Prospector Metals Corp. (TSX-V: PPP) (OTCQB: PMCOF) (FSE: 1ET0) announced initial drill results for the 2025 diamond drill program on the ML Property. This release will discuss key results from the first two holes drilled at the Skarn Ridge target and the first 6 holes drilled at the Bueno target. Additionally, Prospector has discovered a new zone in the North Vein area characterized by the presence of numerous fine specks of visible gold (assays pending). This is the first documented occurrence of visible gold on the ML project.

Rob Carpenter, Ph.D., PGeo., President, CEO and Co-Chairman of Prospector, stated “Our geologists have successfully cracked the code at Skarn Ridge by fully appreciating the importance of north-south trending structural corridors. Drilling in a new orientation has resulted in recognition of several favorable trends that extend for more than 1.5 kilometres along strike. Initial assays confirm these corridors contain gold mineralization over significant widths. We are expecting additional assay results to be released in the coming weeks, including our new drill discovery with visible gold from the North Vein area.”

Key Point Summary

• Key results from the first two holes at Skarn Ridge include
  • Hole ML25-10: 2.11 g/t Au, 0.48% Cu, 8.56 g/t Ag over 45.65m (from 44m downhole), and
  • Hole ML25-11: 0.70 g/t Au, 0.52% Cu, 9.48 g/t Ag over 23.0m (from 31m downhole) as well as a second zone yielding 1.06 g/t Au, 0.68% Cu, 11.82 g/t Ag over 11m (from 96m downhole).
• Drilling along the southern extent of the Skarn Ridge-Bueno Trend (T4 area) successfully discovered a significant structurally controlled gold zone. The first hole, ML25-05 collared directly in mineralization and yielded 3.1 g/t Au over 6.9m (from start of bedrock). Follow up holes were drilled further back to get a full transect of this mineralized zone and intercepted wider mineralization along trend.
• A new gold zone has been discovered near the North Vein area. Drill hole ML25-31 encountered numerous fine specks of visible gold (VG) at approximately 105m downhole (Assays Pending).
• High gold values are directly associated with elevated bismuth (Bi) and tellurium (Te) and bismuth sulphide minerals are commonly observed in drill core. Copper also appears to also be an important component to the mineralizing system at ML.

Skarn Ridge

A total of 2,976.84m over 18 drill holes were completed on the Skarn Ridge target. To date, results have been received for two holes, ML25-010 and -011. Both holes were drilled from the same drill platform at a 300 azimuth and -45 and -55 dips, respectively, and were designed to test previously unrecognized north-northeast trending structural controls associated with historically reported gold-copper mineralization on the target.

ML25-010 returned 45.65m of 2.11 g/t Au, 0.48% Cu & 8.56 g/t Ag from 44 meters depth; including 10m of 4.37 g/t Au, 0.26% Cu & 6.14 g/t Ag from 51m depth; 1m of 18.5 g/t Au and 3.89 g/t Ag from 52m depth; and 17m of 2.64 g/t Au, 0.88% Cu & 15 g/t Ag from 71m depth.

ML25-011 returned two significant intercepts within a broader zone of alteration and sulfide mineralization. The upper zone returned 23m of 0.70 g/t Au, 0.52% Cu & 9.48 g/t Ag from 31m depth; including 4m of 1.85 g/t Au, 0.88% Cu and 17.75 g/t Ag from 40m depth. The lower zone returned 11m of 1.06 g/t Au, 0.68% Cu and 11.82 g/t Ag from 91m. The lower zone partially overlaps with a zone of significant copper mineralization which returned 13.9m of 0.94% Cu from 91m depth.

Mineralization in both holes occurs within a broad zone (up to 84m) of strongly calc-silicate altered calcareous siltstones and marls with disseminated and vein controlled pyrrhotite, chalcopyrite, and arsenopyrite. The most significant gold mineralization corresponds to cross-cutting structural zones associated with increased fracturing/veining and brecciation, multiple generations of arsenopyrite mineralization, and, locally, coarse Bi-Te minerals.

Figure 1: Plan map of 2025 drilling on Skarn Ridge

 Figure 2: Cross-section of ML25-010 & 011 Looking NE

 Figure 3: ML25-010 from 42.24 – 56.07m with gold and copper assays. Red arrows mark the beginning of the sampled interval.

Table 1: Skarn Ridge Assay Summary

Bueno

A total of 2,322.27m over 13 drill holes were completed on the Bueno target. To date results have been received for six holes, ML25-001 to -006. Gold mineralization was intercepted within all holes received to date and correspond to a series of NNE trending structural zones cutting calc-silicate to hornfels altered shale, sandstone, siltstone, and mafic sills/dikes with disseminated to vein controlled pyrrhotite, pyrite, chalcopyrite, arsenopyrite, and, locally, Bi-Te mineralization

The most significant mineralization was from hole ML25-005, located in the T4 area at the southern end of the Bueno target. The hole was drilled at an azimuth of 300 and dip of -50 and was targeting gold-copper mineralization reported within a historic trench. The hole collared in mineralization returning 6.9m of 3.07 g/t Au from 6.1m depth. Additional significant intercepts from the Bueno T4 area include 0.81m of 26.15 g/t Au from 60.30m depth in hole ML25-006.

Figure 4: Plan map of 2025 drilling on Bueno

Table 2: Bueno Assay Summary

Skarn Ridge – Bueno Trend Discussion

The assays received to date and visual observations from pending holes confirm that gold mineralization from Skarn Ridge to Bueno is hosted within a series of north-northeast trending, steeply dipping, structural zones and associated splays. These zones have now been traced over 1.5km along strike and have over 600m of vertical continuity. Previous interpretations of the targets had not accounted for these north-northeast trends, and consequently, historical drilling did not adequately test the structural controls on mineralization.

Within the structural corridors, gold mineralization is noted in every rock type on the Skarn Ridge-Bueno Trend and is best developed within strongly fractured/brecciated calc-silicate altered and/or iron rich units, and along lithologic contacts. The gold mineralization is, locally, coincident with significant copper mineralization, however, the gold and copper mineralizing events appear to be independent of each other. Gold is focused within structural corridors and is strongly associated with bismuth and tellurium mineralization, whereas copper is more broadly distributed and only occurs within strongly calc-silicate altered units.

North Vein

Drilling on the North Vein target intercepted a new zone of alteration and mineralization with multiple instances of visible gold (VG) from approximately 104 – 105m depth in hole ML25-031. This is the first occurrence of VG ever noted on the ML Property. The gold mineralization is associated with abundant coarse-grained Bi-Te minerals at the base of an up to 50m zone of strong sulfide mineralization with disseminated to massive arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-silicate to vuggy, silicified and clay altered rocks. The new zone occurs north of historic North Vein occurrence and would not have been tested by historic drilling. The historic North Vein occurrence was also intercepted from approximately 138 – 146m depth in ML25-031 and consisted of disseminated to semi-massive arsenopyrite-chalcopyrite mineralization within a silicified to calc-silicate altered quartz grit unit. Two holes were drilled on the target and assays are pending.

Figure 5: Visible gold and associated minerals from 104 – 105m in ML25-031

 Figure 6: Plan map of 2025 drilling on North Vein

  Figure 7: Cross-section of ML25-031 & -032 looking East

While visible gold observations are very encouraging and confirm the presence of gold mineralization, they are not intended to imply potential gold grades. Gold assays will be published after they are received from the lab for mineralized intervals in which visible gold particles were noted.

Rubble

One hole for 281.94m was drilled on the Rubble target and was targeting E-W and NNE trending, intrusion hosted, sheeted to stockwork quartz-tourmaline veins and quartz-tourmaline breccias within the Mike Lake stock. The holes intersected sheeted quartz-tourmaline veins and fractures (up to 5cm in width) associated with arsenopyrite-chalcopyrite and, locally, Bi-Te minerals and scheelite mineralization over the length of the hole. Vein densities generally averaged 1 – 2 veins per meter and did not return consistent intercepts over significant widths. However, multiple samples over the length of the hole return strongly anomalous gold (up to 2.83 g/t Au) and copper (up to 0.67% Cu) over samples ranging from 1 – 1.1m in width, and the gold mineralization also has a strong correlation with elevated Bi & Te.

While the results of the hole were not consistent, they are considered significant as they demonstrate the potential for intrusion hosted mineralization on the ML property. It should be noted that multiple intrusions are known over a 15km trend, and all have been historically under-explored.

Table 3: Rubble Assay Summary

Java

Two holes for 298.70m were drilled on the Java target (ML25-07 & -08) and were targeting the down dip extent of an east-west trending and south dipping structural corridor with strong hydrothermal alteration associated with Au, As, Bi, Cu, Sb, and Te mineralization and outcrop samples up to 16.08 Au g/t Au⁽¹⁾. The holes were drilled from the same drill pad at an azimuth of 325 and dips of -50 and -60, respectively. Both holes intercepted the target zone but only returned anomalous gold values up to 0.136 g/t Au.
(1) See the Companies News Release dated September 16, 2024

2025 ML Drill Program

The 2025 drill program on the ML Property has been completed and includes 39 holes over 6648.91 m, testing seven target areas (Table 4). The program was completed on budget, finishing 1648.91m higher then the originally planned 5,000 program. To date, assays have been received for 11 of the 39 holes and include initial results on the Skarn Ridge, Bueno, Rubble, and Java target areas. Analysis results for individual samples range from trace to 26.15 g/t Au, from trace to 32.9 g/t Ag, and from trace to 1.87% Cu. The reported intervals are drilled widths and there is not currently enough data to accurately determine true thickness.

Table 4: Summary of ML 2025 Drilling by Target Area

Table 5: Drillhole Locations for Results in this Release

 Figure 8: ML Property 2025 Drilling and Target Areas

Assay Methodology & QA/QC

The diamond drilling on the ML Property consisted of NTW size core and was cut in half on site using a diamond saw. One half of the core was submitted for analysis and the other half was held as retention in the original core box. The analytical work on the ML project was performed by AGAT Labs, an internationally recognized analytical services provider, located in Calgary, Alberta. All core samples were prepared using procedure 200-075 (Dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method 202-051 (30g fire assay with AAS finish) and 201-074 (multi-element analysis with aqua regia digest and ICP-OES/MS finish). Samples containing >10g/t Au were reanalysed using a 50g Fire Assay with a Gravimetric finish. Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn were reanalyzed using a 4-acid digest and ore grade ICP-OES analysis.

The reported work was completed using industry standard procedures, including a quality assurance/quality control program consisting of the insertion of certified standard, blanks and duplicates into the sample stream. The Qualified Person has reviewed the data and detected no QA/QC issues.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, P.Geo., Vice President Exploration of Prospector, and a Qualified Person as defined under National Instrument NI 43-101.

About Prospector Metals Corp.

Prospector Metals Corp. is a proud member of Discovery Group. The Company is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Yukon and Ontario, Canada – Historical mining jurisdictions with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and agreements that are mutually beneficial to all interested parties.