www.prophecycoal.com
Prophecy Coal Corporation (TSX: PCY, OTC-QX: PRPCF, Frankfurt: 1P2) is an internationally diversified thermal coal production company that in November 2010 saw its first coal project, Ulaan Ovoo commissioned for production. The company controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated) between 2 distinct deposits with power plant plans for its second deposit (Chandgana's) well under way. Additionally Prophecy Coal Corp holds the Okeover Copper project and the Titan, Vanadium Iron ore & Titanium projects in Canada.
Prophecy Resource announces new disovery zones at Lynn Lake nickel sulphide project in Manitoba
Prophecy Resource Corp (TSX-V:PCY)(OTCQX:PRPCF)(FSX:1P2) said Monday that recent expansion drilling on its Lynn Lake nickel sulphide project in Manitoba has defined new discovery zones.
Highlights from the program include hole PCY10-02, which returned 17.3 metres at 0.60% Ni and 0.30% Cu, including 8.0 m at 0.90% Ni and 0.60 % Cu.
The company said that holes PCY10-02, PCY10-03, and PCY10-05 were drilled on the same section to test a West induced polarization (IP) anomaly, which now represents a new zone called 'Tango'.
The zone of mineralization extends from 220 metres depth at the top of hole PCY-10-03 to a depth of 400 metres at the bottom of hole PCY-10-05, for a minimum total vertical extent of approximately 180 metres.
"The mineralized zone has an average thickness of 13.8 meters true-thickness; the best intersection being PCY10-02," the company said in a statement.
According to Prophecy, hole PCY10-04 tested an IP anomaly in another area on the property, located to the south of the 'B' open-pit. PCY10-04 intersected 14.7 metres at 0.40% Ni and 0.2% Cu, including 7.6 metres at 0.5% Ni and 0.20% Cu.
The company began a 3,00 metre drilling program in September to test the IP targets derived from its spring survey.
Prophecy said it intends to expand its drill program to test along the strike of the intercepts reported at Tango, as well as test three other significant targets from the survey, including the North Anomaly, Middle East Anomaly, and South Anomaly.
The Lynn Lake mine was operated by Sherritt-Gordon from 1953 to 1976 and ranked as the third largest nickel producer in North America, after the Sudbury and Thompson mining camps.
An Ni 43-101 compliant report estimated Lynn Lake to contain a Measured and Indicated resource of 22.9 million tons at 0.57% nickel and 0.3% copper, and an Inferred resource of 8.1 million tons at 0.51% nickel and 0.28% copper.
Prophecy develops energy, nickel and platinum group metals projects. The company controls over 1.4 billion tons of open-pitable thermal coal in Mongolia. In Canada, it owns the Wellgreen PGM Project in Yukon, Lynn Lake, and a 9.9% stake in Victory Nickel.
The company was up more than 7% on Monday, trading at $1.02 as of 2:52pm EST.
