Prospector Outlines 2023 Exploration Plans: Initial Drilling on Fully Funded Whitton Ni-Cu Project to Begin in April/May
Suite 1430 – 800 West Pender Street, Vancouver, BC V6C 2V6
Prospector Outlines 2023 Exploration Plans:
Initial Drilling on Fully Funded Whitton Ni-Cu Project to Begin in
April/May
Vancouver, BC – December 13, 2022, Prospector Metals Corp. (“Prospector” or the “Company”)
(TSXV: PPP; OTCQB: ETHOF; Frankfurt: 1ET) is pleased to provide an overview of the Company’s
2023 drill plans at its Whitton Ni-Cu Project (formerly known as Heaven Lake Project) , Savant Gold
Project in northwestern Ontario, and Toogood Gold Project in Newfoundland.
2023 Exploration Plan Highlights
• Whitton (Ni-Cu, Ontario, 100% owned): is located within 20 km of Impala’s operating Lac des
Iles platinum-palladium-nickel-copper mine, and yet the property has seen only sporadic
exploration. The presence of low-grade, yet significantly anomalous Ni-Cu-PGE values in rocks
with less than 5% total sulphide (disseminated) suggests that rocks with massive sulphide
concentrations should yield much higher metal values. Modeling of the VTEM survey conducted
in 2021 defined strong linear conductors, including the Whitton conductor which measures
3.5km in length. Subsequent 2021 prospecting and mapping succes sfully confirmed the
presence of sulphidic mafic-ultramafic intrusive rocks, locally anomalous in Ni, Cu , and Pd-Pt
(Figure 1). Following April/May 2023 ground truthing of drill targets, diamond drilling of up to
2,500m will target the newly identified, never previously drilled, shallow electromagnetic
conductors (EM) to test for Ni-Cu magmatic sulphides. A multi-year exploration permit was
issued at the beginning of April 2022.
• Savant (Au, Ontario, 70% earn-in): high grade gold mineralization at surface and in historical
diamond drilling occurs over a 10 x 10 km area on the Savant Project. In the 2022 field season
Prospector field crews successfully traced two significant, first-order deformation zones (“WDZ”
and “SSDZ”), key controls in gold mineralization on the property (Figure 2). New 2022 sampling
from previously unsampled outcrop returned assays up to 99.6 g/t Au and extended the known
gold mineralization for 1.3km along strike at WDZ and for 520m at SSDZ. The planned
exploration program at Savant is fully permitted and is anticipated to begin in May with property
wide prospecting and drill target definition, followed by drilling of high-priority targets
• Toogood (Au, Newfoundland, 100% owned/earn-in): The maiden drill program at the Quinlan
Zone in 2022 extended the known surface expression of the gold-mineralized felsic dyke to
200 m in strike length and 120 m downdip, with visible gold in core identified in 14 of the 19
drillholes (Figure 3). Drill assay results include 23.90 Au g/t over 3.65 m from 4.75m
(22QL008), 18.27 Au g/t over 4.25 m from 41.25m (22QL017), and 9.40 Au g/t over 3.18 m
from 9.4m (22QL010). Exploration potential at the fully permitted Toogood Project continues
to be high as numerous outcrops of felsic dykes that visually resemble the Quinlan host rock
have been uncovered across the Toogood property and remain untested (see Company
press release dated August 25, 2022). The new Vic occurrence returned assays of 67.23,
58.89, 20.87, and 3.26 g/t Au from quartz rubble/subcrop. In addition, prospecting confirmed
the presence of gold at the newly named Chimo where three new felsic dyke outcrop
occurrences were located and sampled, assaying 29.52, 5.91, 3.47 g/t Au. Additional
sampling at the Sherwood prospect covering 150m of strike length 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.
• Exploration in 2023 will commence in the spring with further prospecting at the Quinlan Zone
and additional drill target generation. A drill campaign is planned for the second half of 2023 ,
contingent on the results of this work
• Pipeline Projects (Au and Ni-Cu, Ontario and Quebec , 100% owned): Prospector continues
to add projects to the pipeline as opportunities arise. Projects will be systematically followed
up with prospecting and/or geophysics in addition to stakeholder consultation and permitting
activities.
Alex Heath, CFA., President and CEO stated: “We are very excited to begin the maiden drill campaign
at our fully funded Whitton Ni-Cu Project in Ontario. Our team has spent a significant portion of their
careers exploring for magmatic nickel sulfide deposits including extensive work as part of the core
exploration team at Western Mining. Based on the geology, mineralization including nickel -copper
sulfides, and geophysical survey work they are quite excited by the potential for success in the maiden
drill program at Whitton. We also look forward to advancing field work on high- grade gold targets at
both Savant in Ontario and Toogood in Newfoundland, with drilling plans on these projects to be
finalized as this work progresses in the early part of the 2023 season.”
2023 Whitton Drill Program Highlights:
• S ampling and mapping in 2021 and 2022 by Prospector confirmed the location of sulphidic
mafic-ultramafic intrusive rocks, locally anomalous in Ni, Cu, and Pd-Pt (Figure 1).
• Modeling of the VTEM survey conducted in 2021 suggests the presence of strong linear
conductive horizons associated with mafic to ultramafic intrusive rocks . In addition, VMS -
related massive sulphide and sulphidic iron formation correlate with EM conductors in
numerous other locations.
• Line cutting, Ground TEM (Whitton target, to detect massive to net-textured magmatic sulfides),
and Ground IP (Wagg target, to detect blebby to disseminated magmatic sulfide mineralization
associated with elevate PGE ) will be followed by drill testing in April/May 2023 (2,500m).
Additional mapping, geochemical fingerprinting, stripping and prospecting will be conducted
along strike at Roadcut and Broddy targets, as well as at any additional targets identified.
Figure 1. Whitton Project, Ontario
2023 Savant Lake Drill Program Highlights:
• High grade gold mineralization at surface and in historical diamond drilling occurs over a 10 x
10 km area and is summarized in the table below and in Figure 1:
Showing Lithology Best Historical
Surface Sample Assay
(g/t Au)
Best Historical
Drillhole Intercept
Horseshoe Iron Formation 138.87 Never drilled
Wiggle Creek Iron Formation 20.131,2 15.55 g/t Au over 0.4m1
Shoal Iron Formation 46.651,2 1.87 g/t Au over 0.6m1
One Pine Iron Formation 40.87 23.6 g/t Au over 0.5m1
Snowbird Iron Formation 38.8 Never drilled
L28 Iron Formation 32.35 Never drilled
Stillar Bay Sheared Iron Formation 4.011,2 3.26 g/t Au over 1.22m1
Big Sandy Sheared Volcanics 3.64 Never drilled
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.
• Geologic mapping and magnetic data suggest there are multiple untested favourable sites for
gold (fold hinges) in iron formation; believed to be important structural controls related to the
concentration of gold mineralization, as illustrated at the past producing Lupin and Homestake
mines.
• In the fall of 2020 Prospector conducted a high-resolution airborne magnetic survey to ai d in
mapping zones of folding and structure within the iron formation prospective for gold
mineralization. The product of this survey provided much greater detail than any previous
survey, greatly facilitating the targeting work.
• Prospector has successfully traced two structural corridors which are believed to represent key
structural controls in gold mineralization on the property (Figure 2):
o The Wiggle Deformation Zone extends for at least 10km and is characterized by strongly
sheared and altered iron formation and greywacke. The Wiggle Creek prospect
represents a strike length of 1.3km of known gold bearing structure which remains open
in all directions.
o The Snowbird-Shoal Deformation Zone is host to numerous gold occurrences including
the Snowbird and Horseshoe occurrences. Recent sampling in previously unsampled
areas around the Snowbird and Horseshoe prospects returned assays of 99.6, 60.0,
20.9, 13.25, 8.39, and 5.63 g/t Au, increasing the known mineralized strike length to
520m.
• Prospector plans to mobilize field crews in early May with the intention of ground truthing target
areas and conducting property-wide prospecting, followed by drilling in the fall.
• A multi-year exploration permit was issued at the beginning of April 2022. Community and
stakeholder consultations are ongoing.
• Fully permitted.
Figure 2. Savant Gold Project, Ontario
2023 Toogood Exploration Program Highlights:
• The maiden drill program at Quinlan in 2022 successfully intersected altered and mineralized
felsic dyke in all 19 holes. Visible gold was reported from 14 of the 19 holes. Gold is hosted in
an altered felsic dyke striking 020 and dipping at approximately 45 degrees to the southeast.
Drilling extends the known surface expression of the dyke to 200 m in strike length and 120 m
downdip. Mineralization remains open in all directions. Drill assay results include 23.90 Au g/t
over 3.65 m from 4.75m including 43.22 Au g/t over 1.95 m (22QL008), 18.27 Au g/t over 4.25
m from 41.25m including 70.31 Au g/t over 1.05 m (22QL017), and 9.40 Au g/t over 3.18 m
from 9.4m including 22.76 Au g/t over 1.1 m 22QL010) (see Company press release dated
August 22, 2022).
• Exploration potential at the fully permitted Toogood Project continues to be high as numerous
outcrops of felsic dykes that visually resemble the Quinlan host rock have been uncovered
across the Toogood property and remain untested (see Company press release dated August
25, 2022) . Prospecting and mapping across the Toogood property identified six new gold
occurrences including the Vic (67.23, 58.89, 20.87, and 3.26 g/t Au from quartz rubble/subcrop),
Chimo (where three new felsic dyke outcrop occurrences were located and sampled, assaying
29.52, 5.91, 3.47 g/t Au) and Sherwood occurrences (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).
• Prospector’s f ield crews will begin reconnaissance exploration program in April with mapping,
sampling, and prospecting. Newly defined gold anomalies will be followed up with localised
target driven soil sampling, as well as stripping and sampling where necessary (Figure 3).
• The goal of this work is to the discover new zones of near-s urface gold mineralization, further
evaluate these surface showings in terms of mineralization and structure and delineate
additional targets for drill testing.
• Prospector received a new Exploration Approval in August 2022 for drilling and trenching at the
Toogood property for the 2022-2023 seasons.
Figure 3. 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 / select samples and
not necessarily representative of mineralization hosted on the property.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo.,
M.Sc., 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.