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Prospector Options Toogood Gold Project to Storm Exploration
Vancouver, British Columbia--(Newsfile Corp. - September 25, 2023) - Prospector Metals Corp. (T...
About this update from Prospector Metals Corp
[{"type":"text","content":"Prospector Options Toogood Gold Project to Storm ExplorationVancouver, British Columbia--(Newsfile Corp. - September 25, 2023) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) (\"Prospector\" or the \"Company\"), a Discovery Group Company focused on district scale, early-stage exploration of gold and base metal prospects, is pleased to announce that it has executed a property option agreement with Storm Exploration Inc. (\"STRM\") in which STRM may earn up to 100% in the Company's Toogood Gold Project in return for staged cash and share payments and by completing up to $3.5M of exploration expenditures over a three-year period. The claims cover an area of 11,825 ha (118km2) and a strike length of over 28km located on New World Island, approximately 65 km north of Gander, Newfoundland. STRM can earn an initial 55% interest in the Toogood Gold Project in Newfoundland in return for staged cash and share payments to Prospector and $1.5M of work commitments in the first 18 months, with a further $1.75M of work commitments within 36 months of signing, and an additional $250,000 should certain additional license be acquired, for a total of up to $3.5M over 36 months. STRM can earn a 100% interest by issuing 19.9% of its shares to Prospector (or $12M in shares, whichever is less). Toogood Gold Project OverviewToogood Project lies at the northeast extent of the Exploits Subzone (Dunnage Zone) of Central Newfoundland and is underlain mostly by the Ordovician Dunnage Melange and the Badger Belt. The Exploits Subzone trends 200km northeast / southwest across the island of Newfoundland, and hosts many of the significant gold deposits in the province, including Marathon Gold's Valentine Project which has an established resource of 2.7 Moz at 1.62 g/t Au (Reserve) and 3.96 Moz Au at 1.90 g/t (M+I). Gold mineralization on the Toogood Project is hosted by a suite of Devonian felsic dykes which cross-cut the property, emplaced in the latter stages of a polyphase tectonic history. Gold mineralization is associated with arsenopyrite, pyrite, trace chalcopyrite, and fine-grained native gold within pervasive sericite altered rocks, and concentrated along intersections between late-stage conjugate brittle faults.Terms of the Option Agreement STRM may earn up to a 100% interest in the Toogood Gold property, with two option milestones.Pu...