Prophecy Announces Highly Encouraging Rhodium, Ruthenium, Osmium & Iridium Assays from WS11-188 of Wellgreen Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/12 -- Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE: NKL)(OTCQX: PNIKF)(FRANKFURT: P94P) is pleased to provide results of full spectrum 6E (Pt, Pd, Rh, Ru, Os &, Ir) analysis of PGEs on the first batch of samples from the Company's 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon Territory, Canada.
The Company enlisted Activation Laboratories (Actlabs), based out of Ancaster, Ontario to conduct a full spectrum 6E analysis of samples taken from the 2011 drill hole WS11-188. Adding Rh, Ru, Os and Ir to Pt and Pd increased the total PGE content (6E) by an average of 28%, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization.
Assay results with 6E exceeding 0.50 ppm (0.5 g/t) (excluding copper and gold assays) are tabulated below. Assay results from the entire batch of 90 samples can be downloaded at www.prophecyplat.com.
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Analyte 6E
Symbol Os Ir Ru Rh Pt Pd Ni Pt+Pd 6E %
Sample ppb ppb ppb ppb ppb ppb % g/t g/t Increase
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K918097 14 14.4 77 21.2 184 309 0.342 0.493 0.62 25.80%
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K918110 38 17.3 53 14.6 113 241 0.432 0.503 0.592 17.70%
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K918129 less 0.1 6 0.3 7 14 less 0.416 0.541 30.00%
than than
2 0.005
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K918131 21 16.1 39 17.2 124 165 0.33 0.448 0.568 26.80%
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K918132 23 22 56 23.8 181 235 0.34 0.411 0.525 27.70%
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K918140 12 12.8 40 17.5 136 207 0.392 0.56 0.68 21.40%
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K918141 8 12 38 16 148 229 0.359 0.522 0.648 24.10%
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K918142 12 12.8 40 17.2 160 241 0.363 0.43 0.553 28.60%
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K918143 23 19 54 23.5 229 331 0.41 0.626 0.75 19.80%
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K918145 25 20.5 55 22.9 187 243 0.334 0.512 0.657 28.30%
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K918146 23 21.1 55 24.6 269 357 0.379 0.567 0.733 29.30%
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K918147 less less less less less less less 0.548 0.695 26.80%
than than than than than than than
2 0.1 5 0.2 5 2 0.005
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K918148 27 26.6 65 26.7 216 296 0.38 0.425 0.522 22.80%
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K918150 29 25.8 65 27 237 311 0.404 0.513 0.621 21.10%
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K918152 16 12.8 36 17 148 223 0.31 0.442 0.538 21.70%
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K918154 13 14.1 45 19.1 156 247 0.389 0.539 0.666 23.60%
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K918155 18 15.8 42 20 171 271 0.362 0.593 0.705 18.90%
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K918157 14 15.9 42 20.7 155 246 0.326 0.446 0.607 36.10%
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K918158 27 20.1 51 28.8 209 330 0.394 0.607 0.713 17.50%
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K918164 12 10.1 35 14.1 89 154 0.331 0.414 0.52 25.60%
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K918166 13 10.8 34 15.8 85 148 0.305 0.438 0.541 23.50%
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K918168 22 13.3 38 17.6 104 178 0.332 0.546 0.739 35.30%
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K918169 31 15.1 39 17.7 181 257 0.307 0.45 0.589 30.90%
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K918171 50 30.3 78 35 212 334 0.476 0.559 0.718 28.40%
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K918172 32 21.7 58 27.7 177 273 0.432 0.534 0.666 24.70%
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K918184 less 8.3 23 13.1 115 173 0.318 0.623 0.745 19.60%
than
2
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K918186 14 8.2 23 10.4 117 170 0.288 0.559 0.665 19.00%
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K918187 23 22.8 46 30 259 364 0.435 0.952 1.15 20.80%
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1 ppm = 1 g/t
Following are the initial assay results from WS11-188 which were reported in September 26, 2011:
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From
Length Ni Cu Pt+Pd+Au NiEq Surface
From To m % % g/t % m
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7.53 464.91 457.38 0.29 0.18 0.72 0.47 7.07
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268.38 389.29 120.91 0.36 0.30 1.26 0.67 252.19
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280.72 298.55 17.83 1.03 0.75 3.14 1.77 263.79
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6E assay results are still pending for an additional 260 samples taken from WS11-188, including samples from sections that showed higher Pt and Pd grades in the above table.
In 2007, 800 chip channel samples taken at 2 metre intervals along the underground workings were assayed for platinum and palladium at the ALS Chemex Lab in Vancouver, B.C. Of these, 174 samples where platinum or palladium grades exceeded 1 g/t were assayed for Rh, Ru, Os and Ir. The 2007 sampling program was overseen by Rory Calhoun, P. Geo., now a consultant of Prophecy. Subsequent 6E assay results were announced in a Prophecy Coal's press release on November 3, 2010. For comparison, assay results where Rhodium exceeded 500 ppb (0.5 g/t) are tabulated below. Concentrations of Rh, Ru, Os and Ir were present in all of the follow-up samples, and the total PGE content (6E) increased by an average of 114.8% over prior assay results which only included Pt and Pd.
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Analyte 6E
Symbol Os Ir Ru Rh Pt Pd Pt+Pd 6E %
Sample ppb ppb ppb ppb ppb Ppb g/t g/t Increase
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C509697 850 1770 660 729 2260 900 3.16 7.169 126.9%
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C509698 680 1590 830 754 2030 1300 3.33 7.184 115.7%
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C509701 540 1230 510 591 1500 760 2.26 5.131 127.0%
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C509704 660 1450 670 677 1500 530 2.03 5.487 170.3%
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C509811 500 919 730 567 1600 1000 2.6 5.316 104.5%
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C509813 810 1110 1200 758 830 1100 1.93 5.808 200.9%
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C509814 920 1060 1400 839 1900 2070 3.97 8.189 106.3%
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C509087 1170 1410 1500 795 1600 660 2.26 7.135 215.7%
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C509089 1320 1600 1800 1140 1400 2700 4.1 9.96 142.9%
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C509092 970 1390 1400 971 1900 1400 3.3 8.031 143.4%
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C509097 1270 1720 1900 895 3700 2240 5.94 11.725 97.4%
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C509098 700 983 840 629 2150 3540 5.69 8.842 55.4%
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C509101 730 876 1100 551 2000 850 2.85 6.107 114.3%
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C509104 630 776 800 698 2250 2360 4.61 7.514 63.0%
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C509111 1030 1120 1400 966 3610 1100 4.71 9.226 95.9%
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C509112 910 990 1100 853 2590 2880 5.47 9.323 70.4%
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C509114 700 999 910 643 3670 3870 7.54 10.792 43.1%
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C509131 880 1130 1300 675 4770 1800 6.57 10.555 60.7%
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C509140 780 1120 1000 672 3010 3550 6.56 10.132 54.5%
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C509145 940 1320 1500 653 1400 1200 2.6 7.013 169.7%
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C509146 1390 2080 2000 827 1800 760 2.56 8.857 246.0%
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C509147 760 1080 1000 725 3290 1200 4.49 8.055 79.4%
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C509150 490 721 760 516 2890 3670 6.56 9.047 37.9%
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Prophecy Platinum's Chairman, John Lee, notes: "The assay results suggest that 6E (Pt, Pd, Rh, Ru, Os & Ir) PGE composite grades increase by an average of 28% (disseminated sulphide) to 114.8% (massive sulphide) over grades previously announced when only platinum and palladium were considered. Today's results could potentially translate into a significant rare PGE resource addition to an already impressive platinum and palladium resource base(i) at Wellgreen."
(i) Refer to July 14, 2011 news release regarding Wellgreen 43-101 resource update.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Quality Control and Quality Assurance
Prophecy Platinum executes a quality control program to ensure best practice in sampling and analysis. Samples are cut and split for assay with the remaining sample retained for reference. Blanks, Standard Reference Material (SRM), and duplicates were inserted into the sample stream every 20th sample. A duplicate sample is taken every 20th sample of core. The selected sample is sawn in half and then sawn in half again. 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 are WMS-1, WPR-1 and WGB-1. Sample Blanks are obtained from two sources: granodiorite from a local quarry and garden marble from hardware stores in Whitehorse, Yukon. A Blank sample is inserted into the sample stream after the SRM. Assayed samples are transported in sealed and secured bags for preparation at ALS Chemex Prep Lab located in Whitehorse, Yukon. Pulverized (pulp) samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO/IEC 17025:2005 accredited laboratory and registered under ISO 9001:2000.
Full spectrum PGE analysis was completed by Activation Laboratories (Actlabs) based out of Ancaster, Ontario. Samples from 5 - 50 g in size are fire assayed using a nickel sulphide (NiS) fire assay procedure. With this procedure, the Ni, Cu, Cr and S content of the sample is predetermined and each sample is fluxed separately with the flux adjusted for sample composition. The flux contains high-purity Ni produced by the carbonyl process, borax, sodium carbonate, silica and high purity sulphur. The sample is fused at 1100 degrees C in fireclay crucibles and allowed to cool in the crucible. The nickel sulphide button at the base of the crucible is dissolved in concentrated HCl and the resulting residue which contains all the PGE and Au are collected on a filter paper. This residue undergoes 2 irradiations and 3 separate counts to measure all the PGE and Au.
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 Chemex quality-assurance procedures are also included in this process.
This news release has been reviewed and approved by Danniel Oosterman, P.Geo., a Qualified Person as defined in NI 43-101.
About Prophecy Platinum
Prophecy Platinum Corp. is a mineral exploration company focused on developing platinum group metals (PGM) and nickel sulphide projects. Defining and driving the company is its flagship Wellgreen PGM Nickel property in Canada's Yukon Territory. Prophecy's further holdings include the Lynn Lake Nickel Copper project in Manitoba, the Las Aguilas Nickel PGM deposit in Argentina, as well as five prospective claims in Uruguay. In June 2011, Prophecy Platinum was spun off from Prophecy Coal (TSX: PCY). Prophecy Coal currently owns 22.5 million shares (approx. 42%) of Prophecy Platinum.
ON BEHALF OF THE BOARD OF DIRECTORS
John Lee, Chairman
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements of potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements 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, risks associated with operating in foreign jurisdictions, 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, 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 companies with securities regulators. 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 the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Prophecy Platinum Corp.
David Brook
Manager, Investor Relations
1-800-358-5865
dbrook@prophecyplat.com
www.prophecyplat.com