TSX-V Symbol: PCY
VANCOUVER, Sept. 10 /CNW/ - Prophecy Resource Corp. has received the
final drill results from the June, 2007 drill program completed at the Okeover
copper/molybdenum porphyry prospect located near Powell River on the southern
British Columbia coast. The final three holes from the seven hole program, all
of which were reconnaissance in nature and located several kilometers from the
North Lake Zone, encountered favorable rock types but with only weak copper
and molybdenum mineralization.
By contrast, the first four holes reported on July 27, 2007 encountered
strong mineralization and have confirmed that the North Lake Zone is open for
expansion in several directions including to depth. Two highlights from the
June 2007 program include:
Hole Interval Grades
OK-07-04 76 metres 0.34% Cu and 0.027% MoS2.
OK-07-02 23 metres 0.24% Cu and 0.031% MoS2.
Hole OK-07-02 is a 350-metre step-out drilled to the east of the North
Lake Zone with the mineralization occurring at the bottom of the hole,
indicating a large new prospective area to expand the existing North Lake
Zone, where, in 2006, N.C. Carter, PhD, P.Eng, completed a technical report on
the Okeover Property pursuant to National Instrument 43-101 that estimated an
inferred mineral resource of 86.8 million tonnes grading 0.31% copper
(approximately 593,000,000 lbs.) and 0.014% MoS2 (approximately 15.9 million
lbs of molybdenum). Molybdenum grade also appears to be increasing in this
The next round of drilling will begin with site preparation, expected to
be finished by the end of September, with drilling anticipated to begin as
equipment becomes available in October. The October drill program will focus
on continuing to delineate the North Lake Zone and will also explore the South
Breccia area, which has not had significant exploration for more than ten
The South Breccia area is a hydrothermal breccia first recognized in
1979. Between 1966 and 1977, seven corporations, including Noranda,
Falconbridge and Asarco Exploration completed 14,000 metres of diamond
drilling at Okeover. In 1979, two years following these campaigns, logging
activities exposed the south Breccia Zone approximately 3.5 kilometres south
of the North Lake Zone. In 1979, Aquarius Resources Ltd. completed three holes
in this then newly discovered area (205 metres in total) with results which
included 1.49% Copper over 9 metres in hole 79-2 and 0.49% Copper over
21 metres in hole 79-3. In 1996, Canquest Resource Corp. drilled a single
154 metre deep hole with the strongest mineralization in that hole (0.21% Cu)
occurring at the bottom. A review of this drill hole indicates that it may
have stopped short (to the east) of the South Breccia Zone. Geological mapping
of the area peripheral to the South Breccia discovery outcrop indicates that
brecciation and silicification extend over an area of at least 300 metres by
600 metres, offering substantial potential for discovery.
Samples were analyzed by Acme Analytical Laboratories, an (ISO) 9001:2000
certified facility located in Vancouver, BC, using multi-element ICP/ES
techniques with one company standard inserted for every 30 samples analyzed.
J.W. (Bill) Morton, P.Geo., a director of the Company and qualified
person within the context of National Instrument 43-101, has read and takes
responsibility for this news release. A Technical Report on the Okeover
property, prepared in accordance with NI 43-101 and dated October 5 2006, is
available on SEDAR and at www.prophecyresource.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James Brown, President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: visit our web site at www.prophecyresource.com
or contact us toll-free at (888) 818-8748