VANCOUVER, Feb. 23, 2016 /CNW/ - Wellgreen Platinum Ltd. (TSX: WG; OTC-QX: WGPLF) ("Wellgreen Platinum" or the "Company") is pleased to announce the completion of its Q4 2015 drilling and field work programs (the "Q4 Program") at its 100%-owned Wellgreen PGM-Nickel project, located in Canada's Yukon Territory.
Utilizing diamond core and reverse circulation drill rigs, 5,169 metres were drilled over the Q4 Program, for a total of 9,005 metres completed in 2015. Drilling was undertaken in the Far West, West, Central, East and Far East Zones to test down-dip extensions to known disseminated mineralization, as well as extensions to areas of higher grade mineralization. Some of the drill core will also be used to gather representative samples of material from geometallurgical domains across the deposit for a metallurgical testing program that will commence shortly with XPS Consulting and Testwork Services, overseen by Eggert Engineering Inc., PF Wells Metallurgical Associates Inc., and Gems Unlimited Consulting Inc.
Assay results from the drill program are pending. The results from the Q4 Program, along with those from the previous two drill campaigns detailed in a news release dated December 21, 2015, are expected to be incorporated into an updated geological deposit model.
John Sagman, Wellgreen Platinum's Interim President & COO, commented, "The Company is committed to advancing the Wellgreen project in a cost effective manner. With a successful drill program behind us, our focus now shifts to high priority metallurgical and process engineering studies while also continuing environmental baseline, assessment and mitigation studies."
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 demonstrated 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.
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.
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, a potential future prefeasibility study, assay results, updated geological deposit model, the size and scale of the Wellgreen deposit, 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 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.
For further information: John Sagman, Interim President & Chief Operating Officer, 1-888-715-7528, 1-604-569-3634, firstname.lastname@example.org