Prospector Provides an Update on its 2024 Plans at the Gold-Silver-Copper Prospective ML Project, Yukon

Rhea-AI Summary

Prospector Metals Corp. provides an update on the 2024 exploration plans for the ML Project in the Tombstone Gold Belt, Yukon Territory. The company aims to leverage historical data for new gold, silver, and copper discoveries, with a comprehensive exploration plan and a budget of $650,000.

Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") is pleased to provide an update on the 2024 exploration plans for the ML Project encompassing 4757 hectares within the prolific Tombstone Gold Belt, 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 (Tables 1 and 2).

Previous ML Intercepts

Prospector's ML Property has been periodically explored since at least the 1970s, and although it has not been explored systematically in the past, previous operators have collectively contributed to a critical mass of exploration data that Prospector has assembled and will leverage to enhance existing prospects and vector toward new gold, silver and copper discoveries.

Table 1. Significant Historical Intercepts

HOWING	DATE	COMPANY	TYPE	SIGNIFICANT INTERCEPT
Java Horizon			Trench	10.46 g/t Au over 1.5 meters
North Vein	2005	Dynamite	Drill Hole	7.67 g/t Au over 18.43 meters
Philp Showing	1973	Belmoral	Trench	0.40% Cu, 4.8 g/t Au over 1.37 meters
Skarn Ridge Zone	1998	Homestake	Trench	0.18% Cu, 14.51 g/t Au over 6.00 meters
Spartan Vein	1975	Canalta	Drill Hole	24.51 g/t Au over 1.28 meters

 

Note: The deposits and projects shown outside of the Prospector land position provide geologic context for the Prospector's Property, but this is not necessarily indicative that the Property hosts similar grades or tonnages of mineralization.

ML Project 2024 Exploration Plan:

• Prospector plans a 4-6 week field program starting in late Q2 which will encompass ground-truthing of known targets and prospective geology, and assessment of additional high-priority targets developed during the ongoing evaluation of the digital datasets.  This first pass exploration program with a budget of approximately $650,000 will include:

• Digital re-compilation, detailed review, and validation of all historical exploration work.
• Airborne LiDAR survey.
• High-resolution World View 3 remote sensing survey.
• Rock/soil sampling, geological mapping, and drone magnetics.
• Detailed drill core review with relogging and additional sampling as needed.

• Compilation, digitization and comprehensive audit of the large historical database is ongoing. The database consists of detailed, Property-wide airborne- geophysics (including magnetics, radiometrics, DIGHEM EM, and gravity) satellite imagery, geologic mapping, extensive rock and soil sampling, and diamond drilling (+16,700m over 117 holes).

• Initial review of the database suggests that the ML Project hosts a robust Intrusive Related Gold System (IRGS) with characteristic reduced volatile-rich syenites, gold bearing sheeted veins with local elevated Bi, intense structural deformation, proximal skarns and zoned base metal-rich veins (Cu, Ag, W, Zn).

• Initial analysis and inversion of the residual aeromagnetic and Falcon gravity gradiometric data, and comparison with mapped geology, suggests the presence of multiple plutonic centres ranging in size from 300 ha to 800 ha and having a depth extent of 2.3 km to 3.6 km. The presence of these intrusions at ML provides excellent targets for future exploration (Fig 1; Table 1.)

• 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.

• Critical minerals (Cu, Ag, W, Zn) at ML will continue to be valuable targets for exploration with multi-commodity bearing skarns at Skarn Ridge (0.51% copper and 1.56 g/t gold over 28 m) and South Rubble Lake Zones, replacement zones at North Vein, and massive sulphide lenses at Bindie Birdie.

Stated Dr. Rob Carpenter, P. Geo, CEO of Prospector: "The robust dataset already in place provides an excellent opportunity to hit the ground running at ML with multiple targets yet to be evaluated. We are excited by the prospectivity of the project and look forward to advancing key targets."

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/1564/200614_d7909eac4494a8ea_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.

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).

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 www.prospectormetalscorp.com or contact us by email at info@prospectormetalscorp.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, risks and uncertainties related 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.

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FAQ

What is the update provided by Prospector Metals Corp. regarding the ML Project?

Prospector Metals Corp. provides an update on the 2024 exploration plans for the ML Project in the Tombstone Gold Belt, Yukon Territory.

Where is the ML Project located?

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 is the budget allocated for the first pass exploration program?

The first pass exploration program has a budget of approximately $650,000.

Who is the Qualified Person overseeing the technical content of the press release?

The technical content disclosed in the press release was reviewed and approved by Jodie Gibson, P.Geo, Advisor to Prospector, and a Qualified Person under NI 43-101.

What are some of the key targets for exploration at the ML Project?

Key targets for exploration at the ML Project include Java, Skarn Ridge, North Vein, Bindie Birdie, and South Rubble Lake Zones.