Mr. Michael Doolin reports
PROPHECY ANNOUNCES COMPLETE ASSAY RESULTS FROM PULACAYO STEP OUT DRILL PROGRAM
Prophecy Development Corp. has recently completed a 2,598-metre, 16-hole Pulacayo stepout drill program.
Significant results of the program are tabulated in the attached table.
Holes ranged between vertical depths of 70 and 255 metres and were designed to test the possibility of a shallow extension of the Tajo vein system which currently hosts the company's National Instrument 43-101-compliant indicated resource of 30.4 million ounces of silver grading 455 grams per tonne (g/t) silver (Ag), 3.19 per cent zinc (Zn) and 2.18 per cent lead (Pb) and inferred resource of 6.3 million ounces silver grading 406 g/t Ag, 2.08 per cent Zn and 3.93 per cent Pb. Fourteen holes were collared to the west (Pulacayo-West) and two holes were collared to the east of the Pulacayo resource boundaries.
PUD267 intercepted 35.5 metres of mineralization and likely expanded the resource westward by approximately 80 metres (see the company's press release dated Jan. 21, 2020). However, a paucity of other significant results is believed to be due to the geological setting of the shallow targets. While pervasive alteration, along with artisanal mine workings, provide key indications that the hydrothermal system does extend in this direction, the sulphide species that was observed in intercepted veins and stockworks indicates the hydrothermal temperatures in these upper reaches of the system were not sufficient to carry significant amounts of silver and base metals, with only sporadic occurrences being evident at Pulacayo-West.
While the surface footprint of Pulacayo Tajo vein system appears now to be constrained to approximately 1.5 kilometres (km) east to west, it is worth noting that, according to detailed Hochschild mining records from 1914 to 1960, the Tajo vein is observed for over three km in strike length, with select high-grade mining taking place mainly between a vertical depths of 400 metres and 1,000 metres from surface through three shafts. The Tajo vein system remains open at depth.
Pulacayo-West was drilled first because it is an extension to existing defined Pulacayo resource. That target is just one of several exploration targets besides Paca North, Pacamayo, Pulacayo Elephant, Pero and El Albra within Prophecy's 35.5-square-kilometre 100-per-cent-controlled Pulacayo district land package.
The company will shortly announce the start of district exploration and plans to advance the already defined NI 43-101 resources at Pulacayo and Paca (20.9 million ounces Ag inferred grading 256 g/t).
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 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 a blank sample are inserted into the sample stream at 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 in Lima, Peru, for analysis. Samples are analyzed using intermediate-level four-acid digestion. Silver overlimits (ore grade) are analyzed using fire assay with a gravimetric finish. The ALS laboratories sample management system meets all the 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 and 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 for reference at the company's secured core facility. Prior to sampling, all core is geotechnically analyzed and photographed and then logged by geologists.
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