Vancouver, British Columbia--(Newsfile Corp. - August 13, 2019) - Prophecy Potash Corp. (CSE: NUGT) is one of the latest new listings on the Canadian Securities Exchange. Prophecy Potash is a Canadian based Mineral Exploration Company exploring for copper, cobalt, gold and platinum group elements.
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The company has an option with Eastfield Resources to acquire a 60% interest in the Indata Project, in which Eastfield owns 91.2% withy Imperial Metals Corporation owning the balance of 8.8%. The Indata Project, located in the Omineca Mining Division, is situated in north-central British Columbia, approximately 130 kilometres northwest of the community of Fort St. James and 230 kilometres northwest of the city of Prince George. The Indata Project consists of 16 mineral claims totalling 3,188 hectares and is situated in a complex geological setting adjacent to the Pinchi Fault, a major structure separating the Cache Creek and Quesnel Terranes.
Approximately $2,640,000 has been spent exploring the Indata property since 1984, with the most recent work
completed from 2007 - 2013. Exploration on the Indata Project has resulted in the discovery of a number of metallic mineral occurrences which can be divided into two main types: porphyry copper mineralization and quartz-carbonate polymetallic vein mineralization. In 1988, a previous operator reported an historical drill result of 4.0 meters of 46.2 grams per tonne gold and 2.0 grams per tonne silver.
In order to earn its 60%, the company must incur $2,000,000 in exploration expenditures, pay $250,000 in cash and issue a further $150,000 in shares over a 5-year term expiring on June 20, 2023
The company recently closed its IPO, raising gross proceeds of $550,000 from the issuance of 5.5 million shares priced at $0.10 per share. PI Financial acted as agent for the offering.
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