Mining Explorers 2013: Prophecy Platinum Corp.
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Last updated 11/3/2013 at Noon
NKL: TSX-V
President and CEO: Greg Johnson
Senior Vice President and COO: John Sagman
Project Manager: Neil Froc
During the year ended March 31, 2013, Prophecy Platinum spent C$7.2 million on exploration at the Wellgreen property in southwestern Yukon Territory that was principally focused on drilling and resource determination followed by preliminary economic assessment work programs.
The company's 2013 Wellgreen exploration program has been designed to support and maximize the results of a revised PEA and updated mineral resource estimate as the next major milestones in the development of the project.
The updated PEA, expected to be completed in the first half of 2014, will reflect a new approach to the project under which a significantly reduced capital expenditures and enhanced economic key performance indicators are key goals.
In addition to the field activities, environmental, socio-economic, engineering and metallurgical contracts have been awarded in accordance with the company's target timeline.
The 2013 drill program was conducted by Boart Longyear Canada Inc. Concurrent with the advancements on the Wellgreen project during 2013, Prophecy Platinum has been conducting a comprehensive review of its fully-permitted, production-ready Shakespeare PGM-nickel-copper mine located in the Sudbury mining district of Ontario.
The company believes that, at sustained recent metal prices, Shakespeare could provide a source of funding for the exploration and engineering activities at Wellgreen as well as provide benefits to the Sagamok Anishnawbek First Nations and local community stakeholders.
In operation, the project is projected to produce 25,000 ounces of PGM-plus-gold, 8 million pounds of nickel and 10 million pounds of copper on an annual basis, according to the company.
The company has identified a significant, newly interpreted area of mineralization towards the eastern end of the deposit that included 353 meters of continuous mineralization grading 2.62 grams per metric ton platinum-equivalent, comprised of 0.93 platinum-palladium-gold, 0.31 percent nickel and 0.33 percent copper.
Re-logging and analysis of previously unreleased drill core assays by the Company's geological team has identified a broad mineralized area in the Far East Zone which is believed to extend the main Wellgreen deposit to the north.
This Far East Zone also exhibits areas of significantly higher grades than the average of the Wellgreen deposit that may be amenable to selective mining of higher grade material early in the mine life, and the zone is completely open to the west, east and to the north.
Cash and short-term deposits: C$300,000 (at March 31, 2013)
Working capital: C$600,000
(at March 31, 2011; raised C$5.9 million in June 2013)
Market capitalization: C$53.2 million (Sept. 27, 2013)
2nd Floor 342 Water St.
Vancouver, B.C. Canada V6B 1B6
Tel: 604-569.3690 Fax: 604-893-8758
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