www.prophecycoal.com
Prophecy Coal Corporation (TSX: PCY, OTC-QX: PRPCF, Frankfurt: 1P2) is an internationally diversified thermal coal production company that in November 2010 saw its first coal project, Ulaan Ovoo commissioned for production. The company controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated) between 2 distinct deposits with power plant plans for its second deposit (Chandgana's) well under way. Additionally Prophecy Coal Corp holds the Okeover Copper project and the Titan, Vanadium Iron ore & Titanium projects in Canada.
Prophecy Resource drills 71.17m of 0.52% Ni Eq from surface at Wellgreen project in Yukon
Prophecy Resource (TSX-V: PCY)(OTCQX: PRPCF)(FSX: 1P2) said Monday it has received additional assay results from its Wellgreen platinum group metals-nickel-copper project in the Yukon, with results hitting 71.17 metres of 0.52% nickel equivalent.
The above result from hole WS10-182 includes 0.310% nickel, 0.4666g/t PGMs + Au and 0.233% copper.
Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of this year by Northern Platinum, which merged with Prophecy in September.
Hole 182, which ended in mineralization, remains open at depth from surface. The company said holes WS10-179 to 181 were drilled too shallow to intersect the deeper and better mineralized zone, which was intersected by hole WS06-153 with 523.42 m of 0.43% NiEq in 2006.
Drill hole WS10-183, which was drilled by Prophecy in October on the south end of the main East Zone to test surface mineralization, encountered 27.92 metres assaying 0.149% Cu, 0.3% Ni, with 0.625 g/t PGM + Au (0.52% nickel equivalent). The hole, Prophecy said, was stopped 100 metres short of the project foot wall due to severe winter conditions.
For this reason, 2010 drilling has concluded and will resume in spring of 2011. Prophecy plans on re-drilling and deepening hole 183 next year, as both holes 182 and 183 "demonstrate the near surface mineralization within existing resource boundaries where only underground resources were calculated," the company said in a statement.
"We continue to expand Wellgreen significantly to the east in addition to intercepting new ore grade mineralization from surface. The Wellgreen grades compare very favorably to the Polymet Deposit in the Duluth Complex in Minnesota," said CEO John Lee.
In 2011, the company anticipates drilling further in the East and West Zone, as well as working to examine all prior Wellgreen data. Prophecy has also selected G&T Metallurgical Services to conduct a scoping study on the site.
The Wellgreen claims, which include 7km strike and cover 22 square kilometers, are part of the Kluane Ultramafic Nickel belt, which is second largest behind the Thompson Belt in Canada. In 1972, Hudbay Minerals milled 171,652 tons grading 2.23% copper and 1.39% nickel at Wellgreen, and while platinum group metals and other minerals were present, they were neither assayed nor credited.
According to an independent NI 43-101 report prepared for Prophecy in July, it indicates that the potential of the Wellgreen property ranges between 77 to 254 million tonnes at 0.26 to 0.38% Nickel, 0.26% to 0.36% Copper, and 0.55 to 0.85 g/t Platinum and Palladium, based on a strike length range of 4,000 to 7,000m and a width of 30 to 35m.
Aside from its Canadian properties, Prophecy controls over 1.4 billion tons of open-pittable thermal coal in Mongolia.
