Wellgreen Platinum Announces 2015 Drill Results at the Wellgreen PGM-Nickel Project
VANCOUVER, April 22, 2016 /CNW/ - Wellgreen Platinum Ltd. ("Wellgreen Platinum" or the "Company") (TSX: WG; OTC-QX: WGPLF) is pleased to announce the results of its 2015 fall and winter exploration drilling and field work programs at the Wellgreen PGM-Nickel project, located in Canada's Yukon Territory.
Utilizing both diamond core and reverse circulation ("RC") drill rigs, Wellgreen Platinum drilled 4,078 metres of diamond drill core and 1,091 metres of RC chip samples for a total of 5,169 metres in 25 holes. The drill program targeted the Far West, West, Central, East and Far East Zones to test down-dip extensions to known disseminated mineralization, as well as areas of higher grade mineralization.
Assay results from the drill program demonstrated the continuity of massive, semi-massive and disseminated mineralization described in the Company's 2015 PEA1. The results from this program, along with those from previous drill programs conducted in the fall/winter of 2014 and summer of 2015, will be incorporated into an updated geological deposit model that is intended to form the basis of a potential future Pre-Feasibility Study. In parallel, the Company will continue metallurgical and process engineering studies, as well as environmental baseline, assessment and mitigation studies.
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| 1 2015 PEA Technical Report on the Wellgreen project entitled "Preliminary Economic Assessment Technical Report, Wellgreen Project, Yukon Territory, Canada", which is dated effective 2/2/2015 and available under the Company's profile on www.sedar.com. A PEA is preliminary in nature, in that it includes an economic analysis that is based, in part, on Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them which would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources are not Mineral Reserves because they do not have demonstrated economic viability. |
Far West Zone Drilling
Previous drilling in the Far West Zone identified high grade mineralization near surface and at depth. Nine holes were collared in the Far West Zone to seek down-dip and along-strike extensions to known mineralization, and to target potential upgrades of certain Inferred mineral resources from the 2015 PEA into the Measured and Indicated mineral resource categories. Holes WS-255, WS-266 and WS-268 all intersected mineralized zones with total metals grading more than 3.75 g/t Platinum Equivalent ("Pt Eq.") or 1.0% Nickel Equivalent ("Ni Eq.") near surface. Please refer to the table below for full assay results and footnotes describing the metal prices used to determine metal equivalents.
Far West Zone Drill Results
| From | To | Width | Ni | Cu | Co | Pt | Pd | Au | Precious Metals as Pt Eq. | Base as Ni Eq. | Total Metals | ||
| Pt Eq. | Ni Eq. | ||||||||||||
| (m) | (m) | (m) | (%) | (%) | (%) | (g/t) | (g/t | (g/t) | (g/t) | (%) | (g/t) | (%) | |
| WS-254 | 11.10 | 32.00 | 20.90 | 0.215 | 0.642 | 0.018 | 0.846 | 0.421 | 0.298 | 1.393 | 0.497 | 3.238 | 0.872 |
| WS-255 | 16.80 | 105.50 | 88.70 | 0.339 | 0.682 | 0.023 | 0.867 | 0.395 | 0.253 | 1.353 | 0.646 | 3.751 | 1.010 |
| including | 16.80 | 53.30 | 36.50 | 0.519 | 1.017 | 0.033 | 1.609 | 0.74 | 0.431 | 2.474 | 0.974 | 6.091 | 1.640 |
| WS-256 | 48.00 | 94.50 | 46.50 | 0.152 | 0.388 | 0.013 | 0.368 | 0.168 | 0.151 | 0.620 | 0.326 | 1.832 | 0.493 |
| WS-258 | 76.60 | 174.00 | 97.40 | 0.223 | 0.514 | 0.017 | 0.513 | 0.254 | 0.185 | 0.849 | 0.453 | 2.533 | 0.682 |
| including | 88.50 | 124.50 | 36.00 | 0.339 | 0.871 | 0.025 | 1.020 | 0.527 | 0.346 | 1.677 | 0.722 | 4.359 | 1.173 |
| WS-259 | 4.85 | 118.60 | 113.75 | 0.364 | 0.522 | 0.029 | 0.511 | 0.276 | 0.136 | 0.808 | 0.621 | 3.113 | 0.838 |
| including | 4.85 | 59.70 | 54.85 | 0.512 | 0.637 | 0.040 | 0.559 | 0.309 | 0.139 | 0.878 | 0.834 | 3.975 | 1.070 |
| WS-260 | 1.50 | 16.50 | 15.00 | 0.216 | 0.344 | 0.016 | 0.650 | 0.349 | 0.178 | 1.032 | 0.379 | 2.440 | 0.657 |
| WS-262 | 7.50 | 127.50 | 120.00 | 0.277 | 0.681 | 0.020 | 0.872 | 0.429 | 0.280 | 1.405 | 0.577 | 3.550 | 0.956 |
| including | 15.00 | 114.00 | 99.00 | 0.319 | 0.785 | 0.023 | 1.015 | 0.500 | 0.322 | 1.632 | 0.665 | 4.102 | 1.104 |
| WS-266 | 0.00 | 36.00 | 36.00 | 0.568 | 0.449 | 0.029 | 0.592 | 0.424 | 0.097 | 0.932 | 0.796 | 3.890 | 1.047 |
| WS-268 | 0.00 | 43.50 | 43.50 | 0.592 | 0.515 | 0.036 | 0.514 | 0.312 | 0.082 | 0.775 | 0.859 | 3.967 | 1.068 |
| Footnotes to Drill Tables: (1) Platinum equivalent (Pt Eq. g/t) and nickel equivalent (Ni Eq. %) calculations reflect total gross metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu), $12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd) and $1250/oz gold (Au) and have not been adjusted to reflect metallurgical recoveries. The above metal prices are approximately in line with the LME 3-year trailing average metal prices. (2) Pt Eq. g/t Precious Metals and Ni Eq. % Base Metals and columns only refer to equivalents of precious and base metals, respectively, not total metals. In the "Total Metals" columns, Pt Eq. includes both base and precious metals, as does Ni Eq. (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) Cut-off grade of 0.15% 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. |
West Zone Drilling
Three holes were drilled in the West Zone to target potential upgrades of certain Inferred mineral resources from the 2015 PEA to the Measured and Indicated mineral resource categories and to assess the potential for higher grade mineralization trends within the main deposit area. Drill hole WS-263 intersected 55.2 metres of mineralization, starting at a depth of 300.0 metres, grading 5.63 g/t Pt Eq. or 1.51% Ni Eq. This indicated the probable continuation of higher grade mineralization encountered by previous drill holes in this area.
West Zone Drill Results
| From | To | Width | Ni | Cu | Co | Pt | Pd | Au | Precious Metals as Pt Eq. | Base as Ni Eq. | Total Metals | ||
| Pt Eq. | Ni Eq. | ||||||||||||
| (m) | (m) | (m) | (%) | (%) | (%) | (g/t) | (g/t | (g/t) | (g/t) | (%) | (g/t) | (%) | |
| WS-257 | 3.00 | 224.21 | 221.21 | 0.289 | 0.203 | 0.017 | 0.321 | 0.296 | 0.054 | 0.544 | 0.400 | 2.029 | 0.546 |
| WS-273 | 19.00 | 234.90 | 215.90 | 0.317 | 0.116 | 0.016 | 0.236 | 0.302 | 0.032 | 0.439 | 0.392 | 1.897 | 0.511 |
| and | 246.45 | 451.80 | 205.35 | 0.24 | 0.233 | 0.018 | 0.409 | 0.294 | 0.071 | 0.648 | 0.364 | 2.001 | 0.539 |
| WS-263 | 1.75 | 20.00 | 18.25 | 0.313 | 0.295 | 0.015 | 0.512 | 0.381 | 0.114 | 0.845 | 0.455 | 2.536 | 0.683 |
| and | 41.00 | 211.90 | 170.90 | 0.320 | 0.351 | 0.018 | 0.508 | 0.392 | 0.092 | 0.824 | 0.490 | 2.643 | 0.712 |
| and | 221.80 | 261.34 | 39.54 | 0.231 | 0.284 | 0.016 | 0.456 | 0.263 | 0.080 | 0.687 | 0.371 | 2.065 | 0.556 |
| and | 268.60 | 377.00 | 108.40 | 0.578 | 0.528 | 0.032 | 0.716 | 0.532 | 0.130 | 1.151 | 0.843 | 4.280 | 1.152 |
| including | 300.00 | 355.20 | 55.20 | 0.827 | 0.621 | 0.041 | 0.832 | 0.734 | 0.123 | 1.373 | 1.145 | 5.625 | 1.514 |
| Footnotes to Drill Tables: (1) Platinum equivalent (Pt Eq. g/t) and nickel equivalent (Ni Eq. %) calculations reflect total gross metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu), $12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd) and $1250/oz gold (Au) and have not been adjusted to reflect metallurgical recoveries. The above metal prices are approximately in line with the LME 3-year trailing average metal prices. (2) Pt Eq. g/t Precious Metals and Ni Eq. % Base Metals and columns only refer to equivalents of precious and base metals, respectively, not total metals. In the "Total Metals" columns, Pt Eq. includes both base and precious metals, as does Ni Eq. (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) Cut-off grade of 0.15% 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. |
Central and East Zone Drilling
Four holes were drilled in the Central and East Zones to target potential upgrades of certain Inferred mineral resources from the 2015 PEA to the Measured and Indicated mineral resource categories and to assess the potential for higher grade mineralization trends within the main deposit area. Drill hole WS-265 intersected 547.7 metres of continuous mineralization grading 2.19 g/t Pt Eq. or 0.59% Ni Eq. and included a 63.0 metre intercept grading 3.81 g/t Pt Eq. or 1.02% Ni Eq.
Central and East Zone Drill Results
| From | To | Width | Ni | Cu | Co | Pt | Pd | Au | Precious Metals as Pt Eq. | Base as Ni Eq. | Total Metals | ||
| Pt Eq. | Ni Eq. | ||||||||||||
| (m) | (m) | (m) | (%) | (%) | (%) | (g/t) | (g/t | (g/t) | (g/t) | (%) | (g/t) | (%) | |
| WS-265 | 11.00 | 558.75 | 547.75 | 0.307 | 0.196 | 0.017 | 0.390 | 0.335 | 0.064 | 0.645 | 0.415 | 2.187 | 0.589 |
| including | 311.00 | 374.00 | 63.00 | 0.485 | 0.307 | 0.022 | 0.911 | 0.744 | 0.076 | 1.409 | 0.645 | 3.806 | 1.025 |
| WS-267 | 7.00 | 72.50 | 65.50 | 0.244 | 0.020 | 0.013 | 0.070 | 0.119 | 0.010 | 0.147 | 0.277 | 1.175 | 0.316 |
| WS-269 | 9.00 | 285.90 | 276.90 | 0.293 | 0.127 | 0.016 | 0.202 | 0.243 | 0.040 | 0.380 | 0.373 | 1.764 | 0.475 |
| including | 218.00 | 285.90 | 67.90 | 0.323 | 0.309 | 0.017 | 0.404 | 0.388 | 0.088 | 0.714 | 0.475 | 2.477 | 0.667 |
| WS-261 | 12.00 | 62.00 | 50.00 | 0.255 | 0.020 | 0.013 | 0.100 | 0.153 | 0.014 | 0.201 | 0.288 | 1.269 | 0.342 |
| Footnotes to Drill Tables: (1) Platinum equivalent (Pt Eq. g/t) and nickel equivalent (Ni Eq. %) calculations reflect total gross metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu), $12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd) and $1250/oz gold (Au) and have not been adjusted to reflect metallurgical recoveries. The above metal prices are approximately in line with the LME 3-year trailing average metal prices. (2) Pt Eq. g/t Precious Metals and Ni Eq. % Base Metals and columns only refer to equivalents of precious and base metals, respectively, not total metals. In the "Total Metals" columns, Pt Eq. includes both base and precious metals, as does Ni Eq. (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) Cut-off grade of 0.15% 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. |
Far East Zone Drilling
In the Far East Zone, drill hole WS-271 intersected three mineralized zones with a combined width of 678.5 metres, including a 262.8 metre intercept grading 2.37 g/t Pt Eq. or 0.64% Ni Eq.
Far East Zone Drill Results
| From | To | Width | Ni | Cu | Co | Pt | Pd | Au | Precious Metals as Pt Eq. | Base as Ni Eq. | Total Metals | ||
| Pt Eq. | Ni Eq. | ||||||||||||
| (m) | (m) | (m) | (%) | (%) | (%) | (g/t) | (g/t | (g/t) | (g/t) | (%) | (g/t) | (%) | |
| WS-270 | 3.00 | 192.50 | 189.50 | 0.251 | 0.065 | 0.014 | 0.152 | 0.184 | 0.025 | 0.282 | 0.303 | 1.407 | 0.379 |
| WS-271 | 11.80 | 241.60 | 229.80 | 0.293 | 0.159 | 0.017 | 0.243 | 0.237 | 0.059 | 0.438 | 0.387 | 1.875 | 0.505 |
| and | 282.20 | 544.98 | 262.78 | 0.354 | 0.227 | 0.018 | 0.341 | 0.352 | 0.059 | 0.600 | 0.476 | 2.368 | 0.638 |
| and | 560.22 | 746.19 | 185.97 | 0.199 | 0.273 | 0.018 | 0.311 | 0.173 | 0.087 | 0.499 | 0.339 | 1.757 | 0.473 |
| WS-272 | 4.70 | 328.50 | 323.80 | 0.272 | 0.083 | 0.015 | 0.163 | 0.218 | 0.025 | 0.312 | 0.333 | 1.548 | 0.417 |
| and | 336.55 | 363.00 | 26.45 | 0.198 | 0.182 | 0.015 | 0.221 | 0.219 | 0.035 | 0.381 | 0.297 | 1.483 | 0.399 |
| WS-274 | 9.00 | 171.00 | 162.00 | 0.253 | 0.029 | 0.014 | 0.099 | 0.122 | 0.015 | 0.183 | 0.291 | 1.264 | 0.340 |
| Footnotes to Drill Tables: (1) Platinum equivalent (Pt Eq. g/t) and nickel equivalent (Ni Eq. %) calculations reflect total gross metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu), $12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd) and $1250/oz gold (Au) and have not been adjusted to reflect metallurgical recoveries. The above metal prices are approximately in line with the LME 3-year trailing average metal prices. (2) Pt Eq. g/t Precious Metals and Ni Eq. % Base Metals and columns only refer to equivalents of precious and base metals, respectively, not total metals. In the "Total Metals" columns, Pt Eq. includes both base and precious metals, as does Ni Eq. (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) Cut-off grade of 0.15% 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. |
Quality Assurance, Quality Control
The technical information in this news release has been prepared with regard to Canadian regulatory requirements set out in the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The Wellgreen project geological technical information disclosed herein was prepared under the supervision of Greg Ross, P.Geo., Wellgreen Platinum's Senior Geologist, 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 Interim President and Chief Operating Officer and a "Qualified Person" as defined in NI 43-101. In addition, Mr. Sagman has reviewed, approved and verified the technical information and data contained in this news release.
Wellgreen Platinum executes a quality control program to ensure data verification using best practices in sampling and analysis. Core samples are cut for assay with the remaining sample retained for reference while RC samples are homogenized and split by a cyclone at the drill. Blanks, Standard Reference Material ("SRM"), and duplicates are inserted into the sample stream every 20th or 25th sample. A duplicate sample is created by either quartering core or splitting the crushed sample at the lab. The quartered core is placed into two different sample bags with different sample numbers and sealed. SRM material is prepared and certified by CDN Resource Laboratories Limited. SRMs inserted are CDN-ME-1309, CDN-ME-1310 and CDN-ME-09. Pulp blanks are similarly provided by CDN Laboratories Limited and are CDN-BL-10. Samples are transported in sealed and secured bags for preparation at Bureau Veritas Commodities Canada Limited in Whitehorse, YT. Pulverized (pulp) samples are shipped for analysis to Bureau Veritas Commodities Canada Lt and/or AGAT Laboratories in Burnaby, B.C. Platinum, palladium and gold are determined by lead fusion fire assay with an ICP atomic emission spectrometry finish. Copper, nickel and cobalt are determined by four-acid digestion followed by an ICP atomic emission spectrometry finish. Bureau Veritas Commodities Canada Limited and AGAT Laboratories are ISO/IEC 17025:2005 accredited laboratories and registered under ISO 9001: 2000. Bureau Veritas Commodities Canada Limited and AGAT Laboratories are 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. Bureau Veritas Commodities Canada Limited and AGAT Laboratories quality-assurance procedures are also included in this process.
About Wellgreen Platinum
Wellgreen Platinum is a Canadian mining exploration and development company focused on the active advancement of its Wellgreen platinum group metals (PGM) and nickel project. Located in the Yukon Territory of Canada, the 2015 PEA demonstrated that the Wellgreen PGM and nickel project has the potential to become a large, low cost, open pit producer of platinum, palladium, gold, nickel, and copper. The Wellgreen property is accessible from the paved Alaska Highway, which leads to year-round deep sea ports in southern Alaska.
The Company is led by a management team with a track record of successful large-scale project discovery, development, financing and operation. Our vision is to create value for our shareholders through development of the Wellgreen deposit into a leading North American PGM and nickel producer.
Cautionary Note Regarding 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, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, results of the 2015 PEA, the size and scale of the Wellgreen deposit, future exploration and development of the Wellgreen PGM and nickel project, the undertaking of any potential Pre-Feasibility Study, the undertaking of future activities and work programs at the Wellgreen PGM and nickel project, realization of the potential of the Wellgreen deposit, the active advancement of the Wellgreen PGM and nickel project, and general future plans and objectives for the Company and the Wellgreen PGM and nickel project 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 changes in project parameters as plans continue to be refined, 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 PGM and nickel project, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. 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 key assumptions, risks and challenges with respect to the forward looking information discussed herein, and about our business in general, investors should review the 2015 PEA technical report on the Wellgreen PGM and nickel project, our most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
SOURCE Wellgreen Platinum Ltd.
Contact
Wellgreen Platinum Contacts: John Sagman, Interim President & Chief Operating Officer, 1-888-715-7528, 1-604-569-3634; Rob Bruggeman, Vice President, Corporate Development info@wellgreenplatinum.com