Prophecy Drills 120.9 Meters Grading 1.26 g/t PGM+Au, 0.36% Ni,
0.30% Cu within 457 Meters Grading 0.47% NiEq at
Yukon Wellgreen Project
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VANCOUVER, BRITISH COLUMBIA--(Sept. 26, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces the drill results received from its 2011 drilling Wellgreen PGE-Ni-Cu Project. Borehole WS11-188 encountered 457 meters of mineralization grading 0.47% NiEq (including 0.72 g/t Pt+Pd+Au) from surface to the footwall contact. Within this larger swath of mineralization, the hole encountered a high grade section of 17.8 meters of 3.14 g/t Pt+Pd+Au, 1.03% Ni, 0.74% Cu (1.77% NiEq).
The hole was drilled completely outside of current resource boundaries, between the East Zone resource and the West Zone resource that was reported in the companys July 14, 2011 press release. The drill results are tabulated below:
Table 1. WS11-188 Drill hole Composites (in metres)
From
To
Length (m)
Ni %
Cu %
Pt+Pd+Au
NiEq
From surface (m)
7.53
464.91
457.38
0.29
0.18
0.72
0.47
7.07
including...
From
To
Length (m)
Ni %
Cu %
Pt+Pd+Au
NiEq
From surface (m)
268.38
389.29
120.91
0.36
0.30
1.26
0.67
252.19
From
To
Length (m)
Ni %
Cu %
Pt+Pd+Au
NiEq
From surface (m)
280.72
298.55
17.83
1.03
0.75
3.14
1.77
263.79
Table 2. PGM+AU Composites from WS11-188
From
To
Length
Pt g/t
Pd g/t
Au g/t
Pt+Pd+Au
From surface (m)
7.53
464.91
457.38
0.34
0.33
0.05
0.72
7.07
including...
From
To
Length
Pt g/t
Pd g/t
Au g/t
Pt+Pd+Au
From surface (m)
268.38
389.29
120.91
0.63
0.54
0.08
1.26
252.19
From
To
Length
Pt g/t
Pd g/t
Au g/t
Pt+Pd+Au
From surface (m)
280.72
298.55
17.83
1.33
1.64
0.17
3.14
263.79
Notes:
1.
NiEq calculations are based on long range pricing index of $US 9.52/lb nickel, $US 2.96/lb copper, $US 15.78/lb cobalt, $US 1,085/troy oz gold, $US 1,776/troy oz platinum, and $US 689/troy oz palladium. The equation for NiEq value is as follows:
2.
NiEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) +(Co grade x Co price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Ni price x 22.04622)
3.
WS-188 was drilled at an inclination of -70 degrees; reported widths are intersected widths and not true widths.
The high grade intercept located between the two resources is significant in that it not only demonstrates that the East and West zone resource form a single, geologically contiguous body, but also indicates that the higher grade material in the East Zone continues to the west and at depth at Wellgreen.
The West Zone, contributing approximately 24% of the Wellgreen inferred resource (see table 3 below) is currently mostly defined in the upper 200 meter portion from surface, with very little drilling beyond 250 meters from surface.
The results of WS11-188 indicate the exploration upside within immediate proximity to the already defined Wellgreen resource, which is shown open to depth (West and East), and past the east boundary of the East Zone.
Table 3. Wellgreen Indicated and Inferred Resource Totals.
NiEq%
cutoff
Category
Zone
Tonnes
Ni
Eq%
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
PGM+Au
(g/t)
Ni
(%)
Cu
(%)
0.4
Indicated
East
14,308,000
1.36
0.99
0.74
0.52
2.25
0.69
0.62
0.4
Inferred
East
219,327,000
0.76
0.54
0.45
0.26
1.25
0.39
0.34
0.4
Inferred
West
69,919,000
0.67
0.50
0.34
0.12
0.96
0.34
0.38
Total inferred
289,246,000
0.74
0.53
0.42
0.23
1.18
0.38
0.35
Metal
Indicated
Inferred
Nickel (Ni)
0.22 Billion lbs.
2.42 B
