Prospector Outlines 2022 Work Plan for Schefferville Gold Project, Quebec Initial Trenching of High-Grade Gold Targets Expected in June
Prospector Outlines 2022 Work Plan for
Schefferville Gold Project, Quebec
Initial Trenching of High-Grade Gold Targets Expected in June
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2022) -
Prospector Metals Corp.
(TSXV:
PPP
) (OTCQB:
ETHOF
) (FSE:
1ET
) ("
Prospector
" or the "
Company
") is pleased to provide an
update on exploration plans for 2022 on the Schefferville Gold Project, focused on high-grade iron-
formation hosted gold in the Archean Superior Province,
comprising
a total of 36,808 hectares (368.1
km
2
) centered 80 kilometers northwest of Schefferville, Quebec, west of the border with Labrador.
Schefferville Gold Project Highlights:
Project wide, approximately 53 gold occurrences grading from 1 g/t Au up to 171.5 g/t Au in
mineralized iron formations have been documented historically (Figure 1). Only six of these 53
prospect areas have been historically drill tested.
A total of 35 short holes on these six prospects
yielded results including 2.23 g/t Au over 19.55 m, 10.21 g/t over 2.03 m and 1.05 g/t Au over
12.55 m.
The 2022 exploration program is anticipated to occur in two phases. Phase 1 has a budget of $1M
and will encompass a detailed helicopter aeromagnetic survey over the central portion of the Sable
claim block, covering the key target areas, followed by detailed mapping, stripping, and sampling
with the goal of with the goal of vetting and prioritizing selected targets for potential Phase 2 drilling
in the fall of 2022.
Work will be supported by a field camp in June and July.
Stated Dr. Rob Carpenter, Co-Chairman of Prospector: "
The Schefferville Gold Project represents a
district scale opportunity to make a significant discovery in an area that has seen little systematic
exploration to date, and we are excited to move this project to the next stage of discovery."
Planned 2022 Exploration Program
The goal of the 2022 field program is to define drill targets at a number of the presently more advanced
targets in the central portion of the Sable claim block, as well as to advance newly discovered areas of
iron formations with anomalous gold encountered in other targets during the 2021 field programs through
more detailed prospecting, stripping, detailed mapping and detailed sampling including channel
sampling.
Initial magnetic susceptibility measurements on a suite of pulps from analyzed rock samples from
the 2021 field programs has indicated a good correlation of areas of magnetic iron formation with
elevated gold concentrations. Therefore, all witness rock samples and pulps from analyzed rock
samples collected during the 2021 field programs will be measured for magnetic susceptibility and
analyzed for major and trace elements by portable XRF. Results of these measurements and
analyses will provide a template for guiding more tightly focused rock sampling in the field in real
time during the planned June - July 2022 Summer field program, which will be critical given the vast
scale of the Project area.
A detailed helicopter aeromagnetic survey (25m line spacings and nominal 15m terrane clearance
height) is planned for Spring 2022 for the central portion of the Sable claim block, covering the
Arsene, Beluga, and Baleine targets at the western extent of the planned survey, the Wolf & South
Hills targets in the central portion, and the Rusty Aces, Rover Valley & Disco target areas at the
eastern extent of the planned survey. This survey will provide the degree of precision necessary to
better define the location and extent of iron formations for focusing stripping.
A field camp is planned for the Summer program in the central Sable Block area to facilitate:
Final detailed mapping at the Arsene Target in preparation for defining drilling targets for Fall
2022
Stripping, detailed geological mapping and rock grab and saw-cut channel sampling at the
Beluga, Baleine Rouge and Wolf targets to define drill targets for Fall 2022.
Detailed work at the South Hills, Rusty Acres, Rover Valley and Disco targets comprising
initial detailed follow-up of magnetic anomalies, stripping, detailed geological mapping of
iron formation and rock grab and channel sampling, with the goal of vetting and prioritizing
selected targets for Fall 2022 drilling.
Summer 2022 fieldwork is planned to begin in the first week of June and continue through late July.
Schefferville Gold Project Overview
The Schefferville Gold Project is centered on a structural corridor characterized by faulted and sheared
iron formation stratigraphy extending for approximately 60 km on the Sable block, and 10 km on the
Hamard block. The project was acquired through staking (see Company's news release dated August
20, 2020) and three subsequent acquisition transactions (see news releases dated September 4, 2020;
and October 15, 2020; and this release).
The Sable and Hamard claims cover extensive areas of the Lilois Complex, a 2.7-billion-year-old rock
unit characterized by the presence of numerous iron formations, many of which locally host gold
mineralization. Sable and Hamard occur within a 20 km wide (east-west) by 70 km long (north-south)
corridor along the Quebec - Labrador border.
In 1985, a Quebec Ministry field team discovered the Lac
du Canoe gold occurrence with sample results up to 18.9 g/t Au. Between 1986 and 1997, follow up
work by the Quebec Ministry and several companies resulted in the discovery of approximately 40 gold
occurrences grading from 1 g/t Au to up to 40 g/t Au in mineralized iron formations with 3-20% pyrrhotite
and up to 10% arsenopyrite. Subsequent drilling yielded intervals including 18.1 g/t Au over 0.7m, 5.83
g/t Au over 3.1m, and 1.05 g/t over 12.55m (Quebec Assessment Reports GM45903 & GM66613).
The primary exploration target is sulphidized iron formation, which occurs where the iron formations are
cut by late, steep fault and shear structures that were pathways for hydrothermal fluids during deformation
and metamorphism. This resulted in suphidization of the iron formations, with attendant gold and
arsenopyrite mineralization, along and adjacent to these structures. Additionally, significant
mineralization may extend into the bounding paragneisses, and also may be controlled by structures
adjacent to contacts of paragneiss and iron formation with various intrusive bodies.
Figure 1.
Prospects on the Sable Block; Magnetics and Geology within the Schefferville
Project
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1564/121104_0928652704ea6b6e_002full.jpg
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 /
select samples and not necessarily representative of mineralization hosted on the property.
QA/QC Procedures
All samples were sent to ALS Canada Ltd. (ALS) in Val d'Or, Qc for preparation and analysis. ALS
meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical
procedures. Samples were analyzed using ALS's Fire Assay and AAS, 30g method (Au-AA-25) and by
a 48-element four acid digest ICP-MS analysis (ME-ICP61). In addition to ALS Laboratory quality
assurance / quality control (QA/QC) protocols, Prospector implements an internal QA/QC program that
includes the insertion of sample blanks, duplicates and standards into the sample stream.
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 Réjean Girard, P. Geo., Project Lead at IOS Services
Géoscientifiques Inc., Qualified Persons as defined under National Instrument NI 43-101 ("NI 43-101").
Granting of Options
Prospector announces the grant of a total of 1,000,000 incentive stock options to directors, officers, and
consultants of the Company, subject to TSX Venture Exchange acceptance.
Each option is exercisable
to purchase one common share of the Company for five years at a price of C$0.62 per common share in
accordance with the terms of the Company's stock option plan.
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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