Silver Elephant Mining Corp 6-K, filed Mar 6, 2020
Silver Elephant Mining Corp. (SILEF)
6-K
2020-03-06
For: 2020-03-06
View Original
Added on
April 06, 2026
About this 6-K
Silver Elephant Mining Corp filed this 6-K on March 6, 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 March
2020
Commission
File Number 000-55985
|
PROPHECY DEVELOPMENT CORP.
|
|
(Translation
of registrant’s name into English)
|
|
Suite 1610 – 409 Granville Street
Vancouver, British Columbia, Canada V6C 1T2
|
|
(Address
of principal executive offices)
|
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):
☐
|
|
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.
|
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): ☐
|
|
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.
|
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.
|
|
PROPHECY DEVELOPMENT CORP.
|
|
|
|
|
|
Date:
March 6, 2020
|
/s/ Irina PlavutskaIrina
Plavutska
Chief Financial Officer
|
|
-2-
INDEX TO EXHIBITS
|
News
release dated March 6, 2020
|
-3-
Exhibit 99.1
Prophecy Announces Complete Assay Results from Pulacayo Step Out
Drill Program
Vancouver, British Columbia, March 6, 2020 – Prophecy
Development Corp. (“Prophecy” or “the
Company”) (TSX:PCY, OTCQX:PRPCF,
Frankfurt:1P2N) announces
that it has recently completed a 2,598-meter, 16-hole Pulacayo step
out drill program.
Significant results of the program are tabulated
below:
|
Hole ID
|
From (m)
|
To (m)
|
Interval (m)
|
Ag (g/t)
|
Zn (%)
|
Pb (%)
|
AgEq
|
Target
|
|
PUD267*
|
31.5
|
67
|
35.5
|
54.3
|
4.31
|
0.92
|
229.6
|
West
|
|
|
117
|
123
|
6.0
|
47.8
|
1.11
|
0.25
|
89.7
|
West
|
|
PUD268
|
21
|
23
|
2
|
20
|
1.34
|
0.77
|
92.6
|
West
|
|
PUD274
|
75
|
77
|
2
|
93.5
|
|
0.42
|
98.8
|
East
|
|
PUD274
|
82
|
83
|
1
|
83
|
|
0.09
|
77.4
|
East
|
*First
published January 21, 2020
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.
Holes
ranged between vertical depths of 70 and 255 meters and were
designed to test the possibility of a shallow extension of the Tajo
vein system which currently hosts the Company’s NI43-101
compliant indicated resource of 30.4 Moz of silver grading 455 g/t
Ag, 3.19% Zn, and 2.18% Pb and inferred resource of 6.3 Moz silver
grading 406 g/t Ag, 2.08% Zn, and 3.93% Pb (see Company’s
press release of November 22nd, 2017). Fourteen
holes were collared to the west (Pulacayo-West), and two holes were
collared to the east of the Pulacayo resource
boundaries.
PUD267
intercepted 35.5 meters of mineralization and likely expanded the
resource westwards by approximately 80 meters (see the
Company’s press release dated January 21st, 2020). However, a
paucity of other significant results is believed to be due to the
geological setting of the shallow targets. While pervasive
alteration, along with artisanal mine workings provide key
indications that the hydrothermal system does extend in this
direction, the sulphide species that was observed in intercepted
veins and stockworks indicates the hydrothermal temperatures in
these upper reaches of the system were not sufficient to carry
significant amounts of silver and base metals, with only sporadic
occurrences being evident at Pulacayo-West.
While
the surface footprint of Pulacayo Tajo vein system appears now to
be constrained to approximately 1.5 km east to west, it’s
worth noting that according to
detailed Hochschild mining records from 1914 to 1960,
the Tajo vein is observed for over 3km
in strike-length, with select high grade mining taking place mainly
between a vertical depths of 400 meters and 1,000 meters from
surface via 3 shafts. The Tajo vein system remains open at
depth.
Pulacayo-West
was drilled first because it is an extension to existing defined
Pulacayo resource. That target is just one of several exploration
targets besides Paca North, Pacamayo, Pulacayo Elephant, Pero, and
El Albra within Prophecy’s 35.5sq.km, 100% controlled
Pulacayo district land package.
The
Company will shortly announce the start of district exploration and
plans to advance the already defined NI43-101 resources at Pulacayo
and Paca (20.9Moz Ag Inferred grading 256 g/t, see Company’s
press release of November 22nd, 2017)
Collar
data for the 2020 Pulacayo shallow extension drilling program is
shown below:
|
Hole ID
|
Azimuth
|
Dip
|
Depth (m)
|
Easting
|
Northing
|
AMSL
|
|
PUD267
|
180
|
-45
|
180
|
739823.4
|
7744735
|
4336
|
|
PUD268
|
180
|
-45
|
192
|
739866
|
7744723
|
4366
|
|
PUD269
|
180
|
-45
|
210
|
739750
|
7744727
|
4321
|
|
PUD270
|
0
|
-45
|
201
|
739626
|
7744618
|
4284
|
|
PUD271
|
180
|
-45
|
156
|
739670
|
7744655
|
4293
|
|
PUD272
|
180
|
-45
|
300
|
739540
|
7744860
|
4329
|
|
PUD273
|
180
|
-45
|
201
|
739343
|
7744869
|
4385
|
|
PUD274
|
200
|
-65
|
95
|
741031
|
7744391
|
4237
|
|
PUD275
|
180
|
-45
|
161
|
739481
|
7744625
|
4357
|
|
PUD276
|
0
|
-45
|
201
|
739467
|
7744416
|
4267
|
|
PUD277
|
21
|
-55
|
72
|
741196
|
7744229
|
4181
|
|
PUD278
|
0
|
-45
|
120
|
739170
|
7744599
|
4317
|
|
PUD279
|
180
|
-45
|
130
|
737933
|
7744679
|
4346
|
|
PUD280
|
0
|
-45
|
113
|
739024
|
7744538
|
4344
|
|
PUD281
|
0
|
-45
|
180
|
739661
|
7745113
|
4396
|
|
PUD282
|
0
|
-45
|
86.4
|
739180
|
7744380
|
4296
|
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.