Prospector Options Toogood Property, NL
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
Prospector Options Toogood Property, NL
Vancouver, BC – September 20, 2024, Prospector Metals Corp. (“Prospector” or the “Company”)
(TSXV: PPP; OTCQB: PMCOF; Frankfurt: 1ET) is pleased to announce that it has entered an option
agreement (the “Option Agreement”) with 1484428 B.C. L td whereby 1484428 B.C. L td may earn
100% of the Company’s Toogood Project, located on New World Island, approximately 65 km north of
Gander, Newfoundland (the “Toogood Project”).
Pursuant to the terms of the Option Agreement, to acquire a 100% interest in the Toogood Project ,
1484428 B.C. Ltd is required to make aggregate cash payments of C$25,000, issue shares having an
aggregate value of $ 900,000, and incur an aggregate of C $6,000,000 in exploration expenditures
within 60 months.
In addition, 1484428 B.C. Ltd will assume responsibility for all underlying original vendor agreements,
including net smelter royalties and milestone payments payable on the Toogood Project. The Toogood
Project currently represents approximately 13% of the Company’s current mineral exploration assets.
Virgin Arm Agreement Amendment
In support of the Toogood transaction, the fully vested option and net smelter royalty agreement on the
Virgin Arm portion of the Toogood Property has been amended to : (i) reduce the aggregate land
covered by the Toogood Project from 12,024.6 ha to 11,649.6 ha; and (ii) include the issuance of
900,000 additional common shares of the Company at a deemed price of C $0.11 per share plus
additional common shares having an aggregate market value of C $60,000 of within 12 months, and
eliminate annual prepayments due on a 3% net smelter royalty in exchange for a single cash payment
of C$150,000, which becomes payable upon the production of technical report prepared in accordance
with NI 43-101 establishing current Measured Mineral Resources and Indicated Mineral Resources at
the Virgin Arm Property in excess, collectively, of 500,000 ounces Au. The amendments to the Virgin
Arm option and net smelter royalty agreement, and the issuance of common shares of the Company
thereunder remain subject to the approval of the TSX Venture Exchange. All common shares issuable
under the agreement will be subject to a hold period of four months from the date of issuance.
About Prospector Metals Corp.
Prospector Metals Corp. is a proud member of the Discovery Group. The Company is focused on
district scale, early -stage exploration of gold and base metal prospects. Creating shareholder value
through new discoveries, the Company identifies underexplored or overlooked mineral districts
displaying important structural and mineralogical occurrences similar to more established mining
operations. The majority of acquisition activity occurs in Yukon and Ontario, Canada – Tier-1 mining
jurisdictions with an abundance of overlooked geological regions possessing high mineral potential.
Prospector establishes and maintains relationships with local and Indigenous rightsholders and seeks
to develop partnerships and agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Prospector Metals Corp.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at
prospectormetalscorp.com or email [email protected].
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 th ereto, 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 age ncy or governmental clearances necessary to carry out the Company’s
exploration plans and risks 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 avail able through the Canadian Securities Administrators’
System for Electronic Document Analysis and Retrieval (SEDAR +) at www.sedar plus.ca 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.