Prospector Drills New Pt-Pd Discovery at Roadcut, NW Ontario

• Hole# WL003 intersected 0.49 g/t Pt+Pd over 10.50m from 14m downhole, and 
• Hole# WL004 intersected 0.46 g/t Pt+Pd over 14.40m from 5.60m downhole

Vancouver, British Columbia--(Newsfile Corp. - May 18, 2023) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) ("Prospector" or the "Company") is pleased to announce diamond drill results from the Company's 100% owned district scale Whitton Ni-Cu-PGE Project covering 4,400 ha (44 km²) located 20 km north of Impala Canada's Lac des Iles platinum group elements ("PGE"), Ni-Cu Mine, Ontario. The 2023 maiden drill program consisted of four NQ-sized diamond drillholes totaling 826.40m to test the Roadcut Pt-Pd target and the Whitton Ni-Cu sulphide target.

Roadcut Discovery Drilling Highlights

• Two drill holes totaling 245.67m were completed at the Roadcut target, where sampling by Prospector in 2021 identified anomalous Pt and Pd surface / outcrop mineralization within a previously unrecognized and unmapped mafic intrusive complex, now known as the "Roadcut Complex."
• The two Roadcut holes were spaced approximately 100m apart, were completed to test the anomalous surface Pt and Pd results located on the northwestern margin of the Roadcut Complex. (Figure 1-3). Both drill holes returned significant intervals: 23WL003: 0.49 g/t Pt+Pd over 10.50m from 14m, and 23WL004: 0.46 g/t Pt+Pd over 14.40m from 5.60m (Table 1). Initial interpretations suggest the holes intersected a single, continuous zone associated with a non-magnetic gabbroic border phase of the Roadcut Complex. These are the first ever drill holes at Roadcut and mineralization is open along trend and at depth.
• Prospector currently has field crews mobilized back to the Roadcut area in order to expand the surface expression of the mineralized zone and define further drill targets. Crews are also conducting property-wide evaluations to possibly identify additional mafic complexes similar to Roadcut. The mineralised zone comprises fine- to locally medium-grained gabbro to melanogabbro containing pervasive trace to locally 0.5% extremely fine-grained (0.1 to 0.2 mm) "pin-point" sized disseminated sulphides, including pyrrhotite and subordinate chalcopyrite. Both intersections display relatively consistent grades for both Pd and Pt (see Table 1) and there are no significant spikes or "nuggety" assays. The highest Pd concentrations may correlate approximately with subtle slightly more foliated zones within the gabbro.
• The generally massive equigranular nature of the gabbro, commonly with unoriented tabular pyroxene crystals, makes it difficult to assess the true width of the mineralised zone at this time, but if the relatively uncommon feldspathic zones represent some sort of primary magmatic zoning or fabric, then since they most commonly cut across the core at nearly right angles, the mineralized zone may be dipping approximately 50 degrees west and may, speculatively based on this evidence, be close to true width.

Dr. Rob Carpenter, Co-Chairman of Prospector stated stated: "The maiden drill program at Roadcut successfully intersected a previously unknown and highly anomalous Pt+Pd bearing altered and mineralized gabbro; an encouraging positive step forward for a project that has seen little systematic exploration in the past. We are eager to resume prospecting to expand this exciting new discovery."

Figure 1. Drillhole location map

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Table 1. Summary of Roadcut diamond drill holes and significant composite drill assay results

* Pt and Pd assays are reported in length weighted values.
* True widths of the new exploration intercepts reported in this press release have yet to be determined but are estimated to be 70% to 90% of reported core lengths.
*All Coordinates are NAD83 Zone 16.

Figure 2. Plan map of Roadcut PGE Prospect

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Figure 3. Sections Cross Sections 23WL003 and 004

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Whitton Conductor Drilling Highlights

• At Whitton, two drill holes totalling 580.73m were completed to test the Whitton geophysical conductor (Figure 1). No significant metal values were intersected in these holes (Table 2).
• Additional analysis of the results will be ongoing to ensure the Whitton conductor was adequately tested.

Table 2. Summary of Whitton diamond drillholes

*All Coordinates are NAD83 Zone 16.

Whitton Project Geology Overview

Whitton Project (formerly known as Heaven Lake Project) is a 100% owned district scale Ni-Cu-PGE Project covering 4,400 ha (44 km2) located 20 km north of Impala Canada's Lac des Iles platinum group elements ("PGE"), Ni-Cu Mine, Ontario. The property covers the Heaven Lake Greenstone Belt, accessed via a main provincial highway and an extensive network of forestry roads that cut through the claim block. There has been no recorded staking activity since early 2000's with only sporadic work for Zn-Cu-Ag (1970's-1990's) and Ni-Cu-PGE (2000-2002), and no previously recorded gold exploration despite favorable geological setting and nearby mine complex.

Whitton represents a unique setting for VMS base metal, mafic magmatic Ni-Cu-PGE and lode gold within overlapping rock types and structural sites with multiple major zones along a NE trend, that are favorable trends for syn-volcanic VMS mineralization, MUM intrusions with Ni-Cu-(PGE) sulfides, and development of shear zones hosting lode gold deposits. All three of these possibilities are evident from the mapped geology and aeromagnetics. Robust geophysical targets from modelled 2021 VTEM conductors are ready to drill, for both MUM hosted Ni-Cu-PGE sulfides at the Whitton target and for syn-volcanic VMS deposits in the Syncline target in the southwestern portion of the claim block.

Whitton Ni-Cu-PGE Project Highlights

• Road accessible project located within 20 km of Impala's operating Lac des Iles platinum-palladium-nickel-copper mine.
• The presence of low-grade, yet significantly anomalous Ni-Cu-PGE values in rocks with less than 5% total sulphide (disseminated) suggests that rocks with massive sulphide concentrations could yield much higher metal values.
• Modeling of the VTEM survey conducted in 2021 defined strong, steeply dipping, linear conductors.
• Subsequent 2021 prospecting and mapping successfully confirmed the presence of sulphidic mafic-ultramafic intrusive rocks, locally anomalous in Ni, Cu, and Pt-Pd (Figure 1).
• A multi-year exploration permit was issued at the beginning of April 2022.

Sampling and QA/QC Discussion

The Company has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the National Instrument 43-101 and industry best practices.

Core samples were logged and processed by company geologists at the Bayside Geoscience Inc. facility in Thunder Bay. Ontario. All drilling recovered NQ core. Drill core was spit in half using a diamond saw. A geologist examined the drill core and marked out the intervals to be sampled and then drew a cutting line. Sample lengths were mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0 m) veins or other structures that may yield higher grades. Once all sample intervals had been chosen, photos of the wet and dry core were taken for future reference. Technicians saw the core along the defined cutline. One-half of the core is kept as a witness sample and the other half is submitted for crushing, pulverizing, and assaying. Individual sample bags are sealed and placed into shipping pails and/or nylon shipping bags, sealed and marked with the contents. Core sampling procedures were standardized and non-biased, with same side of the split core sent to the laboratory. Samples were placed in sealed, tagged bags and driven to the laboratory by company personnel.

All NQ split core assays reported were obtained by both 30g Ore grade Pt, Pd and Au by fire assay and ICP-AES, and 48 Multi-Element Ultra Trace method combining a four-acid digestion with ICP-MS instrumentation at ALS Global in Thunder Bay, Ontario. ALS is an ISO/IEC17025 accredited laboratory. Assays are uncut, and calculated intervals are reported over a minimum length of 0.25 meters using a lower cutoff of 0.2 Pt+Pd.

A rotation of certified standards, coarse and pulp blanks were inserted into the sample stream every 10 samples and after samples with high sulphide content. In addition, a duplicate sample (quarter core) was inserted every 20 samples. The company QA/QC, as well as the laboratory inserted standards, blanks, and duplicates were monitored closely upon receiving assay certificates from the laboratory. No issues with respect to the QA/QC of assays have been detected to date.

Qualified Person

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

About Prospector Metals Corp.

Prospector Metals Corp. is a Discovery Group Company with a business model focussed on district scale, early-stage exploration of gold and base metal prospects and create shareholder value through new discoveries. The Company's focus is to identify underexplored or overlooked mineral districts which display important structural and mineralogical similarities with well-endowed mining camps. The majority of the projects acquired by Prospector occur in Ontario, Canada, which is a tier-1 mining jurisdiction with abundant overlooked geological regions with high mineral potential. Prospector engages proactively with local and Indigenous rightsholders and seeks to develop relationships and agreements that are mutually beneficial to all stakeholders.

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

Alex Heath, CFA
President & CEO

For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Alex Heath at 604-354-2491 or by email at alexh@prospectormetalscorp.com.

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

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except 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 management's beliefs, estimates or opinions, or other factors, should 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 will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, 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 carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such 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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