Prophecy Resource Corp. (TSX-V: PCY, OTC-QX: PRPCF, Frankfurt: 1P2 ) controls over NI-43-101 compliant Measured and Indicated mineral
resources of 263 million pounds of nickel, 1.4 billion tonnes of coal
and 116 million pounds of copper as well as inferred resources of 82
millions pounds of nickel and 593 million
pounds of copper. (click here for resource page). The Company's Ulaan
Ovoo Coal Project, Mongolia is expected to be in production this year.
Prophecy also holds properties with significant exposure to vanadium
and titanium. All of Prophecy's coal assets are located in Mongolia
with its remaining assets located in Canada. The Company is currently
reviewing additional opportunities for significant growth.
The 100% owned Ulaan-Ovoo coal deposit is strategically located 10
km from the Russian border and 120 km from both Mongolian and Russian rail links. The project contains 209 million tonnes of measured and indicated economically recoverable high quality, high volatile bituminous thermal coal with a 2:1 strip ratio. The caloric output is at 5,204 kcal/kg with low ash at 12.46% and very low sulfur of 0.40%. Coal thickness of 53 meters and first 8 years requires no washing with an estimated production cost of $10-$15/ton. Wardrop Engineering visited Ulaan Ovoo in early March and is expected to publish a preliminary economic assessment study by June.
The second thermal coal deposit is the Chandgana Tal and Chandgana Khavtgai Coal Project, contatining 1,211 million tonnes of measured & indicated coal resource (NI 43-101). Click here for the resource page. The resource is contained almost entirely within a single coal seam averaging 37.7-45.4m with very few partings with a strip ratio of 1.9:1. The calorific value is 4,354 kcal/kg with low ash level of 12.49% and very low sulfur of 0.68%. Chandgana is within 160km from rail, 45 km North of the proposed railway, 16 km from paved highway, and 150 km from 2x220kv power line. It is ideally suited for a 600MW mine mouth power plant with extension to eventual 4,200MW.
The Lynn Lake Nickel Mine is the fourth largest known nickel sulphide deposit in Canada. The project covers the majority of the claims that were operated by Sherritt-Gordon from 1953-1978. An independent technical report done by Wardrop Engineering Inc., dated January 2010, confirms 22.9 million tons of measured and indicated resources at 0.57% Nickel and 0.30% Copper. This translates to over 262 million pounds of Nickel and 138 million pounds of Copper in situ. Click here for full NI 43-101 resource estimates.
In addition to the above resource, there are also exciting exploration opportunities. The recent 2008, near-surface, Disco Zone discovery is 1.5km away from the outlined deposit. The Disco Zone is 80m x 20m x 270m with drill highlights such as 18 meters of 1.5% nickel, 0.7% copper, 0.04% cobalt and 47.1 meters of 0.7% nickel, 0.5% copper and 0.02% cobalt. Click here for more drill results and to learn about the Disco Zone discovery.
Prophecy's other properties, including the Titan vanadium-titanium-iron project. A deposit in Ontario, Canada, between Angus and Flett Townships, with
access to excellent infrastructure. Titan is estimated to contain an inferred resource of 49.0 million tonnes at 0.24% vanadium (0.43% vanadium pentoxide), 14.82% titanium dioxide, and 48.09% iron oxide. Click here for the full NI 43-101 resource estimates.
And the Okeover copper molybdenum project, which is 20 km north of Powell River on the B.C. coast.
In late 2006, N.C. Carter, PhD, P.Eng, completed a technical report on the Okeover Property pursuant to NI 43-101 that estimated an inferred mineral resource of 86.8 million tonnes grading of 0.31% copper (approximately 593 million lbs) and 0.014% MoS2 (approximately 15.9 million lbs of molybdenum disulfide) at a 0.20% copper cut-off for the North Lake Zone. North Lake is the best understood of the eight zones of mineralization known to exist on the Okeover property.
