Dr. Rob Carpenter reports

PROSPECTOR PROVIDES UPDATE ON KEY ONTARIO NICKEL AND GOLD PROJECTS

Prospector Metals Corp. has provided an update for both the Devon nickel and Savant gold projects in Northwestern Ontario. While Prospector is primarily focused on the ML project in the Yukon, the Devon and Savant projects remain robust pipeline projects that add significant value and exposure to additional value streams.

The company's portfolio of nickel and gold projects in Ontario represent excellent discovery-stage project exposure with minimal carrying cost. The upcoming VTEM (versatile time domain electromagnetics) airborne survey at Devon is expected to refine near-surface Ni-Cu (nickel-copper) sulphide targets and results are expected in Q2 2024.

Devon nickel project highlights:

• The Devon project comprises 12,200 hectares acquired through staking, 50 kilometres southwest of Thunder Bay, Ont., and is road accessible.
• Geotech Airborne Geophysical Surveys has been contracted to perform at property-wide VTEM Plus survey covering approximately 1,446 line km over three blocks, at a line spacing of 150 metres. The survey is expected to start in April/May and will be flown from Thunder Bay, Ont.
• The VTEM Plus survey is excellent for locating discrete conductive anomalies, as well as mapping lateral and vertical variations in resistivity, both of which are critical in identifying covered sulphide-bearing targets at the Devon project.
• Recent fieldwork completed by Prospector returned samples with up to 1.125 per cent Cu, 0.53 per cent Ni, 3.54 grams per tonne (g/t) palladium plus platinum (Pd+Pt), and 0.123 per cent cobalt (Co).
• At the Copper Hill occurrence, angular boulders returned assays of up to 1.125 per cent Cu, 0.4 per cent Ni, and 2.35 g/t gold plus palladium plus platinum (Au+Pd+Pt), and 1.015 per cent Cu, 0.298 per cent Ni and 3.81 g/t Au+Pd+Pt. Over a dozen similarly mineralized angular blocks were noted within an area several hundred metres in extent, ranging from 15-centimetre (cm) cobbles up to several angular boulders greater than one m in diameter.
• Multiple occurrences along the Pigeon River dikes were identified in outcrop returned assays of up to 0.73 per cent Cu, 0.53 per cent Ni, 0.114 per cent Co and 0.22 g/t Au+Pd+Pt; 0.64 per cent Cu, 0.437 per cent Ni and 0.267 g/t Au+Pd+Pt; and 0.47 per cent Cu, 0.097 per cent Ni and 0.404 g/t Au+Pd+Pt.

Savant gold project highlights:

• Prospector has agreed to purchase 100 per cent of the Savant project from Capella Minerals (the optionee) for a one-time payment of:
  • Prospector to make a cash payment to Capella of $50,000 on closing;
  • Prospector to issue Capella one million common shares (with a standard regulatory hold period of four months) upon closing;
  • Capella to retain a 1-per-cent net smelter royalty (NSR) on any potential future production from the property (with 0.5 per cent being purchasable at any time for $1-million).
• The property acquisition agreement replaces the existing earn-in agreement in its entirety, and closing will be subject to TSX Venture Exchange (and other regulatory) approvals being obtained.
• The purchase of the Savant project allows greater exposure to an estimated 60 kilometres in strike length of prospective gold-bearing iron formation on the property.
• High-grade gold mineralization at surface and in historical diamond drilling occurs over an approximately 10 km by 10 km area, representing a district-scale opportunity in a region that has seen little systematic exploration and a robust project with excellent opportunity for value creation in a Tier 1 jurisdiction.

Devon nickel project overview

The Devon project comprises 12,200 hectares acquired through staking, 50 km southwest of Thunder Bay, Ont., and is road accessible:

• The Devon project lies on the Archean craton margin, covered by a sulphide-bearing sedimentary basin, a known ideal geotectonic setting for major magmatic sulphide deposits.
• The region is intruded by numerous mafic-ultramafic intrusives (Crystal Lake gabbro, and Pigeon River and Logan intrusives), mostly dike-form intrusions, which can contain disseminated to locally massive magmatic Ni-Cu sulphides with PGEs (platnium group elements). The dikes are emplaced along normal faults which provide ideal conduits for deep-seated fertile mafic magmas to rise quickly through the crust without losing their chalcophile elements or PGEs.
• Target deposits are analogous to Eagle & Eagle East, Michigan, United States, Tamarack, Minnesota, U.S., and Voisey's Bay Reed Brook zone, Newfoundland (massive to net-textured high-grade Ni-Cu-PGE deposits), or Current Lake, Ontario (PGE-dominant, heavily disseminated magmatic sulphides).
• Major Pigeon River dikes form part of an east-to-northeast-trending swarm that transect the property and are typically 50 m to 70 m in width, but are locally up to 150 m wide. The dikes locally bifurcate, as well as change orientation from dikes to sill-form intrusions. These geometric complexities favour accumulation of magmatic sulphides in various structural and intrusive traps.
• Historical occurrences associated with the dikes and mafic-ultramafic intrusions include 0.4 per cent Cu and 0.17 per cent Ni over 12.19 m in drill core collared near Crystal Lake, and numerous grab samples anomalous in Cu, Ni and PGEs (for example: 0.51 per cent Cu and 0.24 per cent Ni, 0.46 Cu per cent and 0.3 per cent Ni, and 2.3 per cent Cu, 1.2 per cent Ni, 0.05 per cent Co and 0.62 part per million (ppm) Pd).
• Significant portions of the area remain underexplored despite its favourable setting and ease of access. Most of the historic work in the west was focused on vein- and breccia-hosted silver mineralization.

Savant gold project overview

Prospector originally acquired a 70 per cent option on the 229-square-kilometre Savant project in Ontario from Capella Minerals in 2021. There is an estimated 60 km in strike length of prospective gold-bearing iron formation on the property. High-grade gold mineralization at surface and in historical diamond drilling occurs over an approximately 10 km by 10 km area, representing a district-scale opportunity in a region that has seen little systematic exploration. Geologic mapping and magnetic data suggest there are multiple untested gold-favourable sites (fold hinges) in iron formation -- important structural controls at the past-producing Lupin and Homestake mines:

• Prospector defined a second, previously unrecognized, structural corridor called the Snowbird-Shoal deformation zone which is host to numerous gold occurrences, including Snowbird and Horseshoe occurrences. New sampling in previously unsampled areas around the Snowbird and Horseshoe prospects assayed 99.6 g/t, 60 g/t, 20.9 g/t, 13.25 g/t, 8.39 g/t and 5.63 g/t Au increase the known mineralized strike length to 520 m (see press release dated Aug. 15, 2022).
• Prospector field crews previously successfully traced a significant, first-order deformation zone named the Wiggle deformation zone (WDZ), a key control in gold mineralization on the property. The zone extends for at least 10 km and is characterized by strongly sheared and altered iron formation and greywacke. The Wiggle Creek prospect represents a strike length of 1.3 km of known gold-bearing structure, which remains open in all directions. Assays from the Wiggle Creek prospect confirm the presence of a gold-bearing shear zone (6.72 g/t and 6.13 g/t gold) characterized by sheared and silicified iron formation and related metasediments, with abundant quartz veining, chloritization and sulphide mineralization. Rock grabs, 300 m and 800 m along strike, assayed 2.34 g/t, 56.2 g/t, 25.7 g/t and 4.3 g/t Au (see press release dated June 28 and Aug. 15, 2022).
• A multiyear exploration permit was issued at the beginning of April, 2022. Community and stakeholder consultations are continuing.

Qualified person

The technical content disclosed in this press release was reviewed and approved by Jo Price, PGeo, vice-presdidnet of exploration for Prospector Metals, and a qualified person as defined under National Instrument 43-101.

About Prospector Metals Corp.

Prospector Metals is a Discovery Group Company 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. Prospector establishes and maintains relationships with local and indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.

We seek Safe Harbor.