March
18, 2014, Vancouver, B.C., Wellgreen Platinum Ltd. (TSX-V: WG; OTC-QX: 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 from the West Zone within
the main Wellgreen deposit extend mineralization more than 1.4 kilometres west of the easternmost drilling in the Far East Zone. Mineralization in the
West Zone is continuous from surface to over 350 metres and is open at depth and along strike. Like other zones to the east at Wellgreen, the West
Zone includes areas of significant higher grade material both near surface and in close proximity to the existing underground workings.
This
updated interpretation of the West Zone is based on new drilling and new assay results from historic drill core that was previously only selectively
sampled for high grade massive sulphide intervals. Continuous assays from these drill holes confirm that, like elsewhere in the Wellgreen deposit,
significant PGM-Ni-Cu mineralization occurs throughout the ultramafic package associated with areas within 50-100 metres of the sedimentary contact,
as well as within much broader bands of higher grade mineralization within the layered ultramafic intrusions. Highlights include Hole 139 which
intercepted 371.3 metres of PGM-Ni-Cu mineralization grading 2.76 g/t Platinum Equivalent (Pt Eq.) or 0.66% Nickel Equivalent (Ni Eq.), for a grade
thickness value of over 1000 gram-metres. The lower interval in this hole intercepted 140.6 metres at 3.99 g/t Pt Eq. or 0.95% Ni Eq. and ended in
high grade mineralization of over 5 g/t Pt. Eq. (see Table 1 for additional details and Figure 1 for a cross section). This 140.6 metre intercept of
higher grade material is located less than 50 metres from the existing main adit level in the underground workings, making it an attractive potential
target for bulk underground extraction. Mineralization remains open below this intercept and this area represents a high potential target for resource
expansion from future programs (see area of “Priority Target” on the section below).
As
discussed in previous news releases on the Far East, East and Central Zones, the extent of mineralization at Wellgreen continues to expand with new
drill results and systematic incorporation of those results into the updated geologic model. Thick bands of higher grade mineralization have been
interpreted to be up to 500 metres in width in the core of the ultramafic body in the Far East Zone and in the Central zone. There has been no deep
drilling in the West Zone to test the system at depth or to fully test the potential continuity of the higher grade material identified in the Central
Zone nearly 300 metres to the east. These areas represent priority targets for future drilling campaigns and this material which is located near
existing underground workings could make this area amenable to low cost development.
Reinterpretation
and continuous assaying of historic drill core from the West Zone that was previously only selectively sampled has also confirmed the presence of
zones near surface that have substantially higher grade mineralization than average in the deposit, which make them potential starter pit targets.
Hole 065 intercepted 101.7 metres grading 3.43 g/t Pt Eq. or 0.82% Ni Eq. starting from 2.4 metres downhole, and included 29.1 metres grading 5.53 g/t
Pt Eq. or 1.31% Ni Eq. This hole is downdip from hole 211, which intercepted 63.9 metres grading 3.55 g/t Pt Eq. or 0.85% Ni Eq. starting from 1.5
metres downhole, and included 11.4 metres grading 7.59 g/t Pt Eq. or 1.82% 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, "We are excited to continue to report broad higher grade zones at Wellgreen that are either
near surface along the trend or close to existing underground workings particularly in the West, Central and East zones. The results are demonstrating
the impressive scale of mineralization at Wellgreen with it shaping up to be a “porphyry scale” PGM-Ni-Cu system. The Company is not aware
of any other ultramafic PGM-containing deposits anywhere in the world with continuous mineralization over comparable grades and widths. The upcoming
PEA update, targeted to be finished in Q2 2014, will evaluate these higher grade zones as potential mill feed from starter pits and selective areas of
bulk underground mining in the early years of the mine life. Pursuing these higher grades in the early years of the operations at Wellgreen may enable
us to achieve significant PGM production with a much reduced initial capital investment.”
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.
Read the complete news release here...
