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Prophecy Platinum finds potential new massive sulphide system at Wellgreen

Mineral explorer Prophecy Platinum Corp. (CVE:NKL) on Monday reported drill results from its first completed hole on the Wellgreen project in Yukon, Canada, indicating the potential for a new massive sulphide system, it said.

Vancouver-based Prophecy reported borehole WS11-184 came across 472.6 meters of mineralization with a grading of 0.43% nickel equivalent from surface to the footwall contact.

Within this larger swath of mineralization, the hole returned 49.5 meters of 1.27 grams per tonne (g/t) of platinum group metals (platinum and palladium) plus gold, as well as 0.71% of nickel and 0.45% copper, or 1.1% nickel equivalent.

Prophecy also said the geology transitioned to massive sulphide approaching the footwall contact, grading of 6.3% nickel, 1.7% copper, 2.7 g/t platinum, 1.6 g/t palladium, 0.17 g/t gold, and 3.4 g/t silver.

The borehole is located on the eastern extent of Wellgreen, roughly 150 meters south of previous drilling along that section.

The hole demonstrated mineralization continuity from surface to the footwall contact, the company said, exceeding the 0.40% nickel equivalent cut-off that was used in the July 2011 resource announcement.

The hole expands the width of the mineralized zone to approximately 500 meters, while showing an increase of grade toward the footwall.

"WS11-184 also marks the first appearance of massive sulphide at this far eastern locale, indicating potential existence of a new massive sulphide system in this direction where a 2.3 kilometre strike of the Wellgreen intrusion east of WS11-184 has not been adequately tested by diamond drilling throughout the history of the property," the company said in a statement.

About 2,000 meters of drilling has been finished on the property in this year’s exploration season, with the company planning to continue its drilling program.

Wellgreen is part of Kluane Ultramafic Nickel belt, which is the second largest behind the Thompson Belt in Canada and remains largely unexplored. The property is located about 35 kilometres northwest of Burwash Landing, Yukon. Prophecy Platinum spun off from Prophecy Coal in June.