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Correcting and Replacing Prophecy to Acquire Mountain of Gold Project in Madagascar

26.08.2017  |  FSCwire

Vancouver, British Columbia (FSCwire) - This press release replaces the press release disseminated August 25, 2017 at 7:35PM ET. The corrected press release is below:

Prophecy to Acquire Mountain of Gold Project in Madagascar

Vancouver, British Columbia, August 25, 2017 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) has entered into a binding letter agreement (the “Letter Agreement”) with an arm’s-length party (the “Seller”) to acquire the Dabolava gold project located in the Republic of Madagascar (the “Dabolava Project”). 




Transaction Summary

Under the Letter Agreement, Prophecy will acquire 6 mining claims covering 375 sq km and other assets, which together constitute the Dabolava Project, by paying Seller the following:

(a)  upon transaction closing $1,000,000;

(b) on the 1-year anniversary of the closing date, $1,000,000;

(c) on the 2-year anniversary of the closing date, $1,000,000;

(d) on Prophecy obtaining its first Dabolava Project mining license, $2,000,000; and

(e) for every troy-ounce of gold reserve that is compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) from the Dabolava Project by the dates to be agreed to in a definitive agreement to be executed, a one-time payment of $2 per troy-ounce shall be paid to the Seller.  This payment is subject to a minimum cumulative discovery of 1 million ounces.

Dabolava Project Summary

The Dabolava Project is located approximately 200 km west-southwest of Antananarivo, the capital of Madagascar and is accessed via 400 km of paved highways, a portion of which traverses the property.  The Dabolava Project is located 140 km west of the town of Antsirabe that hosts an airport and residents with mining experience.  Gold has been mined at the Dabolava Project since 1900 and continues to be mined on a very limited scale.

The Dabolava Project covers 375 sq km in 6 permits and consists of several mineralized areas, the most explored  being Dabolava East, Takadora, Mountain of Gold and Anjoma. The exploration included airborne geophysical surveys covering 553 sq km, approximately 27 sq km of ground magnetometer survey, 40.4 line km of IP surveys, and 11,349 soil samples.  The work was carried out from 2004 to 2008 by Pan African Mining Corp. (PAF) with Sprott Asset Management as a shareholder.  PAF only completed 11,863 meters of diamond drilling (97 diamond drill holes) mostly focused on the Dabolava East area before it was acquired by the Seller in 2008, which is a major coal mining company for approximately $157 million in cash.  The Dabolava Project has been placed on care and maintenance since late 2008.

In the Dabolava East, Takadora and Mountain of Gold mineralized areas, the gold occurs in silicified dilational features within a broad ductile shear zone that cuts a tonalite-granodiorite orthogneiss host rock.  The zones of mineralized dilational features range from 1 to 15 m in drilled width.

Ajoma is a metasediment-hosted bulk-tonnage prospect, where the gold is associated with a post-metamorphism hydrothermal stock work where small quartz veinlets contain disseminated gold between the metamorphic foliations.

Dabolava East (300meter by 300meter)

The Dabolava East mineralized area is approximately 300m x 300 m based on mapping and soil samples.  Numerous gold mineralization intersections from 33 diamond drill holes (5,204 m of total drilling) indicated a zone of 1 and 15 m wide (drilled width) between 30 to 70 m depth from surface.  The known vertical extension is approximately 50 m and is open at depth and to the surface.  Prophecy intends to commission a preliminary economic assessment on Dabolava East and potentially fast track Dabolava East through the permitting process.

Drilling highlights:

Drill Hole Number

Coordinates (1)

Azimuth

Dip

Drilled Depth (m)

Width (m) (2)

Au (g/t)

Easting

Northing

From

To

Drilled

True

DE-D-07-035

574757

7827338

323

-47

86.9

98.2

11.4

9.5

12.0

including

       

88.1

88.6

0.5

0.4

177.0

including

96.4

98.2

1.8

1.5

21.2

DE-D-011

574746

7827333

322

-47

86.3

91.8

5.5

Unk

50.8

including

       

88.3

90.8

2.5

Unk

106.1

and

       

97.2

97.6

0.4

Unk

8.7

DE-D-004

574663

7827454

143

-44

44.9

49.4

4.5

Unk

2.0

and

       

127.1

131.4

4.3

Unk

10.5

including

128.2

128.4

0.2

Unk

139.0

DE-D-023

574774

7827347

344

-45

83.6

91.9

8.3

Unk

14.7

including

       

83.6

84.8

1.2

Unk

51.5

including

       

87.5

88.9

1.4

Unk

40.5

DE-D-012

574737

7827489

152

-45

103.7

104.8

1.1

Unk

20.6

DE-D-006

574709

7827459

155

-45

25.7

42.9

17.2

Unk

4.0

including

       

25.7

26.6

0.9

Unk

13.8

including

       

30.5

36.2

5.7

Unk

5.1

including

       

41.3

42.9

1.6

Unk

17.1

DE-D-07-039

574777

7827346

320

-45

86.9

92.9

6.0

5.0

12.4

including

86.9

88.9

2.1

1.7

24.0

DE-D-07-037

574702

7827378

320

-45

80.5

83.3

2.8

2.3

5.1

including

       

82.8

83.3

0.5

0.4

25.7

DE-D-08-049

574651

7827374

0

-45

41.0

43.2

2.2

Unk

14.2

including

       

41.0

41.4

0.4

Unk

31.8

including

42.5

43.2

0.7

Unk

26.8

DE-D-016

574772

7827475

165

-55

56.0

61.6

5.6

Unk

9.5

DE-D-017

574792

7827395

343

-55

83.5

84.5

1.0

Unk

7.6

DE-D-08-050

574733

7827360

0

-45

36.4

36.8

0.4

Unk

23.0

DE-D-08-048

574669

7827376

0

-45

75.6

76.0

0.5

Unk

10.0

(1) Coordinates are in UTM system (meters) Zone 38K WGS84 projection

   

(2) Unk=unknown because of insufficient information

       

These assay results were previously disclosed by PAF in its May 11, 2005, November 6, 2006, April 25, 2007 and September 11, 2007 news releases.  There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data.  Drilling, sampling, and assay methods and information are described in the news releases and considered acceptable.  The laboratory was independent of PAF at the time the assays were performed.  Drilling, sampling and initial sample preparation was performed and overseen by qualified persons as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Takodara (1,500 meter x 200 meter)

The Takodara mineralized area is approximately 1,500 m x 200 m in size based on mapping and soil samples.  Gold mineralization was encountered in 15 diamond drill holes (2,029 m total drilling) from 40 to 60 m depth. The vertical extent of the mineralization to surface and at depth have not yet been tested. Drill holes DE-D-001, DE-D-003, DE-07-033 and DE-D-08-063 were drilled approximately 150 meters apart along the strike, with no other drill holes in between. Prophecy intends to conduct infill drilling and expansion drilling to test the length and depth of the mineralization.

Drill Hole Number

Coordinates (1)

Azimuth

Dip

Drilled Depth (m)

Width (m) (2)

Au (g/t)

Easting

Northing

From

To

Drilled

True

DE-D-001

575668

7828539

353

-45

57.3

58.2

0.9

Unk

32.3

including

57.8

58.2

0.5

Unk

61.9

DE-D-003

575921

7828572

338

-45

51.0

52.0

1.0

Unk

12.2

including

       

51.0

51.5

0.5

Unk

22.4

DE-D-07-033

576029

7828665

180

-45

86.3

88.4

2.1

1.1

28.7

DE-D-08-063

575537

7828495

350

-45

66.9

67.8

0.9

Unk

13.2

(1) Coordinates are in UTM system (meters) Zone 38K WGS84 projection

   

(2) Unk=unknown because of insufficient information

       

The assay results for drill holes DE-D-001, DE-D-003 and DE-D-07-033 were previously disclosed by PAF in its May 11, 2005 and September 11, 2007 news releases.  There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data.  Drilling, sampling, and assay methods and information are described in the news releases and considered acceptable.  The laboratory was independent of PAF at the time the assays were performed.  Drilling, sampling and initial sample preparation was performed and overseen by qualified persons as defined in NI 43-101.

Mountain of Gold (8,500 meter x 2,000 meter)

The Mountain of Gold mineralized area is approximately 8,500 m x 2,000 m in size based on mapping and soil samples.  Gold mineralization was found in 20 diamond drill holes (1,191 m) that tested the southeast corner of the area from 10 to 40 m at depth from surface.  The vertical extent of mineralization to the surface and to depth is unknown and 95% of the mineralized area has yet to be drilled.

Given the large area of Mountain of Gold, Prophecy intends to review the geophysical, soil sampling, trenching and old workings information to model the mineralization internally to prioritize a number of well qualified drill locations.

Drilling highlights:

Drill Hole Number

Coordinates (1)

Azimuth

Dip

Drilled Depth (m)

Width (m) (2)

Au (g/t)

Easting

Northing

From

To

Drilled

True

ADK-B-001 

568312

7835063

190

-50

15.1

15.4

0.4

Unk

4.1

and

15.4

15.7

0.3

Unk

26.9

ADK-D-011

568574

7833814

0

-90

20.3

20.6

0.3

Unk

7.1

ADK-D-007

568530

7835192

200

-45

46.8

47.8

1.0

Unk

5.3

(1) Coordinates are in UTM system (meters) Zone 38K WGS84 projection

(2) Unk=unknown because of insufficient information

Sampling highlights:

Sample Number

Coordinates

Sample Type

Sampled Area

Au (g/t)

Easting

Northing

S-01317

566157

7835561

Grab

rock

71.6

S-02544

564174

7836543

Channel along QV

2 x 50cm

26.1

S-01318

563132

7834767

Grab

40cm x 20cm

25.6

G4303

562151

7835819

Grab

rock

21.5

S-02084

563587

7836459

Grab

20 x 40cm

18.8

S-01649

565785

7836142

Grab

40 x 10cm

14.65

S-01898

563653

7834720

Panel

1m x 1m

14.3

S-01818

566093

7832995

Panel

1 x 0.2m

11.75

S-02461

561834

7836748

Grab

30 x 50 cm

9.64

S-12452

558737

7837190

Channel

5cm x 50cm

9.11

S-12456

564150

7836461

Channel

1m x 2cm

9.08

S-01456

562767

7836406

Panel

1m x 1m

8.15

S-11187

567184

7835580

Channel

10cm x 1m

7.84

S-02131

565768

7833380

Grab

20 x 40 cm

7.28

S-12451

558737

7837190

Grab

30 x 20 cm

7.01

S-02523

564424

7836432

Channel

1cm x 30cm

6.93

S-01309

559470

7832075

Panel

1m x 1m

6.85

S-07244

561932

7834782

Panel

1m x 1m

6.57

S-01204

560799

7834413

Channel

1m x 10cm

6.46

S-01230

563903

7836416

Panel

1m x 1m

6.22

S-11173

567559

7835791

Grab

20cm x 30cm

5.96

S-01944

566625

7829509

Grab

0.15 x 0.2cm

5.94

BT024

568540

7835155

Grab

rock

5.88

S-04721

568139

7835006

Panel

1.5m x 1m

5.85

S-01874

566292

7835516

Panel

1m x 1m

5.25

S-02321

568834

7835000

Grab

20cm x 30 cm

5.08

S-01758

567657

7835467

Panel

1m x 0,5m

5.04

There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data.  The drilling, sampling, and assay methods are considered acceptable by Prophecy.  The laboratory was independent of PAF at the time the assays were performed.  Drilling, sampling and initial sample preparation was performed and overseen by qualified persons as defined in NI 43-101.

Anjoma (2,000 m x 250 m)

For the metasediment-hosted prospects, the gold is associated with a post-metamorphism hydrothermal stock work where small quartz veinlets contain disseminated gold between the metamorphic foliations.

The Anjoma bulk-tonnage prospect has estimated dimensions of 2,000 m long and 250 m wide based on 95 soil samples. Depth is unknown.

Prophecy intends to review the geophysical and rock sample data then drill test Anjoma as a potential bulk-tonnage disseminated near-surface gold prospect.

Anjoma rock sample assay highlights:

Sample Number

Coordinates (1)

Sample Type

Sampled Area

Au (g/t)

Easting

Northing

S-02222

601555

7824429

Grab

20cm x 50cm

42.90

S-03123

600227

7829619

Grab

20cm x 40cm

40.00

S-03129

596768

7820527

Channel

5cm x 50cm

33.20

S-03120

596819

7820733

Grab

20cm x 40cm

26.20

S-02252

601118

7824403

Grab

20cm x 30cm

19.45

S-03118

596838

7820732

Grab

20cm x 40cm

9.85

S-03130

596764

7820526

Channel

5cm x 50cm

6.33

S-02106

602002

7823822

Panel

1m x 50cm

5.18

M-6

599627

7827488

Grab

Rock

4.62

S-02205

601726

7824237

Grab

20cm x 40cm

4.50

S-02118

601989

7827722

Grab

30cm x 40cm

4.21

S-02109

602005

7823924

Grab

30cm x 40cm

4.20

S-02204

601730

7824224

Grab

20cm x 50cm

4.07

S-03155

595033

7823804

Grab

30cm x 20cm

3.27

S-02207

601949

7823957

Grab

30cm x 50cm

3.20

S-03124

600233

7829613

Grab

20cm x 40cm

3.05

S-03087

600228

7829624

Channel

8cm x 60cm

2.90

S-02211

601799

7824205

Grab

30cm x 40cm

2.81

S-03073

600235

7829605

Grab

15cm x 20cm

2.50

S-03071

598671

7825750

Panel

1m x 50cm

2.33

S-03122

600221

7829642

Grab

20cm x 40cm

1.80

S-02202

601828

7824521

Grab

20cm x 50cm

1.76

S-03131

596790

7820525

Grab

20cm x 50cm

1.69

S-03133

596737

7820531

Grab

20cm x 50cm

1.66

S-03085

600209

7829652

Channel

8cm x 60cm

1.58

S-03152

594937

7823789

Grab

20cm x 30cm

1.40

S-02956

596660

7822774

Channel

3cm x 50cm

1.16

S-03084

596787

7820768

Grab

20cm x 40cm

1.16

S-03145

594845

7823794

Grab

30cm x 20cm

1.09

(1) Coordinates are in UTM system (meters) Zone 38K WGS84 projection

A description of sampling and analytical methods is not known.  The following description is based on review of internal reports.  Samples were obtained using a hand pick by chipping rock randomly over the sampled area to obtain a representative sample of approximately 2 kg size.  Samples were placed in plastic bags and identification information placed on the bag.  A chain of custody was used to document sample possession.  There is not sufficient information to determine whether sampling factors exist that could materially affect the accuracy or reliability of the data.   The raw samples were initially prepared by crushing to -2 mm and splitting a representative sample for assay at Pan African’s laboratory located in Antananarivo, Madagascar.  Assays were performed by the ALS Chemex, Johannesburg South Africa laboratory using fire assay with an atomic adsorption spectroscopy (“AAS”) finish (some with inductively coupled plasma (“ICP”) finish) for gold and aqua regia digestion with inductively coupled plasma-atomic emission spectroscopy (“ICP-AES”) finish for a 34-element suite.  The laboratory was independent of PAF at the time the assays were performed.  Drilling, sampling and initial sample preparation was performed and overseen by qualified persons as defined in NI 43-101.

Further Details Regarding the Proposed Transaction

The proposed transaction is subject to Prophecy being satisfied with the results of its due diligence inquiries into the Dabolava project.

The Seller and Prophecy have agreed to replace the Letter Agreement by entering into a more comprehensive definitive agreement by November 30, 2017.

The Letter Agreement includes a break-fee provision and a commitment by the Seller to not solicit, pursue or negotiate alternative offers with other parties for the Dabolava Project.

John Lee, Prophecy’s Executive Chairman comments:

“Prior work on Dabolava had shown over 10 km of gold-bearing trends highlighted by quartz gold drill intercepts of over 100g/t Au.  Both Dabolava’s size and grade are on similar to Terrax Minerals recent Yellowknife City Gold Discovery.

In addition to Dabolava East, Takadora, Mountain of Gold and Anjoma, the large 375 sq km land package contains several other prospective areas with extensive artisanal historic mine workings that warrant consideration for exploration.  

While the project development is at an early stage, there are promising signs that Prophecy is embarking on a very unique district-scale gold project that draws very few modern and historical comparisons.”

Qualified Persons        

The technical content of this news release was reviewed and approved by Christopher M. Kravits, CPG, LPG, who is a Qualified Person within the meaning of NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company in that most of his income is derived from the Company.  Mr. Kravits 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.

Prophecy Development Corp.

ON BEHALF OF THE BOARD

“JOHN LEE”

Executive Chairman

For more information about Prophecy, please contact Investor Relations:

+1.888.513.6286

ir@prophecydev.com

www.prophecydev.com

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 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 it will complete its due diligence on the Dabolava Project to its satisfaction; that it, together with the Seller, will negotiate and enter into a binding definitive agreement with respect to Prophecy's acquisition of the Dabolava Project by the aforementioned deadline; that all other conditions precedent to the acquisition are successfully satisfied or waived; that it will complete its acquisition of the Dabolava Project.  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; the suitability of the Dabolova Project considering Prophecy's economic condition and otherwise.

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.





Source: Prophecy Development Corp. (TSX:PCY, OTC Pink:PRPCF, FWB:1P2N)

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