Prospector Begins 2024 Field Program on Flagship ML Project, Yukon

Rhea-AI Summary

Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) has commenced its 2024 exploration program at the ML Project in Yukon Territory. The project, located 80 km from Dawson City, hosts a Tombstone-style intrusion with numerous high-grade gold, silver, and copper occurrences. The fully funded 4-week field program includes:

• Rock/soil sampling and geological mapping
• Airborne LiDAR survey
• High-resolution World View 3 remote sensing survey
• Detailed drill core review

With a budget of approximately $650,000, the program aims to develop a robust pipeline of drill targets for 2025. The ML Project has an extensive technical database and numerous unexplored high-grade gold targets, including the Java zone where samples reportedly assayed up to 14.8 g/t gold.

Positive

• Commencement of 2024 exploration program at ML Project
• Fully funded 4-week field program with $650,000 budget
• Numerous high-grade gold, silver, and copper occurrences
• Extensive technical database including 16,700m of drilling over 117 holes
• Multiple undrilled high-grade gold targets, including Java zone with samples up to 14.8 g/t gold

Negative

• No significant work completed on the project since 2008
• Modern Intrusion Related Gold (IRGS) exploration models have not been applied to ML

Vancouver, British Columbia--(Newsfile Corp. - July 16, 2024) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") is pleased to announce that the 2024 exploration program has commenced at the ML Project located approximately 80 km from Dawson City, Yukon Territory, and 25 km northeast of the former Brewery Creek Gold Mine. The ML Project geology is extensively metal endowed with numerous instances of high-grade gold, silver and copper in drill holes, trenches and surface rock samples.

ML IRGS System

ML hosts one of the few remaining Tombstone-style intrusions in the Yukon that has not been systematically explored with no significant work completed since 2008 and as such, no modern Intrusion Related Gold (IRGS) exploration models have been applied to ML despite the presence of a diagnostic Au-As-Bi-Te-W geochemical signature.

Previous exploration focused on well exposed Au-Cu-W skarn mineralization proximal to syenite intrusions, however little work was completed within the intrusions. Nonetheless, the presence of skarn Au-Cu mineralization provides key evidence of an active, metal-rich intrusive system with over over 24 known high grade Au surface occurrences that have never been drill tested and numerous high-grade Au drill and trench results remain open-ended.

Stated Dr. Rob Carpenter, P. Geo, CEO of Prospector: "We are excited to get our first look at these prospective rocks with multiple targets yet to be evaluated. We look forward to advancing key targets."

ML Project 2024 Exploration Plan

The fully funded 4-week field program encompasses ground-truthing of known targets and prospective geology, and assessment of additional high-priority targets developed during the evaluation of the digital datasets with the purpose of developing a robust pipeline of drill targets of 2025.

This first pass exploration program with a budget of approximately $650,000 will include:

• Rock/soil sampling, geological mapping
• Airborne LiDAR survey.
• High-resolution World View 3 remote sensing survey.
• Detailed drill core review with relogging and additional sampling as needed.

Prospector's work will provide a pipeline of targets with an emphasis on the numerous undrilled surface showings that include Java where select mineralized samples reportedly assayed from trace to 14.8 g/t gold while seven trenches that partially tested the zone along a 100 m strike length returned 10.46 g/t gold over 1.5m and 3.09 g/t gold over 1.5m.

ML Project Overview

Historical exploration of the ML Project has outlined numerous areas of interest that are loosely defined by a combination of geographic location, host lithology, mineralization type, geochemical signature and/or geophysical response (Figure 1), including intrusion hosted gold (+copper) style, replacement-skarn style, and high-grade vein targets. In addition, there are multiple relatively unexplored mineral occurrences, many of which are high grade gold targets. A total of 117 diamond drill holes have been drilled property wide, testing six property targets. From 2005 to 2008, Dynamite Resources drilled 114 of these holes, with 23 holes at the North Vein Zone (a gold enriched skarn-replacement target) and 71 holes at Skarn Ridge (a gold - copper skarn-replacement target).

The Property hosts numerous other targets of interest which have a variety of intriguing characteristics, such as high-grade rock-soil samples, highly anomalous trench samples, unique geophysical signatures, and large areas of alteration. Additionally, there remain large parts of the property that have received little or no exploration and evaluation. Several of the lesser-known mineralized areas have undergone only cursory assessment by previous operators, thus present very attractive targets.

The property has an impressive technical data base which includes property wide airborne geophysics, satellite imagery, extensive soil and rock sampling, prospecting, selective ground geophysics, and diamond drilling (+16,700m over 117 holes). Most of this exploration took place from 2004 to 2008, a period when most drilling was focussed on two specific skarn/replacement type targets: Skarn Ridge (71 drillholes) and North Vein (23 drillholes).

Figure 1. Main Prospects on Geology at the ML Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/216568_a7b3215c94b1994b_002full.jpg

Table 2. Summary of Prospects

Showing	Style	Easting	Northing	Comments
4160 Showing	?	357504	7124747	1991 Placer Dome sample from 0.25 m shear exceeding 6.00 g/t Au.
B Showing	S-R	358997	7127012	1990 Placer Dome - pod in argillite - 0.80% Cu, 153 g/t Ag over 0.80 m.
Bev Showing	?	360787	7130612	1991 chip sample - 5.31 g/t Au over 0.60 m; hornfelsed argillite.
Bindie Birdie Zone	V	357389	7125112	Some arsenic- rich specimens exceeding 6 g/t Au, drilled 2005 and 2007.
Bueno	S-R	358035	7128169	Massive arsenopyrite replacing 0.40 x 25 m CSL bed- 3770 ppm Bi.
Fishbowl cirque	?	358511	7131143	2005 Dynamite, float sample - 1.86 g/t Au, 2.26% Cu, 1.6% Zn, 350 ppm Ag.
GH Vein	V	359994	7129014	1973 Belmoral rock sample from 10 cm qtz vein - 10.60 g/t Au over 30 cm.
Homestake Showing	S-R	361086	7130295	Skarn float with 50 ppb Au, 2.94% Cu.
Java Horizon	S-R	361141	7132639	1.5-5m thick replacement mineralization; 10.46 g/t gold over 1.5 m in trench.
Lorrie Lake Cirque	V	357342	7126287	Weakly mineralized outcrop - 65 ppm Au, 52 ppm Ag, 1135 ppm Cu over 1 m.
Megaladon	V	358504	7130809	Multi-episode 40 cm wide calcite vein - up to 5.23% Zn, 2.76% Cu, 218 ppm Ag.
Mike Lake Cirque Zone	P	359938	7129675	2004 Dynamite composite rock sample - 0.38% Cu, 3.67 g/t Au.
Nit Float	?	361441	7132652	1998 Homestake grab sample mineralized breccia - 392 g/t Au.
North Mike Lake	?	359190	7131151	1998 Homestake rated highest ranked geophysical anomaly; drill attempt 2006.
North Vein	S-R	361186	7131494	2005 Dynamite drill intersection 7.67 g/t Au over 18.43 m; also drilled 2006.
Pebble Zone	S-R	361326	7132313	1998 Homestake Trench #1: 0.18% Cu, 14.51 g/t Au over 6 m; drilled 2005.
Philp Showing	V	358761	7129521	1973 Belmoral trench sample - 0.40% Cu, 4.8 g/t Au over 1.37 m in syenite.
Phone Zone	S	358998	7127670	Massive sulphides - select samples to 160 g/t Ag, 0.22% Cu, 117 ppb Au.
PX Showing	S-R	359505	7128191	Pyroxene-garnet skarn - 1.56% Cu, 220 ppb Au, 35 ppm Ag.
R.L. Showing	V	358406	7129223	1990, 1998 samples 4.98% Cu, 16.13 g/t Au in syenite.
Ridge Showing	?	358288	7130444	1990 Tombstone grab sample - 2.33 g/t Au ¹ disseminated Py +As in argillite.
RP Showing	?	357490	7127262	1990 Tombstone- massive po float, py, cpy, gal - 1.99 g/t Au, 0.25% Cu.
SE Zone	?	360606	7127848	1991 Placer Dome - bedded pyrite + qtz-po veinlets in argillite - 4.14 g/t Au
Skarn Ridge Zone	S-R	357598	7129112	1998 Homestake Trench # 1, 0.18% Cu, 14.51 g/t Au over 6 m, drilled 2005, 2007, and 2008.
Smith Showing	V	361390	7113818	2004 Dynamite grab rock sample - 0.75% Cu, 0.21 g/t Au, 0.86% W.
South Rubble Lake Zone	S-R	357981	7129399	1990 Tombstone rock samples ranging 0.24% - 6.98% Cu.
Spartan Vein	V	359979	7129859	1975 Canalta drill intersection 24.51 g/t Au over 1.28 m, also drilled 2005.
Stonehenge Moly	P	360915	7133586	Up to 945 ppm Mo, 1750 ppm Cu on fractures - syenite float

 

The drilling and trench results disclosed in this news release relate to historical results on the ML Property. Prospector has not undertaken any independent investigation of the historic sampling, nor has it independently analyzed the results of the historical exploration work to verify the results. Prospector considers these historical drill and trench results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, P.Geo. Advisor to Prospector, and a Qualified Person as defined under National Instrument NI 43-101 ("NI 43-101").

About Prospector Metals Corp.

Prospector Metals Corp. is a Discovery Group Company focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Ontario, Canada – a Tier-1 mining jurisdiction with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.

On behalf of the Board of Directors,
Prospector Metals Corp.

Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO

For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Dr. Rob Carpenter at 604-354-6415 or by email at Rob-carpenter@rogers.com.

Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances necessary to carry out the Company's exploration plans and risks of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216568

FAQ

What is the budget for Prospector Metals' 2024 exploration program at the ML Project?

The budget for Prospector Metals' (PMCOF) 2024 exploration program at the ML Project is approximately $650,000.

Where is the ML Project located and what is its proximity to other mining operations?

The ML Project is located approximately 80 km from Dawson City, Yukon Territory, and 25 km northeast of the former Brewery Creek Gold Mine.

What are the main components of Prospector Metals' 2024 exploration program at the ML Project?

The main components of Prospector Metals' (PMCOF) 2024 exploration program at the ML Project include rock/soil sampling, geological mapping, an airborne LiDAR survey, a high-resolution World View 3 remote sensing survey, and detailed drill core review.

What is the highest reported gold grade from historical sampling at the ML Project?

The highest reported gold grade from historical sampling at the ML Project is 14.8 g/t gold from select mineralized samples at the Java zone.