High-Grade Gold Discovery At Toogood Property

VANCOUVER - Prospector Metals Corp. reported on the Toogood property which encompasses 118km2 of mineral claims on New World Island, Newfoundland. The 2022 maiden drill program consisted of 26 HQ-size (63.5mm core diameter) diamond drillholes totaling 2,064.5 m to test the Quinlan (19 drillholes totaling 857.5 m), Titan (6 drillholes totaling 1,056 m) discoveries, and the Sherwood target (one drillhole; 151 m).

At the Quinlan Zone, drilling targeted a gold bearing felsic dyke located by surface sampling. 19 HQ-size drillholes totaling 857.5 m identified a 1.5-4.5 m wide altered felsic dyke hosted in shale 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. Visible gold in core was identified in 15 of the 19 drillholes. Drill assay results include 23.90 g/t Au over 3.65 m from 4.75m including 43.22 g/t Au over 1.95 m (22QL008), 18.27 g/t Au over 4.25 m from 41.25m including 70.31 g/t Au over 1.05 m (22QL017), and 9.40 g/t Au over 3.18 m from 9.4m including 22.76 g/t Au over 1.1 m 22QL010).

The Quinlan Zone dyke width over the 200 m of strike and 120 m down dip drilled to date varies from 1.5 m to 4.5 m in estimated true width and is open in all directions. The zone is hosted in a visually distinct felsic dyke which is typically fractured and heavily sericite altered. Gold appears associated with quartz carbonate veinlets within the felsic dyke, commonly with arsenopyrite and pyrite. Exploration potential at Toogood remains high as numerous outcrops of felsic dyke that visually resemble the Quinlan host rock have recently been uncovered across the Toogood property. Additional areas of anomalous rock and soil results also remain untested. A total of six HQ drillholes totaling 1,056 m were also drilled at the Titan prospect and key results include 2.26 g/t Au over 4.55 m from 101.25 m including 6.77 g/t Au over 1.30 m (22TN001), and 5.89 g/t Au over 0.45 m from 163.3 m (22TN003). Gold is hosted in complex quartz-ankerite vein sets within altered shale and greywacke, likely emplaced along west-northwest trending structures and visible gold was noted in 22TN003. Additional analysis of the structural components is ongoing to better isolate the gold bearing structures identified on surface where grab samples graded 291.47, 168.46, 181.97, 30.75, 29.85, 11.11 g/t Au and channel samples returned assays of 37.14 g/t Au over 0.8 m, 7.0 g/t Au over 0.6m, 5.89 g/t Au over 3.2 m, 4.33 g/t Au over 0.5 m, 5.03 g/t Au over 0.5 m and 7.25 g/t Au over 0.5 m.

One hole totaling 151 m was also drilled at the Sherwood prospect to test a large arsenic soil anomaly at surface located along the Virgin Arm Fault. The hole collared in shale and successfully encountered significant fault gouge textures and brecciation with variable amounts of felsic dyke/volcanics, greywacke fragment, quartz ± carbonate veining with trace amounts of pyrite and arsenopyrite. Significant assay results include 0.70 g/t Au over 2.4 m from 18 m including 0.89 g/t Au over 1.4 m. These initial results confirm the presence of gold within the Virgin Arm Fault system which can be traced for nearly 5 km across the Toogood Property and represents a promising target for future exploration.

Given the coarse nature of the gold at the Toogood project, all samples with coarse gold were submitted for metallic screen assays with the remainder submitted for 30g fire assay with AA finish. Metallic screen assaying process involves the use of the entire sample of material which is separated into fine and coarse splits. The final gold assay reported is a weighted average of the coarse and fine fractions. Gold assays using this method are typically more representative of the total gold endowment than conventional assays due to use of a larger sample size, assaying of more sample splits, and better representation of the coarse gold fraction as a proportion of the whole sample.

The variation of assay values and the coarse nature of the gold distribution at Quinlan as evidenced by the multiple occurrences of visible gold in the core, gold distribution appears variable. As such, the remaining ½ core witness samples for holes 22QL007-12 were submitted for metallic screen assay and the resulting two half core assays were averaged thereby increasing the volume of sample material tested to capture the most representative assay. The remaining witness sample assays for 22QL13-25 remain pending and will be reported when available.

Jo Price, P.Geo., M.Sc., MBA, VP Exploration, said, "The maiden drill program at Quinlan, Titan and Sherwood successfully intersected gold bearing altered and mineralized felsic dykes and quartz veins; an encouraging positive step forward for a project that has seen little systematic exploration in the past. The depth and strike extent of the mineralized felsic dyke at the Quinlan Zone shows remarkable continuity. We are eager to resume drilling to expand this exciting new discovery. Moreover, numerous outcrops of similar felsic dyke proximal to Quinlan have been identified that remain undrilled, and we are actively evaluating these new targets."