Prophecy Development Corp. Announces Inferred Resource Estimate for Titan Vanadium-Iron-Titanium Property
Date: Nov 08, 2017
Vancouver, British Columbia, November 8, 2017 – Prophecy Development Corp. (the “Company” or “Prophecy“) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) has received an updated technical report on its 100% owned, Titan vanadium-iron-titanium property (the “Property“) located at Flett and Angus Townships, 120 kilometres northeast of Sudbury, Ontario. The Property consists of 262 contiguous hectares comprising 17 patented claims, with access to water, roads and electrical power.
The technical report was prepared by Mine Development Associates and is dated October 23, 2017 (the “Technical Report”). The Technical Report (available under the Company’s SEDAR profile at www.sedar.com) was prepared in compliance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and reports an inferred resource for the Property as follows:
| Resource Category | Tonnes (t)* | Fe2O3 (%) | V (%) | TiO2 (%) |
| Inferred | 46.0 million | 48.32 | 0.24 | 14.88 |
V converted to V2O5: 0.24 % V = 0.43% V2O5
The metal content calculated by the Company totals 434 million pounds of vanadium pentoxide content and 6,844 million kgs of titanium dioxide**.
*Based on resource estimated at cutoff grade of 40% Fe2O3 inside an optimized pit.
**100% metals recovery is assumed.
Mineral resources which are not mineral reserves have not demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
The Technical Report is authored by Neil Prenn, P. Eng. and Neil Pettigrew, P. Geo., who were independent Qualified Persons under NI 43-101 at the time the report was prepared.
The magnetite, ilmenite, titanium dioxide and vanadium mineralization at the Property occurs in a southeast plunging igneous body of gabbro to leucotroctolite composition in the Northeastern corner of the Fall Lake complex. The Titan deposit is located at the northern end of an aeromagnetic anomaly that is approximately 1,200 metres long by 800 metres wide.
A total of 4,898 assayed intervals were recorded from 38 core holes drilled by Randsburg International Gold Corp. (“Randsburg”) (the prior co-owner) on the Property. Drilling highlights reported by Randsburg included 142 meters (drilled depths 3 to 145 meters) of 0.27% vanadium (0.48% vanadium pentoxide) from hole RA-05-21, and 174 meters (drilled depths 102 to 276 meters) of 0.26% vanadium (0.46% vanadium pentoxide) from hole RA-05-10. The mineralization starts at shallow depth (1.2 to 30.0 meters) below the surface over most of the deposit and is found to an open vertical depth greater than 500 metres at two drill holes. The complete horizontal and vertical extent of the deposit is still to be determined.
