Prospector Drills 7.3 g/t Au, 22.26 g/t Ag, &
Prospector Drills 7.3 g/t Au, 22.26 g/t Ag, &
0.9% Cu over 5.15m Including 1.3m @ 25.6 g/t
Au from 101.30m Within an Envelope of 2.73
g/t Au, 6.92 g/t Ag, & 0.28% Cu over 18.06m
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) -
Prospector Metals Corp. (TSXV:
PPP) (OTCQB: PMCOF) (FSE: 1ET)
("
Prospector
" or the "
Company
") today announced that it is
pleased to provide a progress update on the ongoing Drill Program at its ML Project, Yukon.
Initial holes
have focused upon the newly identified TESS Zone, with highlight intervals from 2025 in diamond drill
holes ML31- 44m of 13.79 g/t Au, 1.89% Cu and 38.08 g/t Ag and ML32 - 14m of 7.29 g/t Au, 24.98 g/t
Ag 0.91% Cu. (See Prospector news release dated October 1
st
, 2025). The Company will be hosting a
live webinar to discuss the ongoing 2026 ML drill program
Wednesday, August 12
th
at 9:00am
Eastern Daylight Time (EDT)
. Login and viewing instructions as follow:
https://us05web.zoom.us/webinar/register/WN_bBePi92STPKOODXomRBaUQ
Prospector President, CEO and Co-Chairman Rob Carpenter Ph.D., PGeo. Commented: "Our drill
program at ML remains on schedule and on budget and we anticipate being able to complete an
additional 10,000m of drilling before the end of the season. Laboratory delays have hampered timely
release of our assay results; however, we have successfully traced the TESS gold zone over at least
200m along trend.
Moreover, our team have also defined the geometry of a high-grade plunging core
to the TESS system that remains open along trend and to depth. This high-grade core has been
identified on several drill sections and consists of coarse-grained bismuth sulphides and occasional
visible gold. Several other zones have also been drill tested across the ML Project and notable
highlights include identification of a new zone with visible gold at Skarn Ridge as well as recognition of
an array of mineralized sheeted fractures and veins with the Mike Lake stock."
Key Point Summary
A total of 68 drill holes for 13,074m have now been completed at ML in 2026, including 44 holes
from the newly discovered TESS Zone. Initial drilling at TESS in 2025 yielded a 44m core length
intercept grading 14.79 g/t Au. Current drilling is designed to extend this intercept along trend and
to depth.
Laboratory delays have resulted in slower than expected assays and results for only three of 44
holes from the TESS Zone are available for this news release. Other drill targets with pending
assays include NIT, Pebble, Skarn Ridge, and ML North targets.
TESS drill hole ML26-43 yielded 2.73 g/t Au over 18.06m (from 101m down hole) and included
high-grade intervals of 25.6 g/t Au over 1.30m and 19.50 g/t Au over 0.50m. Drill hole ML26-40
yielded 1.47 g/t Au over 26.60m (from 135.31m downhole).
High-grade gold mineralization in hole
43 is associated with coarse grained copper and bismuth-tellurium sulphides and occasional
grains of native gold.
Drilling in 2026 has successfully defined the TESS Zone over at least 200m along trend and to
150m depth. Mineralization is hosted in a tabular, northeast trending and steep south dipping
structural zone which appears to have a true thickness ranging from 15-25m.
The zone is open
along trend in both directions and to depth. Additional drilling at TESS is expected to be
completed this season once further assay data becomes available.
A new mineralized horizon has been intercepted at the Skarn Ridge Zone. Drilling targeting the
southern extension of Skarn Ridge mineralization defined during the 2025 program successfully
intersected Skarn Ridge alteration/mineralization and intersected a new mineralized horizon at
depth characterized by structurally controlled calc silicate alteration, arsenopyrite, chalcopyrite, and
bismuth-tellurium minerals. This zone was encountered beyond the extent of historical drilling and
is hosted within a rock unit previously interpreted to have low gold potential.
Drilling within the central Mike Lake Intrusive stock has successfully identified mineralized fractures
and veins which are typically associated with RIRGS and porphyry systems. This represents a
newly recognized style of mineralization on the ML project.
Hole ML26-094 intersected a 30m core
length zone characterized by closely spaced fractures and veins hosting arsenopyrite and
chalcopyrite. Fractures/vein density across the interval varies from 1-3 fractures per meter to >10
fractures per meter.
Ongoing prospecting and geological mapping have resulted in the collection of 383 rock samples
that are currently awaiting assay analysis. This work has resulted in the identification of several
mineralized outcrops at numerous targets including TESS and surrounding look-a-like targets. A
total of 4,274 soil samples have also been collected over priority areas that lack previous
sampling.
2026 ML Drill Program
A total of 68 holes for 13,074 meters has been drilled on the ML Project to date testing five target areas
including TESS-North Vein, Pebble, Nit, Skarn Ridge, and ML North targets. Drilling on going and an
additional 8 - 10,000m is planned on the TESS-North Vein, NIT, Rubble North, Vary, Skarn Ridge, and
Lorrie target areas. The results of sample analysis from the lab have been significantly delayed beyond
typical turnaround times due to extremely high sample volumes in the laboratory. To date results have
been received on the three holes on the TESS-North Vein target and are discussed below. Individual
results for samples range from trace to 25.6 g/t Au, to 75.90 g/t Ag, and to 2.87% Cu.
Figure 1: ML Property Target Areas and Drilling to Date
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_8a771e59543b2830_002full.jpg
TESS Drilling
A total of 8,150m of drilling over 44 holes have been completed on the TESS zone to date. This includes
drilling focused on systematic step-out drilling on the TESS-North Vein mineralized horizon and wider
step-out drilling to evaluate structural extensions to the NE and SW of the TESS mineralized zone. Assay
results have been received on 2 holes (ML26-040 - 041) and partial results on ML26-043. Estimated
true thickness of the reported intervals range from 60 - 70% of the drilled interval.
Figure 2: TESS-North Vein Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_8a771e59543b2830_003full.jpg
ML26-040
Hole ML26-040 intersected the TESS zone of alteration from 195 - 205m downhole but only had minor
sulfide mineralization and returned anomalous values for Au (up to .208 g/t) and Cu (up to 0.26%).
ML26-041
Hole ML26-041 intersected the TESS zone from 134 - 162m depth. The zone returned 26.60m of 1.47
g/t Au, 3.53 g/t Ag, & 0.18% Cu from 135.31m depth. Two additional zones of anomalous mineralization
were intersected below the TESS and include 1m of 2.30 g/t Au, 12.30 g/t Ag, & 0.56% Cu from
166.44m depth and 1.3m of 1.78 g/t Au, 44.10 g/t Ag, & 1.90% Cu from 181.82m depth.
Figure 3: Cross-Section Looking NE showing drill hole ML25-031 / 032 and ML26-040 / 041.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_prospectorfig3.jpg
ML26-043
Hole ML26-043 intersected the TESS zone from 101 - 119m and returned 7.30 g/t Au, 22.26 g/t Ag, &
0.89% Cu over 5.15m from 101.30m depth, including 25.6 g/t Au, 75.9 g/t Ag, & 2.88% Cu over 1.3m,
and 19.5 g/t Au over 0.5m from 109.59m depth. High-grade gold mineralization in hole 43 is associated
with quartz-carbonate veining and coarse-grained copper and bismuth sulphides and occasional grains
of native gold.
Figure 4: Cross-Section Looking NE showing drill holes ML26-042 - 044
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_prospectorfig4.jpg
Drilling in 2026 has successfully defined the TESS Zone over at least 200m along trend and to 150m
depth. Mineralization is hosted in a tabular, northeast trending and steep south dipping structural zone
which appears to have a true thickness ranging from 15-25m.
Mineralization on TESS is associated with
calc-silicate alteration and/or quartz-sericite-clay alteration of conglomerate, grits, and lamprophyre
dikes with disseminated to fracture-vein controlled sulfide mineralization consisting of pyrrhotite/pyrite,
arsenopyrite, chalcopyrite, bismuth-tellurium minerals, and, locally, visible gold. The alteration and
mineralization is focused along a northeast trending, steeply south dipping, structural corridor, with the
highest-grade mineralization occurring where the structural zone intersects favorable lithologic units,
forming plunging shoots. One of these favorable units is an east-southeast trending zone of calc-silicate
altered calcareous conglomerate historically known as the "North Vein." Where the North Vein lithology
is cut by TESS structures an early pyroxene dominated calc-silicate assemblage is overprinted by an
actinolite-quartz-carbonate alteration assemblage with quartz-carbonate veining; overprint and/or
remobilization of early sulfide minerals; and Bi-Te-Au mineralization.
The TESS Zone is open along
trend in both directions and to depth. Additional drilling at TESS is expected to be completed this
season once further assay data becomes available. Drilling is also being planned along the western
projection of the North Vein horizon where it is intersected by other NE trending structural zones based
on geological mapping and prospecting.
Table 1: Significant Drill Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_prospector1.jpg
Table 2: Drill Collar Information
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1564/309181_prospector2.jpg
TESS Look-a-Like Drilling
A total of 2453m over 11 holes have been drilled on targets with similar geologic and geochemical
characteristics as the TESS-North Vein area; specifically, the Pebble (8 holes) and Nit (3 holes) targets.
Drilling on these targets and others in the broader TESS - Java - Nit corridor is ongoing Assays are
pending and will be reported when available.
Skarn Ridge Drilling
A total of 1150.63m over 7 holes have been drilled on the Skarn Ridge target to date. The drilling
targeted the southern extension of a northeast trending mineralized structural zone defined on the
western side of Skarn Ridge during the 2025 program. The drilling successful intersected Skarn Ridge
alteration and mineralization and intersected a new mineralized horizon at depth characterized by
structurally controlled calc silicate alteration, arsenopyrite, chalcopyrite, and bismuth-tellurium minerals.
This zone was encountered beyond the extent of historical drilling and is hosted within a rock unit
previously interpreted to have low gold potential. Assays are pending and will be reported when
available.
ML North Drilling
A total of 1,320m over 6 holes have been drilled on the ML North target area to date. The holes were
completed on the northern margin of the Mike Lake intrusion and successfully identified mineralized
fractures and veins which are typically associated with RIRGS and porphyry systems. This represents a
newly recognized style of mineralization on the ML project.
Hole ML26-094 intersected a 30m core
length zone characterized by closely spaced fractures and veins hosting arsenopyrite and chalcopyrite.
Fractures/vein density across the interval varies from 1-3 fractures per meter to >10 fractures per meter.
Assays for the holes are pending and additional drilling on other target areas within the Mike Lake
intrusion are planned.
Other Exploration
Ongoing prospecting and geological mapping to date have resulted in the collection of 383 rock
samples that are currently awaiting assay analysis. This work has resulted in the identification of several
mineralized outcrops at numerous targets including TESS and surrounding look-a-like targets. A total of
4,274 soil samples has also been collected over priority areas that lack previous sampling. The results
of the rocks and soil samples are pending and will be released when available. In addition, a 145 sqkm
LiDAR survey and air photos have been completed on the southern portion of the ML Property staked in
2025.
Assay Methodology & QA/QC
The analytical work on the 2026 ML Project is being performed by Bureau Veritas ("BV") Labs, an
internationally recognized analytical services provider. All samples are submitted to BV's prep facility
located in Whitehorse, YT. Once prepared the samples are shipped to BV's Vancouver, BC facility for
analysis.
All rock samples are prepared using procedure PRP70-250 (Dry, crush to 70% passing 2mm,
riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method
FA430 (30g fire assay with AAS finish) and MA200 (multi-element analysis with 4-acid digest and ICP-
MS finish).
Samples containing >10g/t Au are reanalysed using a 50g Fire Assay with a Gravimetric
finish. Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn are reanalyzed using a 4-acid digest
and ore grade ICP-ES analysis. All soil samples are prepared using procedure SS80 (Dry and sieve to -
80 mesh) and analyzed by method AQ201 (15g multi-element analysis with aqua-regia digest and ICP
ES/MS finish).
The work is being completed using industry standard procedures, including a quality assurance/quality
control ("QA/QC") program consisting of the insertion of certified standards, blanks, and duplicates into
the sample stream.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jodie Gibson,
P.Geo., Vice President 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 proud member of Discovery Group and focuses on district scale, early-
stage exploration of gold and base metal prospects. The Company creates shareholder value through
new discoveries and identifies underexplored or overlooked mineral districts displaying important
structural and mineralogical occurrences similar to more established mining operations. Prospector is
currently concentrating its efforts on its ML Project in the Yukon where it has discovered a high-grade
gold-copper-silver zone (see news release dated October 1, 2025).
Prospector establishes and
maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and
agreements that are mutually beneficial to all interested parties.
On behalf of the Board of Directors,
Prospector Metals Corp
.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
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.
For further information about Prospector Metals Corp. or this news release, please visit our website at
prospectormetalscorp.com
or contact Prospector at 1-778-819-5520 or by email at
.
Prospector Metals Corp. is a proud member of Discovery Group
TM
. 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, the Company's plans with respect to the Company's
projects, including the ML Project, and the timing related thereto of the drill program, 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
risks associated with the Transaction, including the risk that all requisite regulatory and corporate
approvals may not be received,
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, 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.sedarplus.ca
for a more complete discussion of such risk factors and their
potential effects.