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Prophecy Development has announced it is initiating preparations for its exploration and verification drilling program on the Gibellini vanadium project.
Prophecy Development (TSX:PCY) has announced it is initiating preparations for its exploration and verification drilling program on the Gibellini vanadium project in Q2 2018. A total of 4,880m of reverse circulation drilling in 64 holes are planned in the following target areas: Gibellini: 33 holes total 2,740 meters. The report prepared by Amec Foster Wheeler E&C Services according to national instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of November 10, 2017, estimated combined measured and indicated mineral resource of 22.01 million tons at a weighted average grade of 0.294 percent V2O5, containing 129.28 million pounds V2O5. The inferred mineral resource estimate is 9.82 million tons at a weighted average grade of 0.19 percent V2O5 containing 37.27 million pounds V2O5.
As quoted in the press release:
Danniel Oosterman, VP of exploration at Prophecy commented:
“This carefully planned drill program could:
- Establish a higher-grade starter pit that accelerates future project payback;
- Increase resource tonnage and upgrade confidence level of Gibellini and Louie Hill resources; and
- Expand the project into a vanadium district play with multiple discoveries.
Gibellini is the only black shale project in the world we are aware of, that can achieve up to 70 percent high metallurgical recoveries, as referenced in the November 2017 Technical Report, through heap leach without a costly, energy-intensive, high temperature pre-roasting step. With permitting, EPCM (engineering procurement and construction management), and vanadium product off-take sales initiatives already underway, Prophecy’s Gibellini project offers the fastest pace, best leverage and a direct play in vanadium that reflects increased vanadium prices in a politically-safe, mining-friendly jurisdiction of Nevada, USA.“