Jul 9 2015
Prophecy Development Corp. is pleased to announce that it has commenced the first phase of a systematic, district exploration program at its Pulacayo project.
Various Pulacayo regional exploration programs were carried out in the past, including an IP survey in 2009 which detected several near-surface strong to medium chargeability anomalies.
After carefully assessing all available mining, sampling and IP survey data, Prophecy has identified four priority target areas: El Abra, Pero, Paca North and Pacamayo to conduct detailed geological mapping, close-spaced sampling and trenching. Approximately 400 samples are expected to be taken and analyzed.
Target Description:
The El Abra target is located north west of the Tajo vein system where a hydrothermal breccia system was identified. The reconnaissance mapping and sampling carried out in 2008 by Apogee Silver Ltd. ("Apogee") identified a strong hydrothermal alteration of silica-alunite, associated with barite, pyrite and iron oxides. The outcrop samples showed the presence of galena crystals and assay of samples yielded lead values of up to 1%.
The Pero target is located south east of the Tajo vein system where reconnaissance mapping and sampling identified several veinlets of mineralization that developed into a stockwork. Limited rock sampling carried out in 2008 by Apogee yielded samples with assay values ranging from 15 to 262 g/t silver and ranging from 0.2 to 2.3% lead.
The Paca North target is located approximately 1km north of Paca's historic open-pit resource boundaries, 7km north of the Tajo vein system. The target consists of a sequence of conglomerates containing pyrite and barite. The area has an estimated dimension of 400 metres length, 100 metres width and 50 metres depth. Most of the cobbles of the conglomerate at the surface have silver values ranging from 50 g/t to 400 g/t and lead values ranging from 0.3 to 2%.
The Pacamayo target is located in the north east of the Tajo vein system where four veins were identified on the surface with estimated thickness of 2 metres and an estimated width of 26 metres. In underground mine exposures, extensive vein development by locals has been observed with an estimated thickness of about 1.5 metres.
The exploration team has commenced work on site and should complete the first phase of the exploration program by September 2015.
The exploration program results will be integrated with existing IP survey data to develop drill targets in the second phase of this systematic district exploration.