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| March 06, 2014 --- Vol. 08, No. 10 | March 2014
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Yukon Territory
PGM/NICKEL/COPPER – Wellgreen Platinum Ltd. March 3 reported further results from the most recent field program at its Wellgreen platinum group metals-nickel-copper project in Yukon Territory. These results are from the Central zone, which is located in the middle portion of the known main Wellgreen deposit about 1,000 meters west of the easternmost drilling in the Far East zone. The mineralization in the Central zone begins at surface and is continuous for nearly 500 meters in thickness, with significant sub-zones of higher grade material. New drilling data and assay results from historic drill core that was previously only selectively sampled have led to a new interpretation of the Central zone that indicates that wide bands of higher grade mineralization, like those seen in the Far East zone, occur well away from the sediment contact related zones that were the historic focus at Wellgreen. In the Central zone, hole 214 intercepted 379.5 meters of PGM-nickel-copper mineralization grading 1.98 g/t platinum-equivalent or 0.47 percent nickel-equivalent. Within this broad intercept, an interval of 37.6 meters grading 4.96 g/t platinum-equivalent, or 1.18 percent nickel-equivalent, was intercepted about 50 meters from the existing underground workings. It is believed that this higher grade zone is part of a broad band of mineralization that extends several hundred meters laterally to the south and was intercepted by hole 188, which intercepted a 24.7-meter interval grading 6.54 g/t platinum-equivalent, or 1.56 percent nickel-equivalent within an intercept of 460 meters grading 1.84 g/t platinum-equivalent, or 0.44 percent nickel-equivalent. This large area of mineralization remains open to the south, laterally and to depth and represents an area of potential resource expansion. These results extend the occurrence of these higher grade zones over a distance of nearly 1,000 meters from the Far East zone. New results from shallow drilling in the Central zone also have confirmed the presence of areas with higher grade mineralization beginning from surface. Hole 222 intercepted 163 meters grading 2.2 g/t platinum-equivalent, or 0.53 percent nickel-equivalent from surface, including a 24-meter section grading 5.22 g/t platinum-equivalent or 1.26 percent nickel-equivalent. Hole 138, about 56 meters west of hole 222, intercepted 74.9 meters at 2.72 g/t platinum-equivalent, or 0.65 percent nickel-equivalent, including 26.8 meters at 5.1 g/t platinum-equivalent, or 1.22 percent nickel-equivalent. 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. Wellgreen Platinum President and CEO Greg Johnson said, “The identification of this band of higher grade mineralization in the Central zone is very significant. This material is located just 50 meters from the existing underground workings, which could make this area amenable to low cost development. The updated preliminary economic assessment planned for Q2 will evaluate a combination of open pit mining and selective bulk underground mining of higher grade material at a reduced capital spending level. One of our key goals over the past year has been to develop a high confidence, predictive geologic model for Wellgreen to identify the controls to, and location of, higher grade mineralization in the deposit. The work on the model over the past year has significantly advanced our understanding and confidence in the geologic model and supports the upcoming resource update that will be the basis for the new engineering approach to the project. This new model shows that PGM-nickel-copper mineralization occurs both within the often very high-grade contact related zones that were the focus of historic mining and exploration as well as in the broad bands of higher grade mineralization up to 500 meters thick in the core of the ultramafic bodies that have been intercepted over one kilometer (0.62 mile) of strike length from the Far East zone to the Central zone.”
HONORS – The Government of Yukon said Capstone Mining Co. has been awarded the Viola R. MacMillan Award from the Prospectors and Developers Association of Canada for leadership in management and financing for the exploration and development of mineral resources. The company received the award for demonstrating leadership and management in the successful development of the Minto mine, as well as successfully managing other international projects. “We congratulate Capstone Mining on being awarded this honor,” Yukon Minister of Economic Development Scott Kent said. “The Minto mine is an ideal example of modern mining that delivers real benefits to local communities. We are proud to have companies like Capstone operating here.”
DIRECTORS – Ryan Gold Corp. Feb. 26 said Ned Goodman has resigned from the company’s board of directors in order to focus on his increased work commitments as the president and chief executive officer of Dundee Corp., and as a director of Dundee and chairman of the board of directors of DREAM Unlimited Corp.
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