NI 43-101 RESOURCE
Measured, Indicated, Inferred Mineral Resources, and Probable Reserve for Platinum (Pt), Palladium (Pd), Gold (Au), Nickel (Ni), and Copper (Cu).
| In Situ Grade | Total Contained Metal Net After Earn Ins | ||||||||||||||||
| Property % Ownership |
Resource Category |
Tonnes (Millions) | Pt (g/t) | Pd (g/t) | Au (g/t) | PGM+Au (g/t) | Ni (%) |
Cu (%) | Moz Pt | Moz Pd | Moz Au | Moz PGM+Au | Mlbs Ni | Mlbs Cu | |||
| Wellgreen PGM Nickel* 100% Ownership |
Indicated Pitshell | 14.43 | 0.99 | 0.73 | 0.51 | 2.23 | 0.68 | 0.62 | 0.50 | 0.37 | 0.26 | 1.14 | 220 | 200 | |||
| Inferred Pitshell | 446.64 | 0.38 | 0.33 | 0.16 | 0.87 | 0.31 | 0.25 | 5.99 | 5.20 | 2.52 | 13.71 | 3,050 | 2,460 | ||||
| Shakespeare PGM Nickel* 100% Ownership |
Probable (East & West) | 11.80 | 0.33 | 0.36 | 0.18 | 0.87 | 0.33 | 0.35 | 0.14 | 0.15 | 0.08 | 0.37 | 86 | 91 | |||
| Indicated (East Zone) | 3.57 | 0.34 | 0.37 | 0.20 | 0.91 | 0.32 | 0.39 | 0.04 | 0.05 | 0.03 | 0.12 | 25 | 31 | ||||
| Inferred (West Zone) | 1.87 | 0.34 | 0.36 | 0.21 | 0.91 | 0.32 | 0.36 | 0.02 | 0.02 | 0.01 | 0.05 | 13 | 15 | ||||
| Lynn Lake Nickel* 100% Ownership+ |
Measured | 1.00 | 0.76 | 0.36 | 16 | 7 | |||||||||||
| Indicated | 21.90 | 0.56 | 0.30 | 247 | 130 | ||||||||||||
| Total M&I | 22.90 | 0.57 | 0.30 | 262 | 138 | ||||||||||||
| Inferred | 8.10 | 0.51 | 0.28 | 82 | 46 | ||||||||||||
| Las Aguilas* 70% Ownership++ |
Indicated | 3.30 | 0.16 | 0.19 | 0.37 | 0.72 | 0.41 | 0.42 | 0.01 | 0.01 | 0.03 | 0.05 | 19 | 19 | |||
| Inferred | 1.30 | 0.03 | 0.03 | 0.16 | 0.22 | 0.41 | 0.38 | 0.01 | 0.01 | 7 | 7 | ||||||
[+] Click to view table footnotes
Wellgreen resource estimates are from the July, 2012 independent NI 43-101 compliant Preliminary Economic Assessment prepared by Tetra Tech Wardrop. Todd McCracken, P.Geo., Andrew Carter, C.Eng., Pacifico Corpuz, P.Eng., Philip Bridson, P.Eng and Wayne Stoyko, P.Eng are the Qualified Persons, as defined under National Instrument 43-101, who supervised and are responsible for the Preliminary Economic Assessment for the Wellgreen Project and have reviewed the scientific, technical and financial content of this release. Shakespeare resource estimate are: Richard Routledge, M.Sc. (Applied), P.Geo., Eugene Puritch, P.Eng, and Antoine Yassa, P. Geo. Shakespeare reserve estimate is based on the February 2008 NI 43‐101 Technical Report by Micon International Limited. Mr. T. Hennessey, P.Geo, of Micon and Mr. E. Puritch P.Eng. of P&E Mining Consultants Inc. were the qualified persons for the Shakespeare reserve estimate is based on the February 2008 NI 43-101 Technical Report by Micon International Limited. Mr. T. Hennessey, P.Geo, of Micon and Mr. E. Puritch P.Eng. of P&E Mining Consultants Inc. were the qualified persons for the Shakespeare reserve estimates and Mr. Ian Ward, P.Eng. of Micon was the qualified person for the Shakespeare feasibility study. Lynn Lake resource estimate is based on the April 2011 NI 43-101 Technical Report by Wardrop Engineering. The report is authored by Todd McCracken, P. Geo. of Wardrop Engineering Inc., a Tetra Tech Company, who is an independent Qualified Person under NI 43-101.Las Aguilas resource estimate is based on the April 2011 NI 43-101 Technical Report by Wardrop Engineering. The report is authored by Todd McCracken, P. Geo. of Wardrop Engineering Inc., a Tetra Tech Company, who is an independent Qualified Person under NI 43-101.
Wellgreen NiEq cutoff calculation: NiEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) + (Co grade x Co price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Ni price x 22.04622) Long term average metal prices in $USD of $9.40/lb nickel (NiEq prices based on this amount), $2.96/lb copper, $15.80/lb cobalt, $1200/troy ounce gold, $1938/troy ounce platinum, $816/troy ounce palladium. *NiEq cutoff at 0.2%. Shakespeare NSR cutoff at C$50/tonne. Metal prices for the estimate are: US$3.69/lb Cu, US$9.46/lb Ni, US$1,595/oz Pt, US$590/oz Pd, US$1,396/oz Au and US$18.50/lb Co based on a three-year trailing average as of July 31, 2012. Lynn Lake NiEq cutoff calculation: NiEQ2010 = (((2.00 x CU% x 22.04622) + (7.22 x NI% x 22.04622))/7.22)/20; Long term average metal prices in $USD of $7.22/lb nickel (NiEq prices based on this amount), $2.00/lb copper.Las Aguilas NiEq cutoff calculation: NiEq = ([(Ni grade x $Ni)+(Cu grade x $Cu)+(Co grade x $Co)] x 20 + [(Au grade x $Au)+(Ag grade x $Ag)+(Pt grade x $Pt)+(Pd grade x $Pd)] x 0.0291667)/($Ni*20); Long term average metal prices in $USD of
$9.02/lb nickel (NiEq prices based on this amount), $2.66/lb copper, $15.92/lb cobalt, $1058/troy ounce gold, $16.57/troy ounce silver, $1842/troy ounce platinum, $681/troy ounce palladium;
+ Lynn Lake. Prophecy Platinum Corp. has the option to acquire up to 100% interest by making the necessary cash and exploration commitment by March 1, 2013 under an purchase agreement with Victory Nickel and the agreement is in good standing. For detailed outstanding obligations, please refer to the current annual report can be found in Sedar.com under Prophecy Platinum Corp. ++Las Aquilas. Prophecy Platinum Corp. has the option to acquire up to 49% interest by making the necessary cash, share payment and exploration commitment. The agreement also provides for the Company to earn an additional 11% by preparing a pre-feasibility study on the property and issuing 2,000,000 shares. A further 10% can be earned by completing a pre feasibility study, making cash payment and issuing 1,000,000 shares from April 1, 2015 to April 1, 2016.
[-] CloseReserve/Resource Definitions
A Mineral Resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are subdivided, in order of increasing geological confidence, into inferred, indicated and measured categories.
An Inferred Resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
An Indicated Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geologic and grade continuity to be reasonably assumed.
A Measured Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geologic and grade continuity.
A Mineral Reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances or losses that may occur when the material is mined. Mineral reserves are subdivided in order of increasing confidence into probable mineral reserves and proven mineral reserves.
A Probable Reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
A Proven Reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
The above definitions of “mineral resource”, “measured resource”, “indicated resource”, and "inferred resource" conform to Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions as defined in the CIM Standards on Mineral Resources and Reserves - Definitions and Guidelines as required by National Instrument 43-101 of the Canadian Securities Administrators, Standards of Disclosure for Mineral Projects.
