Dr. Rob Carpenter reports

PROSPECTOR PROVIDES AN UPDATE ON ITS 2024 PLANS AT THE GOLD-SILVER-COPPER PROSPECTIVE ML PROJECT, YUKON

Prospector Metals Corp. has provided an update on the 2024 exploration plans for the ML project encompassing 4,757 hectares within the prolific Tombstone gold belt, located approximately 80 kilometres from Dawson City, Yukon, and 25 km northeast of the former Brewery Creek gold mine. The ML project geology is extensively metal endowed with numerous instances of high-grade gold, silver and copper in drill holes, trenches and surface rock samples (see the tables entitled "Significant historical intercepts" and "Summary of prospects").

Previous ML intercepts

Prospector's ML property has been periodically explored since at least the 1970s, and although it has not been explored systematically in the past, previous operators have collectively contributed to a critical mass of exploration data that Prospector has assembled, and will leverage to enhance existing prospects and vector toward new gold, silver and copper discoveries.

ML project 2024 exploration plan:

• Prospector plans a four-week-to-six-week field program starting in late Q2, which will encompass ground-truthing of known targets and prospective geology, and assessment of additional high-priority targets developed during the continuing evaluation of the digital datasets. This first-pass exploration program, with a budget of approximately $650,000, will include:
  • Digital recompilation, detailed review and validation of all historical exploration work;
  • Airborne lidar (light detection and ranging) survey;
  • High-resolution World View 3 remote sensing survey;
  • Rock/soil sampling, geological mapping and drone magnetics;
  • Detailed drill core review with relogging and additional sampling as needed.
• Compilation, digitization and comprehensive audit of the large historical database is continuing. The database consists of detailed, property-wide airborne-geophysics (including magnetics, radiometrics, DIGHEM EM (electromagnetic) and gravity) satellite imagery, geologic mapping, extensive rock and soil sampling, and diamond drilling (more than 16,700 metres over 117 holes).
• Initial review of the database suggests that the ML project hosts a robust intrusive-related gold system (IRGS) with characteristic reduced volatile-rich syenites, gold-bearing sheeted veins with local elevated Bi (bismuth), intense structural deformation, proximal skarns and zoned base metal-rich veins (Cu (copper), Ag (silver), W (tungsten) and Zn (zinc)).
• Initial analysis and inversion of the residual aeromagnetic and Falcon gravity gradiometric data, and comparison with mapped geology, suggests the presence of multiple plutonic centres ranging in size from 300 hectares to 800 ha and having a depth extent of 2.3 kilometres to 3.6 km. The presence of these intrusions at ML provides excellent targets for future exploration (see the table entitled "Significant historical intercepts").
• Prospector's work will provide a pipeline of targets with an emphasis on the numerous undrilled surface showings that include Java, where select mineralized samples reportedly assayed from trace to 14.8 grams per tonne (g/t) gold, while seven trenches that partially tested the zone along a 100 m strike length returned 10.46 g/t gold over 1.5 m and 3.09 g/t gold over 1.5 m.
• Critical minerals (Cu, Ag, W and Zn) at ML will continue to be valuable targets for exploration with multicommodity-bearing skarns at Skarn Ridge (0.51 per cent copper and 1.56 g/t gold over 28 m) and South Rubble Lake zones, replacement zones at North Vein, and massive sulphide lenses at Bindie Birdie.

Dr. Rob Carpenter, PGeo, chief executive officer of Prospector, stated: "The robust dataset already in place provides an excellent opportunity to hit the ground running at ML with multiple targets yet to be evaluated. We are excited by the prospectivity of the project and look forward to advancing key targets."

The drilling and trench results disclosed in this news release relate to historical results on the ML property. Prospector has not undertaken any independent investigation of the historic sampling, nor has it independently analyzed the results of the historical exploration work to verify the results. Prospector considers these historical drill and trench results relevant as the company is using these data as a guide to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.

ML project overview

Historical exploration of the ML project has outlined numerous areas of interest that are loosely defined by a combination of geographic location, host lithology, mineralization type, geochemical signature and/or geophysical response, including intrusion-hosted gold (plus copper) style, replacement-skarn style, and high-grade vein targets. In addition, there are multiple relatively unexplored mineral occurrences, many of which are high-grade gold targets. A total of 117 diamond drill holes have been drilled property wide, testing six property targets. From 2005 to 2008, Dynamite Resources drilled 114 of these holes, with 23 holes at the North Vein zone (a gold-enriched skarn-replacement target) and 71 holes at Skarn Ridge (a gold-copper skarn-replacement target).

The property hosts numerous other targets of interest which have a variety of intriguing characteristics, such as high-grade rock/soil samples, highly anomalous trench samples, unique geophysical signatures and large areas of alteration. Additionally, there remain large parts of the property that have received little or no exploration and evaluation. Several of the lesser-known mineralized areas have undergone only cursory assessment by previous operators, thus presenting very attractive targets. The property has an impressive technical database, which includes property-wide airborne geophysics, satellite imagery, extensive soil and rock sampling, prospecting, selective ground geophysics, and diamond drilling (more than 16,700 m over 117 holes). Most of this exploration took place from 2004 to 2008, a period when most drilling was focused on two specific skarn/replacement-type targets: Skarn Ridge (71 drill holes) and North Vein (23 drill holes).

Qualified person

The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, PGeo, adviser to Prospector, and a qualified person as defined under National Instrument 43-101.

About Prospector Metals Corp.

Prospector Metals, a member of Discovery Group, 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 Ontario, Canada -- a Tier 1 mining jurisdiction 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 stakeholders.

We seek Safe Harbor.