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Mining Explorers 2014: Wellgreen Platinum Ltd.

 

Last updated 11/2/2014 at Noon



WG: TSX.V

President and CEO: Greg Johnson

Senior VP and COO: John Sagman

VP, Corporate Development: Rob Bruggeman

Wellgreen Platinum Ltd. (formerly Prophecy Platinum) is endeavoring to develop a mine at its namesake platinum group metals-copper-nickel project located near the Alaska Highway in southwestern Yukon Territory.

A preliminary economic assessment prepared for the Wellgreen project in 2012 outlines plans for a 32,000-metric-tons-per-day operation producing 1.96 billion pounds nickel, 2.06 billion pounds copper and 7.12 million ounces platinum-palladium-gold in concentrate over a 37-year of mine life.

The company, however, has been busy expanding the resource since the publication of this scoping-level study.

In July, the company updated the 2011 resource for which the economic assessment was based with 40,000 meters of new drilling and re-sampled historic core.

As a result, the measured and indicated resources at Wellgreen have increased to 330 million metric tons at 1.67 g/t platinum-equivalent in a pit constrained resource containing 5.53 million ounces of 3E (platinum-palladium-gold), 1,894 million pounds of nickel and 1,021 million pounds of copper.

With an expanded resource as its basis, an updated PEA scheduled for completion by the end of 2014 will investigate the economics of starting with a lower mill throughput that initially targets higher grade ore.

The current mineral resource estimate includes a 72-metric-ton higher grade component of the measured and indicated resources grading 2.49 g/t platinum-equivalent containing 2.13 million ounces of 3E with 527 million pounds of nickel and 462 million pounds of copper.

In addition to the updated resource, the upcoming PEA will benefit from improved metal recoveries.

Metallurgical test work using conventional flotation shows improved recoveries for all major metals versus the 2012 PEA, including increases of 35 percent for platinum and 13 percent for nickel.

In addition to the measured and indicated resources, the Wellgreen project has 846 million metric tons of inferred resources containing 13.8 million ounces of 3E (platinum-palladium-gold), 4,431 million pounds of nickel and 2,595 million pounds of copper.

Wellgreen said its 2014 exploration program is testing higher grade expansion targets, as well as to confirm the continuity of the broad, higher grade mineralization bands at and near the current deposit.

Though this provides significant upside and the Wellgreen property hosts numerous exploration targets along an 18-kilometer strike (11 miles) strike, the company's primary focus is to advance the known deposit towards development.

Following the PEA, Wellgreen Platinum is planning to complete a pre-feasibility study in 2015 and a feasibility study in 2016.

Cash and short-term deposits: C$5.9 million (June 30, 2014)

Working capital: C$4.4 million (June 30, 2014)

Market capitalization: C$56.2 million (Oct. 1, 2014)

1128-1090 Georgia Street • Vancouver, BC Canada V6E 3V7

Tel: 604-569-3690 • Fax: 604-428-7528

 

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