Prospector TESS Zone Hole ML26-46 Yields Multiple High-Grade Intervals Including: 14.7 g/t Au, 47.7 g/t Ag and 1.81% Cu over 2.1m (From 43.4m); 24.2 g/t Au, 31.6 g/t Ag and 1.62% Cu over 3.5m (From 67.6m); and 5.05 g/t Au, 29.2 g/t Ag and 1.16% Cu over 27.4m (From
Prospector TESS Zone Hole ML26-46 Yields
Multiple High-Grade Intervals Including: 14.7
g/t Au, 47.7 g/t Ag and 1.81% Cu over 2.1m
(From 43.4m); 24.2 g/t Au, 31.6 g/t Ag and
1.62% Cu over 3.5m (From 67.6m); and 5.05 g/t
Au, 29.2 g/t Ag and 1.16% Cu over 27.4m (From
127.4m)
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2026) -
Prospector Metals Corp.
(TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) ("
Prospector
" or the "
Company
") today provided
results from the ongoing drill program at its ML Project, Yukon.
A total of 88 holes have now been drilled
during the fully funded 2026 campaign and this release will discuss results from 8 newly released drill
holes, including 5 holes from the high-grade TESS Zone and 3 regional exploration drill holes.
Prospector has posted a pre-recorded webinar hosted by Dr. Rob Carpenter and Jodie Gibson where
they will discuss the results from todays release. Click on the following:
Cannot view this video?
Visit:
https://www.youtube.com/watch?v=DiQCJdkXiXM
Dr. Rob Carpenter, Ph.D., P.Geo., Co-Chairman, President and CEO of Prospector,
commented:
"Results to date suggest that high-grade mineralization at TESS consists of several near-
vertical, plunging zones contained within a wide structural / alteration corridor.
Taken collectively,
these results represent a rare opportunity of multiple high-grade intercepts plus copper and silver
zones all within a single drill hole and within 150m from surface. Moreover, our 'structure first'
exploration model is successfully locating prospective fault zones in all rock types across the ML
project
."
New TESS Drill Results
Hole ML26-46
yielded several zones including:
5.05 g/t Au, 29.25 g/t Ag and 1.16% Cu over 27.35m
(from 127.35m)
plus 24.17 g/t Au, 31.64 g/t Ag and 1.62% Cu over 3.5m
(from 67.6m)
and 14.72 g/t
Au, 47.72 g/t Ag and 1.81% Cu over 2.1m
(from 43.35m).
Hole ML26-51
yielded
6.44 g/t Au, 4.43 g/t Ag and 0.2% Cu over 21m
(from 73.7m downhole)
including
1.8m of 56.48 g/t Au
(from 73.7m) and
0.5m of 43.2 g/t Au
(from 91.25m).
Hole ML26-52
yielded
1.09 g/t Au, 23.06 g/t Ag, 0.47% Cu over 32.34m
(from 115m downhole). This
interval consists of an upper intercept of
1.48 g/t Au, 23.06 g/t Ag, and 0.42% Cu over 8.24m
(from
115.2m downhole) and a lower intercept of
1.52 g/t Au, 4.6 g/t Ag, and 0.2% Cu over 14.69m
(from
132.85m downhole).
Project Update / Summary
TESS Zone is comprised of hydrothermally altered and heavily fractured rocks traceable for at
least 350m along trend, varying in true width from 15-25m and extending to a vertical depth of at
least 175m. Within this envelope, an "hourglass" shaped high-grade plunging core has now been
assay confirmed in at least 1 hole on every drill section over 75m (section spacing of 25m). Assays
are pending for 49 additional holes over the entire 350m trend. TESS remains open in every
direction and to depth.
Reconnaissance or "fence" drilling across the TESS-Pebble-NIT corridor has been completed and
several high-priority targets have been successfully identified including a new drill discovery of 1.65
g/t Au over 2.58m from Hole ML26-45. This intercept is located 350m NW of the TESS Zone and
represents a new or blind fault zone comprised of clay and sulphide mineralization. Additional
"fence" drill results will be released upon assay completion.
Going forward, the Skarn Ridge Zone is now being renamed the "Phoenix Zone." Skarn Ridge is a
historical term that was applied prior to the recognition of primary structural control on gold
mineralization at ML and the term "skarn" is being replaced to avoid future confusion. Phoenix is
located ~4km from TESS and results from initial 2026 drilling are expected in the coming weeks.
The 2026 ML drill program is currently on schedule and on budget. A total of 18,805m have been
completed from 94 total holes. Three drills are now turning, and the current program is expected to
wrap-up in the next 1-2 weeks. Remaining drill objectives include deep drilling of 2 holes at TESS
(275-300m vertical below surface) as well as follow-up drilling at Phoenix (formerly Skarn Ridge)
and initial testing of newly generated geochemical and structural targets.
Plans for preliminary metallurgical work are currently underway. Initial cyanide bottle-roll leach tests
are expected to be completed on the TESS and Phoenix gold-copper zones. Samples will be
chosen once all 2026 drill assays are finalized and released.
Prospector has now completed the sale of its non-Yukon projects to Lightning Resource Corp.
Prospector currently has 169,022,174 total issued and outstanding shares and 2,418,420 warrants
plus 11,328,724 stock options and RSU/DSU's outstanding. The Cash position is projected to be
near $30,000,000 CAD hard dollars at year end 2026.
Additional exploration on the project in 2026 has included geologic mapping and prospecting (504
rock samples), soil sampling (4,274 samples), and a 145sqkm LiDAR survey on the southern
portion of the ML Project staked in 2025. To date results have been received on 2,373 of the soil
samples and include samples collected within the broader TESS – Java - Nit area, Rubble North,
Phoenix, Bueno, and Raptor target areas.
2026 ML Drill Program
A total of 94 holes for 18,805 meters has been drilled on the ML Project to date testing six target areas
including TESS, Pebble, Nit, Rubble North, Phoenix, and ML North targets. Drilling on going with
additional drilling planned on the TESS, Phoenix, Camp Valley, and Lorrie target areas. To date results
have been received on the 8 holes on the TESS target, including previously announced results from
holes ML25-040, 041, & 043 (see Prospector news release dated Aug. 11
th
, 2026). In addition, results
have been received from two holes drilled on a fence approximately 350m northwest of the TESS target.
Individual results for samples range from trace to 80.7 g/t Au, to 178.20 g/t Ag, and to 9.56% Cu.
Figure 1: ML Project Target Areas and Drilling to Date
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TESS Drilling
A total of 10,140m of drilling over 54 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 an additional 6 drill holes and are discussed below. Estimated true
thickness of the reported intervals range from 60 - 70% of the drilled interval.
Figure 2: TESS-North Vein Plan Map
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ML26-043 & -044
Drill holes ML26-043 & ML26-044 were drilled on the same section as 25m step-outs to mineralization
intersected in ML25-031 / 032. A third hole, ML26-042, was drilled from the same pad and its results are
currently pending.
Previously announced results ML26-043 included 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 (see news release dated Aug. 11
th
, 2026). Assays
for an additional zone of mineralization below the previously announced zone were received and
returned 1.07 g/t Au, 21.64 g/t Ag, & 1.02% Cu over 1.85m from 148.05m depth.
Hole ML26-044 was drilled below ML26-043 and intersected the TESS Zone from 164 – 174m and
returned results of 3.28 g/t Au over 1.15m from 168.39m depth.
Fig 3: Cross-Section Looking NE showing drill holes ML26-042 – 044
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ML26-046
Hole ML26-046 was drilled 26m to the northeast of ML25-031/032 and intersected a 110m zone of
strong quartz-sericite-clay alteration, localised calc-silicate alteration, and multiple zones of
disseminated to vein controlled, locally massive, pyrrhotite-pyrite, chalcopyrite, and arsenopyrite
mineralization with occasional grains of bismuth-tellurium minerals and specks of native gold. Six zones
of high-grade gold and/or copper-silver mineralization are noted within the 110m alteration envelope and
include:
14.72 g/t Au, 47.72 g/t Ag, & 1.81% Cu over 2.10m from 43.35m depth
24.17 g/t Au, 31.64 g/t Ag, & 1.62% Cu over 3.50m from 67.60m depth
1.15 g/t Au, 4.53 g/t Ag, & 0.24% Cu over 6.82m from 78.18m depth
5.05 g/t Au, 29.25 g/t Ag, & 1.16% Cu over 27.35m from 123.75m depth; incl.
22.32 g/t Au, 59.36 g/t Ag, & 2.40% Cu over 2.60m from 123.75m depth, and
0.68 g/t Au, 110.30 g/t Ag, & 4.12% Cu over 2.05m from 135.80m depth, and
13.74 g/t Au, 47.51 g/t Ag, & 1.94% Cu over 5.60m from 145.50m depth
Figure 4: Cross-Section Looking NE showing drill holes ML26-046
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ML26-050, -051, & -052
Holes ML26-050, -051, & -052 were drilled from the same pad approximately 56m southwest of ML25-
031/032.
ML26-050 intersected the TESS Corridor from 65 to 79m and returned 4.30 g/t Au & 0.14% Cu over
0.70m from 69.65m depth. The mineralization occurred within a broader envelope of alteration with
anomalous gold and copper values up to 0.118 g/t Au and 0.18% Cu.
ML26-051 intersected the TESS Corridor from 73.7 to 114.25 m and returned 6.44 g/t Au, 4.43 g/t Ag, &
0.20% Cu over 21m from 73.70m; including 56.48 g/t Au over 1.80m from 73.70m and 43.20 g/t Au over
0.50m from 91.25m.
ML26-052 intersected the TESS Corridor from 113 to 156 m and returned 1.09 g/t Au, 8.45 g/t Ag, &
0.41% Cu over 32.34m from 115.2m; including 3.38 g/t Au, 63.32 g/t Ag, & 3.32% Cu over 2.83m from
120.61m.
Figure 5: Cross-Section Looking NE showing drill holes ML26-050, -051, & -052
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Drilling in 2026 has successfully defined the TESS Zone over at least 350m along trend and to 175m
depth. Mineralization is hosted in a tabular, northeast trending and steep south dipping structural corridor
which appears to have a true thickness ranging from 15-25m. Within this envelope, an "hourglass"
shaped high-grade plunging core has now been assay confirmed in at least 1 hole on every drill section
over 75m (section spacing of 25m), and there are indications for multiple high-grade shoots.
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 corridor is open along trend in both directions
and to depth. Drilling has also been conducted 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.
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.
To date, results for two holes (ML26-045 & 047) drilled to the northwest of the TESS corridor.
ML26-045
Hole ML26-045 was drilled 350m northwest of the TESS corridor to test for additional mineralized
structural zones interpreted from a historic IP line in the TESS-North Vein area. The drilling intercepted a
strongly quartz-clay altered breccia zone with arsenopyrite-pyrite mineralization from 89 – 96m
downhole. Assay results for the zone returned 1.65 g/t Au over 2.58m from 89.72m and are associated
with the strongest sulfide mineralization within the broader breccia zone. This intercept represents a new
or blind fault zone comprised of clay and sulphide mineralization.
ML26-047
Hole ML26-047 was drilled on a fence 98m south of ML26-045. The hole intersected broad zones of
quartz-tourmaline-arsenopyrite veining but returned only anomalous results for gold (up to 0.104 g/t Au).
Table 1: Significant Drill Results Reported to Date
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Table 1: Drill Collar Information
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Other Exploration