Wellgreen Project Preliminary Economic Assessment ... - OTCIQ.com

23.0 ADJACENT PROPERTIES
There are two active claim blocks in the vicinity of the Property (Figure 23.1). All
information presented in this section was gathered through searches of the
Government of Yukon, Energy, Mines and Resources Mine Recorder website,
internet searches of publicly traded companies, and SEDAR postings. Tetra Tech is
not able to verify the information reported in this section.
Coronation Minerals (renamed Guyana Precious Metals) is currently listed as the
holder of the Rory claims, which are located immediately to the south of the Property.
There has been no recorded assessment work filed by Coronation Minerals and the
claims are active until October 3, 2013. Prophecy Platinum holds a 50% back in on
the Rory claims if Coronation Minerals was to spend Cdn$1 million in exploration on
the Property. It is unknown if similar geological units or mineralization occurs on the
Rory claims.
In 2008, Pacific Coast announced it had entered into an agreement to option the
Burwash Property from Strategic Metals Ltd. (Strategic). The Burwash Property
overlies the east half of the Quill Creek Mafic-Ultramafic Complex and adjoins the
Property on its southeast edge. Widespread nickel-copper-PGE mineralization is
known to exist on the Burwash Property, as first discovered in 1952 during work
done on a larger property. In late 2008, Pacific Coast announced results from a
drilling program conducted by Strategic and their contractor Archer, Cathro and
Associates. The results of the drilling are provided in Table 23.1. Pacific Coast has
re-negotiated the option agreement twice with Strategic, the most recent of which
occurred March 8, 2010. In June 2011, Pacific Coast acquired the nickel assets of
Prophecy Resources, including Wellgreen and formed a new company Prophecy
Platinum.
Table 23.1 Pacific Coast Nickel Drill Result on the Burwash Claim
Hole Target
From
(m)
To
(m)
Width
(m)
Prophecy Platinum Corp. 23-1 1193460500-REP-R0001-02
Wellgreen Project Preliminary Economic Assessment,
Yukon, Canada
Ni
(%)
Cu
(%)
Pt
(g/t)
Pd
(g/t)
08-03 Main Sill 4.37 49.94 42.57 0.16 0.12 0.170 0.075
56.08 74.37 18.29 0.15 0.06 0.149 0.105
75.40 83.52 8.12 0.14 0.03 0.135 0.108
08-05 Main Sill 4.57 15.24 10.67 0.23 0.06 0.151 0.252
33.90 101.70 67.80 0.22 0.07 0.147 0.198
108.45 111.45 3.00 0.25 0.17 0.360 0.130