🕐14.07.11 - 15:27 Uhr
PROPHECY PLATINUM REPORTS 1.04 MILLION OZ PGM+GOLD INDICATED AND 10.97 MILLION O
Z PGM+GOLD INFERRED FOR THE WELLGREEN PROJECT, YUKON TERRITORY, CANADA
Prophecy Platinum Reports 1.04 million oz PGM+Gold Indicated and 10.97 million oz PGM+Gold Inferred for the
Wellgreen Project, Yukon Territory, Canada
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Vancouver, British Columbia, July 14, 2011: Prophecy Platinum Corp. ("Prophecy Platinum" or the �Company�) (TSX-V: NKL, US-PINK: PNIKD, Frankfurt: P94P) is pleased to announce the receipt of an independent National Instrument (NI) 43-101 compliant report and mineral resource estimate for its Wellgreen PGE-Ni-Cu property located in the Yukon Territory, Canada. The report is authored by Todd McCracken, P. Geo. of Wardrop Engineering Inc., a Tetra Tech Company, who is an independent Qualified Person under NI 43-101.
The independent study incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totalling over 53,222 metres. Using a 0.4% NiEq (nickel equivalent) cut-off grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 g/t platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18g/t PGM+Gold), 0.38% nickel, and 0.35% copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM+Gold), 0.69% nickel, and 0.69% copper. The resource includes both the East Zone and the West Zone of the Wellgreen project, which are tabulated in Table 1 showing respective metal grades which are also expressed as nickel equivalent (NiEq) values:
Table 1. Wellgreen Indicated and Inferred Resource Totals.
NiEq% cutoff
Category
Zone
Tonnes
NiEq%
Pt (g/t)
Pd (g/t)
Au (g/t)
PGM+Au (g/t)
Ni (%)
Cu (%)
Co (%)
0.400
Indicated
East
14,308,000
1.36
0.99
0.74
0.52
2.25
0.69
0.62
0.05
NiEq% cutoff
Category
Zone
Tonnes
NiEq%
Pt (g/t)
Pd (g/t)
Au (g/t)
PGM+Au (g/t)
Ni (%)
Cu (%)
Co (%)
0.400
Inferred
East
219,327,000
0.76
0.54
0.45
0.26
1.25
0.39
0.34
0.03
0.400
Inferred
West
69,919,000
0.67
0.50
0.34
0.12
0.96
0.34
0.38
0.02
Total
inferred
289,246,000
0.74
0.53
0.42
0.23
1.18
0.38
0.35
0.03
Several parameters were used in calculating the reported resource:
NiEq=((Ni%*$Ni*22.0462)+(Cu%*$Cu*22.0462)+(Co%*$Co*22.0462)+(Augrade*$Au*0.029167)+(Ptgrade*$Pt*0.029167)+(Pd grade*$Pd*0.029167))/($Ni*22.0462);
Long term average metal prices in $USD of $9.52/lb nickel (NiEq prices based on this amount), $2.96/lb copper, $15.78/lb cobalt, $1085/troy ounce gold, $1776/troy ounce platinum, $689/troy ounce palladium;
Visual comparison of colour-coded block model grades with composite grades on section and plan;
Comparison of the global mean block grades for ordinary kriging (OK), inverse distance squared (ID2), nearest neighbour (NN) and composites;
Swath Plots comparing NN estimates and OK estimates;
701 drillhole database used compiling over 12,000 assays.
Contained Metals at Wellgreen*
Metal
Indicated Resource
Inferred Resource
Nickel (Ni)
0.22 Billion lbs.
2.42 Billion lbs.
Copper (Cu)
0.20 Billion lbs.
2.23 Billion lbs.
Cobalt (Co)
15.77 Million lbs.
191.30 Million lbs.
Platinum (Pt)
0.46 Million oz.
4.93 Million oz.
Palladium (Pd)
0.34 Million oz.
3.91 Million oz.
Gold (Au)
0.24 Million oz.
2.14 Million oz.
PGM+Gold
1.04 Million oz.
10.97 Million oz.
*Based on resource estimated at 0.4% NiEq cut-off, and 100% metals recoveries.
"This initial independent resource report confirms Wellgreen as one of the largest Platinum Group Metals projects in Canada, and one of few outside of South Africa�s Bushveld complex. We intend to aggressively expand total resource at Wellgreen in Yukon, Canada." stated John Lee, Chairman of Prophecy Platinum.
Prophecy Platinum has adopted a 0.4% nickel equivalent cut-off pending further work on the economics regarding the deposit. The Company believes that this represents a conservative cut-off value with a demonstrated NiEq value 0.74% for the inferred resource and 1.36% NiEq for the indicated resource. Additional payable metals such as rhodium, iridium, osmium and ruthenium are not figured into the current resource estimate. Resource numbers at their various cut-off values are tabulated below on a zone-by-zone basis (i.e. East Zone and West Zone):
Table 2. East Zone Indicated Resource Tonnage at Various NiEq Cut-Offs
NiEq Cut-Off
Tonnes
Nieq%
Pt (g/t)
Pd (g/t)
Au (g/t)
PGM+Au (g/t)
Ni (%)
Cu (%)
Co (%)
0.200
14,423,900
1.349
0.988
0.732
0.514
2.234
0.683
0.615
0.051
0.250
14,423,900
1.349
0.988
0.732
0.514
2.234
0.683
0.615
0.051
0.300
14,423,900
1.349
0.988
0.732
0.514
2.234
0.683
0.615
0.051
0.350
14,398,100
1.351
0.990
0.733
0.514
2.237
0.684
0.616
0.051
0.400
14,308,000
1.357
0.995
0.736
0.517
2.248
0.686
0.619
0.051
0.450
14,085,100
1.372
1.007
0.743
0.523
2.273
0.694
0.626
0.051
0.500
13,662,800
1.400
1.029
0.755
0.532
2.316
0.708
0.639
0.052
0.550
13,235,700
1.428
1.051
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