Prospector Drills New Pt-Pd Discovery at Roadcut, NW Ontario: Hole# WL003 intersected 0.49 g/t Pt+Pd over 10.50m from 14m downhole, and Hole# WL004 intersected 0.46 g/t Pt+Pd over 14.40m from 5.60m downhole
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Prospector Drills New Pt-Pd Discovery at Roadcut,
NW Ontario:
Hole# WL003 intersected 0.49 g/t Pt+Pd over 10.50m from 14m downhole, and
Hole# WL004 intersected 0.46 g/t Pt+Pd over 14.40m from 5.60m downhole
Vancouver, BC – May 18, 2023, Prospector Metals Corp. (“Prospector” or the “Company”) (TSXV:
PPP; OTCQB: PMCOF; Frankfurt: 1ET ) is pleased to announce diamond drill results from the
Company’s 100% owned district scale Whitton Ni -Cu-PGE Project covering 4,400 ha (44 km2) located
20 km north of Impala Canada’s Lac des Iles platinum group elements (“PGE”), Ni -Cu Mine, Ontario.
The 2023 maiden drill program consisted of four NQ-sized diamond drillholes totaling 826.40m to test
the Roadcut Pt-Pd target and the Whitton Ni-Cu sulphide target.
Roadcut Discovery Drilling Highlights
• Two drill holes totaling 245.67m were completed at the Roadcut target, where sampling by
Prospector in 2021 identified anomalous Pt and Pd surface / outcrop mineralization within a
previously unrecognized and unmapped mafic intrusive complex, now known as the “Roadcut
Complex”.
• The two Roadcut holes were spaced approximately 100m apart, were completed to test the
anomalous surface Pt and Pd results located on the northwestern margin of the Roadcut
Complex. (Figure 1-3). Both drill holes returned significant intervals: 23WL003: 0.49 g/t Pt+Pd
over 10.50m from 14m, and 23WL004: 0.46 g/t Pt+Pd over 14.40m from 5.60m (Table 1).
Initial interpretations suggest the holes intersected a single, continuous zone associated with a
non-magnetic gabbroic border phase of the Roadcut Complex. These are the first ever drill
holes at Roadcut and mineralization is open along trend and at depth.
• Prospector currently has field crews mobilized back to the Roadcut area in order to expand the
surface expression of the mineralized zone and define further drill targets. Crews are also
conducting property-wide evaluations to possibly identify additional mafic complexes similar to
Roadcut. The minerali sed zone comprises fine- to locally medium -grained gabbro to
melanogabbro containing pervasive trace to locally 0.5% extremely fine-grained (0.1 to 0.2 mm)
“pin-point” sized disseminated sulphides, including pyrrhotite and subordinate chalcopyrite.
Both intersections display relatively consistent grades for both Pd and Pt (see Table 1) and
there are no significant spikes or “nuggety” assays . T he highest Pd concentrations may
correlate approximately with subtle slightly more foliated zones within the gabbro.
• The generally massive equigranular nature of the gabbro, commonly with unoriented tabular
pyroxene crystals, makes it difficult to assess the true width of the mineralised zone at this time,
but if the relatively uncommon feldspathic zones represent some sort of primary magmatic
zoning or fabric, then since they most commonly cut across the core at nearly right angles, the
mineralized zone may be dipping approximately 50 degrees west and may, speculatively based
on this evidence, be close to true width.
Dr. Rob Carpenter, Co-Chairman of Prospector stated stated: “The maiden drill program at Roadcut
successfully intersected a previously unknown and highly anomalous Pt+Pd bearing altered and
mineralized gabbro; an encouraging positive step forward for a project that has seen little systematic
exploration in the past. We are eager to resume prospecting to expand this exciting new discovery”.
Figure 1. Drillhole location map
Table 1. Summary of Roadcut diamond drill holes and significant composite drill assay results
Hole ID Easting Northing Azimuth Dip From
(m)
To
(m)
Width
(m)
Pt
(ppm)
Pd
(ppm)
Pt+Pd
(ppm)
23WL003 322612 5472409 132.98 -48.32
14.00 24.50 10.50 0.26 0.23 0.49
inc. 14.00 15.00 1.00 0.1435 0.0930 0.2365
inc. 15.00 16.00 1.00 0.3150 0.2060 0.5210
inc. 16.00 17.00 1.00 0.2360 0.2740 0.5100
inc. 17.00 17.80 0.80 0.1608 0.2776 0.4384
inc. 17.80 18.70 0.90 0.2286 0.3762 0.6048
inc. 18.70 19.60 0.90 0.2790 0.3888 0.6678
inc. 19.60 20.60 1.00 0.2930 0.3270 0.6200
inc. 20.60 21.60 1.00 0.3010 0.2150 0.5160
inc. 21.60 22.50 0.90 0.2871 0.1314 0.4185
inc. 22.50 23.50 1.00 0.2940 0.1040 0.3980
inc. 23.50 24.50 1.00 0.1840 0.0550 0.2390
23WL004 322609 5472329 131.86 -50.23
5.60 20.00 14.40 0.23 0.23 0.46
inc. 5.60 6.50 0.90 0.2853 0.1764 0.4617
inc. 6.50 7.50 1.00 0.27 0.2500 0.5200
inc. 7.05 8.50 1.00 0.182 0.2690 0.4510
inc. 8.50 9.40 0.90 0.16245 0.2637 0.4262
inc. 9.40 9.90 0.50 0.1125 0.1960 0.3085
inc. 9.90 10.90 1.00 0.158 0.3170 0.4750
inc. 10.90 11.90 1.00 0.0769 0.1650 0.2419
inc. 11.90 12.90 1.00 0.269 0.3810 0.6500
inc. 12.90 13.95 1.05 0.2562 0.2772 0.5334
inc. 13.95 15.00 1.05 0.3213 0.2846 0.6059
inc. 15.00 16.00 1.00 0.264 0.1900 0.4540
inc. 16.00 17.00 1.00 0.271 0.1560 0.4270
inc. 17.00 18.00 1.00 0.232 0.1070 0.3390
inc. 18.00 19.00 1.00 0.281 0.1240 0.4050
inc. 19.00 20.00 1.00 0.207 0.0880 0.2950
* Pt and Pd assays are reported in length weighted values.
* True widths of the new exploration intercepts reported in this press release have yet to be determined but are estimated to be 70% to 90%
of reported core lengths.
*All Coordinates are NAD83 Zone 16
Figure 2. Plan map of Roadcut PGE Prospect
Figure 3. Sections Cross Sections 23WL003 and 004
Whitton Conductor Drilling Highlights
• At Whitton, two drill holes totalling 580.73m were completed to test the Whitton geophysical
conductor (Figure 1). No significant metal values were intersected in these holes (Table 2).
• A dditional analysis of the results will be ongoing to ensure the Whitton conductor was
adequately tested.
Table 2. Summary of Whitton diamond drillholes
Hole ID Grid Easting Northing Azimuth Dip From
(m)
To
(m) Pt (g/t) Pd
(g/t)
Pt+Pd
(g/t)
Width
(m)
23WL001 Whitton 318645 5469326 149.87 -43.89 No significant intervals
23WL002 Whitton 319781 5469664 139.99 -45.79 No significant intervals
*All Coordinates are NAD83 Zone 16
Whitton Project Geology Overview
Whitton Project (formerly known as Heaven Lake Project) is a 100% owned district scale Ni -Cu-PGE
Project covering 4,400 ha (44 km2) located 20 km north of Impala Canada’s Lac des Iles platinum
group elements (“PGE”), Ni-Cu Mine, Ontario. The property covers the Heaven Lake Greenstone Belt,
accessed via a main provincial highway and an extensive network of forestry roads that cut through
the claim block. There has been no recorded staking activity since early 2000’s with only sporadic
work for Zn- Cu-Ag (1970’s-1990’s) and Ni -Cu-PGE (2000-2002), and no previously recorded gold
exploration despite favorable geological setting and nearby mine complex.
Whitton represents a unique setting for VMS base metal, mafic magmatic Ni -Cu-PGE and lode gold
within overlapping rock types and structural sites with multiple major zones along a NE trend, that are
favorable trends for syn-volcanic VMS mineralization, MUM intrusions with Ni-Cu-(PGE) sulfides, and
development of shear zones hosting lode gold deposits. All three of these possibilities are evident from
the mapped geology and aeromagnetics. Robust geophysical targets from modelled 2021 VTEM
conductors are ready to drill, for both MUM hosted Ni -Cu-PGE sulfides at the Whitton target and for
syn-volcanic VMS deposits in the Syncline target in the southwestern portion of the claim block.
Whitton Ni-Cu-PGE Project Highlights
• R oad accessible project located within 20 km o f Impala’s operating Lac des Iles platinum -
palladium-nickel-copper mine.
• The presence of low -g rade, yet significantly anomalous Ni- Cu-PGE values in rocks with less
than 5% total sulphide (disseminated) suggests that rocks with massive sulphide
concentrations could yield much higher metal values.
• Modeling of the VTEM survey conducted in 2021 defined strong, steeply dipping, linear
conductors.
• Subsequent 2021 prospecting and mapping successfully confirmed the presence of sulphidic
mafic-ultramafic intrusive rocks, locally anomalous in Ni, Cu, and Pt-Pd (Figure 1).
• A multi-year exploration permit was issued at the beginning of April 2022.
Sampling and QA/QC Discussion
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure
sampling and analysis of all exploration work is conducted in accordance with the National Instrument
43-101 and industry best practices.
Core samples were logged and processed by company geologists at the Bayside Geoscience Inc.
facility in Thunder Bay. Ontario. All drilling recover ed NQ core. Drill core was spit in half using a
diamond saw. A geologist examined the drill core and mark ed out the intervals to be sampled and
then drew a cutting line. Sample lengths were mostly 1.0 meter and adjusted to respect lithological
and/or mineralogical contacts and isolate narrow (<1.0 m) veins or other structures that may yield
higher grades. Once all sample intervals had been chosen, photos of the wet and dry core were taken
for future reference. Technicians saw the core along the defined cutline. One- half of the core is kept
as a witness sample and the other half is submitted for crushing, pulverizing, and assaying. Individual
sample bags are sealed and placed into shipping pails and/or nylon shipping bags, sealed and marked
with the contents. Core sampling procedures were standardized and non -biased, with same side of
the split core sent to the laborator y. Samples were placed in sealed, tagged bags and driven to the
laboratory by company personnel.
All NQ split core assays reported were obtained by both 30g Ore grade Pt, Pd and Au by fire assay
and ICP-AES, and 48 Multi-Element Ultra Trace method combining a four-acid digestion with ICP-MS
instrumentation at ALS Global in Thunder Bay, Ontario. ALS is an ISO/IEC17025 accredited laboratory.
Assays are uncut, and calculated intervals are reported over a minimum length of 0.25 meters using a
lower cutoff of 0.2 Pt+Pd.
A rotation of certified standards, coarse and pulp blanks were inserted into the sample stream every
10 samples and after samples with high sulphide content . In addition, a duplicate sample (quarter
core) was inserted every 20 samples. The company QA /QC, as well as the laboratory inserted
standards, blanks, and duplicates were monitored closely upon receiving assay certificates from the
laboratory. No issues with respect to the QA/QC of assays have been detected to date.
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
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.