of continuous PGM, nickel and copper mineralization found at the project to date. Drill Holes WS12-214 and WS11-188 intersected an upper ultramafic package of up to 200 metres in thickness grading 2g/t Pt Eq. and a lower ultramafic package of 160-248 metres in thickness grading 2.5g/t Pt Eq. Drill Hole WS11-188 intersected four mineralized intervals totaling 434.6 metres at a grade of 2.30g/t Pt Eq. (or 0.51% Ni Eq.). Mineralized samples from part of Drill Hole WS11-188 were also analyzed for rare PGM's rhodium, osmium, iridium and ruthenium. The results of these tests support the historic findings that the Wellgreen deposit contains rare PGM's along with platinum and palladium. Future metallurgical tests will look to quantify the potential economic contribution of these rare PGM's to the project. Drill Hole WS12-214 was an offset hole to WS11-188 and confirmed the continuity of mineralization by intersecting three mineralized intervals totaling 362.8 metres at a grade of 2.22g/t Pt Eq. (or 0.49% Ni Eq.). See Table 1 and Figure 1.
Together, Drill Holes WS11-188 and WS12-214 indicate the existence of a very broad mineralized zone of ultramafic rocks. Drill Hole WS12-214 also intersected a significantly higher grade zone in the lower ultramafic package across a width of 37.6 metres with grades of 5.31g/t Pt Eq. (or 1.18% Ni Eq.) including 0.47% Ni, 0.83% Cu, 0.023% Co, 1.12g/t Pt, 0.65g/t Pd, and 0.27g/t Au. These lower samples occur near the base of the ultramafic package that contains areas of intense disseminated sulphides as well as pods of massive sulphides that were the focus of historic exploration and mining on the project. Less than half of the mapped area of potentially mineralized ultramafics has been drill-tested in this area and the mineralized zone drilled in WS12-214 and WS11-188 remains open to expansion. Drill Holes WS12-214 and WS11-188 were designed to drill across the mineralized horizons with 8 individual intersections averaging 100 metres in width with an average base metal content of 0.40% Ni Eq. and average PGM content of 0.48 g/t Pt Eq., for a total of 2.26 g/t Pt Eq.
Table 1: Central Zone drill hole intercept highlights
--------------------------------------------------
Downhole Base Metals
Ultramafic From To Width Ni Cu Co Ni Eq.
Drill Hole Unit m m m % % % %
--------------------------------------------------
WS12-214 Upper 0.0 192.0 192.0 0.30 0.11 0.017 0.37
198.0 208.7 10.7 0.37 0.17 0.018 0.46
2 Total
intervals Upper 202.7 0.31 0.11 0.017 0.38
Total
Lower 219.5 379.5 160.1 0.25 0.35 0.018 0.42
incl 319.4 357.0 37.6 0.47 0.83 0.023 0.82
3 Total
intervals Hole 362.7 0.28 0.22 0.017 0.39
--------------------------------------------------
(i) Hole WS11-188 listed below for reference purposes (drilled in 2011)
--------------------------------------------------
WS11-188 Total
Upper 7.9 195.1 187.1 0.29 0.10 0.015 0.36
Lower 195.1 300.5 105.5 0.42 0.26 0.018 0.55
306.6 411.7 105.1 0.22 0.22 0.017 0.33
420.9 443.3 22.3 0.17 0.23 0.016 0.28
450.3 464.9 14.6 0.26 0.49 0.018 0.47
4 Total
intervals Lower 247.5 0.30 0.26 0.017 0.43
5 Total
intervals Hole 434.6 0.30 0.19 0.016 0.40
--------------------------------------------------
--------------------------------------------------
Precious Metals Total Metals Pt Eq.-
Ultramafic Pt Pd Au Pt Eq. Pt Eq. Ni Eq. length
Drill Hole Unit g/t g/t g/t g/t g/t % g/t-m
--------------------------------------------------
WS12-214 Upper 0.17 0.26 0.02 0.28 1.97 0.44 378
0.20 0.34 0.03 0.36 2.46 0.54 26
2 Total
intervals Upper 0.17 0.26 0.02 0.29 1.99 0.44 404
Total
Lower 0.44 0.28 0.12 0.64 2.52 0.56 403
incl 1.12 0.65 0.27 1.59 5.31 1.18 200
3 Total
intervals Hole 0.29 0.27 0.07 0.44 2.22 0.49 806
--------------------------------------------------
(i) Hole WS11-188 listed below for reference purposes (drilled in 2011)
--------------------------------------------------
WS11-188 Total
Upper 0.17 0.24 0.02 0.27 1.88 0.42 353
Lower 0.48 0.57 0.07 0.75 3.21 0.71 338
0.48 0.31 0.07 0.65 2.13 0.47 224
0.39 0.19 0.07 0.52 1.79 0.40 40
0.62 0.32 0.14 0.86 3.00 0.66 44
4 Total
intervals Lower 0.48 0.41 0.07 0.69 2.61 0.58 646
5 Total
intervals Hole 0.35 0.34 0.05 0.51 2.30 0.51 999
--------------------------------------------------
Footnotes to Drill Interval Tables and Figures:
1. Nickel equivalent (Ni Eq. %) and platinum equivalent (Pt Eq. g/t)
calculations reflect total gross metal content using US$ of $7.58/lb
nickel (Ni), $2.85/lb copper (Cu), $12.98/lb cobalt (Co), $1270.38/oz
platinum (Pt), $465.02/oz palladium (Pd) and $1102.30/oz gold (Au) and
have not been adjusted to reflect metallurgical recoveries. The above
metal prices are a 20% reduction of the LME 3-year trailing average
metal prices as presented in the Company's technical report entitled
"Wellgreen Project, Preliminary Economic Assessment, Yukon Canada" dated
August 1, 2012 (the "2012 Wellgreen PEA") and prepared by Andrew Carter,
C.Eng., Pacifico Corpuz, P. Eng., Philip Bridson, P.Eng., and Todd
McCracken, P.Geo., of Tetra Tech Wardrop Inc. The 2012 Wellgreen PEA is
available under the Company's profile on SEDAR at www.sedar.com.
2. Ni Eq. % and Pt Eq. g/t in "Base Metals" and "Precious Metals" columns
only refers to equivalents of base and precious metals respectively, not
total metals. In the "Total Metals" column the Pt Eq. includes both base
and precious metals, as does the Ni Eq.
3. Significant interval defined as a minimum 15 g/t metre Pt Eq. interval,
4. Cutoff grade of 0.2% Ni Eq.
5. Internal dilution up to six continuous metres of less than 0.2% Ni Eq.
6. Some rounding errors may occur.
7. Individual composites of greater than 2.0 g/t Pt Eq. have been bolded.
8. True thicknesses have not been measured.
9. Projected open pit design in Figures is from the 2012 Wellgreen PEA.
See Figure 1: Cross Section of the Central Zone
East Zone
Results from eight new drill holes in the East Zone confirm previously identified zones of broad PGM, nickel and copper mineralization within a package of ultramafic rocks starting from the surface. The summary grade thickness values for all the holes indicated mineralized intervals with grade thickness values at or in excess of 250 gram-metres of platinum equivalent. Three holes exceeded a value of 500 gram-metres.
The East Zone contains many isolated massive sulphide lenses in and around the underground workings that occur near the base of the ultramafic host rocks. Though historic work focused on these massive sulphide bodies, as currently envisioned, these limited but very high grade zones are seen as enrichments in a much broader zone of disseminated material which spans the entire ultramafic body and demonstrates continuous mineralization for at least 400 vertical metres. In this section, the higher grade lower ultramafic package is confined to an area adjacent to the Hasen Creek sediments and seems to follow the contact very closely reaching widths of up to 160 metres. Although confined in the upper 300 metres, this zone appears to be widening with increasing depth and remains open in that direction. Drill holes in the East Zone were designed to drill across the mineralized horizons, with 19 individual intersections averaging 100 metres in width with an average base metal content of 0.35% Ni Eq. and average PGM content of 0.32 g/t Pt Eq. for a total of 1.90 g/t Pt Eq.
Like the Central Zone, less than half of the mapped area of potentially mineralized ultramafics has been drill- tested in this area.
Table 2: East Zone drill hole intercept highlights
--------------------------------------------------
Downhole Base Metals
Drill Ultramafic From To Width Ni Cu Co Ni Eq.
Hole Unit m m m % % % %
--------------------------------------------------
WU12-537 0.0 11.1 11.1 0.18 0.47 0.011 0.37
19.0 128.6 109.7 0.31 0.10 0.016 0.37
2 Total
intervals Hole 120.8 0.29 0.14 0.016 0.37
--------------------------------------------------
WU12-548 0.0 5.3 5.3 0.23 0.50 0.018 0.45
16.8 231.3 214.6 0.26 0.09 0.015 0.32
incl 121.9 189.0 67.1 0.31 0.13 0.017 0.38
2 Total
intervals Hole 219.9 0.26 0.10 0.015 0.32
--------------------------------------------------
WS12-202 Upper 0.0 106.5 106.5 0.27 0.08 0.015 0.32
141.4 260.5 119.2 0.27 0.09 0.016 0.33
2 Total
intervals Upper 225.7 0.27 0.08 0.015 0.32
--------------------------------------------------
WS12-203 Total
Upper 0.0 229.5 229.5 0.27 0.10 0.016 0.33
Total
Lower 237.4 325.0 87.6 0.30 0.19 0.017 0.40
2 Total
intervals Hole 317.2 0.28 0.12 0.016 0.35
--------------------------------------------------
WS12-204 Total
Upper 0.0 122.4 122.4 0.27 0.08 0.015 0.32
Lower 129.9 207.0 77.1 0.26 0.26 0.016 0.39
393.4 489.0 95.6 0.27 0.11 0.017 0.34
2 Total
intervals Lower 172.7 0.26 0.18 0.02 0.36
3 Total
intervals Hole 295.0 0.27 0.14 0.016 0.34
--------------------------------------------------
WS12-205 Total
Upper 0.0 145.7 145.7 0.27 0.08 0.015 0.32
Lower 158.1 185.0 26.9 0.28 0.36 0.019 0.45
197.0 241.1 44.1 0.35 0.88 0.026 0.73
261.3 269.0 7.7 0.24 0.52 0.017 0.47
365.0 455.0 90.0 0.35 0.16 0.016 0.44
4 Total
intervals Lower 168.7 0.33 0.40 0.02 0.52
5 Total
intervals Hole 314.4 0.30 0.25 0.017 0.43
--------------------------------------------------
WS12-210 Total
Upper 0.0 101.4 101.4 0.26 0.06 0.015 0.31
Lower 123.2 143.5 20.4 0.29 0.10 0.015 0.35
151.5 187.0 35.5 0.21 0.27 0.015 0.33
incl 185.1 187.0 1.9 0.94 1.67 0.052 1.66
2 Total
intervals Lower 55.9 0.24 0.21 0.015 0.34
3 Total
intervals Hole 157.3 0.25 0.11 0.015 0.32
--------------------------------------------------
WS12-212 Total
Upper 0.0 174.0 174.0 0.26 0.05 0.015 0.30
--------------------------------------------------
--------------------------------------------------
Precious Metals Total Metals Pt Eq.-
Drill Ultramafic Pt Pd Au Pt Eq. Pt Eq. Ni Eq. length
Hole Unit g/t g/t g/t g/t g/t % g/t-m
--------------------------------------------------
WU12-537 0.55 0.34 0.13 0.78 2.46 0.54 27
0.19 0.27 0.03 0.31 2.00 0.44 219
2 Total
intervals Hole 0.22 0.27 0.04 0.35 2.04 0.45 246
--------------------------------------------------
WU12-548 0.54 0.32 0.09 0.74 2.75 0.61 15
0.19 0.22 0.03 0.29 1.74 0.39 374
incl 0.28 0.31 0.04 0.43 2.16 0.48 145
2 Total
intervals Hole 0.20 0.22 0.03 0.30 1.77 0.39 388
--------------------------------------------------
WS12-202 Upper 0.15 0.21 0.02 0.25 1.70 0.38 181
0.15 0.20 0.02 0.24 1.71 0.38 204
2 Total
intervals Upper 0.15 0.21 0.02 0.24 1.71 0.38 386
--------------------------------------------------
WS12-203 Total
Upper 0.18 0.23 0.04 0.30 1.80 0.40 413
Total
Lower 0.25 0.25 0.07 0.39 2.18 0.48 191
2 Total
intervals Hole 0.20 0.23 0.04 0.32 1.91 0.42 604
--------------------------------------------------
WS12-204 Total
Upper 0.14 0.20 0.02 0.23 1.68 0.37 206
Lower 0.34 0.28 0.06 0.50 2.25 0.50 174
0.33 0.26 0.02 0.44 1.96 0.43 187
2 Total
intervals Lower 0.34 0.27 0.04 0.47 2.09 0.46 361
3 Total
intervals Hole 0.25 0.24 0.03 0.37 1.92 0.43 567
--------------------------------------------------
WS12-205 Total
Upper 0.15 0.20 0.02 0.24 1.70 0.38 247
Lower 0.57 0.35 0.16 0.83 2.85 0.63 77
0.56 0.31 0.20 0.85 4.13 0.92 182
0.34 0.16 0.02 0.42 2.54 0.56 20
0.33 0.38 0.03 0.50 2.47 0.55 223
4 Total
intervals Lower 0.43 0.35 0.10 0.64 2.97 0.66 501
5 Total
intervals Hole 0.30 0.28 0.06 0.45 2.38 0.53 748
--------------------------------------------------
WS12-210 Total
Upper 0.11 0.17 0.01 0.19 1.57 0.35 159
Lower 0.19 0.27 0.03 0.32 1.90 0.42 39
0.19 0.15 0.06 0.29 1.80 0.40 64
incl 0.87 0.64 0.15 1.24 8.71 1.93 17
2 Total
intervals Lower 0.19 0.19 0.05 0.30 1.84 0.41 103
3 Total
intervals Hole 0.14 0.18 0.03 0.23 1.66 0.37 262
--------------------------------------------------
WS12-212 Total
Upper 0.10 0.16 0.01 0.17 1.52 0.34 264
--------------------------------------------------
See Figure 2: Cross Section of the East Zone
In addition, a second ultramafic body remains to be tested to the southeast and, based on geophysical data, may contain mineralization similar to the other tested ultramafics. In this section, the higher grade lower ultramafic package is confined to an area adjacent to the Hasen Creek sediments and seems to follow the contact very closely, reaching widths of up to 160 metres. Although confined in the upper 300 metres, this zone appears to be widening with increasing depth and remains open in that direction.
West Zone
The two holes drilled in the West Zone, WS12-211 and WS12-213 (see Figure 3), both intersected mineralized zones similar in grade to those found in the Central Zone. Due to the close proximity of the drill collar locations to the lower footwall contact with Hasen Creek sediments, the zone intercepts in the West Zone are not of the same length.
The upper ultramafic zone in this section is extremely narrow, whereas the higher-grade, lower ultramafic package exists as a more substantial unit and is much closer to surface as compared to other sections. Drill Hole WS12-211 collars directly into the higher-grade zone and appears to widen down-dip, exposing a significant mineralized zone that has been interpreted as grading between 1-3g/t Pt Eq. Although the intervals were shorter in the upper mineralized peridotites, the drill holes confirmed a broad width of continuity of at least 90 metres. The lower mineralized gabbros and clinopyroxenite units were also intersected closer to the surface than in the Central Zone. This lower interval in Drill Hole WS12-211 was intersected across a width of 63.9 metres with grades of 3.82g/t Pt Eq. (or 0.85% Ni Eq.) including 0.39% Ni, 0.57% Cu, 0.024% Co, 0.66g/t Pt, and 0.46g/t Pd. Drill holes in the West Zone were designed to drill across the mineralized horizons with 4 individual intersections averaging 79 metres in width with an average base metal content of 0.41% Ni Eq. and average PGM content of 0.57 g/t Pt Eq. for a total of 2.43 g/t Pt Eq.
Drill Hole WS12-213 intersected two mineralized intervals totaling 251.9 metres at a grade of 2.08g/t Pt Eq. (or 0.46% Ni Eq.). Prophecy Platinum plans to further investigate the extent of this higher-grade material near surface during its 2013 exploration drilling program, as this may represent a target area with higher grade material that could form the basis for an initial starter pit.
Two untested ultramafic bodies occur to the North that have yet to be explored, and the Company believes this zone may potentially contain grades at surface that are similar to those of Drill Hole WS12-211.
Table 3: West Zone drill hole intercept highlights
--------------------------------------------------
Downhole Base Metals
Drill Ultramafic From To Width Ni Cu Co Ni Eq.
Hole Unit m m m % % % %
--------------------------------------------------
WS12-211 Total
Lower 1.5 65.4 63.9 0.39 0.57 0.024 0.65
incl 54.0 65.4 11.4 0.92 1.30 0.052 1.50
--------------------------------------------------
WS12-213 Upper 0.0 60.3 60.3 0.29 0.16 0.016 0.37
67.8 102.0 34.2 0.22 0.10 0.013 0.28
2 Total
intervals Upper 94.6 0.26 0.14 0.015 0.34
Total
Lower 102.0 259.3 157.3 0.26 0.21 0.016 0.36
3 Total
intervals Hole 251.9 0.26 0.18 0.016 0.35
--------------------------------------------------
--------------------------------------------------
Precious Metals Total Metals Pt Eq.-
Drill Ultramafic Pt Pd Au Pt Eq. Pt Eq. Ni Eq. length
Hole Unit g/t g/t g/t g/t g/t % g/t-m
--------------------------------------------------
WS12-211 Total
Lower 0.66 0.46 0.09 0.91 3.82 0.85 244
incl 1.09 0.84 0.08 1.47 8.22 1.82 93
--------------------------------------------------
WS12-213 Upper 0.16 0.24 0.02 0.27 1.95 0.43 118
0.17 0.21 0.05 0.28 1.53 0.34 52
2 Total
intervals Upper 0.16 0.23 0.03 0.27 1.80 0.40 170
Total
Lower 0.44 0.32 0.07 0.62 2.25 0.50 354
3 Total
intervals Hole 0.33 0.29 0.06 0.49 2.08 0.46 524
--------------------------------------------------
Footnotes to Drill Interval Table: (See footnotes under Table 1 above)
See Figure 3: Cross Section of the West Zone
Far West Zone
Significant near surface mineralized intervals were encountered in both Drill Holes WS12-208 and WS12-209 (see Figure 4). Drill Hole WS12-208 intersected a mineralized interval totaling 142.5 metres at a grade of 4.01g/t Pt Eq. (or 0.89% Ni Eq.) and Drill Hole WS12-209 intersected a similar near surface mineralized interval totaling 69.5 metres at a grade of 3.84g/t Pt Eq. (or 0.85% Ni Eq.). Both of these intervals start at the drill hole collars. Drill Hole WS12-207 encountered intervals of limited mineralization, while Drill Hole WS12-198 encountered no significant intervals.
The Far West Zone appears to have more faulting than other zones, with a number of areas which appear to have repeated ultramafic units. The zone spans 175 metres at surface, narrowing at depth, with sediments on either side. This ultramafic body is repeated to the south with grades ranging from 0-2g/t Pt Eq. Much of the zone is comprised of the higher grade ultramafic package, with the more moderate grade peridotite confined to the upper 34 metres and pinching moving North. The northern area of this zone has noteably higher-grade mineralization, particularly with respect to PGMs, than those seen at the Central or the East Zones. This lower, enriched package grades on average 2-4g/t Pt Eq. and is open at depth. Drill holes in the Far West Zone were designed to drill across the mineralized horizons with 3 individual intersections averaging 75 metres in width with an average base metal content of 0.65% Ni Eq. and average PGM content of 0.91 g/t Pt Eq. for a total of 3.82 g/t Pt Eq. (see Figure 4).
Table 4: Far West Zone drill hole intercept highlights
--------------------------------------------------
Downhole Base Metals
Drill Ultramafic From To Width Ni Cu Co Ni Eq.
Hole Unit m m m % % % %
--------------------------------------------------
WS12-198 No significant intervals
--------------------------------------------------
WS12-207 Total
Lower 202.0 216.0 14.0 0.15 0.31 0.017 0.30
--------------------------------------------------
WS12-208 Total
Lower 0 142.5 142.5 0.35 0.68 0.029 0.66
--------------------------------------------------
WS12-209 Total
Lower 0.0 69.5 69.5 0.47 0.44 0.030 0.69
incl 12.3 27.0 14.8 0.99 0.69 0.046 1.33
--------------------------------------------------
--------------------------------------------------
Precious Metals Total Metals Pt Eq.-
Drill Ultramafic Pt Pd Au Pt Eq. Pt Eq. Ni Eq. length
Hole Unit g/t g/t g/t g/t g/t % g/t-m
--------------------------------------------------
WS12-198 No significant intervals
--------------------------------------------------
WS12-207 Total
Lower 0.14 0.07 0.08 0.23 1.57 0.35 22
--------------------------------------------------
WS12-208 Total
Lower 0.74 0.37 0.23 1.07 4.03 0.89 575
--------------------------------------------------
WS12-209 Total
Lower 0.52 0.32 0.10 0.72 3.84 0.85 267
incl 0.89 0.72 0.11 1.25 7.25 1.61 107
--------------------------------------------------
Footnotes to Drill Interval Table: (See footnotes under Table 1 above)
See Figure 4: Cross Section of the Far West Zone
2013 Exploration Program
Results from drilling in 2012 and historic data compilation, combined with surface geochemical and geophysical exploration, has assisted in developing our 2013 exploration program, which will focus on:
-- Infill drilling targeting conversion of inferred resources to measured
and indicated resources;
-- Step-out drilling at depth and to the southwest within the Central and
East Zones to determine the extent of higher grade PGM zones occurring
in both the upper and lower ultramafic packages;
-- West and Far West Zone drilling to delineate the extent of the near
surface higher-grade mineralization;
-- Drilling to test the geophysical anomalies immediately southeast of the
existing defined resource;
-- Further exploration of several geophysical anomalies identified south of
the West and Far West Zones, located under an area identified on surface
as younger non-mineralized basalts;
-- Further exploration of the ultramafic units directly adjacent to the
north of the existing resource that have not been drill tested.
Metallurgy
The metallurgical program included in the 2012 Wellgreen PEA determined that a bulk concentrate could be produced at the Wellgreen project. The overall recovery associated with this initial test program was 68% Ni, 88% Cu, 64% Co, 59% Au, 46% Pt, and 73% Pd. A metallurgical report issued by SGS Canada Inc. subsequent to the 2012 Wellgreen PEA on August 7, 2012, and titled "An Investigation into Metallurgical Testwork of Cu/Ni/PGE Samples from the Wellgreen Property" demonstrated that it is feasible to produce separate Ni and Cu sulphide concentrates utilizing a conventional mineral processing design. The master composite sample assay results indicated that 88% of the nickel metal was present in sulphides. In addition, the initial metallurgical testing program relied on samples believed to be representative of the overall deposit. Future work will focus on metallurgical response within individual zones and understanding the variability between zones. The Company believes there may be an opportunity to enhance overall metallurgical performance through processing optimizations targeted toward specific zones in the life of mine plan. In addition, there may be an opportunity to pursue recovery of rare PGM's, which will be further explored.
Engineering Activities
The 2012 Wellgreen PEA indicated that the project has the potential to be developed into a sustainable operation that would generate significant economic benefits over the long term. The report highlighted that the Wellgreen project may have the potential to produce up to 7 million oz. PGM+Au, 2 billion lbs. Ni, 2 billion lbs. Cu over the life of mine. As currently envisioned, the Wellgreen project would be an open pit operation producing separate Ni and Cu sulphide concentrates using a conventional flotation process with a production rate of 32,000 tonnes per day of ore and an overall strip ratio of 2.57:1.
John Sagman, P.Eng., Senior Vice President and Chief Operating Officer, stated, "The 2012 Wellgreen PEA was an important milestone for the project and showed robust economics at 20% below 3 year average metal prices. It also highlighted a number of opportunities that have good potential to improve the economic key performance indicators, including lower cost energy sources such as LNG, mine plan optimization to accelerate extraction of higher grade material earlier in the life of the mine, as well as a number of potential enhancements regarding overall metal recovery that are currently utilized on other PGM-Ni-Cu projects."
2013 metallurgical engineering initiatives will investigate the potential of further optimization of base metal and PGM recoveries, increased concentrate grades and developing a better understanding of the economic contribution of the rare PGM's. Basic engineering will also be required in order to define optimal locations for the mine facilities and surface infrastructure required to support the operation, with the objective of utilizing local resources to the greatest extent possible. The information obtained will be the basis for a number of studies that consider a range of operating scenarios with different throughput and production rates that will maximize the project's overall economic performance. Of particular focus will be a review of potential staged construction approaches that may allow for a smaller initial operation with lower up front capital costs through mining higher grade material with later expansion of the project out of operating cashflow over time.
These studies and an updated 2013 resource model would be incorporated into an updated Economic Assessment targeted for expected release in Q1 2014.
Major expected milestones for the Wellgreen project include:
2013
Q1 - Q4 Ongoing Baseline Environmental and Logistics Studies
Q2 - Q3 Mobilization and commencement of the exploration program
Q2 - Q4 Engineering and Metallurgical Test Work Program
2014
Q1 Updated Resource Estimate and Preliminary Economic Assessment
Q2 - Q4 Pre-Feasibility-level Studies and initiation of Permitting
2015-2016 Feasibility Studies, Permitting and Construction
About Wellgreen
Prophecy Platinum's Wellgreen project is one of the world's largest undeveloped PGM deposits and is currently projected to be one of the largest platinum and palladium producing projects in North America. In addition to the production of platinum metals and gold the project would be a significant producer of nickel and copper which would make Wellgreen a low cost platinum and palladium producer on a co-product basis. Baseline environmental work is underway for the permitting process. Given that the project is a former operating mine within an area of historic and current placer mining, the Company expects that the permitting process will progress on an expedited basis. The Wellgreen project has excellent access infrastructure and is located in Canada's mining-friendly Yukon Territory, just 15 kilometres from the Alaska Highway, leading to sea ports at Haines and Skagway.
The Company will be working in consultation with the First Nation and local communities in the region as part of the exploration and development process. Prophecy Platinum and the Kluane First Nation have entered into a cooperation and benefits agreement which supports the exploration program and environmental studies related to the development of the Wellgreen project. As part of the agreement, an Advisory Committee has been established with representatives from both Prophecy Platinum and Kluane First Nation to proactively address any issues or concerns that may arise during the exploration and feasibility phases of the project.
About Prophecy Platinum
Prophecy Platinum Corp. is a growth-focused PGM exploration company with projects in the Yukon Territory, Ontario and Manitoba, Canada. The Company's 100% owned Wellgreen PGM-Cu-Ni project, located in the Yukon, is one of the world's largest PGM deposits and one of few significant PGM deposits outside of South Africa or Russia. The Company's Shakespeare PGM-Cu-Ni project is a fully-permitted, production-ready mine located in the Sudbury mine district of Ontario, and its Lynn Lake project is a former operating mine located in Manitoba, Canada. The Company's experienced management team has a track record of successful large scale project discovery, development, operations and financing combined with an entrepreneurial and collaborative approach to working with First Nations and communities. The Company's shares are listed on the TSX-Venture exchange under the symbol "NKL" and on the US OTC-QX market under the symbol "PNIKF".
Further information about the Company and its projects can be found at www.prophecyplatinum.com.
Quality Assurance, Quality Control
The geological technical information in this news release has been reviewed and approved by Neil Froc, P. Eng., Project Manager of Prophecy Platinum, who oversaw the 2012 exploration program at the Wellgreen project. Mr. Froc is a Qualified Person as defined by National Instrument 43-101. All other technical information in this news release has been reviewed and approved by John Sagman, P.Eng., Senior Vice President and Chief Operating Officer of Prophecy Platinum. Mr. Sagman is a Qualified Person as defined by National Instrument 43-101.
Prophecy Platinum executes a quality control program to ensure data verification using best practices in sampling and analysis. Samples are cut and split for assay with the remaining sample retained for reference. Blanks, Standard Reference Material ("SRM"), and duplicates were inserted into the sample stream every 20th sample. A duplicate sample is taken every 20th sample of core. The selected sample is sawn in half and then sawn in half again. The quartered core is then placed into two different sample bags with different sample numbers and sealed. The SRM material comes from Natural Resources Canada and Analytical Solutions Limited. These were inserted into the sample stream immediately after the second duplicate. The SRMs used are WMS-1, WPR-1 and WGB-1. Sample Blanks are obtained from two sources: granodiorite from a local quarry and garden marble from hardware stores in Whitehorse, Yukon. A Blank sample is inserted into the sample stream after the SRM. Assayed samples are transported in sealed and secured bags for preparation at ALS Chemex Prep Lab located in Whitehorse, Yukon. Pulverized (pulp) samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. Platinum, palladium and gold were determined by ICP emission spectrometry. Copper, nickel and cobalt were determined by ICP emission spectrometry. Copper, nickel and cobalt over limits were followed by Four Acid digestion and ICP atomic emission spectroscopy. ALS Chemex is an ISO/IEC 17025:2005 accredited laboratory and registered under ISO 9001: 2000. ALS Chemex is independent from the Company.
Quality assurance and quality control are monitored using scatterplots, Thompson-Howarth plots and statistical analysis to ensure duplicates, blanks and standard data are reliable, and indicate robustness of overall results. ALS Chemex quality-assurance procedures are also included in this process.
The 2012 Wellgreen PEA is preliminary in nature, includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty the 2012 Wellgreen PEA will be realized. A mineral reserve has not been estimated for the project as part of the 2012 Wellgreen PEA. A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a prefeasibility study. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the full text of the 2012 Wellgreen PEA which is available on the Company's profile on SEDAR at www.sedar.com for the full details on the Wellgreen project and the underlying assumptions and qualifications.
Forward-Looking Information: This news release includes certain information that may be deemed "forward-looking information". All information in this release, other than information of historical facts, including, without limitation, information of potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, future production estimates, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Wellgreen project, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our annual filings which are available at www.sedar.com. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
Cautionary Note to United States Investors: This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserves". Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC's disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category.
Under Canadian rules, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in very rare cases. Investors are cautioned not to assume that all or any part of an "inferred mineral resource" exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
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.
Contacts:
Prophecy Platinum Corp.
Greg Johnson
President & CEO
1-800-459-5583
Prophecy Platinum Corp.
Chris Ackerman
Senior Manager, Investor Relations
1-800-459-5583
cackerman@prophecyplatinum.com
www.prophecyplatinum.com
wenn das mal kein guter indikator ist...
wie schon gestern geschrieben, der zug steht in den startlöchern. die zocker werde nun mit sicherheit aufgrund dieser insiderkäufe LEIDER wieder einsteigen.
Feb 7/13 Feb 7/13 Johnson, Gregory Shawn Direct Ownership Common Shares 10 - Acquisition in the public market 7,000 $1.01
USD
Feb 7/13 Feb 6/13 Johnson, Gregory Shawn Direct Ownership Common Shares 10 - Acquisition in the public market 8,000 $0.970
USD
Feb 7/13 Feb 5/13 Johnson, Gregory Shawn Direct Ownership Common Shares 10 - Acquisition in the public market 130,000 $0.990
USD
Feb 7/13 Feb 5/13 Johnson, Gregory Shawn Direct Ownership Common Shares 10 - Acquisition in the public market 125,000 $0.980
Feb 5/13 Feb 5/13 Patel, Samir Devendra Direct Ownership Common Shares 10 - Acquisition in the public market 1,500
Feb 7/13 Feb 4/13 Johnson, Gregory Shawn Direct Ownership Common Shares 10 - Acquisition in the public market 30,000 $1.00
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