Prophecy Platinum Corp. (TSXV:NKL,OTCQX:PNIKF) reported the first results from the 2013 field program at its Wellgreen PGM-Ni-Cu project, in the Yukon. The Company has identified a significant, newly interpreted area of mineralization towards the eastern end of the deposit that included 353 metres of continuous mineralization grading 2.62 g/t platinum equivalent (“Pt Eq.”)1, comprised of 0.93 g/t 3E PGMs (Pt+Pd+Au), 0.31% Ni and 0.33% Cu.
As quoted in the press release:
Highlight intercepts from the newly interpreted mineralized area include the following, expressed in platinum equivalent and 3E PGM (platinum + palladium + gold) (see definitions below):
- WS-154 intersected five intervals totaling 501.2 metres grading 1.84 g/t Pt Eq. (0.55 g/t 3E PGMs with 0.26% Ni and 0.19% Cu) for a total Pt Eq. grade thickness of 922 g/t-m
- WS-160 intersected two intervals totaling 443.6 metres grading 2.46 g/t Pt Eq. (0.84 g/t 3E PGMs with 0.31% Ni and 0.30% Cu) and including 352.7 metres of 2.62 g/t Pt Eq. (0.93 g/t 3E PGMs with 0.31% Ni and 0.33% Cu) for a total Pt Eq. grade thickness of 1,094 g/t-m
- WS-165 intersected two intervals totaling 194.1 metres grading 2.99 g/t Pt Eq. (1.24 g/t 3E PGMs with 0.26% Ni and 0.55% Cu) and including 60.7 metres of 4.24 g/t Pt Eq. (2.02 g/t 3E PGMs with 0.24% Ni and 0.99% Cu) for a total Pt Eq. grade thickness of 581 g/t-m
- WS-193 intersected two intervals totaling 410.7 metres grading 1.77 g/t Pt Eq. (0.46 g/t 3E PGMs with 0.29% Ni and 0.10% Cu) and including 357.7 metres of 1.84 g/t Pt Eq. (0.49 g/t 3E PGMs with 0.30% Ni and 0.11% Cu) for a total Pt Eq. grade thickness of 726 g/t-m
These results indicate the potential for the Far East Zone to be laterally extensive with broad zones of significantly higher grades than the average of the Wellgreen deposit. Several of these holes contain Pt Eq. grade thickness values of 1,000 g/t-m, which are some of the best intersections to date on the project.
Prophecy Platinum Corp. President and CEO, Greg Johnson, said:
We are excited about the implications of these drill holes and the potential to define a large block of new mineralization within the existing pit model. We are also encouraged with the presence of the wide zones of significantly higher grade, such as in hole 165 which intersected 60.7 metres of 2.01 g/t 3E PGMs with 0.24% Ni and 0.99% Cu for a total platinum equivalent grade of 4.24 g/t Pt Eq. In our current drilling, we are testing the total width of this zone with a step out to the east designed to intercept both the historic tabular Wellgreen deposit and to drill into this Far East Zone to the north. Though the assay results of this offset drill hole are pending, it has already intercepted more than 750 metres of continuous ultramafic host rock containing disseminated sulphide mineralization. In light of this new interpretation, the Company is also reviewing and assessing additional historic drilling several hundred metres east of the Far East Zone and believes that these holes may have also intercepted this new zone of mineralization.