TSX: WG
OTC-QX: WGPLF
VANCOUVER, Dec. 21, 2015 /PRNewswire/ - Wellgreen Platinum Ltd. (TSX: WG;
OTC-QX: WGPLF) ("Wellgreen Platinum" or the "Company") is pleased to
announce the results of its previous two exploration drilling and field
work programs at its 100%-owned Wellgreen PGM-Nickel project, located
in Canada's Yukon Territory.
(Photo: http://photos.prnewswire.com/prnh/20151221/317600)
Utilizing both diamond core and reverse circulation ("RC") drill rigs,
Wellgreen Platinum drilled 2,867 metres of diamond drill core and 3,528
metres of RC chip samples for a total of 6,395 metres. A drill program
was undertaken in the Far West, West, Central and Far East Zones to
test down-dip extensions to known disseminated mineralization, as well
as areas of higher grade mineralization. Step-out holes 100 metres
down-dip of known mineralization were targeted in the West, Central and
Far East Zones. The drill program confirmed the extension of long
intervals of disseminated mineralization hosted in peridotite,
clinopyroxenite and gabbro. Additionally, in the Far East Zone, one 90
metre step out drill hole confirmed higher grade, marginal gabbro and
contact massive sulphides.
Assay results from the drill program demonstrate both the continuity of
disseminated mineralization in the southern areas of the PEA Base Case
Open Pit described in the Company's technical report1 and the potential for significant expansion of higher grade
mineralization in the deeper regions of the Far East Zone. In the Far
East Zone, the results indicate that deeper disseminated mineralization
and mineralization in footwall contact zones, which are below the 2015
PEA Base Case Open Pit, are not well defined and further exploration at
depth in this area is required.
12015 PEA Technical Report on the Wellgreen project entitled "Preliminary
Economic Assessment Technical Report, Wellgreen Project, Yukon
Territory, Canada", which is dated effective 2/2/2015 and available
under the Company's profile on Sedar.com. A PEA is preliminary in
nature, in that it includes an economic analysis that is based, in
part, on Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them which
would allow them to be categorized as Mineral Reserves, and there is no
certainty that the results will be realized. Mineral Resources are not
Mineral Reserves because they do not have demonstrated economic
viability.
The Company expects to continue drilling at Wellgreen until the end of
the year and is currently planning an additional exploration drilling
program with the objective of confirming further Measured and Indicated
mineral resources. The results from these programs, along with those
from the current campaign, are expected to develop an updated
geological deposit model that will form the basis of a Pre-Feasibility
Study. In parallel, the Company will focus on continuing high priority
metallurgical and process engineering studies while continuing
environmental baseline, assessment and mitigation studies. In addition,
Wellgreen Platinum will conduct a modest exploration program to
continue to advance our understanding of the entire deposit.
John Sagman, Wellgreen Platinum's Interim President & COO, commented,
"The results from our most recent exploration campaigns are consistent
with those from previous programs and are encouraging as they continue
to support our confidence in both the continuity and grade of
mineralization and provide a greater understanding of this large
deposit. In addition to the drilling program currently underway at the
Wellgreen project, the Company is segregating representative Life of
Mine Plan samples from recent programs to be utilized for metallurgical
testing in 2016. This testing is targeting early mine production
material with the objective of optimizing the mill flow sheet and
recoveries, along with testing the ability to produce separate nickel
and copper concentrates."
West Zone Drilling
Previous drill results in the West Zone warranted follow up work with
additional drilling along the main mineralization trend. Three new
drill holes all encountered mineralization, with holes WS-232 and
WS-237 each intersecting over 90 metres grading above 2.0 g/t Platinum
Equivalent ("Pt Eq.") or 0.55% Nickel Equivalent ("Ni Eq.") (Refer to
table below for full assay results and notes describing the metal
prices used to determine metal equivalents). Drill hole WS-240 was
terminated early due to poor drilling conditions.
West Zone Drill Results
|
|
|
|
|
|
|
|
|
|
|
|
Total Metals
|
|
From
|
To
|
width
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
Precious
Metals
as Pt Eq
|
Base Metals
as
Ni Eq
|
Pt Eq
|
Ni Eq
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
%
|
g/t
|
g/t
|
g/t
|
g/t
|
%
|
g/t
|
%
|
WS-232
|
5.30
|
95.62
|
90.32
|
0.222
|
0.306
|
0.016
|
0.429
|
0.279
|
0.089
|
0.679
|
0.371
|
2.056
|
0.554
|
including
|
56.00
|
95.62
|
39.62
|
0.225
|
0.385
|
0.016
|
0.509
|
0.283
|
0.088
|
0.759
|
0.403
|
2.256
|
0.607
|
and
|
128.43
|
133.00
|
4.57
|
0.463
|
0.172
|
0.015
|
0.365
|
0.375
|
0.060
|
0.639
|
0.559
|
2.715
|
0.731
|
WS-237
|
2.00
|
95.00
|
93.00
|
0.189
|
0.353
|
0.015
|
0.504
|
0.288
|
0.113
|
0.783
|
0.354
|
2.098
|
0.565
|
including
|
68.00
|
93.50
|
25.50
|
0.259
|
0.670
|
0.019
|
1.014
|
0.549
|
0.234
|
1.566
|
0.553
|
3.622
|
0.975
|
WS-240
|
2.20
|
149.00
|
146.80
|
0.203
|
0.176
|
0.016
|
0.299
|
0.213
|
0.059
|
0.481
|
0.301
|
1.599
|
0.431
|
including
|
119.00
|
135.72
|
16.72
|
0.328
|
0.334
|
0.021
|
0.697
|
0.460
|
0.141
|
1.102
|
0.497
|
2.948
|
0.794
|
Footnotes to Drill Tables: (1) Nickel equivalent (Ni Eq. % Total) and
platinum equivalent (Pt Eq. g/t Total) calculations reflect total gross
metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu),
$12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd)
and $1250/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are reflective of the
approximate LME 3-year trailing average metal prices. (2) Ni Eq. %
Base Metals and Pt Eq. g/t Precious Metals refer to equivalents of base
and precious metals respectively, not total metals (3) Significant
interval defined as a minimum 15 g-m Pt Eq. interval. (4) Cutoff grade
of 0.15% Ni Eq. (5) Internal dilution up to six continuous metres of
<0.2% Ni Eq. (6) Notable sub-intervals defined as minimum 20g-m Pt Eq.
and 0.5% Ni Eq. Total composite grade (7) Some rounding errors may
occur.
"The long, continuous intervals of disseminated mineralization
intersected in the West Zone align with the grades anticipated by 2015
PEA block model." stated John Sagman, Wellgreen Platinum's Interim
President & COO. "An understanding of the more robust geology
encountered at depth continues to be developed."
West to Central Zone Drilling
A drill program conducted across the West and Central Zones focused on
upgrading Inferred mineral resources from the 2015 PEA to the Measured
and Indicated mineral resource categories and to confirm higher grade
mineralization trends within the main deposit area.
Drill hole WS-228 intersected 407.7 metres of continuous mineralization
grading 2.18 g/t Pt Eq. or 0.59% Ni Eq. and included a 59.0 metre
intercept grading 3.22 g/t Pt Eq. or 0.87% Ni Eq. This confirmed an
extension of the long intervals of disseminated mineralization
encountered in drill holes WS-226 and WS-227, which represents a 100
metre westward extension of more clinopyroxene-rich, higher grade
material previously intersected by key historic drill holes WS-188 and
WS-214. WS-228 was terminated in mineralized material at 413.7 metres
due to challenging drilling conditions. Additional exploration at
depth will be required in this area to establish how far the
mineralization extends toward the country rock boundary.
Drill hole WS-229 intersected 281.0 metres of continuous mineralization
grading 1.46 g/t Pt Eq. or 0.39% Ni Eq. This confirmed further
extension of long intervals of disseminated mineralization encountered
in drill holes WS-226, WS-227 and WS-228. Where drilling was expected
to intersect a down-dip extension of more clinopyroxene-rich higher
grade material, drill hole WS-229 instead intersected country rock for
158.6 metres before intersecting a further 45.4 metres of mineralized
ultramafic from 421.6 to 467.0 metres grading 2.68 g/t Pt Eq. or 0.72%
Ni Eq. Drill hole WS-229 offers valuable insight into previously
unrecognized complexity in the intrusive-country rock contact at depth
first encountered in drill hole WS-227. In addition, it confirmed a
33.4 metre zone of contact mineralization in proximity to a basement
sediment wedge as predicted by the 2015 PEA.
West to Central Zone Drill Results
|
|
|
|
|
|
|
|
|
|
|
|
Total Metals
|
|
From
|
To
|
width
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
Precious
Metals
as Pt Eq
|
Base
Metals
as Ni Eq
|
Pt Eq
|
Ni Eq
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
%
|
g/t
|
g/t
|
g/t
|
g/t
|
%
|
g/t
|
%
|
WS-226
|
17.00
|
224.00
|
207.00
|
0.258
|
0.056
|
0.014
|
0.119
|
0.171
|
0.016
|
0.232
|
0.307
|
1.372
|
0.369
|
including
|
95.00
|
116.00
|
21.00
|
0.353
|
0.090
|
0.017
|
0.196
|
0.274
|
0.019
|
0.369
|
0.420
|
1.928
|
0.519
|
WS-227
|
9.00
|
275.00
|
266.00
|
0.245
|
0.074
|
0.014
|
0.128
|
0.157
|
0.019
|
0.236
|
0.300
|
1.352
|
0.364
|
including
|
72.00
|
272.10
|
200.10
|
0.257
|
0.088
|
0.014
|
0.154
|
0.183
|
0.023
|
0.281
|
0.319
|
1.465
|
0.394
|
and
|
242.00
|
272.10
|
30.10
|
0.303
|
0.240
|
0.015
|
0.399
|
0.277
|
0.068
|
0.625
|
0.424
|
2.199
|
0.592
|
and
|
530.00
|
536.00
|
6.00
|
0.290
|
0.607
|
0.024
|
0.887
|
0.472
|
0.215
|
1.376
|
0.570
|
3.492
|
0.940
|
WS-228
|
6.00
|
413.74
|
407.74
|
0.288
|
0.210
|
0.016
|
0.414
|
0.349
|
0.085
|
0.699
|
0.400
|
2.184
|
0.588
|
including
|
243.00
|
302.00
|
59.00
|
0.383
|
0.365
|
0.018
|
0.710
|
0.589
|
0.105
|
1.151
|
0.557
|
3.221
|
0.867
|
including
|
326.00
|
383.00
|
57.00
|
0.203
|
0.463
|
0.018
|
0.722
|
0.403
|
0.276
|
1.236
|
0.415
|
2.778
|
0.748
|
WS-229
|
0.00
|
281.00
|
281.00
|
0.264
|
0.073
|
0.014
|
0.140
|
0.199
|
0.021
|
0.273
|
0.319
|
1.460
|
0.393
|
and
|
421.59
|
467.00
|
45.41
|
0.192
|
0.430
|
0.017
|
0.747
|
0.405
|
0.247
|
1.232
|
0.390
|
2.681
|
0.722
|
WS-243
|
3.00
|
305.00
|
302.00
|
0.294
|
0.136
|
0.016
|
0.281
|
0.294
|
0.041
|
0.489
|
0.377
|
1.891
|
0.509
|
and
|
347.00
|
362.00
|
15.00
|
0.187
|
0.288
|
0.015
|
0.387
|
0.259
|
0.120
|
0.658
|
0.326
|
1.867
|
0.503
|
WS-246
|
3.00
|
164.00
|
161.00
|
0.292
|
0.082
|
0.015
|
0.169
|
0.251
|
0.026
|
0.337
|
0.352
|
1.644
|
0.443
|
WS-250
|
5.00
|
251.00
|
246.00
|
0.233
|
0.056
|
0.013
|
0.123
|
0.172
|
0.018
|
0.238
|
0.280
|
1.277
|
0.344
|
Footnotes to Drill Tables: (1) Nickel equivalent (Ni Eq. % Total) and
platinum equivalent (Pt Eq. g/t Total) calculations reflect total gross
metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu),
$12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd)
and $1250/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are reflective of the
approximate LME 3-year trailing average metal prices. (2) Ni Eq. %
Base Metals and Pt Eq. g/t Precious Metals refer to equivalents of base
and precious metals respectively, not total metals (3) Significant
interval defined as a minimum 15 g-m Pt Eq. interval. (4) Cutoff grade
of 0.15% Ni Eq. (5) Internal dilution up to six continuous metres of
<0.2% Ni Eq. (6) Notable sub-intervals defined as minimum 20g-m Pt Eq.
and 0.5% Ni Eq. Total composite grade (7) Some rounding errors may
occur.
Far East Zone Drill Results
Drill hole WS-231 intersected 360.1 metres of continuous mineralization
grading 1.54 g/t Pt Eq. or 0.41% Ni Eq., and included several higher
grade intervals such as 30.0 metres of 2.13 g/t Pt Eq. or 0.57% Ni Eq.
in marginal gabbro and massive sulphide at the footwall contact. This
intersection, when correlated with previously discovered mineralization
encountered in drill holes WS-177 and WS-178, suggests a
sub-horizontal, mineralized contact in the Far East Zone that extends
to the south.
Far East Zone Drill Results
|
|
|
|
|
|
|
|
|
|
|
|
Total Metals
|
|
From
|
To
|
width
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
Precious
Metals
as Pt Eq
|
Base
Metals
as Ni Eq
|
Pt Eq
|
Ni Eq
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
%
|
g/t
|
g/t
|
g/t
|
g/t
|
%
|
g/t
|
%
|
WS-231
|
4.90
|
365.00
|
360.10
|
0.258
|
0.102
|
0.015
|
0.171
|
0.206
|
0.035
|
0.324
|
0.326
|
1.535
|
0.413
|
including
|
175.90
|
217.90
|
42.00
|
0.336
|
0.095
|
0.018
|
0.199
|
0.279
|
0.031
|
0.389
|
0.407
|
1.900
|
0.511
|
including
|
275.50
|
305.50
|
30.00
|
0.330
|
0.204
|
0.017
|
0.239
|
0.360
|
0.053
|
0.497
|
0.440
|
2.132
|
0.574
|
Footnotes to Drill Tables: (1) Nickel equivalent (Ni Eq. % Total) and
platinum equivalent (Pt Eq. g/t Total) calculations reflect total gross
metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu),
$12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd)
and $1250/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are reflective of the
approximate LME 3-year trailing average metal prices. (2) Ni Eq. %
Base Metals and Pt Eq. g/t Precious Metals refer to equivalents of base
and precious metals respectively, not total metals (3) Significant
interval defined as a minimum 15 g-m Pt Eq. interval. (4) Cutoff grade
of 0.15% Ni Eq. (5) Internal dilution up to six continuous metres of
<0.2% Ni Eq. (6) Notable sub-intervals defined as minimum 20g-m Pt Eq.
and 0.5% Ni Eq. Total composite grade (7) Some rounding errors may
occur.
John Sagman, Wellgreen Platinum's Interim President & COO, noted, "The
long, continuous interval of disseminated mineralization intersected in
the Far East Zone aligns with the grades anticipated by the 2015 PEA
block model. The high grade mineralization encountered at the basal
contact may be an extension down-plunge of the sub-horizontal gabbro in
the East Zone and its associated high-grade sulfide mineralization.
This mineralization remains open down-dip."
Far West and West Zone Pit Expansion Area
A drill program in the Far West and West Zones was designed to explore
past the first three stages of the 2015 PEA open pit along the
southwestern area, and to expand these early stage open pits into the
boundary of the 2015 PEA Base Case Pit. This drill program was
successful and is expected to support the conversion of significant
tonnes from the Inferred mineral resource category into the Measured
and Indicated categories. Results from this portion of the program are
listed in the table below.
Far West and West Zone Pit Expansion Area Drill Results
|
|
|
|
|
|
|
|
|
|
|
|
Total Metals
|
|
From
|
To
|
width
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
Precious
Metals
as Pt Eq
|
Base Metals
as
Ni Eq
|
Pt Eq
|
Ni Eq
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
%
|
g/t
|
g/t
|
g/t
|
g/t
|
%
|
g/t
|
%
|
WS-230
|
3.90
|
63.85
|
59.95
|
0.240
|
0.036
|
0.014
|
0.104
|
0.162
|
0.013
|
0.209
|
0.280
|
1.248
|
0.336
|
WS-233
|
27.00
|
151.00
|
124.00
|
0.239
|
0.067
|
0.014
|
0.203
|
0.218
|
0.031
|
0.358
|
0.291
|
1.439
|
0.387
|
including
|
96.00
|
151.00
|
55.00
|
0.303
|
0.129
|
0.015
|
0.351
|
0.338
|
0.057
|
0.601
|
0.382
|
2.019
|
0.543
|
WS-234
|
12.00
|
54.00
|
42.00
|
0.240
|
0.085
|
0.012
|
0.170
|
0.238
|
0.025
|
0.330
|
0.296
|
1.431
|
0.385
|
WS-235
|
63.00
|
143.00
|
80.00
|
0.269
|
0.081
|
0.015
|
0.164
|
0.229
|
0.028
|
0.322
|
0.328
|
1.541
|
0.415
|
including
|
102.00
|
143.00
|
41.00
|
0.290
|
0.115
|
0.015
|
0.237
|
0.299
|
0.040
|
0.447
|
0.363
|
1.795
|
0.483
|
WS-236
|
9.00
|
150.00
|
141.00
|
0.261
|
0.068
|
0.015
|
0.161
|
0.210
|
0.027
|
0.306
|
0.315
|
1.477
|
0.398
|
including
|
129.00
|
141.00
|
12.00
|
0.334
|
0.159
|
0.016
|
0.433
|
0.463
|
0.107
|
0.804
|
0.425
|
2.383
|
0.642
|
WS-238
|
0.00
|
87.00
|
87.00
|
0.233
|
0.085
|
0.013
|
0.173
|
0.195
|
0.028
|
0.313
|
0.290
|
1.391
|
0.374
|
WS-239
|
6.00
|
114.00
|
108.00
|
0.222
|
0.075
|
0.013
|
0.171
|
0.194
|
0.026
|
0.307
|
0.275
|
1.327
|
0.357
|
WS-241
|
9.00
|
57.00
|
48.00
|
0.269
|
0.059
|
0.014
|
0.135
|
0.204
|
0.018
|
0.269
|
0.319
|
1.454
|
0.391
|
WS-242
|
0.00
|
153.00
|
153.00
|
0.245
|
0.067
|
0.014
|
0.148
|
0.199
|
0.023
|
0.284
|
0.297
|
1.389
|
0.374
|
including
|
135.00
|
147.00
|
12.00
|
0.299
|
0.092
|
0.017
|
0.370
|
0.386
|
0.015
|
0.602
|
0.367
|
1.964
|
0.529
|
WS-244
|
0.00
|
63.00
|
63.00
|
0.252
|
0.058
|
0.014
|
0.115
|
0.183
|
0.017
|
0.235
|
0.302
|
1.358
|
0.365
|
WS-245
|
0.00
|
222.00
|
222.00
|
0.260
|
0.075
|
0.014
|
0.146
|
0.199
|
0.024
|
0.283
|
0.316
|
1.457
|
0.392
|
WS-247
|
0.00
|
144.00
|
144.00
|
0.210
|
0.018
|
0.013
|
0.049
|
0.067
|
0.004
|
0.091
|
0.241
|
0.986
|
0.266
|
Footnotes to Drill Tables: (1) Nickel equivalent (Ni Eq. % Total) and
platinum equivalent (Pt Eq. g/t Total) calculations reflect total gross
metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu),
$12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd)
and $1250/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are reflective of the
approximate LME 3-year trailing average metal prices. (2) Ni Eq. %
Base Metals and Pt Eq. g/t Precious Metals refer to equivalents of base
and precious metals respectively, not total metals (3) Significant
interval defined as a minimum 15 g-m Pt Eq. interval. (4) Cutoff grade
of 0.15% Ni Eq. (5) Internal dilution up to six continuous metres of
<0.2% Ni Eq. (6) Notable sub-intervals defined as minimum 20g-m Pt Eq.
and 0.5% Ni Eq. Total composite grade (7) Some rounding errors may
occur.
Central Zone Drill Program
A short program of drilling, which explored the main and middle areas of
mineralization, was completed in the Central Zone in 2015. Drill hole
WS-249 specifically targeted middle area mineralization and intercepted
6.0 metres grading 3.34 g/t Pt Eq. or 0.90% Ni Eq. of basal contact
mineralization. We believe that additional drilling is warranted in
this area.
Central Zone Drill Results
|
|
|
|
|
|
|
|
|
|
|
|
Total Metals
|
|
From
|
To
|
width
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
Precious
Metals
as Pt Eq
|
Base
Metals
as Ni Eq
|
Pt Eq
|
Ni Eq
|
|
(m)
|
(m)
|
(m)
|
%
|
%
|
%
|
g/t
|
g/t
|
g/t
|
g/t
|
%
|
g/t
|
%
|
WS-248
|
0.00
|
33.00
|
33.00
|
0.289
|
0.119
|
0.013
|
0.152
|
0.215
|
0.145
|
0.424
|
0.360
|
1.760
|
0.474
|
WS-249
|
3.00
|
117.00
|
114.00
|
0.261
|
0.100
|
0.013
|
0.157
|
0.219
|
0.026
|
0.308
|
0.324
|
1.510
|
0.406
|
including
|
111.00
|
117.00
|
6.00
|
0.612
|
0.274
|
0.025
|
0.223
|
0.408
|
0.049
|
0.502
|
0.764
|
3.340
|
0.899
|
WS-251
|
0.00
|
70.50
|
70.50
|
0.262
|
0.093
|
0.013
|
0.151
|
0.219
|
0.029
|
0.305
|
0.324
|
1.508
|
0.406
|
WS-252
|
0.00
|
21.00
|
21.00
|
0.279
|
0.100
|
0.015
|
0.163
|
0.231
|
0.043
|
0.337
|
0.345
|
1.619
|
0.436
|
WS-253
|
0.00
|
52.50
|
52.50
|
0.256
|
0.095
|
0.012
|
0.154
|
0.230
|
0.029
|
0.313
|
0.316
|
1.488
|
0.401
|
Footnotes to Drill Tables: (1) Nickel equivalent (Ni Eq. % Total) and
platinum equivalent (Pt Eq. g/t Total) calculations reflect total gross
metal content using US$ of $6.50/lb nickel (Ni), $2.50/lb copper (Cu),
$12.50/lb cobalt (Co), $1200/oz platinum (Pt), $675/oz palladium (Pd)
and $1250/oz gold (Au) and have not been adjusted to reflect
metallurgical recoveries. The above metal prices are reflective of the
approximate LME 3-year trailing average metal prices. (2) Ni Eq. %
Base Metals and Pt Eq. g/t Precious Metals refer to equivalents of base
and precious metals respectively, not total metals (3) Significant
interval defined as a minimum 15 g-m Pt Eq. interval. (4) Cutoff grade
of 0.15% Ni Eq. (5) Internal dilution up to six continuous metres of
<0.2% Ni Eq. (6) Notable sub-intervals defined as minimum 20g-m Pt Eq.
and 0.5% Ni Eq. Total composite grade (7) Some rounding errors may
occur.
Summary
John Sagman, Wellgreen Platinum's Interim President & COO, noted, "The
PGM and nickel markets have attractive fundamentals as we believe that
today's depressed market prices have the potential to result in lower
production in the future, which in turn will lead to higher prices.
Our management team and Board of Directors considers Wellgreen a unique
and exceptional project that we believe offers investors exposure to
these metals in one of the world's top mining jurisdictions, with
supportive government and First Nations, close proximity to
infrastructure and with the potential to be one of the lowest cost
producers of PGMs and nickel."
Corporate Update
Further to its news release dated December 7, 2015, the Company
announces that Greg Johnson has resigned from its Board of Directors.
The Company expresses its appreciation for Greg's services and wishes
him the very best in all future endeavours.
The Company expects to provide further project and corporate updates in
the coming weeks.
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 Greg Ross, P.Geo., Wellgreen Platinum's Wellgreen
Project Geologist, 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 Interim
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. Core
samples are cut for assay with the remaining sample retained for
reference while RC samples are homogenized and split by a cyclone at
the drill. Blanks, Standard Reference Material ("SRM"), and duplicates
were inserted into the sample stream every 20th or 25th sample. A
duplicate sample is created by either quartering core or splitting the
crushed sample at the lab. The quartered core is placed into two
different sample bags with different sample numbers and sealed. SRM
material was prepared and certified by CDN Resource Laboratories
Limited. SRMs inserted are CDN-ME-1309, CDN-ME-1310 and CDN-ME-09. Pulp
blanks are similarly provided by CDN Laboratories Limited and are
CDN-BL-10. Samples are transported in sealed and secured bags for
preparation at Bureau Veritas Commodities Canada Limited in Whitehorse,
YT. Pulverized (pulp) samples are shipped for analysis to Bureau
Veritas Commodities Canada Lt and/or AGAT Laboratories in Burnaby, B.C.
Platinum, palladium and gold are determined by lead fusion fire assay
with an ICP atomic emission spectrometry finish. Copper, nickel and
cobalt are determined by four-acid digestion followed by an ICP atomic
emission spectrometry finish. Bureau Veritas Commodities Canada
Limited. and AGAT Laboratories are ISO/IEC 17025:2005 accredited
laboratories and registered under ISO 9001: 2000 Bureau Veritas
Commodities Canada Limited. and AGAT Laboratories are 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. Bureau Veritas Commodities Canada
Limited. and AGAT Laboratories quality-assurance procedures are also
included in this process.
About Wellgreen Platinum
Wellgreen Platinum is a Canadian mining exploration and development
company focused on the active advancement of its 100% owned Wellgreen
platinum group metals (PGM) and nickel project. Located in the Yukon
Territory of Canada, the 2015 PEA supports our belief that the
Wellgreen PGM and nickel project has the potential to become a large,
low cost, open pit producer of platinum, palladium, gold, nickel, and
copper. The Wellgreen property is accessible from the paved Alaska
Highway, which leads to year-round deep sea ports in southern Alaska.
The Company is led by a management team with a track record of
successful large-scale project discovery, development, financing and
operation. Our vision is to create value for our shareholders through
development of the Wellgreen deposit into a leading North American PGM
and nickel producer.
Cautionary Note Regarding 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, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
statements with respect to our expectation that the drilling programs
discussed herein will develop an updated geological model that will
form part of a Pre-Feasibility Study, our expectation that the Far West
Zone and West Zone RC drilling program will support the conversion of
significant tonnes from inferred resource to measured and indicated
resource, the results of the 2015 PEA, the size and scale of the
Wellgreen deposit as well as our expectation with respect to the low
cost of a possible production activity on the deposit relative to other
producing mines, future exploration and development of the Wellgreen
PGM and nickel project, the undertaking of future activities and work
programs at the Wellgreen PGM and nickel project, realization of the
potential of the Wellgreen deposit, the active advancement of the
Wellgreen PGM and nickel project, and general future plans and
objectives for the Company and the Wellgreen PGM and nickel project, as
well as statements regarding future PGM economics (including with
respect to pricing and supply), 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 changes in
project parameters as plans continue to be refined, 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 PGM and nickel project, unanticipated environmental
impacts on operations and costs to remedy same, and other risks
detailed herein and from time to time in the filings made by the
Company with securities regulatory authorities in Canada. 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 key assumptions, risks and challenges with respect to the
forward looking information discussed herein, and about our business in
general, investors should review the 2015 PEA technical report on the
Wellgreen PGM and nickel project, our most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place undue
reliance on forward-looking information. The Company does not undertake
to update any forward looking information, except in accordance with
applicable securities laws.
SOURCE Wellgreen Platinum Ltd.
Image with caption: "Wellgreen drill hole locations (CNW Group/Wellgreen Platinum Ltd.)". Image available at: http://photos.newswire.ca/images/download/20151221_C9670_PHOTO_EN_44588.jpg