Prospector Acquires Leopard Lake Property in Northwestern Ontario

Vancouver, British Columbia–(Newsfile Corp. – May 25, 2022) – Prospector Metals Corp. PPP ETHOF 1ET(“Prospector“or the”Company“) is pleased to announce that it has acquired a 100% interest in the Leopard Lake property, 7,383 hectares on the boundary of the Wabigoon and Quetico sub-provinces, located 180 km northeast of Thunder Bay , Ontario and about 20 km east of the past-producing Northern Empire mine (150,000 oz Au; 20,000 oz Ag).

Highlights of the Leopard Lake project:

  • District scale – Property located on the largely unexplored crustal scale break between the Wabigoon and Quetico sub-provinces where historical production of over 4 million ounces. Au from a combination of quartz-carbonate and sulphide vein/shear systems replaced iron formation and includes porphyry-hosted vein mineralization (Figure 1).
  • Excellent access – The main provincial road is 2 km north of the claim block and an extensive network of roads and trails criss-cross the property. Recent logging activities have created new access to the claim block allowing initial prospecting to be completed at low cost in 2022.

Neglected – Highly underexplored crustal-scale break/subprovince boundary between the Wabigoon (metavolcanic dominated) and Quetico (metasedimentary dominated) subprovinces. The entire tenure is underlain by metasedimentary rocks of the Quetico Subprovince. No previous gold exploration is recorded in this rock package despite the proximity of the main structural zones. Exploration in the nearby Beardmore gold camp has focused entirely on metavolcanic belts and neglected adjacent metasedimentary rocks.

  • Proven regional staffing – About 20 km east of the former Northern Empire mine (150,000 oz Au; 20,000 oz Ag) and in the same stratigraphic belt of the BGB (Southern Volcanic Unit; SVU).

Said Dr. Rob Carpenter, P. Geo, Co-Chair of Prospector: “The Leopard Lake property offers a rare district-scale opportunity in the largely unexplored part of Ontario, with a crustal-scale failure that has hosted many robust gold deposits elsewhere. This opportunity is a great example of the P3 strategy to acquire district-wide exploration projects that have traditionally been overlooked by elders due to technology, dominant dogma or access.”

Figure 1. Leopard Lake project location and geological map

To see an improved version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1564/125309_5436ce9874ad8bac_002full.jpg

Leopard Lake Project Overview

The Leopard Lake project comprises 7,383 ha (73.83 km2) located 180 km northeast of Thunder Bay, Ontario and approximately 20 km east of the former Northern Empire mine (150,000 oz Au; 20,000 oz Ag) and represents a rare opportunity to acquire previously unexplored rocks in a well-known gold district.

The project spans a crustal scale break/subprovince boundary between the Wabigoon (predominantly metavolcanic rock) and Quetico (predominantly metasedimentary rock) subprovinces. Historic gold mines and current gold exploration camps are located throughout the Beardmore-Geraldton greenstone belt and adjacent Wabigoon subprovince in moderately dipping ductile to brittle-ductile shear zones. pronounced in many types of lithologies, with various metamorphic grades and styles of alteration. The shear zones extend generally east to west along the boundary of the Beardmore-Geraldton greenstone belt with the Wabigoon Subprovince to the north as well as along the boundary with the Wabigoon Subprovince. Quetico to the south. The Leopard project covers an under-explored portion of the crustal scale/subprovince boundary gold break where deformation and structures provide a favorable setting for gold mineralization.

Planned work program

After a numerical complication and an audit of the historical data available for the project, an initial prospecting program will place a strong emphasis on structurally controlled alteration zones. Localized ground physics of selected targets would likely follow if the targets warranted it.

Leopard Lake Acquisition Agreement

Prospector acquired a 100% interest in the Leopard Lake claim block from the sellers (John Robins, James Paterson, Daniel MacNeil, Alan Wainwright, Jeff Sundar, Ronnie Therriault, Jodie Gibson and Grant Lockhart) for 1,250,000 shares of prospector. There are no work commitments or royalties.

Qualified person

The technical content disclosed in this press release has been reviewed and approved by Jo Price, P.Geo., M.Sc., VP Exploration of Prospector, and a Qualified Person as defined by National Instrument NI 43-101 (“ NI 43-101″).

About Prospector Metals Corp.

Prospector Metals Corp. is a Discovery Group company with a business model focused on district scale, early exploration of gold and base metal prospects, and creation of shareholder value through new discoveries. The Company’s goal is to identify underexplored or overlooked mining districts that have significant structural and mineralogical similarities to well-resourced mining camps. The majority of the projects acquired by Prospector are located in Ontario, Canada, which is a Tier 1 mining jurisdiction with many neglected geological regions of high mineral potential. Prospector proactively engages with local and indigenous rights holders and seeks to develop mutually beneficial relationships and agreements for all stakeholders.

On behalf of the Board of Directors,
Prospector Metals Corp..

Alex Heath, CFA
President and CEO

For more information on Prospector Metals Corp. or this press release, please visit our website at prospectormetalscorp.com or contact Dustin Zinger at 604-653-9464 or by email at [email protected]

Prospector Metals Corp. is a proud member of the Discovery Group. For more information, please visit: discoverygroup.ca

Cautions Regarding Forward-Looking Statements:

This press release contains certain “forward-looking statements” within the meaning of Canadian securities laws, including, but not limited to, statements regarding the Company’s plans regarding the Company’s plans and the timing relating thereto, the merits of the Company’s projects, the Company’s objectives, plans and strategies, and other project opportunities. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are usually, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims” , “potential”, “goal”. ,” “goal”, “strategy”, “forward-looking” and similar expressions, or that events or conditions “will”, “would”, “could”, “may”, “might” or “should” occur, or are those statements which by their nature relate to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the management of the Company as of the date the statements are made. and involve a number of risks and uncertainties, and therefore there can be no assurance that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements. 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 beliefs, estimates or opinions management, or other factors, were to 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 encounters unforeseen geological factors or the possibility that the Company may not be able to obtain the permits and other authorizations from agencies or government, necessary to carry out the Company’s exploration plans, the 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 operates on its business that could interfere with the Company’s business and prospects. Readers are encouraged to consult the Company’s reports, which are publicly available through the Canadian Securities Administrators’ Electronic Document Retrieval System (SEDAR) at www.sedar.com for an more comprehensive analysis of these 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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