Silver Elephant Mining Corp 6-K, filed Jan 21, 2020
Silver Elephant Mining Corp. (SILEF)
6-K
2020-01-21
For: 2020-01-21
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Added on
April 06, 2026
About this 6-K
Silver Elephant Mining Corp filed this 6-K on January 21, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of January
2020
Commission
File Number 000-55985
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PROPHECY DEVELOPMENT CORP.
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(Translation
of registrant’s name into English)
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Suite 1610 – 409 Granville Street
Vancouver, British Columbia, Canada V6C 1T2
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(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F
☒
Form 40-F
☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
☐
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Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to
provide an attached annual report to security holders.
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
101(b)(7): ☐
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Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish
a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant’s “home
country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the
report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security
holders, and, if discussing a material event, has already been the
subject of a Form 6-K submission or other Commission filing on
EDGAR.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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PROPHECY DEVELOPMENT CORP. |
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Date:
January
21, 2020
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By:
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/s/ Brigitte McArthur
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Brigitte
McArthur
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Corporate Secretary
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INDEX TO EXHIBITS
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News
release dated January 21, 2020
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Exhibit 99.1
Prophecy’s First Pulacayo Step-Out Drill Hole Intercepts 10
Meter Mineralization Grading 147 g/t Silver, 9.8% Zinc, and 2.0%
Lead (539 g/t AgEq) within 35.5 Meter Mineralization Grading 230
g/t AgEq, Starting 31.5 Meters Downhole
Vancouver, British Columbia, January 21, 2020 – Prophecy
Development Corp. (“Prophecy” or the
“Company”) (TSX:PCY, OTCQX:PRPCF,
Frankfurt:1P2N) is pleased to
announce the first step-out diamond drilling results from its
100%-controlled Pulacayo silver project in the Potosi department of
Bolivia. Borehole PUD 267 intercepted 10 meters of mineralization
grading 147 g/t silver, 9.8% zinc, and 2.0% lead (539 g/t AgEq)
within 35.5 meter mineralization grading 230 g/t AgEq starting 31.5
meters downhole.
PUD 267 marks Prophecy’s first Pulacayo drill hole of the
2020 drilling campaign and the first drilling to be conducted on
the property since 2012. A total of 268 historic Pulacayo drill
holes were completed between 2008 and 2012 by the previous
operator. The results of PUD 267 comes on the back of the success
of Prophecy’s first drill campaign at Paca (7km north of
Pulacayo), where PND 110 intersected highest-ever grade at Paca of
12 meters of mineralization grading 1,085g/t silver, starting 16
meters downhole (see Company’s October 28, 2019 news
release). These near-surface, high-grade intersections contribute
positively to a potential district-style project economic
assessment with consideration of open-pit mining scenarios. There
are several other targets controlled by Prophecy within the
district that are yet to be drilled but highly promising (e.g.,
Pacamayo, Al Abra, and Pero).
PUD 267
intercepted the Tajo vein system 83 meters west from PUD 041 which
intersected 20 meters of
mineralization grading 15.1g/t Ag, 2.43%Zn, 0.76% Pb at a similar
depth to the mineralization encountered at PUD 267. PUD
041 (drilled in
2008) represents the westernmost
drillhole that comprises the Company’s 2017 NI43-101
compliant Pulacayo resource (“Eastern Block”). These
results confirm that the Tajo vein system extends westward and
occurs near-surface, with a probable thickening component for a
minimum 83-meter extension to the west of the Eastern
Block.
The Eastern Block spans 1.4 km in strike, roughly 300 meters
of vertical section and contains 30.4
million indicated silver oz and 6.4 million inferred silver oz
estimated in the independent NI43-101 report by Mercator of October
2017 (see the Company’s press release dated November 22,
2017).
PUD 267 was planned based on a vertical projection of
Pulacayo’s historic underground workings which followed the
Tajo vein system. These workings exist between 400 meters and 1,000
meters from the surface with mined grades of 10% to 25% Zn and
300g/t to 800g/t Ag (according to Hochschild mining records from
1914 to 1960). The results of PUD 267 reveal strong potential for
existing mineralization from near-surface in the intervening depths
to the workings approximately 400 meters below.
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The current 20-hole, 5,000 meter step-out program is due for
completion in early February, with full assay results expected to
be released throughout February.
“PUD 267 starts a sensational new chapter for Pulacayo.
We’re happy that our scientific approach to outlining our
2020 drilling program has yielded favorable results on its very
first hole” says Joaquin Merino, Prophecy’s VP for
South American Operations, “A successfully proven mineralized
western extension of the Eastern Block could considerably increase
the Pulacayo in-situ silver resource ounces. That is our main
objective for 2020.”
Prophecy has identified targets as far as 1.4 kilometers west of
PUD 041 and is current drilling PUD 278, which is situated 600
meters west of PUD 041.
The Eastern Block represents a very small portion of the Tajo vein
system, which is over 3 km in strike and open to least 1,000 meters
at depth. Although it is still early in our multi-phase drill
campaign, Prophecy is very pleased and highly encouraged by the
drill progress to date to achieve the Company’s 2020
objective.
Complete composited drill intersections of mineralization (in
meters) are tabulated below:
Reported widths are intercepted core lengths and not true widths,
as relationships with intercepted structures and contacts vary.
Based on core-angle measurements, true widths are estimated at
approximately 61% of reported core lengths.
Silver equivalent is calculated as follows: Ag Eq. (g/t) = Ag
(g/t)*89.2% + (Pb% *(US$0.94/ lb.
Pb /14.583 Troy
oz/lb./US$16.50 per Troy oz. Ag)*10,000*91.9%) + (Zn%
*(US$1.00/lb.
Zn/14.583 Troy
oz/lb./US$16.50
per Troy oz. Ag)*10,000*82.9). This calculation incorporates
metallurgical recoveries from test work completed for Pulacayo in
2013.
Header information for Drillhole
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Hole
id
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Azimuth
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dip
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Max
depth
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Type
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Easting
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Northing
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Elevation
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PUD267
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180
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-45
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180
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SURFACE
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739823.4
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7744735.0
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4336.4
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Complete drill map and result cross sections can be accessed
at www.prophecydev.com/company-presentation
and
https://www.prophecydev.com/projects/pulacayo-silver-lead-zinc/.
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Qualified Person
The technical contents of this news release have been prepared
under the supervision of Danniel Oosterman, VP Exploration. Mr.
Oosterman is not independent of the Company in that he is employed
by it. Mr. Oosterman is a qualified person (“QP”) as
defined by the guidelines in NI 43-101. Prophecy adopts
industry-recognized best practices in its implementation of QA/QC
methods. A geochemical standard control sample and a blank sample
are inserted into the sample stream at every 20th sample.
Duplicates are taken at every 40th sample. Standards and duplicates
(including lab duplicates and standards) are analyzed using
Thompson-Howarth plots. Samples are shipped to ALS Global
Laboratories in Ururo, Bolivia for preparation and then shipped to
ALS Global laboratories in Lima, Peru for analysis. Samples are
analyzed using Intermediate Level Four Acid Digestion. Silver
overlimits (“ore grade”) are analyzed using fire assay
with a gravimetric finish. The ALS Laboratories sample management
system meets all the requirements of International Standards
ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub
laboratories are accredited to ISO/IEC 17025:2017 for specific
analytical procedures.
All samples are taken from HQ-diameter core and split in half by a
diamond-blade masonry saw. One-half of the core is submitted for
laboratory analysis and the other half is preserved for reference
at the Company’s secured core facility. Prior to sampling,
all core is geotechnically analyzed and photographed and then
logged by geologists.
About Prophecy
Prophecy
is developing its premier Pulacayo silver project in Bolivia.
Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON
BEHALF OF THE BOARD
“Michael Doolin”
Chief
Executive Officer
For
more information about Prophecy, please contact Investor
Relations:
+1.604.569.3661
ext. 101
ir@prophecydev.com www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain
statements contained in this news release, including statements
which may contain words such as “expects”,
“anticipates”, “intends”,
“plans”, “believes”,
“estimates”, or similar expressions, and statements
related to matters which are not historical facts, are
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements, which reflect
management’s expectations regarding Prophecy’s future
growth, results of operations, performance, business prospects and
opportunities, are based on certain factors and assumptions and
involve known and unknown risks and uncertainties which may cause
the actual results, performance, or achievements to be materially
different from future results, performance, or achievements
expressed or implied by such forward-looking
statements.
These
factors should be considered carefully, and readers should not
place undue reliance on the Prophecy’s forward-looking
statements. Prophecy believes that the expectations reflected in
the forward-looking statements contained in this news release and
the documents incorporated by reference herein are reasonable, but
no assurance can be given that these expectations will prove to be
correct. In addition, although Prophecy has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in forward
looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended.
Prophecy undertakes no obligation to release publicly any future
revisions to forward-looking statements to reflect events or
circumstances after the date of this news or to reflect the
occurrence of unanticipated events, except as expressly required by
law.
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