Prophecy Development (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.
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.