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Prophecy Development Corp (2)
Symbol PCY
Shares Issued 121,299,508
Close 2020-01-07 C$ 0.495
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Prophecy Development completes three holes at Pulacayo

2020-01-08 07:38 ET - News Release

Mr. Michael Doolin reports


Prophecy Development Corp. has provided the following update on its 100-per-cent-owned Pulacayo silver project located in Bolivia.

Further to its news release dated Dec. 18, 2019, Prophecy reports it has completed the first three holes of the planned 17 drill holes at the Pulacayo project. These stepout drill holes are located 25, 50 and 115 metres west of the existing Pulacayo resource model. The first assay results are expected in late January.

Prophecy has also mobilized a second drilling rig to Pulacayo and expects to complete the proposed 5,000-metre drill program in February with full assay results available by March, 2020. The remainder stepout drill holes are collared up to two km west from the existing resource model.

Joaquin Merino, vice-president of South American operations, commented: "Pulacayo is a very large mineralized system, and with this program we will test the boundaries of mineralization near the surface. Based on a review of the current and past artisanal mining conducted on the surface, there is strong evidence that the Tajo vein (where underground mining took place from early 1800 to 1952) projects to surface along its three km strike."

The Pulacayo deposit currently has a National Instrument 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 g/t Ag, 2.08 per cent Pb and 3.93 per cent Zn in the inferred category. The company estimates that the amounts of metals of the indicated category are 30.4 million ounces of silver, 100.0 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, 22.0 million pounds of lead and 41.6 million pounds of zinc (see company report "Updated mineral resource estimate technical report for the Pulacayo project," by Mercator effective Oct. 20, 2017; available at SEDAR).

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 (QP) as defined in the National Instrument 43-101 guidelines.

About Prophecy Development Corp.

Prophecy is developing its premier Pulacayo silver project in Bolivia.

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