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Prophecy Development Corp (2)
Symbol PCY
Shares Issued 121,299,508
Close 2019-12-18 C$ 0.315
Recent Sedar Documents

Prophecy Development begins drilling at Pulacayo-Paca

2019-12-18 09:39 ET - News Release

Mr. Joaquin Merino reports

PROPHECY STARTS 5,000 METER DRILLING AT ITS PULACAYO SILVER PROJECT, BOLIVIA

Prophecy Development Corp. has begun phase 2 drilling at its Pulacayo-Paca silver-zinc-lead project in Bolivia. It is a 5,000-metre program that will consist mainly of wide stepout drilling up to 1.5 kilometres west (western block) of the current National Instrument 43-101 Pulacayo resource. That current Pulacayo resource covers 1.4 kilometres in strike and represents only a small portion of the Tajo vein system, which is over three kilometres in strike and open to at least 1,000 metres of depth, according to historical records of underground mining.

Joaquin Merino, Prophecy's vice-president of South American operations, commented: "Current artisanal mining at the surface serves as strong evidence that the Tajo vein (where underground mining took place from early 1800 to 1952) projects to surface at the western block. Pulacayo is a very large system, and, with this program, we will test the boundaries of mineralization near the surface and its continuity along strike." The drill program is fully financed with a recent $3.9-million equity financing backed by Eric Sprott.

The Pulacayo deposit currently has an NI 43-101-compliant resource of 2.08 million tonnes at 455 grams per tonne silver, 2.18 per cent lead and 3.19 per cent zinc in the indicated category. It also has 480,000 tonnes at 406 grams per tonne silver, 2.08 per cent lead and 3.93 per cent zinc in the inferred category. The company estimates that the amounts of metals of the indicated category are 30.4 million ounces of silver, 100 million pounds of lead and 146.3 million pounds of zinc. The company estimates that the amounts of metals of the inferred category are 6.3 million ounces of silver, 22 million pounds of lead and 41.6 million pounds of zinc.

The company recently (October, 2019) completed phase 1 drilling: a 1,000-metre program at its satellite Paca project (see the company's Oct. 28, 2019, press release).

Phase 2 drill plan maps are available at the company's website.

The company expects to receive the first set of assay results in February, 2020.

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 it. Mr. Oosterman is a qualified person, as defined in NI 43-101 guidelines.

About Prophecy Development Corp.

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

We seek Safe Harbor.

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