Prophecy Adds Second Drilling Rig to Pulacayo Silver Project in Bolivia
Prophecy Adds Second Drilling Rig to Pulacayo Silver Project
in Bolivia
Vancouver, British Columbia, January 8, 2020 – Prophecy Development Corp. (“Prophecy” or
the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) is pleased to provide the following
update on its 100% owned Pulacayo silver project located in Bolivia.
Further to its news release dated December 18th, 2019, Prophecy reports it has completed the first
3 holes of the planned 17 drill holes at the Pulacayo project. These step-out drill holes are located
25-, 50- and 115 meters west of the existing Pulacayo resource model. The first assay results are
expected in late January.
Prophecy has also mobilized a second drilling rig to Pulacayo and expects to complete the proposed
5,000 meter drill program in February with full assay results available by March 2020. The remainder
step out drill holes are collared up to 2km west from the existing resource model.
Joaquin Merino, VP South American Operations, commented, “Pulacayo is a very large mineralized
system, and with this program we will test the boundaries of mineralization near the surface. Based
on a review of t he c urrent and past artisanal mining conducted on the surface , there is strong
evidence that the Tajo Vein (where underground mining took place from early 1800 to 1952) projects
to surface along its 3km strike”
The Pulacayo deposit currently has a NI43-101 compliant resource of 2.08 million tonnes at Ag 455
g/t, Pb 2.18%, Zn 3.19% in the indicated category. It also has 0.48 million tonnes at Ag 406 g/t, Pb
2.08%, Zn 3.93% in the inferred category. The Company estimates that the amounts of metals of the
indicated category are 30.4 million ounces of silver, 100.0 million pounds of lead, and 146.3 million
pounds of zinc. The Company estimates that the amounts of metals of the inferred category are 6.3
million ounces of silver, 22.0 million pounds of lead, and 41.6 million pounds of zinc (see Company
report “UPDATED MINERAL RESOURCE ESTIMATE TECHNICAL REPORT for the PULACAYO
PROJECT,” by Mercator effective October 20, 2017; available at SEDAR.COM).
Qualified Person
The technical contents of this news release have been prepared under the supervision of Danniel
Oosterman, VP Explor ation. Mr. Oosterman is not independent of the Company in that he is
employed by it. Mr. Oosterman is a Qualified Person (“QP”) as defined in the NI 43-101 guidelines.
About Prophecy
Prophecy is developing its premier Pulacayo silver project in Bolivia. Further information on
Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“Michael Doolin”
Chief Executive Officer
For more information about Prophecy, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.prophecydev.com
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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 factors should be considered carefully, and readers should not place undue reliance on the
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.