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Prophecy Development Corp (2)
Symbol PCY
Shares Issued 121,012,057
Close 2019-10-25 C$ 0.44
Recent Sedar Documents

Prophecy Development drills 173m of 273g/t AgEq at Paca

2019-10-28 09:12 ET - News Release

Mr. Michael Doolin reports

PROPHECY DRILLS 89 METERS GRADING 279 G/T AG, 1.28% ZN AND 1.17% PB, INCLUDING 12 METERS GRADING 1,085 G/T AG STARTING 16 METERS DOWNHOLE AT ITS PACA SILVER PROJECT IN BOLIVIA

Prophecy Development Corp. has released the diamond drilling results from its 100-per-cent-controlled Paca silver project in the Potosi department of Bolivia. Borehole PND 110 intersected 89 metres grading 378 grams per tonne (g/t) silver equivalent (AgEq) (279 g/t silver (Ag), 1.28 per cent zinc (Zn) and 1.17 per cent lead (Pb)) starting from nine metres downhole, including 12 metres grading 1,085 g/t Ag starting at just 16 metres downhole.

Phase 1 drill highlights include:

  • PND107 -- 54.0 metres of 238 g/t AgEq (151 g/t Ag, 1.01 per cent Zn and 1.17 per cent Pb) from 55.0 to 109.0 metres;
  • PND108 -- 24.0 metres of 307 g/t AgEq (200 g/t Ag, 0.60 per cent Zn and 2.12 per cent Pb) from 33.0 to 57.0 metres;
  • PND109 -- 28.0 metres of 281 g/t AgEq (242 g/t Ag, 0.27 per cent Zn and 0.69 per cent Pb) from 15.0 to 43.0 metres;
  • PND110 -- 89.0 metres of 378 g/t AgEq (279 g/t Ag, 1.28 per cent Zn and 1.17 per cent Pb) from 9.0 to 98.0 metres;
  • PND112 -- one metres of 904 g/t AgEq (890 g/t Ag, 0.05 per cent Zn and 0.31 per cent Pb) from 21.0 to 22.0 metres;
  • PND 113 -- 25.0 metres of 209 g/t AgEq (196 g/t Ag, 0.04 per cent Zn and 0.29 per cent Pb) from 3.0 to 28.0 metres.

Reported widths are intercepted core lengths and not true widths, as relationships with intercepted structures and contacts vary. Based on core-angle measurements, true widths are estimated at approximately 77 per cent of reported core lengths.

PUD110 reported the highest silver-width-grade intercept at the Paca project to date, which now has over 19,000 drill metres completed between Prophecy and the previous operator since 2002.

These phase 1 drill results are anticipated to increase the overall tonnage and upgrade the confidence level of the current National Instrument 43-101-compliant resource estimate prepared independently by Mercator Geological Services Ltd. in 2017 (effective from Oct. 20, 2017, available on SEDAR).

                    PACA MINERAL RESOURCE STATEMENT -- EFFECTIVE OCT. 20, 2017         
         
AgEq cut-off                          Category       Tonnes          Ag        Pb       Zn        AgEq

200 g/t                               Inferred    2,540,000     256 g/t     1.03%    1.10%     342 g/t       
Contained metals (millions)                                     20.9 oz   57.7 lb  61.6 lb

The Pulacayo-Paca mining production contract was executed on Oct. 3, 2019, between Prophecy and the Bolivian government, granting Prophecy the 100-per-cent exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years. It is comparable with a mining licence in Canada or the United States.

Michael Doolin, Prophecy's chief executive officer, states: "This drill program further solidifies Paca as a top-tier open-pit silver deposit with excellent potential to expand the resource base to the east, north and at depth. I would like to congratulate our team in Bolivia for their efforts in obtaining the mining production contract and in completing this very successful 1,000-metre Paca drill campaign which was completed, from the start of drilling to full assay reporting, in one month and under budget. Our team is very excited to advance this large, district-style Pulacayo-Paca silver project with unwavering support from local community and the Bolivian government."

Shortly, Prophecy plans to announce the commencement of a phase 2, 5,000-metre drill program to expand near-surface resources at Paca and Pulacayo, which has approximately threer kilometres strike length and is located seven kilometres south of Paca.

The complete detailed composited drill intersections of mineralization are tabulated in an attached table.

Hole        From       To  Length       Ag       Zn      Pb    AgEq
              (m)      (m)     (m)    (g/t)      (%)     (%)   (g/t)

PND107      55.0    109.0    54.0      151     1.01    1.17     238 
Including   70.0     77.0     7.0      178     0.97    1.37     271 
And         70.0    109.0    39.0      180     1.20    1.34     283 
And         87.0    109.0    22.0      240     1.23    1.65     355                                                   
PND108      15.0     65.0    50.0      135     0.40    1.42     208 
Including   33.0     57.0    24.0      200     0.60    2.12     307 
And         33.0     43.0    10.0      257     0.41    1.49     333 
            94.0     96.0     2.0      160     0.94    0.52     220                                        
PND109      15.0     43.0    28.0      242     0.27    0.69     281 
Including   20.0     29.0     9.0      391     0.26    1.10     445 
And         24.0     26.0     2.0    1,223     0.42    3.20   1,365
And         37.0     43.0     6.0      282     0.31    0.52     315 
            75.0    173.0    98.0       15     2.47    1.28     168 
Including   93.0     94.0     1.0      167     3.64    1.24     367                                         
PND110       9.0    182.0   173.0       95     1.63    1.40     273 
Including    9.0     98.0    89.0      279     1.28    1.17     378 
And          9.0     28.0    19.0      718     0.05    0.74     749 
And          9.0     12.0     3.0      145     0.07    0.90     183 
And         16.0     28.0    12.0    1,085     0.04    0.71   1,115
And         44.0    180.0   138.0       87     1.59    2.01     233 
And         44.0     46.5     2.5      111     0.61    1.09     179 
And         44.0     98.0    54.0      199     2.03    1.52     343 
And         52.0     54.0     2.0      115     1.61    1.33     234 
And         60.0     82.0    22.0      328     1.98    1.43     466 
And         61.0     65.0     4.0    1,248     1.93    2.88   1,441
And         86.0     94.0     8.0      270     2.83    2.74     495 
And         97.0     98.0     1.0      155     3.26    3.03     409                                         
PND111       0.0      2.4     2.4      110     0.16    0.58     139                                                   
PND112      12.0     28.0    16.0      154     0.08    0.39     173 
Including   21.0     22.0     1.0      890     0.05    0.31     904 
            33.0     36.0     3.0      120     0.07    2.40     216 
            43.0     44.6     1.6      100     0.23    1.58     171                                                   
PND113       3.0     28.0    25.0      196     0.04    0.29     209 
Including    3.0     17.0    14.0      185     0.04    0.38     202 
And         21.0     28.0     7.0      310     0.04    0.19     320

Reported widths are intercepted core lengths and not true widths, as relationships with intercepted structures and contacts vary. Based on core-angle measurements, true widths are estimated at approximately 77 per cent of reported core lengths.

Qualified person

The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, vice-president of exploration. Mr. Oosterman is not independent of the company in that he is employed by the company. Mr. Oosterman is a qualified person as defined by the guidelines in NI 43-101. Prophecy adopts industry recognized best practices in its implementation of quality assurance/quality control (QA/QC) methods. A geochemical standard control sample and one blank sample is inserted into the sample stream every 20th sample. Duplicates are taken at every 40th sample. Standards and duplicates, including lab duplicates and standards, are analyzed using Thompson-Howarth plots. Samples are shipped to ALS Global Laboratories in Ururo, Bolivia, for preparation and then shipped to ALS Global laboratories for analysis in Lima, Peru. Samples were analyzed using intermediate-level four-acid digestion. Silver overlimits (ore grade) are analyzed using fire assay with a gravimetric finish. ALS Laboratories sample management system meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

All samples are taken from HQ-diameter core which split in half by a diamond-blade masonry saw. One-half of the core is submitted for laboratory analysis and the other half is preserved on the company's secured core facility for reference. All core is geotechnically analyzed, photographed and then logged by geologists prior to sampling.

About Prophecy Development Corp.

Prophecy is developing Pulacayo silver project in Bolivia and Gibellini vanadium project in Nevada.

We seek Safe Harbor.

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