Prospector Discovers Multiple New High-Grade Gold Occurrences at Toogood, Newfoundland: Grab Samples Yield up to 67.23 g/t Au at the newly Identified Vic prospect, 29.51 g/t Au at the Chimo prospect, and 15.29 g/t Au at Sherwood
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Prospector Discovers Multiple New High-Grade
Gold Occurrences at Toogood, Newfoundland:
Grab Samples Yield up to 67.23 g/t Au at the newly Identified Vic prospect, 29.51
g/t Au at the Chimo prospect, and 15.29 g/t Au at Sherwood
Vancouver, BC – Aug 25, 2022, Prospector Metals Corp. (“Prospector” or the “Company”) (TSXV:
PPP; OTCQB: ETHOF; Frankfurt: 1ET) is pleased to announce additional high-grade grab samples
and two new occurrences as part of the 2022 exploration program at the Toogood property which
encompasses 118km2 of mineral claims on New World Island, Newfoundland.
Highlights
• The new Vic occurrence has been identified though prospecting along the trend of the Virgin
Arm Fault/Dunnage Melange contact 1 km southwest of the Sherwood Zone. Prospecting
located quartz rubble/subcrop in dug pits that returned assays of 67.23, 58.89, 20.87, and 3.26
g/t Au (Figure 1 and 3).
• Follow-up prospecting has confirmed the presence of gold at the newly named Chimo prospect
located 350m SE of Sherwood where historical outcrop sampling of felsic dykes returned
assays including 127, 82.2, and 10 g/t Au. Three new felsic dyke outcrop occurrences were
located and sampled. Of the 28 new grab outcrop samples collected during the 2022 season,
significant assays included 29.52, 5.91, 3.47 g/t Au taken from the old pit and historical trench,
5.16 g/t Au east of the road, and 1.64 g/t Au west of the pond (Figure 1 and 3). Visible gold
was identified in both the 5.91 and 3.47 g/t Au samples (Figure 2). In addition, 14 of 28 returned
assays above 0.2 g/t Au. The felsic dykes located at the Chimo prospect exhibit similar
characteristics to the gold bearing Quinlan dyke and remain open in all directions.
• At Sherwoood, 28 outcrop/subcrop samples were collected during prospecting in the 2022
season and returned significant assays of 15.29, 13.34, 13.31,12.94, 6.34 g/t Au within quartz
vein material and felsic dykes likely associated with the Virgin Arm Fault system (Figure 1-3).
Visible gold was identified in samples 806670 and 802045 which assayed 15.29 g/t Au and
13.31g/t Au respectively. 9 of 28 returned results above 1 g/t Au, and 17 of 28 above 0.2 g/t Au.
These samples occur over ~150m of strike length and mirror the trend of the soil anomaly
identified in the area during the 2021 exploration program.
• The new occurrences confirm the presence of gold within the Virgin Arm Fault system which
can be traced for nearly 5km across the Toogood Property. In addition, the highly prospective
Dunnage Melange and its fault contact , which can be traced for 6.8km across the Toogood
Property, remains largely unexplored due to limited prior geological knowledge and mapping.
Both represent remarkable prospective targets that have seen very little exploration to date.
• Prospector received a new Exploration Approval in August for drilling and trenching at the
Toogood property for the 2022-2023 seasons.
Alex Heath, CFA., President and CEO stated: “These additional high-grade gold results from our
prospecting program continue to add significant discovery potential at Toogood. With large areas of
untouched ground, we are just getting started and are excited to continue exploring untested areas.”
Figure 1. 2022 High-grade gold samples from Toogood Gold Project, Newfoundland
1 Historical assay values have not been independently verified by 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 / selec t samples and not necessarily
representative of mineralization hosted on the property.
Figure 2. Sample 701798 from Chimo (5.91 g/t) and 802045 from Sherwood (13.31 g/t) with
visible gold.
Note that these photos are not intended to be representative of gold mineralization
Figure 3. 2022 High-grade gold samples from the Virgin Arm Fault Zone, Newfoundland
Toogood Gold Project
701798 802045
Sherwood Zone Geology
The Sherwood Zone was identified through prospecting (2.11 g/t float sample in the Virgin Arm Fault
vicinity). Subsequent follow- up soil sampling identified a large arsenic in soil anomaly. Subsequent
trenching, sampling and detail mapped identified complex structure, felsic dyke outcrops, strong
silicification and arsenopyrite mineralization with a broad zone NE trending zone associated with the
Virgin Arm Fault. Three areas were stripped at the Sherwood zone revealing a complex structural
geology with intense faulting striking at 20-30 degrees as well as later meter-scale, roughly E-W (80-
105 degrees) dextral offsets. Heavily sheared and locally strongly quartz veined felsic dykes were also
mapped in two of the three trenches in additional to presence of localized fault gouge Subsequent
drilling (22SH026 totaling 151 m) tested the soil anomaly and the felsic dyke occurrences in the vicinity
of the Virgin Arm Fault (Figure 1). The hole collared in shale and successfully encountered significant
fault gouge textures and brecciati on with variable amounts of felsic dyke/volcanics, greywacke
fragments, quartz ± carbonate veining with trace amounts of pyrite and arsenopyrite. Significant assay
results include 0.70 g/t over 2.4m from 18m including 0.89 g/t over 1.4m. These initial results confirm
the presence of gold within the Virgin Arm Fault system which can be traced for nearly 5km across the
Toogood Property and represents a promising target for future exploration.
Toogood Gold Property Geology Overview
The 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 appears constrained to discreet NNE and
ENE structures which host quartz veining of variable orientations within rheological and physio -
geochemically favourable host units. The intersections of these NNE and ENE structures appear to be
significant in focusing mineralizing fluids, and potential relationships can be observed at the Quinlan,
Titan and Sherwood zones. Auriferous quartz veins observed on the property to date are generally
mm-cm in scale, NW-NNW striking and moderately to steeply dipping.
Analytical Procedure
All 2022 samples assayed and pertaining to this press release were completed by Eastern Analytical
Limited (ISO 17025:2005) located at Springdale, Newfoundland by fire assay with an AA finish method.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo.,
M.Sc., MBA, 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
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
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