Prophecy Discovers Multiple Vanadium Surface Mineralization at Gibellini
Date: Mar 27, 2019
Vancouver BC based Prophecy Development Corp. (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2N) announced this morning vanadium assay results from its Fall 2018 exploration reconnaissance program on its Gibellini vanadium project, located in Eureka County, Nevada, USA. The 155 assays are taken from three prospective exploration areas all within 5km to existing Gibellini vanadium NI43-101 compliant resource pit outline whereat 49.9 million lbs measured and 81.5 million lbs indicated vanadium resource have already been identified (see Company’s press release dated May 29th, 2018).
Surface grab samples assay as high as 2% vanadium pentoxide (V2O5) and 75 samples (48% of total 155) have V2O5 grades greater than the Gibellini deposit’s cut-off grade of 0.101% V2O5 at $12.5/lb V2O5; V2O5 currently trades at approximately $16/lb.
The high vanadium assay results along the 5-kilometer northeast-southwest trend which line-up the Northeast Prospect, through Gibellini Hill, Louie Hill, Middle Earth Prospect, and Big Sky Prospect providing an indication of potential and possibly significant future expansion of vanadium mineralization along this corridor.
“From a geological perspective, the rocks at all three of these prospects have the same visual hallmarks as what we see in the oxidized and transition zones at Gibellini Hill deposit which are amenable to heap leach recovery” states Danniel Oosterman, Prophecy’s VP Exploration.
“Assay results demonstrate extensive vanadium mineralization with nearly half of the samples well above the cut-off grades adopted at Gibellini. This confirms that any occurrence of the Woodruff Formation in this region is prospective from an exploration standpoint.”
Detailed maps are available at www.prophecydev.com
BIG SKY PROSPECT (300m by 50m)
The Big Sky prospect occurs 3.1 km southwest of the Gibellini Hill measured and indicated resource and 1.8 km southwest of Louie Hill inferred resource (NI-43-101 compliant; see Company’s news release dated May 29th, 2018). A total of 62 samples were taken, of which 40% (n=25) returned assays greater than Gibellini cut-off grade. Sixteen (16) samples returned assays >0.200 V2O5. The distribution of samples occur along a 300 meter exposure of the Woodruff Formation. Assays showing >0.200 V2O5 are shown in Table 1.
Table 1. V2O5% grab sample assay results at Big Sky prospect for samples with >0.200%
| SAMPLE ID | Prospect | V2O5 % |
| 301910 301913 301915 301916 301918 301920 301926 301927 301928 301944 301946 301947 301950 302050 302054 302055 | Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky Big Sky | 0.261 0.223 0.346 0.400 0.712 0.264 0.580 2.008 0.848 0.264 0.280 0.218 0.261 0.214 0.787 1.982 |
MIDDLE EARTH PROSPECT (200m by 70m)
The Middle Earth prospect occurs 1.7 km southeast of the Gibellini Hill deposit and 300 meters south of the Louie Hill deposit. A total of 50 samples were collected of which 68% (n=34) returned assays >0.101% V2O5 or the Gibellini cut-off grade. Twenty-seven (27) samples returned assays >0.200 V2O5. The samples are distributed over 3 road cuts of exposed Woodruff Formation making up a 200 meter by 70-meter areal footprint. Assays showing >0.200 V2O5 are shown in Table 2.
