Prophecy Resource Corp. has completed its initial public financing and commenced trading on the TSX Venture Exchange on February 14, 2007.
Prophecy is preparing for a spring drill program on the OK Copper Molybdenum property located 20 km of Powell River on the B.C. coast. The OK property encompasses 3,900 hectares (15 square miles) of mineral claims centered on the Bunster Hills, east of Okeover Inlet. These claims are held by Eastfield Resources with whom Prophecy has an option to earn a 60% interest.
According to a technical report dated October 5, 2006 entitled "Technical Report on the OK Copper Property", prepared by N.C. Carter, Ph.D. P.Eng. pursuant to the provisions of National Instrument 43-101, the OK Property includes a multiple phase granitic complex which hosts widespread copper and lesser molybdenum mineralization. Eight mineralized zones over a 5 kilometres distance have been partially defined by previous drilling programs and all zones remain open both laterally and to depth.
Dr. Carter estimated an Inferred Mineral Resource for the North Lake Zone of 86.8 million tonnes with average grades of 0.31% copper and 0.014% MoS2 at a copper cutoff grade of 0.20%. The zone remains open to depth, along trend to the south and along most sections to the east. Similar grades of copper and molybdenum have been identified within the other known zones and the property has the potential to host a significantly large resource of low grade copper and molybdenum.
The most recent exploration program at OK was completed by Prophecy in 2006. This work involved the extension of existing roads, the construction of several drill pads east of holes drilled in 2005 and the establishment of two new geochemistry survey grids, including the northwestern grid area, which was selected following a review of 2004 airborne geophysical data. A total of 499 soil samples were collected, resulting in the discovery of enhanced copper and molybdenum values throughout the Northwest grid area; no significant prior exploration and no drilling had previously been completed in this area.
| Planned Exploration Program for 2007 |
As recommended by Dr. Carter, Prophecy plans to undertake a first phase program in spring 2007 that will include additional drilling of the North Lake Zone to expand upon the currently identified mineral resources. This program will also include several 200 to 250 metre holes collared east and south of holes completed in 2005.
Additional surface work, including mapping and sampling, has also been recommended as part of first phase work. Specific known mineral zones, including the Breccia Zone in the south, warrant additional investigation and only a few of the anomalous features identified by the 2004 airborne geophysical survey have been followed up on to date.
Prophecy has budgeted $333,800 for Phase 1 exploration in June 2007, inclusive of drilling.
A proposed second phase of exploratory work will be contingent on the results of first phase work. It is envisioned that a second phase program would consist mainly of additional diamond drilling, directed either to the North Lake Zone or to one or more of the other known mineral zones.
Management
James Brown - President and Director
As the Chief Executive Officer and President of the Issuer, Mr. Brown is responsible for the overall operations of and new project generation for Prophecy. Mr. Brown has been active in financing and providing investor relations services to junior mineral exploration companies since 1995.
Stuart W. Rogers - Chief Financial Officer and Director
Mr. Rogers has been involved in the public venture capital markets since 1987. In November 1990, he founded West Oak Capital Group, Inc., a privately held investment banking firm specializing in the early stage finance of technology and resource projects through the junior capital markets in Canada and the United States, and has served as a director of client companies listed on the TSX Venture Exchange, Toronto Stock Exchange, Frankfurt Exchange, NASDAQ Small Cap Market and the NASD OTC Bulletin Board. Currently, Mr. Rogers serves as the President of MAX Resource Corp., Director and CFO of Mexivada Mining Corp., and as a Director of Alberta Star Development Corp., all of which are listed on the TSX Venture Exchange.
James (Bill) Morton - Director
Mr. Morton is responsible for supervision of all exploration activities of the Company and has been involved in mineral exploration and the public venture capital markets since 1987. Mr. Morton is the President of Eastfield Resources Ltd., Wildrose Resources Ltd. and Cariboo Rose Resources Ltd. He is currently a registered Geoscientist (P.Geo) with the Association of Engineers and Geoscientists of British Columbia and has been since 1991.
Donald Sharp - Director
Mr. Sharp has been involved in the financial management of mining and mineral exploration companies since 1972. Mr. Sharp is a Chartered Accountant and has been a member of the Institute of Chartered Accountants since 1976. He is currently a director and Chief Financial Officer of Eastfield Resources Ltd., Wildrose Resources Ltd. and Cariboo Rose Resources Ltd.