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Prophecy Development Corp.
Summary
| Project: | Titan | |
|---|---|---|
| Deposit: | Titan | |
| Location: | Canada | |
| Commodities: | Iron-Vanadium-Titanium | |
| Date: | 11/8/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-11-2017: Prophecy Development Corp. announces a Resource Estimation report for its Titan deposit at the Titan project. Updated mineral resource at project. Prophecy Development Corp. (“Prophecy”) requested that Mine Development Associates (“MDA”) prepar | |
| Resources: | (Resource, Inf.): 46Mt @ 48.32% Fe2O3, 0.24% V, 14.88% TiO2 at project | |
| CP/QP: | [Resources]: Niel B Prenn (Mine Development Associates) | |
| ABSTRACT: | Prophecy Development Corp. (“Prophecy”) requested that Mine Development Associates (“MDA”) prepare a Technical Report including a mineral resource estimate and recommendations for future work on their Titan vanadium-iron-titanium property in Ontario, Canada. MDA had previously prepared a Technical Report on the property during 2006, which was updated in 2007, and again during January 2010 when Randsburg International Gold Corp. (“Randsburg”) sold 80% of the property to Prophecy Resource Corp. (Prophecy). The Technical Reports completed in 2007 and 2010 are no longer valid for the project, as the requirements for the calculation of resources has been updated over time. Prophecy Resource Corp. changed its name to Prophecy Development Corp. effective January 7, 2015. Prophecy purchased the remaining 20% of the Titan property that it did not own from Randsburg during January, 2017. The Titan project is located in eastern Ontario, straddling the boundary between Angus and Flett townships. It is approximately 120 km east-northeast of Sudbury, Ontario. The Titan property consists of 263.6 contiguous hectares that include 17 patented claims of which Prophecy is 100% owner. Although the mineralization associated with mafic and ultramafic complexes in this region was identified as early as the 1890s and the Titan occurrence was mapped in the 1930s, the Titan property has only had three periods of significant exploration. Titan Iron Mines Limited (“Titan Iron”) conducted trenching, sampling, and drilling in the 1940s. Sampling and airborne and ground magnetic surveying were done in the 1960s. Between 2004 and 2010, Randsburg carried out airborne magnetometer and electromagnetic (“EM”) surveying as well as drilling. Prophecy has completed a GPS survey of the claims, a mineralogical investigation of the iron, ilmenite, vanadium occurrence, and a geologic investigation of the property. | |
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