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

25.0 INTERPRETATIONS AND CONCLUSIONS
25.1 G EOLOGY
The Property is ideally situated, hosting approximately 10 km of strike length and
22.1 km 2 of the Quill Creek Ultramafic intrusion. The Quill Creek Ultramafic intrusion
is one of several ultramafic intrusions found within the Wrangellia terrane.
The Property is currently held 100% by Prophecy Platinum and all the claims are in
good standing.
The Quill Creek Ultramafic intrusion has similar characteristics to the Noril’sk deposit
in Russia, containing zones and layered mineralized massive, semi-massive and
disseminated nickel-copper sulphides with elevated PGE, associated with the
sulphides.
Two main zones of mineralization known as the East Zone and West Zone have
been drill outlined on the Property. The highest grade mineralization in the East
Zone occurs in massive sulphide pods and lenses along the base of the ultramafic
body, whereas the best grades in the West Zone are found in inter-digitated gabbro
and clinopyroxenite. A total of 171,652 tons assaying 2.23% nickel, 1.39% copper,
0.065 oz/ton platinum and 0.073% cobalt were mined and milled in 1972 and 1973
by Hudson Yukon Mining.
The Property database is relatively up-to-date with the current results of the 2011
drilling program. In general, the twin hole drilling program completed by Coronation
Minerals was successful in confirming past results. Therefore, Tetra Tech is of the
opinion that using the historic drilling is appropriate for any future resource estimate
although some additional analysis will be required before a definitive conclusion can
be reached.
The 2011 Prophecy drilling confirmed the presence of a substantial mineralized
system located in the hanging wall of the semi-massive sulphide pods previously
targeted as the Wellgreen deposit.
The resource estimation of a 0.2% nickel equivalent cut-off resulted in an Indicated
Resource of 14.4 Mt at grades of 0.68% nickel, 0.62% copper and 2.23 g/t
platinum+palladium+gold. An additional Inferred Resource of 446.6 Mt at grades of
0.31% nickel, 0.25% copper and 0.87 g/t platinum+palladium+gold. Table 25.1
summarizes the result of the resource estimate within the optimized pit shell.
Prophecy Platinum Corp. 25-1 1193460500-REP-R0001-02
Wellgreen Project Preliminary Economic Assessment,
Yukon, Canada