Wellgreen Platinum Announces Additional PGM-Ni-Cu Results from East
Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 30, 2014) -
Wellgreen Platinum Ltd. (TSX-VENTURE:WG)(OTCQX:WGPLF) "Wellgreen
Platinum" or the "Company" is pleased to announce further results
from its most recent field program at its 100%-owned Wellgreen
PGM-Ni-Cu project, located in Canada's Yukon Territory. Assaying
and interpretation of historic drill core that was previously only
selectively sampled has confirmed that the mineralization
identified in the Far East Zone announced on November 21, 2013
extends to the west by approximately 300 metres into the East Zone
and remains open. The Far East Zone included hole 215, which
intercepted 756 metres of continuous mineralization grading 1.92
g/t platinum equivalent ("Pt Eq.") or 0.46% nickel equivalent ("Ni
Eq."), including a 65.6 metre interval grading 4.19 g/t Pt Eq. or
1.00% Ni Eq. Mineralization was subsequently shown to extend east
by more than 325 metres from hole 215 (see news release dated
December 15, 2013), which indicates that the higher grade
mineralization zone in the Far East Zone extends over a strike
length of more than 600 metres and remains open to expansion.
Investors should note that Wellgreen is a polymetallic deposit
with mineralization that includes the platinum group metals (PGMs)
platinum, palladium, rhodium and other rare PGM metals along with
gold, nickel, copper and cobalt. At current metal prices using
anticipated metallurgical recoveries and proportionally allocated
costs for each of the metals, the net economic contribution is
anticipated to be largest for platinum, palladium and gold (3E
elements), followed by nickel and then by copper and cobalt.
Platinum equivalent values referred to in this release are intended
to reflect total metal equivalent content in platinum for all of
the metals using relative prices for each of the metals. Please
refer to Table 1 for assay results by individual metal and the
metal prices used to calculate Pt Eq. and Ni Eq.
The newly interpreted East Zone cross section (578,075 E) is
approximately 300 metres west of hole 215 in the Far East Zone and
625 metres west of the eastern-most Wellgreen cross section
(578,700 E) discussed in our December 15, 2013 news release.
Surface and underground drilling results in the East Zone indicate
continuity of the higher grade mineralized zones adjacent to and
below a wedge of sedimentary rocks in this portion of the deposit.
Historically these sedimentary rocks were believed to be the
footwall and the northern end of mineralization in the main
Wellgreen deposit. These new drill results in the East Zone confirm
there is significant higher grade mineralization which continues
below this wedge of sedimentary rocks from the east and which
potentially may continue untested to the west under the main
Wellgreen deposit. The new assay results indicate that underground
drill holes 509 through 511 all intercepted zones of significant
mineralization from 44.7 to 58.5 metres in width grading between
2.96 and 3.23 g/t Pt Eq. and all ended in higher grade
mineralization which remains open to the south, west and to depth
(see Figure 1). These holes were originally drilled to test for
massive sulphide mineralization and were only very selectively
assayed. The new continuous assay results from these holes
demonstrate that a higher grade, high priority target exists to be
tested by future drill programs and confirms continuity of that
mineralization from the Far East Zone.
Surface drilling results from the East section also indicate
that there are broad zones of higher grade mineralization beginning
at the surface. Hole 76 on the southern side of the sediment wedge
intercepted 28.4 metres grading 3.71g/t Pt Eq. or 0.89% Ni Eq. Hole
78, which was drilled from the same collar as hole 76 but
vertically, intercepted 80.6 metres grading 1.99 g/t Pt Eq. or
0.48% Ni Eq. and included a 21.4 metre intercept grading 3.00 g/t
Pt Eq. or 0.71% Ni Eq. These near surface intercepts are believed
to be the continuation of the higher grade, higher sulphide
material that is adjacent to the sediment contact. Similarly, on
the north side of the sediment wedge in the North Arm, hole 97
intercepted 53.2 metres grading 2.02 g/t Pt Eq. or 0.48% Ni Eq.
Future drilling and metallurgical testing will evaluate the
potential of these mineralized areas as near surface starter pits
designed to provide higher grade mill feed early in the life of the
mine.
Greg Johnson, Wellgreen Platinum's President and CEO, stated,
"After demonstrating that mineralization continued 300 metres to
the east of hole 215 in the Far East Zone, we are pleased to report
that the same mineralization also continues a similar distance to
the west into the East Zone. This higher grade zone of
mineralization which typically exceeds 2.5 g/t Pt Eq. now shows
continuity over at least 600 metres in strike length, 500 metres
width and 100 to 350 metres in thickness within a much larger
mineralized body. The higher grade zone also contains a subzone
that ranges from 30 to 80 metres in thickness with mineralization
between 3 and 6 g/t Pt Eq. This is an exciting development as this
material may be amenable to bulk underground mining and may be
combined with near surface higher grade zones that have been
identified as potential starter pits along the length of the
Wellgreen deposit. These results are confirming the predictability
of the geologic model for the deposit and will be important for
advancing the Wellgreen project to the next level of confidence on
the resource estimate update and preliminary economic assessment
targeted for Q2 2014. In addition, our technical team has
identified a number of compelling targets that remain open to
further expansion from future drilling."
The main Wellgreen resource area has been delineated into five
zones which show broad disseminated to high sulphide mineralization
contained within host ultramafic rocks. These five zones - the Far
West, West, Central, East and Far East Zones - cover an area of 2.5
kilometres in length with mineralization starting at surface and
extending, at the deepest known point, to at least 800 metres.
These zones form a continuous, moderately to steeply south dipping
body of disseminated PGM, nickel and copper mineralization that is
typically 100-300 metres in width with some zones of 500-750 metres
of continuous mineralization grading approximately 2 g/t Pt Eq.
As can be seen in Figure 1, there has been a combination of
surface and underground drill testing conducted in this portion of
the East Zone, however a large portion of the cross section remains
untested. The underground holes in this cross section were only
selectively assayed and targeted higher sulphide material known to
host high PGM-Ni-Cu grades. Our complete assaying of this core has
confirmed that significant mineralization occurs throughout the
drill core within the host ultramafic rocks shown in light purple
and that drill holes 508 through 511 ended in strong
mineralization. Based on results from the Far East Zone, we now
know that higher grade zones can extend hundreds of metres from the
sediment contact. For example, hole 215 in the Far East Zone
intercepted 65.6 metres grading 4.19g/t Pt Eq. or 1.00% Ni Eq.
starting approximately 300 metres below the bottom of the sediment
contact (see our November 21, 2013 news release). This untested
area to the south and at depth in the East Zone is a priority drill
target that will be evaluated in future programs.
The Company continues to receive final assay results from
additional holes drilled in 2013 and for a number of the re-logged
and sampled historical drill holes. Results from the Central, West
and Far West Zones in the Wellgreen deposit will be reported in
future updates as they are received and interpreted.
To view Figure 1 - East Zone Cross Section 578,075 E, please
visit the following link:
http://wellgreenplatinum.com/images/2014-jan-578075e-web.jpg.
Table 1 - Drill Hole Intercept Highlights East Zone Cross
Section 578,075 E 1
| Drill Hole |
Downhole |
|
Base Metals |
|
Precious Metals |
Total Metals |
|
Pt Eq. length |
|
3E length |
|
From |
|
To |
|
Width |
|
Ni |
|
Cu |
|
Co |
|
Ni Eq. |
|
Pt |
|
Pd |
|
Au |
|
3E |
Pt
Eq. |
|
Ni Eq. |
|
|
m |
|
m |
|
m |
|
% |
|
% |
|
% |
|
% |
|
g/t |
|
g/t |
|
g/t |
|
g/t |
g/t |
|
% |
|
g-m |
|
g-m |
|
WU-508 |
134.5 |
|
146.3 |
|
11.8 |
|
0.48 |
|
0.88 |
|
0.036 |
|
0.87 |
|
1.10 |
|
0.74 |
|
0.33 |
|
2.17 |
5.22 |
|
1.24 |
|
62 |
|
26 |
|
|
167.3 |
|
245.1 |
|
77.8 |
|
0.29 |
|
0.12 |
|
0.016 |
|
0.36 |
|
0.22 |
|
0.27 |
|
0.03 |
|
0.52 |
1.83 |
|
0.44 |
|
142 |
|
41 |
|
2 intervals |
|
|
|
|
89.6 |
|
0.32 |
|
0.22 |
|
0.02 |
|
0.43 |
|
0.34 |
|
0.33 |
|
0.07 |
|
0.74 |
2.28 |
|
0.54 |
|
204 |
|
66 |
|
WU-509 |
173.2 |
|
217.9 |
|
44.7 |
|
0.42 |
|
0.40 |
|
0.024 |
|
0.61 |
|
0.47 |
|
0.51 |
|
0.07 |
|
1.04 |
3.23 |
|
0.77 |
|
144 |
|
47 |
|
WU-510 |
173.2 |
|
221.6 |
|
48.4 |
|
0.30 |
|
0.42 |
|
0.020 |
|
0.49 |
|
0.65 |
|
0.44 |
|
0.17 |
|
1.27 |
2.96 |
|
0.70 |
|
143 |
|
61 |
|
WU-511 |
190.2 |
|
248.7 |
|
58.5 |
|
0.18 |
|
0.57 |
|
0.018 |
|
0.42 |
|
0.88 |
|
0.47 |
|
0.29 |
|
1.64 |
3.03 |
|
0.71 |
|
178 |
|
96 |
|
WU-516 |
415.6 |
|
425.3 |
|
9.7 |
|
0.27 |
|
0.08 |
|
0.013 |
|
0.32 |
|
0.13 |
|
0.19 |
|
0.15 |
|
0.47 |
1.66 |
|
0.40 |
|
16 |
|
5 |
|
WS-076 |
11.6 |
|
40.0 |
|
28.4 |
|
0.60 |
|
0.19 |
|
0.023 |
|
0.72 |
|
0.54 |
|
0.58 |
|
0.03 |
|
1.15 |
3.71 |
|
0.89 |
|
105 |
|
33 |
|
WS-078 |
3.8 |
|
84.4 |
|
80.6 |
|
0.31 |
|
0.11 |
|
0.014 |
|
0.37 |
|
0.30 |
|
0.38 |
|
0.02 |
|
0.71 |
1.99 |
|
0.48 |
|
160 |
|
57 |
|
Including |
63.0 |
|
84.4 |
|
21.4 |
|
0.44 |
|
0.13 |
|
0.015 |
|
0.51 |
|
0.63 |
|
0.68 |
|
0.03 |
|
1.34 |
3.00 |
|
0.71 |
|
64 |
|
29 |
|
WS-097 |
8.5 |
|
61.6 |
|
53.2 |
|
0.29 |
|
0.18 |
|
0.014 |
|
0.38 |
|
0.28 |
|
0.43 |
|
0.03 |
|
0.74 |
2.02 |
|
0.48 |
|
108 |
|
40 |
|
WS-162 |
0.0 |
|
101.8 |
|
101.8 |
|
0.27 |
|
0.10 |
|
0.014 |
|
0.33 |
|
0.18 |
|
0.26 |
|
0.02 |
|
0.46 |
1.65 |
|
0.40 |
|
168 |
|
46 |
|
including |
91.9 |
|
101.8 |
|
9.9 |
|
0.36 |
|
0.17 |
|
0.015 |
|
0.45 |
|
0.38 |
|
0.47 |
|
0.03 |
|
0.88 |
2.42 |
|
0.58 |
|
24 |
|
9 |
|
WS-210 |
0.0 |
|
101.4 |
|
101.4 |
|
0.26 |
|
0.06 |
|
0.015 |
|
0.31 |
|
0.11 |
|
0.17 |
|
0.01 |
|
0.30 |
1.44 |
|
0.35 |
|
146 |
|
30 |
|
|
123.2 |
|
143.5 |
|
20.4 |
|
0.29 |
|
0.10 |
|
0.015 |
|
0.35 |
|
0.19 |
|
0.27 |
|
0.03 |
|
0.50 |
1.75 |
|
0.42 |
|
36 |
|
10 |
|
|
151.5 |
|
187.0 |
|
35.5 |
|
0.21 |
|
0.27 |
|
0.015 |
|
0.33 |
|
0.19 |
|
0.15 |
|
0.06 |
|
0.39 |
1.66 |
|
0.40 |
|
59 |
|
14 |
|
3 intervals |
|
|
|
|
157.3 |
|
0.25 |
|
0.11 |
|
0.02 |
|
0.32 |
|
0.14 |
|
0.18 |
|
0.03 |
|
0.35 |
1.53 |
|
0.37 |
|
241 |
|
55 |
|
WS-212 |
0.0 |
|
174.0 |
|
174.0 |
|
0.26 |
|
0.05 |
|
0.015 |
|
0.30 |
|
0.10 |
|
0.16 |
|
0.01 |
|
0.28 |
1.39 |
|
0.34 |
|
243 |
|
48 |
| 1 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 NiEq. (3) 3E represents the sum of platinum, palladium
and gold, measured in g/t. (4) Significant interval defined as a
minimum 15 g-m Pt Eq. interval. (5) Cutoff grade of 0.2% Ni Eq. (6)
Internal dilution up to six continuous metres of <0.2% Ni Eq.
(7) Some rounding errors may occur. (8) True thicknesses have not
been measured. |
Metallurgical Testing
Update
Metallurgical optimization test work continues on representative
samples from disseminated mineralization at Wellgreen. Testing has
focused on optimizing the process flow sheet and grind size of the
mineralized samples. Current work has been advanced using a
conventional copper flotation process followed by magnetic
separation to increase recoveries of PGM and copper prior to nickel
flotation. Batch sample test work continues and includes
improvements to the magnetic separation process, optimization of
grinding requirements and evaluation of the extraction of the rare
PGMs (rhodium, iridium, osmium and ruthenium) in addition to
platinum, palladium and gold. Upon completion of the batch sample
test work, the metallurgy team will commence locked cycle tests
("LCTs") on composite samples. The results from this metallurgical
test work will be used to generate recovery and concentrate grade
assumptions for the 2014 PEA.
About Wellgreen
Platinum
Based in Vancouver, Canada, Wellgreen Platinum Ltd. is a
platinum group metals focused exploration and development company
with advanced projects in the Yukon Territory, Ontario, and
Manitoba, Canada. Our 100% owned Wellgreen PGM-Ni-Cu project,
located in the Yukon, is one of the world's largest undeveloped PGM
deposits and one of the few significant PGM deposits outside of
southern Africa or Russia. Our Shakespeare PGM-Ni-Cu project is a
fully-permitted, production-ready brownfield mine located in the
well-established Sudbury mining district of Ontario, and our Lynn
Lake project is a former operating mine located in Manitoba,
Canada.
Our experienced management team has an extensive track record of
successful, large-scale project discovery, development, permitting,
operations and financing combined with an entrepreneurial approach
to sustainability and collaboration with First Nations and
communities.
Further information about the Company and its projects can be
found at www.wellgreenplatinum.com.
Quality Assurance, Quality Control: The technical information in
this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101
Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators ("NI 43-101"). The Wellgreen
project geological technical information disclosed herein was
prepared under the supervision of Neil Froc, P. Eng., Wellgreen
Platinum's Wellgreen Project Manager, who is a "Qualified Person"
as defined in NI 43-101 and the person who oversees exploration
activities on the project. All other technical information
disclosed herein was prepared under the supervision of John Sagman,
P.Eng., Wellgreen Platinum's Senior Vice President and Chief
Operating Officer and a "Qualified Person" as defined in NI 43-101.
In addition, Mr. Sagman has reviewed and approved the technical
information contained in this news release.
Wellgreen Platinum executes a quality control program to ensure
data verification using best practices in sampling and analysis.
Samples are cut for assay with the remaining sample retained for
reference. Blanks, Standard Reference Material ("SRM"), and
duplicates were inserted into the sample stream every 20th or 25th
sample. A duplicate sample was either created by quartering core or
splitting the sample at the lab. 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 were
OREAS 13P, WMS-1a, WPR-1, WGB-1, and WMG-1. Sample Blanks are
obtained from garden marble from hardware stores in Whitehorse,
Yukon. Assayed samples are transported in sealed and secured bags
for preparation at Acme Analytical Laboratories (Vanc) Ltd. or ALS
Global Prep Lab located in Whitehorse, Yukon. Pulverized (pulp)
samples are shipped for analysis to Acme Analytical Laboratories
(Vanc) Ltd. or ALS Global l in Vancouver, B.C. Platinum, palladium
and gold were determined by lead fusion fire assay with an ICP
atomic emission spectrometry finish. Copper, nickel and cobalt were
determined by four-acid digestion followed by an ICP atomic
emission spectrometry finish. Acme Analytical Laboratories (Vanc)
Ltd. and ALS Global are ISO/IEC 17025:2005 accredited laboratories
and registered under ISO 9001: 2000. Acme Analytical Laboratories
(Vanc) Ltd. and ALS Global 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 Global and Acme
quality-assurance procedures are also included in this process.
Forward Looking Information: This news release includes certain
information that may be deemed "forward-looking information".
Forward-looking information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. All information in this release, other than
information of historical facts, including, without limitation, the
potential of the Wellgreen project, information regarding the 2013
field program with respect to resampling, drilling, metallurgical
optimization, engineering and mine planning, potential mining
methods, anticipated metal recoveries, potential economic
contributions of certain metals, potential update to the 2012
Wellgreen PEA, the timing and success of exploration activities
generally, the timing of future technical reports and general
future plans and objectives for the Wellgreen and Shakespeare
projects 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, 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.
Wellgreen Platinum Ltd.Greg JohnsonPresident &
CEO1-888-715-7528Wellgreen Platinum Ltd.Rob BruggemanVP Corporate
Development905-278-6801 or 416-884-3556Wellgreen Platinum Ltd.Chris
AckermanManager, Corporate
Communications604-569-3634cackerman@wellgreenplatinum.comwww.wellgreenplatinum.com
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