Welcome!

News Feed Item

Wellgreen Platinum Announces Additional PGM-Ni-Cu Drill Results from Central Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/03/14 -- Wellgreen Platinum Ltd. (TSX VENTURE: WG)(OTCQX: WGPLF) is pleased to announce further results from the most recent field program at its 100%-owned Wellgreen PGM-Ni-Cu project, located in Canada's Yukon Territory. These latest results are from the Central Zone, which is located in the middle portion of the known main Wellgreen deposit approximately one kilometre west of the easternmost drilling in the Far East Zone. The mineralization in the Central Zone begins at surface and is continuous for nearly 500 metres in thickness, with significant sub-zones of higher grade material within it. New drilling data and assay results from historic drill core that was previously only selectively sampled have led to a new interpretation of the Central Zone that indicates that wide bands of higher grade mineralization, like those seen in the previously released Far East Zone, occur well away from the sediment contact related zones that were the historic focus at Wellgreen.

In the Central Zone, hole 214 intercepted 379.5 metres of PGM-Ni-Cu mineralization grading 1.98 g/t Platinum Equivalent (Pt Eq.) or 0.47% Nickel Equivalent (Ni Eq.) Within this broad intercept, an interval of 37.6 metres grading 4.96 g/t Pt Eq. or 1.18% Ni Eq. was intercepted approximately 50 metres from the existing underground workings (see Table 1 for additional details and Figure 1 for a cross section). It is believed that this higher grade zone is part of a broad band of mineralization that extends several hundred metres laterally to the south and was intercepted by hole 188, which intercepted a 24.7 metre interval grading 6.54 g/t Pt Eq. or 1.56% Ni Eq. within an intercept of 460 metres grading 1.84 g/t Pt Eq. or 0.44% Ni Eq. This large area of mineralization remains open to the south, laterally and to depth and represents an area of high potential for resource expansion from future programs (see area of "Priority Target" on the section below). These results extend the occurrence of these higher grade zones over a distance of nearly 1000 metres from the Far East zone.

New results from shallow drilling in the Central Zone have also confirmed the presence of areas with higher grade mineralization beginning from surface. Hole 222 intercepted 163.0 metres grading 2.20 g/t Pt Eq. or 0.53% Ni Eq. from surface, including a 24.0 metre section grading 5.22 g/t Pt Eq. or 1.26% Ni Eq. Hole 138, approximately 56 metres West of hole 222, intercepted 74.9 metres at 2.72 g/t Pt. Eq or 0.65% Ni Eq., including 26.8 metres at 5.10 g/t Pt. Eq. or 1.22% Ni Eq. Future drilling and metallurgical testing will evaluate the potential extraction 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, "The identification of this band of higher grade mineralization in the Central Zone is very significant. This material is located just 50 metres from the existing underground workings, which could make this area amenable to low cost development. The updated preliminary economic assessment planned for Q2 will evaluate a combination of open pit mining and selective bulk underground mining of higher grade material at a reduced capital spending level. One of our key goals over the past year has been to develop a high confidence, predictive geologic model for Wellgreen to identify the controls to, and location of, higher grade mineralization in the deposit. The work on the model over the past year has significantly advanced our understanding and confidence in the geologic model and supports the upcoming resource update that will be the basis for the new engineering approach to the project. This new model shows that PGM-Ni-Cu mineralization occurs both within the often very high grade contact related zones that were the focus of historic mining and exploration as well as in the broad bands of higher grade mineralization up to 500 metres thick in the core of the ultramafic bodies that have been intercepted over one kilometre of strike length from the Far East Zone to the Central Zone."

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. Refer to Table 1 for individual assays and the metal prices used to calculate Pt Eq. and Ni Eq.

To view Figure 1 - Central Zone Cross Section 577,650 E, please visit the following link: http://media3.marketwire.com/docs/303wg_figure1.jpg

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/303wg_figure2.jpg

These bands of higher grade mineralization are open to expansion to depth and further along trend towards the west. The Company continues to receive and interpret final assay results from additional holes drilled in the last program, as well as results from the re-logged and re-sampled historical drill holes. Results from the West and Far West Zones in the Wellgreen deposit are currently being integrated into the model and additional results are anticipated to follow in future updates. Future drilling will be designed to confirm the connectivity between broader spaced zones and to test the potential expansion into priority target areas that have been identified as having excellent potential to discover new mineralization adjacent to the currently defined zones within the deposit.

Table 1 - Drill Hole Intercept Highlights Central Zone Cross Section 577,650 E(1 )

----------------------------------------------------------------------------
Drill Hole     Downhole            Base Metals           Precious Metals

           From   To   Width  Ni    Cu    Co  Ni Eq.  Pt    Pd    Au    3E
             m     m     m     %     %     %     %    g/t   g/t   g/t   g/t
----------------------------------------------------------------------------
 WS87-068   3.1  49.9  46.9  0.31  0.17  0.013 0.40  0.28  0.39  0.04  0.71
----------------------------------------------------------------------------
 WS87-069   3.1  32.0  29.0  0.28  0.11  0.014 0.35  0.18  0.26  0.02  0.46
----------------------------------------------------------------------------
 WS87-072   4.9  38.9  34.0  0.26  0.12  0.012 0.33  0.14  0.22  0.02  0.39
----------------------------------------------------------------------------
 WS88-123  113.0 131.9 18.9  0.20  0.12  0.010 0.26  0.14  0.21  0.03  0.37
----------------------------------------------------------------------------
 WS88-125  120.9 145.6 24.8  0.24  0.09  0.010 0.29  0.18  0.28  0.04  0.50
----------------------------------------------------------------------------
 WS88-127  21.8  38.8  17.0  0.30  0.18  0.013 0.39  0.29  0.46  0.05  0.80
----------------------------------------------------------------------------
 WS88-128  17.0  58.5  41.5  0.28  0.09  0.014 0.34  0.18  0.26  0.02  0.45
----------------------------------------------------------------------------
 WS88-138  66.9  141.8 74.9  0.35  0.38  0.020 0.52  0.41  0.29  0.07  0.77
----------
      incl 115.0 141.8 26.8  0.58  0.85  0.036 0.96  0.85  0.46  0.17  1.47
----------------------------------------------------------------------------
 WS88-141   0.0  95.4  95.4  0.26  0.08  0.014 0.31  0.12  0.18  0.02  0.32
----------
           121.0 143.8 22.8  0.24  0.21  0.011 0.34  0.34  0.29  0.08  0.71
----------------------------------------------------------------------------
 WS13-222   0.0  163.0 163.0 0.34  0.19  0.017 0.44  0.27  0.27  0.04  0.58
----------
      incl 139.0 163.0 24.0  0.79  0.56  0.043 1.07  0.64  0.29  0.10  1.03
----------------------------------------------------------------------------
 WS11-188   4.6  464.9 460.3 0.29  0.18  0.016 0.38  0.17  0.24  0.02  0.43
      incl 273.8 298.6 24.7  0.87  0.63  0.028 1.15  1.18  1.37  0.16  2.72
      incl 450.3 464.9 14.6  0.26  0.49  0.018 0.47  0.62  0.32  0.14  1.08
----------------------------------------------------------------------------
 WS12-214   0.0  379.5 379.5 0.27  0.21  0.017 0.38  0.28  0.26  0.06  0.60
----------
      incl 219.5 379.5 160.1 0.25  0.35  0.018 0.42  0.44  0.28  0.12  0.83
      incl 319.4 357.0 37.6  0.47  0.83  0.023 0.82  1.12  0.65  0.27  2.04
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Drill Hole               Total Metals          Pt Eq.-length    3E length

                     Pt Eq.         Ni Eq.
                      g/t             %            g/t-m          g/t-m
----------------------------------------------------------------------------
 WS87-068             2.10           0.50            99             33
----------------------------------------------------------------------------
 WS87-069             1.71           0.41            50             13
----------------------------------------------------------------------------
 WS87-072             1.59           0.38            54             13
----------------------------------------------------------------------------
 WS88-123             1.30           0.31            25             7
----------------------------------------------------------------------------
 WS88-125             1.49           0.36            37             12
----------------------------------------------------------------------------
 WS88-127             2.11           0.50            36             14
----------------------------------------------------------------------------
 WS88-128             1.67           0.40            69             19
----------------------------------------------------------------------------
 WS88-138             2.72           0.65           204             58
----------
      incl            5.10           1.22           137             40
----------------------------------------------------------------------------
 WS88-141             1.49           0.36           143             31
----------
                      1.92           0.46            44             16
----------------------------------------------------------------------------
 WS13-222             2.20           0.53           359             95
----------
      incl            5.22           1.26           125             25
----------------------------------------------------------------------------
 WS11-188             1.84           0.44           847            198
      incl            6.54           1.56           162             67
      incl            2.80           0.66            41             16
----------------------------------------------------------------------------
 WS12-214             1.98           0.47           751            228
----------
      incl            2.34           0.56           375            134
      incl            4.96           1.18           187             77
----------------------------------------------------------------------------

(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 less than 0.2% Ni Eq. (7) Some rounding errors may occur. (8) True thicknesses have not been measured.

Metallurgical and Engineering Update

Metallurgical optimization test work continues on representative samples from disseminated mineralization at Wellgreen. Testing has focused on optimizing the process flow sheet, grind size and reagent selection for the mineralized samples. Current work has been advanced using a conventional copper flotation process followed by magnetic separation to increase recoveries of PGMs prior to nickel flotation. Batch sample test work continues and includes optimization of the magnetic separation process, 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 on composite samples. The results from this metallurgical test work will be used to generate recovery and concentrate grade assumptions for the Preliminary Economic Assessment (PEA) update in Q2-2014.

Engineering studies are also under way to look at optimizing the project using a staged production approach that will review a series of lower capex throughput with higher grade extraction concepts as compared with the 2012 PEA. In addition scenarios will also be evaluated to assess the optimal larger-scale production level that fully attains the economic potential of the resource to which the project may ultimately expand. Studies are also being completed to select optimal locations for mine infrastructure, which includes the camp, mill, water treatment plant and the tailings storage facility.

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 and Ontario, 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, Canada.

Our 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.

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.

"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:
Wellgreen Platinum Ltd.
Chris Ackerman
Manager, Corporate Communications
604-569-3634
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.