Prospector Commences Drilling at Toogood Project, Newfoundland
Prospector Commences Drilling at Toogood
Project, Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2022) -
Prospector Metals Corp.
(TSXV:
PPP
) (OTCQB:
ETHOD
) (FSE:
1ET
) ("
Prospector
" or the "
Company
") is pleased to announce that
diamond drilling has commenced at its Quinlan and Titan showings from the Company's Toogood
property which encompasses 118km
2
of mineral claims on New World Island, Newfoundland.
The 2022
maiden drill program has commenced and will include up to 2,600 meters of diamond drilling, of which
approximately 1,200 meters will be allocated towards the Quinlan discovery, 1,000 metres to the Titan
discovery and, and up to 400 meters will test exploration targets in the same vicinity.
Highlights
High Resolution IP surveying at both the Titan and Quinlan showings is ongoing and will inform
optimal drill positioning.
Subject to additional IP results, the current maiden drill program at Titan and Quinlan aims to test
the depth and strike extend of the known mineralisation and mineralised structures at surface.
At Titan, six high priority holes will be drilled perpendicular to the prevailing southwest trending
mineralised structures to a depth of up to 150m (Figure 1).
At Quinlan, six high priority holes will be drilled perpendicular to the prevailing west-northwest
trending mineralised structures to a depth of up to 100m (Figure 2).
An additional four drill holes are being planned to test regional gold in soil targets 70m southeast,
and 230m southwest of the Titan showing.
All samples will be analysed at Eastern Analytical laboratories in Springdale, NL. Assay are
anticipated for summer 2022.
Alex Heath, CEO of Prospector, stated:
"We are very excited to begin the maiden drill program at our
fully permitted Toogood Gold Project in Newfoundland.
In addition, we have launched plans to
advance exploration activities on our portfolio of projects in Quebec and Ontario.
Backed by a strong
technical team and track record of success, Prospector is well positioned for making a discovery in
2022."
Figure 1. Titan Showing Geology and Rock Grab Assays
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Figure 2. Quinlan Showing Geology and Rock Grab Assays
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Toogood Gold Property Geology Overview
Toogood Project lies at the northeast extent of the Exploits Subzone (Dunnage Zone) of Central
Newfoundland and is underlain mostly by the Ordovician Dunnage Melange and the Badger Belt.
The
Exploits Subzone area trends 200km northeast / southwest across the island of Newfoundland, and
hosts most of the significant gold deposits in the province including Marathon Gold's Valentine Project
which hosts 3.09 Moz. M&I at 1.75 g/t.
Gold mineralization on the Toogood Project is hosted by a suite of
Devonian felsic dykes which cross-cut the property, emplaced in the latter stages of a polyphase tectonic
history.
Gold mineralization is associated with arsenopyrite, pyrite, trace chalcopyrite, and fine-grained
native gold within pervasive sericite altered rocks, and concentrated along intersections between late-
stage conjugate brittle faults.
Stripping and detailed mapping, and subsequent channel sampling at both Titan and Quinlan identified
discrete mineralized structural corridors characterized by strong quartz vein and fracture densities, as
well as broad alteration haloes, that are important conduits for gold mineralization on the property,
essential for optimal drilling targeting
At the Titan showing, additional grab samples graded 291.47, 168.46, 181.97, 30.75, 29.85,
11.11 g/t Au (Figure 1 and 2). Gold is hosted in quartz-ankerite veins within altered shale and
greywacke, likely emplaced along west-northwest trending structures.
Stripping and detailed
geological mapping and sampling have identified a 40m by 10m wide mineralized zone at Titan,
open along strike and to depth. A total of 50 channel samples across five separate channels (total
27.94m) to test the continuity of mineralization within quartz-ankerite veins hosted in altered shale
and greywacke.
Channel samples returned assays of
37.14 g/t Au over 0.8m, 7.0 g/t Au over
0.6m, 5.89 g/t Au over 3.2m, 4.33 g/t Au over 0.5m, 5.03 g/t Au over 0.5m and 7.25 g/t Au
over 0.5m
(Figure 1).
At Quinlan, additional assays of 229.88, 43.07, 19.09, 13.1, 10.79, 5.60, and 4.12 g/t Au are
reported from grab samples of quartz vein material hosted in an altered felsic dike (Figure 2).
Due
to the coarse and irregular nature of the known surface gold mineralization to date, the surface
grab/select samples are not necessarily representative of mineralization hosted on the property. At
the Quinlan showing, stripping of the outcrop and subsequent geological mapping, and sampling
has identified a 200m by 15m wide mineralized zone, open to depth and concentrated in along
north-northeast trending structure.
A total of 59 channel samples across seven separate channels
(total 30.08m) have been collected to test the continuity of mineralization.
Channel samples
returned assays of
10.98 g/t Au over 3.45m, 7.64 g/t Au over 4.05m, 6.83 g/t Au over 1.79m,
1.84 g/t Au over 3.36m, 1.86 g/t Au over 1.5m, 0.76 g/t Au over 1.62m, and 1.58 g/t Au over
1.6m
(Figure 2).
Prospector acknowledges the financial support of the JEA Program, Department of Natural Resources,
Government of Newfoundland and Labrador.
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 Dustin Zinger at 604-653-9464 or by email at
.
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 to the COVID-19
pandemic and the risk 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.sedar.com
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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