Prophecy: Pero Surface Samples Assayed up to Ag 181 g/t, Pb 4.32% and Sb 0.65%
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 9, 2015) - Prophecy Development Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce further to its press release dated August 27, 2015, the assay results of the second batch of surface samples collected from the Pero target during its district exploration program at its Pulacayo project. The assayed samples are not representative of the sample population.
| Sample | Target | Sampling Method | Interval | Ag (g/t) | Zn (%) | Pb (%) | Sb (%) | |||||||
| PR-067 | PERO | chip channel sample | 1 meter | 27.00 | 0.04 | 3.65 | 0.65 | |||||||
| PR-163 | PERO | chip channel sample | 1 meter | 118.00 | 0.08 | 2.13 | 0.22 | |||||||
| PR-121 | PERO | chip channel sample | 1 meter | 62.80 | 0.00 | 3.39 | 0.04 | |||||||
| PR-007 | PERO | chip channel sample | 1 meter | 28.60 | 0.01 | 4.32 | 0.03 | |||||||
| PR-032 | PERO | chip channel sample | 1 meter | 39.70 | 0.00 | 1.61 | 0.52 | |||||||
| PR-033 | PERO | chip channel sample | 1 meter | 32.30 | 0.00 | 1.55 | 0.48 | |||||||
| PR-034 | PERO | chip channel sample | 1 meter | 25.50 | 0.00 | 1.34 | 0.38 | |||||||
| PR-023 | PERO | chip channel sample | 1 meter | 26.10 | 0.01 | 2.06 | 0.17 | |||||||
| PR-031 | PERO | chip channel sample | 1 meter | 18.90 | 0.00 | 1.31 | 0.39 | |||||||
| PR-129 | PERO | chip channel sample | 1 meter | 31.50 | 0.01 | 0.79 | 0.33 | |||||||
| PR-052 | PERO | chip channel sample | 1 meter | 8.27 | 0.00 | 0.63 | 0.48 | |||||||
| PR-127 | PERO | chip channel sample | 1 meter | 31.00 | 0.00 | 0.54 | 0.29 | |||||||
| PR-131 | PERO | chip channel sample | 1 meter | 33.50 | 0.01 | 0.63 | 0.24 | |||||||
| PR-126 | PERO | chip channel sample | 1 meter | 23.90 | 0.00 | 0.63 | 0.26 | |||||||
| PR-128 | PERO | chip channel sample | 1 meter | 25.70 | 0.00 | 0.48 | 0.22 | |||||||
| PR-130 | PERO | chip channel sample | 1 meter | 18.75 | 0.00 | 0.64 | 0.22 | |||||||
| PR-050 | PERO | chip channel sample | 1 meter | 9.67 | 0.00 | 0.55 | 0.30 | |||||||
| PR-074 | PERO | chip channel sample | 1 meter | 19.30 | 0.00 | 1.28 | 0.02 | |||||||
| PR-051 | PERO | chip channel sample | 1 meter | 4.49 | 0.00 | 0.29 | 0.36 | |||||||
| PR-043 | PERO | chip channel sample | 1 meter | 9.24 | 0.00 | 0.34 | 0.25 | |||||||
| PR-068 | PERO | chip channel sample | 1 meter | 10.40 | 0.02 | 1.10 | 0.01 | |||||||
| PR-046 | PERO | chip channel sample | 1 meter | 6.69 | 0.00 | 0.36 | 0.22 | |||||||
| PR-025 | PERO | chip channel sample | 1 meter | 9.87 | 0.00 | 0.46 | 0.14 | |||||||
| PR-134 | PERO | chip channel sample | 1 meter | 16.10 | 0.00 | 0.36 | 0.11 | |||||||
| PR-133 | PERO | chip channel sample | 1 meter | 19.95 | 0.01 | 0.28 | 0.08 | |||||||
| EA-175 | EL ABRA | chip channel sample | 2 meters | 25.2 | 0.00 | 0.40 | 0.38 | |||||||
| EA-178 | EL ABRA | chip channel sample | 2 meters | 0.5 | 0.00 | 0.00 | 0.07 |
Prices used for calculating Ag Eq and Sb Eq (antimony) are as of September 4, 2015 and are: USD $14.58/oz for Ag, USD $0.80/lb for Zn, USD $0.76/lb for Pb, and USD $2.99/lb for Sb, according to the closing spot price as reported by KITCO Metals Inc. for Ag, London Metals Exchange spot prices for Zn and Pb, and the Bolivian National Organization for Registration and Trade for Minerals and Metals (http://www.senarecom.gob.bo/) for Sb. No metal recoveries are applied in calculating Ag Eq and Sb Eq.
During this first phase of district exploration, 495 samples were collected. Prophecy prioritized the most prospective samples for delivery to ALS Geochemistry Laboratory in Oruro, Bolivia ("ALS") for assay. These results are from the second group of samples Prophecy delivered which included QA/QC samples. The QA/QC sample assay results were assessed and found no significant variation from the accepted values which supports the validity of the assay results. Records were kept to document the secure handling of the samples and to verify their identities were maintained. ALS is a qualified and accredited independent laboratory.
Detailed geological mapping and close-spaced sampling from surface trenches and underground tunnels were conducted at four priority target areas: El Abra, Pero, Paca North and Pacamayo whereby silver, lead, zinc, copper, and antimony anomalies were detected.
Highlights of Target Areas:
| Target Area | Number of Samples | Anomalies Identified | Sampling Method | Sampling Program Highlight | Surface Area of Sampling | |||||||||||||||
| Sample | Ag g/t | Zn % | Pb % | Cu % | Sb % | |||||||||||||||
| El Abra | 184 | Silver, Lead, Antimony | Chip Channel Sampling, Surface | EA-049 | 5.64 | -- | 1.56 | -- | 2.54 | 100 m X 60 m | ||||||||||
| EA-065 | 38.9 | -- | 0.66 | -- | 0.48 | |||||||||||||||
| Pero | 165 | Silver, Lead, Antimony | Chip Channel Sampling, Surface | PR-163 | 27 | 0.04 | 3.65 | -- | 0.65 | 200 m x 100 m | ||||||||||
| PR-067 | 118 | 0.08 | 2.13 | -- | 0.22 | |||||||||||||||
| Paca North | 21 | Silver, Lead | Chip Channel Sampling, Surface | PC-002 | 226 | 0.08 | 2.16 | -- | -- | 100 m X 30 m | ||||||||||
| PC-011 | 833 | 0.03 | 0.03 | -- | -- | |||||||||||||||
| Pacamayo | 125 | Silver, Zinc, Lead, Copper, Antimony | Chip Channel Sampling, 76 Underground Samples, 49 Surface Samples | MPU-77 | > 1500 | 6.96 | 17.56 | 3.10 | 2.49 | 150 m x 10 m Underground, 200 m x 200 m Surface | ||||||||||
| MPU-69 | > 1500 | 2.4 | 2.29 | 1.97 | 1.79 | |||||||||||||||
Descriptive statistics of the samples submitted to the lab:
| Paca | Ag g/t | Pb% | Zn % | Cu % | Sb % | Ag eq. g/t | Sb eq. % | |||||||||
| Number of samples submitted to the lab | 14 | |||||||||||||||
| Mean | 203.26 | 0.86 | 0.05 | - | - | 234.60 | - | |||||||||
| Median | 143.50 | 0.67 | 0.04 | - | - | 189.02 | - | |||||||||
| Max | 833.00 | 2.22 | 0.10 | - | - | 835.33 | - | |||||||||
| Min | 45.80 | 0.03 | 0.02 | - | - | 53.52 | - | |||||||||
| Variance | 43,945.71 | 0.55 | 0.00 | - | - | 41,701.48 | - | |||||||||
| Standard deviation | 209.63 | 0.74 | 0.03 | - | - | 204.21 | - | |||||||||
| Pacamayo | Ag g/t | Pb% | Zn % | Cu % | Sb % | Ag eq. g/t | Sb eq. % | |||||||||
| Number of samples submitted to the lab | 9 | |||||||||||||||
| Mean | 678.51 | 2.39 | 1.40 | 1.16 | 1.12 | 1,083.56 | - | |||||||||
| Median | 135.00 | 0.34 | 0.49 | 1.18 | 1.03 | 457.79 | - | |||||||||
| Max | 1,501.00 | 17.56 | 6.96 | 3.10 | 2.49 | 3,014.66 | - | |||||||||
| Min | 18.20 | 0.01 | 0.02 | 0.01 | 0.01 | 31.05 | - | |||||||||
| Variance | 551,182.02 | 32.89 | 4.85 | 1.01 | 0.86 | 1,234,383.42 | - | |||||||||
| Standard deviation | 742.42 | 5.74 | 2.20 | 1.01 | 0.93 | 1,111.03 | - | |||||||||
| El Abra | Ag g/t | Pb% | Zn % | Cu % | Sb % | Ag eq. g/t | Sb eq. % | |||||||||
| Number of samples submitted to the lab | 9 | |||||||||||||||
| Mean | 11.46 | 0.48 | 0.59 | 0.01 | 0.64 | 137.75 | 0.99 | |||||||||
| Median | 5.59 | 0.40 | 0.48 | 0.00 | 0.48 | 103.43 | 0.75 | |||||||||
| Max | 38.90 | 1.56 | 2.54 | 0.01 | 2.54 | 502.82 | 3.63 | |||||||||
| Min | 0.50 | 0.00 | 0.00 | - | 0.06 | 10.20 | 0.07 | |||||||||
| Variance | 188.26 | 0.23 | 0.63 | 0.00 | 0.58 | 22,201.18 | 1.16 | |||||||||
| Standard deviation | 13.72 | 0.48 | 0.79 | 0.00 | 0.76 | 149.00 | 1.08 | |||||||||
| Pero | Ag_ppm | Zn_% | Pb_% | Cu % | Sb_% | Ag eq. g/t | Sb eq. % | |||||||||
| Number of samples submitted to the lab | 25 | |||||||||||||||
| Mean | 26.29 | 0.01 | 1.23 | - | 0.26 | 106.51 | 0.76 | |||||||||
| Median | 23.90 | 0.00 | 0.64 | - | 0.24 | 89.38 | 0.64 | |||||||||
| Max | 118.00 | 0.08 | 4.32 | - | 0.65 | 250.99 | 1.79 | |||||||||
| Min | 4.49 | 0.00 | 0.28 | - | 0.01 | 41.91 | 0.30 | |||||||||
| Variance | 527.13 | 0.00 | 1.24 | - | 0.03 | 3,512.75 | 0.18 | |||||||||
| Standard deviation | 22.96 | 0.02 | 1.11 | - | 0.17 | 59.27 | 0.42 |
Many areas of the Pulacayo project are now found to contain important concentrations of one or more minerals containing silver, zinc, lead, gold, copper, antimony and indium at surface outcrops. The assay results from the two groups of samples will be integrated with the geological mapping and existing IP survey data to refine the geology of the targets. Drilling plans will then be developed for the second phase of this systematic district exploration program.
A district exploration presentation and maps are available from the Pulacayo Exploration Presentation and Results available on the Company's website, along with high resolution, close-up pictures of the assayed samples.
Target Description:
Pero silver-lead target (165 samples obtained):
Located 1km south east of the Tajo vein system where reconnaissance mapping and sampling identified several veinlets of mineralization that developed into a stockwork. Limited chip channel rock sampling taken at 0.5-2m interval carried out in 2008 by Apogee Silver Ltd. yielded samples with assay values ranging from 15 to 262 g/t silver and ranging from 0.2 to 2.3% lead. All assays from submitted surface samples returned anomalous lead, silver, and antimony, suggesting mineralization at depth, closer to surface with approximate dimensions of 400m long by 300m wide.
Qualified Persons
The technical content of this news release was reviewed and approved by Christopher M. Kravits, P. Geo., who is a Qualified Person within the meaning of NI 43-101. Mr. Kravits is a consultant to the Company and serves as its Qualified Person and General Mining Manager.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in developing mining and energy projects in Mongolia, Bolivia and Canada. Further information on Prophecy can be found at www.prophecydev.com.
ON BEHALF OF THE BOARD
JOHN LEE
Executive Chairman
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Prophecy's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: there being no significant disruptions affecting operations, such as due to labour disruptions; currency exchange rates being approximately consistent with current levels; certain price assumptions for coal, prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; and that any additional required financing will be available on reasonable terms. Prophecy cannot assure you that any of these assumptions will prove to be correct.
Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Bolivia, which is a developing jurisdiction; amendments to local Bolivian laws which may have an adverse impact on the Company's operations; title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risks; anti-corruption legislation; recent global financial conditions; the payment of dividends; and conflicts of interest.
These factors should be considered carefully, and readers should not place undue reliance on Prophecy's forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
Contact
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