Prospector Acquires Additional Ni-Cu-PGE Projects in Northwestern, Ontario: High Priority Mid-Continent Style Prospects Acquired by Staking
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Prospector Acquires Additional Ni-Cu-PGE Projects
in Northwestern, Ontario:
High Priority Mid-Continent Style Prospects Acquired by Staking
Vancouver, BC. January 19 , 2023: Prospector Metals Corp. (“Prospector” or the “ Company”)
(TSXV: PPP; OTCQB: PMCOF; Frankfurt: 1ET0) is pleased to announce that it has acquired a 100%
interest in the Devon and Garden Ni-Cu-PGE projects in Ontario through staking as part of a broader
Ni-Cu-PGE exploration strategy with a focus on high- grade, conduit-hosted deposits hosted within
under-explored large igneous provinces.
Highlights:
• The Devon Project and the Garden Project are located near Thunder Bay, Ontario, in close
proximity to some of Prospector’s other projects including the Whitton Ni-Cu project, where a
maiden drill program is being planned for the Spring 2023.
• These new staking acquisitions resulted from the Company's strategic focus on evaluating the
Ni-Cu-PGE potential in NW Ontario through re-evaluation of publicly available geologic and
geophysical data to define robust drill ready targets that have been overlooked (Figure 1).
• This region is host to several ages of world class deposits and districts including Lac des Iles,
Shebandowan, and Current Lake, as well as the high-grade Eagle / Eagle East and Tamarack
deposits in neighboring Michigan and Minnesota, respectively.
Stated Jo Price, P. Geo, VP Ex. of Prospector: “Both the Devon and Garden Projects offer excellent
discovery opportunities in areas that have seen little systematic historical exploration despite exhibiting
many of the geological traits , typical of major Ni-Cu-PGE deposits in Ontario. Very limited historic
sampling has returned significant grades of Ni, Cu, and PGE’s. Because these projects have been
acquired by staking the projects are owned 100%, are not subject to any royalties, and have no other
obligations such as earn-in requirements.”
Figure 1. Geological Provinces in Ontario with Locations of Garden and Devon Projects.
Devon Project Highlights:
The Devon Project comprises 12,200 hectares acquired through staking, 50km SW of Thunder Bay
Ontario, and is road accessible (Figure 2).
• The Devon Project lies on the Archean craton margin, covered by a sulfide-bearing sedimentary
basin, a known ideal geotectonic setting for major magmatic sulfide deposits.
• The region is intruded by numerous mafic-ultramafic intrusives (Crystal Lake Gabbro, Pigeon
River and Logan intrusives) , mostly dyke-form intrusions, which can contain disseminated to
locally massive magmatic Ni- Cu sulfides with PGE s. The dykes are emplaced along normal
faults which provide ideal conduits for deep seated fertile mafic magmas to rise quickly through
the crust without losing their chalcophile elements or PGEs.
• Target deposits are analogous to Eagle & Eagle East, MI, USA Tamarack, MN, USA, an d
Voisey’s Bay Reed Brook Zone, NL (massive to net textured high-grade Ni-Cu-PGE deposits)
or Current Lake, Ontario (PGE-dominant, heavily disseminated magmatic sulfides).
• Major Pigeon River dykes form part of an east- to northeast trending swarm that transect the
property and are typically 50 -70m in width but are locally up to 150 m wide. The dykes locally
bifurcate, as well as change orientation from dykes to sill -form intrusions. These geometric
complexities favor accumulation of magmatic sulfides in various structural and intrusive traps.
• Historical occurrences associated with the dykes and mafic-ultramafic intrusions include 0.4%
Cu, 0.17% Ni over 12.19m in drill core collared near Crystal Lake 1,2, and numerous grab
samples anomalous in Cu, Ni, and PGE’s (For example: 0.51 % Cu and 0.24% Ni, 0.46 Cu %
and 0.3% Ni and 2.3% Cu, 1.2% Ni, 0.05% Co, and 0.62 ppm Pd 1,2).
• Significant portions of the area remain underexplored despite its favourable setting and ease
of access. Most of the historic work in the west was focussed on vein and breccia hosted silver
mineralization
Figure 2. Geology of the Devon Project, Ontario
1 Historical assay values have not been independently verified b y the Company and a potential investor should not place
undue reliance on historical results when making an investment decision, nor should they be used as the sole criterion for
making investment decisions. There is no assurance that the Company can reproduce such results or that the historical
results described therein will be realized. 2 “Best surface samples” are grab / select samples and not necessarily
representative of mineralization hosted on the property.
Devon Project Overview
The region is on an Archean craton margin, covered by a sulfide-bearing sedimentary sequence, a
known ideal geotectonic setting for major magmatic sulfide deposits. The dykes are emplaced along
normal faults which provide ideal conduits for deep seated fertile mafic magmas to rise quickly through
the crust without losing their chalcophile elements or PGE ’s, thus facilitating the transport and
emplacement of these elements near surface in the earth’s crust. The region is intruded by numerous
olivine-tholeiite, mostly dyke- form intrusions, which can contain disseminated to locally massive
magmatic Ni- Cu sulfides with PGEs, as documented from numerous historical prospects and
occurrences. Additionally, there are numerous Ni-Cu-PGE occurrences outside of the project area, as
well as to the southwest in Minnesota, on the same dykes that strike into Prospector -held mineral
claims. Major Pigeon River dykes are typically 50-70 m in width but are locally up to 150 m wide. The
dykes locally bifurcate, as well as change orientation from dykes to sill-form intrusions.
Assimilation of pyritic shales from the lower portion of the host Rove Formation sedimentary sequence
is evidenced by abundant partially digested sulfidic sedimentary xenoliths, and confirms contamination
of the magmas with crustal sulfides, resulting in the formation of magmatic sulfides, with Ni likely being
sourced from the high-Mg olivine-rich magmas. The Pigeon River dykes are the older portion of a major
~1097 to 1092 Ma Mg-rich mafic intrusive pulse that occurred during development of the Mid-Continent
Rift System. The youngest member of this magmatic pulse, the Crystal Lake Gabbro, contains a
significant Ni-Cu-PGE resource (Figure 2), so it is possible that the older more voluminous and olivine-
rich portions of the intrusive pulse, the Pigeon River dykes, are even more favorable.
Significant portions of the area remain under -explored despite the favourable setting and ease of
access, particularly in the western portion of the newly staked area.
Garden Project Highlights:
The Garden Project comprises 1,341 hectares acquired through staking, 130 km north of Thunder Bay,
Ontario, with road and trail access (Figure 3).
• Three relatively undeformed mafic -ultramafic intrusions with well- preserved igneous textures
are mapped in the newly staked area around Garden. These are interpreted to be post -
greenstone belt late Archean in age based on geological relationships
• T he Garden west block hosts a 700 m E -W x 400 m N -S mafic-ultramafic intrusion, including
olivine-clinopyroxenite and medium to coarse grained hornblende gabbro phases along its
eastern contact. Northeast striking and apparent northwest dipping igneous laying has been
observed near the contact.
• The east block is dominated by olivine-gabbronorite in two intrusions, likely formed in a primitive
back-arc setting. The major element abundances of these rocks are comparable to gabbroic
rocks at the Lac des Iles mine.
• Both intrusions exhibit significant magnetic responses with coincident EM conductors in
historical geophysical surveys that have yet to adequately explored. The anomalies are mostly
strike limited, showing an EM signature on and at the edges of magnetic highs, further indicating
the potential for Ni-Cu (Co-PGE) mineralization.
Figure 3. Geological Map of the Garden Project, Ontario
Garden Project Overview
Three relatively undeformed MUM intrusions with well -preserved igneous textures, interpreted to be
post-greenstone belt late Archean in age based on geological relationships, occur in the two claim
blocks representing robust targets for mineralization.
The western claim block is dominated by an olivine-clinopyroxenite intrusion with possible affinities to
the Lac des Iles suite of rocks. The 700 m E -W x 400 m N -S intrusion exhibits a 2- lobed magnetic
response, with each lobe ~ 300 nT above local magnetic background and there is a trend of 2 -5
Siemens DIGHEM conductors along its northern margin, including one 5-10 Siemens conductor, which
have not been adequately explored. The intrusion contains medium to coarse grained hornblende
gabbro phases along its eastern contact and exhibits igneous layering near the contact striking
northeast with an apparent northwest dip.
The intrusion hosts disseminated fine grained blebs of pyrite and lesser pyrrhotite and disseminated
magnetite. Inco drilled a hole on a coincident magnetic high & EM conductor close to the olivine-
pyroxenite in 1966. This hole was 36.6 m long and intersected 1.2 m of amphibolite with magnetite
followed by a series of graphitic metavolcanic rocks with 2 to 10% sulphide. No assays were reported.
Historical geochemical anomalies near the olivine- pyroxenite include up to 0.84-1.58 ppb Ni in lake
water samples, and 88.1-121.0 ppm Cu, 30.9-39.0 ppm Ni in lake sediments.
The eastern claim block is dominated by olivine- gabbronorite, likely formed in a primitive back -arc
setting. The major element abundances of these rocks are comparable to gabbroic rocks of the Lac
des Iles suite. The larger olivine- gabbronorite intrusion (2.5 km E -W x 1 km N -S) exhibits a 400 nT
magnetic response associated with its western end. A 2 km long trend of 1- 5 Siemens conductors,
including one 5-10 Siemens conductor, extends along northwestern margin of the magnetic anomaly.
Additionally, there are 4 DIGHEM conductors (1- 5 Siemens) in northeastern portion. The smaller
olivine-gabbronorite intrusion (1.5 km E-W x 0.8 km N-S) exhibits a 200 nT magnetic response on its
eastern end. A sample taken in 2001 yielded 158.2 ppb Pt & 192.8 ppb Pd from a meso- or leuco-
gabbro.
The intrusions contain highly variable amounts of sulphides either as disseminated grains or within
shears. East of the Mooseland River, the intrusion contains disseminated, fine to medium grained
pyrrhotite and pyrite constituting less than 1% of the rock . West of the river, fine to medium grained
sheared gabbro zones up to 1 m wide, oriented approximately north-south or east west, contain 3% to
5% fine grained pyrite with minor pyrrhotite. Samples of the shear, massive gabbro, and layered gabbro
were analysed for PGE, with best values of 36 ppb Pt, 24 ppb Pd.
Planned Work Programs
Following a thorough digital compilation and audit of the available historical data for the project s
including 3D magnetic inversion modelling of existing magnetic data, further geophysical surveys may
be flown, followed by prospecting programs to target and ground truth mineralization with an emphasis
on potential structural controls. Localized ground geophysics of select ed targets would likely follow
should this be warranted to define highly conductive buried targets in potential feeder systems.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo.,
M.Sc., VP Exploration of 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 with a business model focussed on district
scale, early-stage exploration of gold and base metal prospects and create shareholder value through
new discoveries. The Company’s focus is to identify underexplored or overlooked mineral districts
which display important structural and mineralogical similarities with well-endowed mining camps. The
majority of the projects acquired by Prospector occur in Ontario, Canada, which is a tier -1 mining
jurisdiction with abundant overlooked geological regions with high mineral potential. Prospector
engages proactively with local and Indigenous rightsholders and seeks to develop relationships and
agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Prospector Metals Corp.
Alex Heath, CFA
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at
prospectormetalscorp.com or contact Alex Heath at 604- 354-2491 or by email at
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit:
discoverygroup.ca
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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
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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
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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 to the COVID-19 pandemic and the risk of political uncertainties
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