Prospector Metals Corp. Drills High-Grade Gold Discovery at Toogood, Newfoundland

Quinlan Zone Drill Highlights

• At the Quinlan Zone, drilling targeted a gold bearing felsic dyke located by surface sampling (see press release dated March 1, 2022). 19 HQ-size drillholes totaling 857.5 m identified a 1.5-4.5 m wide altered felsic dyke hosted in shale striking 020 and dipping at approximately 45 degrees to the southeast. Drilling extends the known surface expression of the dyke to 200 m in strike length and 120 m downdip. Mineralization remains open in all directions. Visible gold in core was identified in 15 of the 19 drillholes (Table 1).

• Drill assay results include 23.90 g/t Au over 3.65 m from 4.75m including 43.22 g/t Au over 1.95 m (22QL008), 18.27 g/t Au over 4.25 m from 41.25m including 70.31 g/t Au over 1.05 m (22QL017), and 9.40 g/t Au over 3.18 m from 9.4m including 22.76 g/t Au over 1.1 m 22QL010). See Figures 1-4 and Table 1.

Key Point Summary

• The Quinlan Zone dyke width over the 200 m of strike and 120 m down dip drilled to date varies from 1.5 m to 4.5 m in estimated true width and is open in all directions. The zone is hosted in a visually distinct felsic dyke which is typically fractured and heavily sericite altered. Gold appears associated with quartz carbonate veinlets within the felsic dyke, commonly with arsenopyrite and pyrite.

• Exploration potential at Toogood remains high as numerous outcrops of felsic dyke that visually resemble the Quinlan host rock have recently been uncovered across the Toogood property. Additional areas of anomalous rock and soil results also remain untested.

• A total of six HQ drillholes totalling 1,056 m were also drilled at the Titan prospect and key results include 2.26 g/t Au over 4.55 m from 101.25 m including 6.77 g/t Au over 1.30 m (22TN001), and 5.89 g/t Au over 0.45 m from 163.3 m (22TN003). Gold is hosted in complex quartz-ankerite vein sets within altered shale and greywacke, likely emplaced along west-northwest trending structures and visible gold was noted in 22TN003. Additional analysis of the structural components is ongoing to better isolate the gold bearing structures identified on surface where grab samples graded 291.47, 168.46, 181.97, 30.75, 29.85, 11.11 g/t Au and channel samples returned assays of 37.14 g/t Au over 0.8 m, 7.0 g/t Au over 0.6m, 5.89 g/t Au over 3.2 m, 4.33 g/t Au over 0.5 m, 5.03 g/t Au over 0.5 m and 7.25 g/t Au over 0.5 m (see press release dated March 1, 2022).

• One hole totaling 151 m was also drilled at the Sherwood prospect to test a large arsenic soil anomaly at surface located along the Virgin Arm Fault (Figure 1). The hole collared in shale and successfully encountered significant fault gouge textures and brecciation with variable amounts of felsic dyke/volcanics, greywacke fragment, quartz ± carbonate veining with trace amounts of pyrite and arsenopyrite. Significant assay results include 0.70 g/t Au over 2.4 m from 18 m including 0.89 g/t Au over 1.4 m (22SH026; Table 1). These initial results confirm the presence of gold within the Virgin Arm Fault system which can be traced for nearly 5 km across the Toogood Property and represents a promising target for future exploration.

• Given the coarse nature of the gold at the Toogood project, all samples with coarse gold were submitted for metallic screen assays with the remainder submitted for 30g fire assay with AA finish. Metallic screen assaying process involves the use of the entire sample of material which is separated into fine and coarse splits. The final gold assay reported is a weighted average of the coarse and fine fractions. Gold assays using this method are typically more representative of the total gold endowment than conventional assays due to use of a larger sample size, assaying of more sample splits, and better representation of the coarse gold fraction as a proportion of the whole sample.

• The variation of assay values and the coarse nature of the gold distribution at Quinlan as evidenced by the multiple occurrences of visible gold in the core, gold distribution appears variable. As such, the remaining ½ core witness samples for holes 22QL007-12 were submitted for metallic screen assay and the resulting two half core assays were averaged (Table 1 and 3) thereby increasing the volume of sample material tested to capture the most representative assay. The remaining witness sample assays for 22QL13-25 remain pending and will be reported when available.

Jo Price, P.Geo., M.Sc., MBA, VP Exploration of Prospector, stated: "The maiden drill program at Quinlan, Titan and Sherwood successfully intersected gold bearing altered and mineralized felsic dykes and quartz veins; an encouraging positive step forward for a project that has seen little systematic exploration in the past. The depth and strike extent of the mineralized felsic dyke at the Quinlan Zone shows remarkable continuity. We are eager to resume drilling to expand this exciting new discovery. Moreover, numerous outcrops of similar felsic dyke proximal to Quinlan have been identified that remain undrilled, and we are actively evaluating these new targets."

Figure 1. Drillhole location map showing Quinlan, Titan and Sherwood Zones.

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Table 1. Summary of composite drill assay results

* 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.

Figure 2. Plan map of Quinlan Drill Program

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Figure 3. Examples of coarse gold in core and the felsic dyke at Quinlan

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Figure 4. Quinlan Dyke Cross Sections A-A' and B-B'

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Table 2. Drill hole details

All Coordinates are NAD83 Zone 21

Table 3. Comparison of the first ½ core assay, the witness sample assay and the average assay.

Quinlan Zone Geology

At the Quinlan Zone, stripping of the outcrop and subsequent geological mapping, and sampling identified a 200 m by 15 m wide mineralized altered felsic dyke, open to depth and concentrated in along north-northeast trending structure. Prospecting this area has shown that visible gold occurs in outcrops of quartz vein stockwork within a strongly sericite silica pyrite altered felsic (tonalite) dyke that intruded a dextral strike slip structure in shales and greywacke. Arsenopyrite forms coarse patches in the veins and sometimes mantles the vein margins. A total of 81 grab samples have been taken from the general area of the showing. Surface grab assays of 229.88, 43.07, 19.09, 13.1, 10.79, 5.60, and 4.12 g/t Au are reported from grab samples of quartz vein material hosted in an altered felsic dyke. A total of 59 channel samples across seven separate channels (total 30.08 m) have been collected to test the continuity of mineralization. Channel samples returned assays of 10.98 g/t Au over 3.45 m, 7.64 g/t Au over 4.05 m, 6.83 g/t Au over 1.79 m, 1.84 g/t Au over 3.36 m, 1.86 g/t Au over 1.5 m, 0.76 g/t Au over 1.62 m, and 1.58 g/t Au over 1.6 m.

At the Quinlan Zone, drilling targeted a gold bearing felsic dyke located by surface sampling (see press release dated March 1, 2022). 19 HQ-size drillholes totaling 857.5 m identified a 1.5-4.5 m wide altered felsic dyke hosted in shale striking 020 and dipping at approximately 45 degrees to the southeast. The Quinlan Zone drilling has confirmed gold mineralisation for 200m along strike and 120 m down dip (Figures 1-4). Visible gold in core was identified in 15 of the 19 drillholes (Table 1). The dyke width varies from 1.5 m to 4.5 m and is open in all directions. The zone is hosted in a visually distinct felsic dyke which is typically fractured and heavily sericite altered (Figure 3). Gold appears associated with quartz carbonate veinlets within the felsic dyke, commonly with arsenopyrite and pyrite.

Sherwood Zone Geology

The Sherwood Zone was identified through prospecting (2.11 g/t float sample in the Virgin Arm Fault vicinity). Subsequent follow-up soil sampling identified a large arsenic in soil anomaly. Subsequent trenching, sampling and detail mapped identified complex structure, felsic dyke outcrops, strong silicification and arsenopyrite mineralization with a broad zone NE trending zone associated with the Virgin Arm Fault. Three areas were stripped at the Sherwood zone revealing a complex structural geology with intense faulting striking at 20-30 degrees as well as later meter-scale, roughly E-W (80-105 degrees) dextral offsets. Heavily sheared and locally strongly quartz veined felsic dykes were also mapped in two of the three trenches in additional to presence of localized fault gauge. Subsequent drilling (22SH026 totaling 115 m) tested the soil anomaly and the felsic dyke occurrences in the vicinity of the Virgin Arm Fault (Figure 1). The hole collared in shale and successfully encountered significant fault gouge textures and brecciation with variable amounts of felsic dyke/volcanics, greywacke fragments, quartz ± carbonate veining with trace amounts of pyrite and arsenopyrite. Significant assay results include 0.70 g/t over 2.4 m from 18 m including 0.89 g/t over 1.4 m. These initial results confirm the presence of gold within the Virgin Arm Fault system which be traced for nearly 5 km across the Toogood Property and represents a promising target for future exploration.

Titan Zone Geology

The Titan zone was discovered during mapping/prospecting, coarse blocks of quartz vein subcrop/float were uncovered while mapping along the assumed Dunnage Mélange contact, after the initial discovery of quartz vein material hand excavations yielded several samples with spectacular visible gold, the best assay to date being 7,876.8 g/t Au. This area was later trenched, cleaned, detail mapped, and channel sampled revealing a ~50cm quartz-ankerite shear vein with a strike length of ~25 m splaying into centimeter scale veinlets which are open to the WNW and ESE along strike. The area is underlain by siltstone and shale with minor interbeds of coarser greywacke and several outcrops of heavily quartz veined felsic dyke lie to the south and east of the trenched area. The veining strikes at ~300 - 345 degrees azimuth, with dips ranging from 70 - 90 degrees, and remains open along strike.

A total of six HQ drillholes totalling 1,056m were drilled at the Titan prospect and key results include 2.26 g/t over 4.55 from 101.25m including 6.77 g/t over 1.30m, and 5.89 g/t over 0.45m form 163.3m (Figure 1). Gold is hosted in complex quartz-ankerite vein sets within altered shale and greywacke, likely emplaced along west-northwest trending structures. Additional analysis of the structural components is ongoing to better isolate the gold bearing structures identified on surface where grab samples graded 291.47, 168.46, 181.97, 30.75, 29.85, 11.11 g/t Au and channel samples returned assays of 37.14 g/t Au over 0.8 m, 7.0 g/t Au over 0.6 m, 5.89 g/t Au over 3.2 m, 4.33 g/t Au over 0.5 m, 5.03 g/t Au over 0.5 m and 7.25 g/t Au over 0.5 m (see press release dated March 1, 2022).

Toogood Gold Property Geology Overview

The Toogood 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 area trends 200km northeast / southwest across the island of Newfoundland, and hosts most of the significant gold deposits in the province including Marathon Gold's Valentine Project which hosts 3.09 Moz. M&I at 1.75 g/t. Gold mineralization appears constrained to discreet NNE and ENE structures which host quartz veining of variable orientations within rheological and physio-geochemically favourable host units. The intersections of these NNE and ENE structures appear to be significant in focusing mineralizing fluids, and potential relationships can be observed at the Quinlan, Titan and Sherwood zones. Auriferous quartz veins observed on the property to date are generally mm-cm in scale, NW-NNW striking and moderately to steeply dipping.

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 at the company's core processing facility in Summerford, Newfoundland. All drilling recovered HQ 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 HQ split core assays reported were obtained by either whole sample metallic screen/fire assay or standard 30-gram fire-assaying with AA finish (atomic absorption) at Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples that have visible gold identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold. Assays are uncut, and calculated intervals are reported over a minimum length of 0.25 meters using a lower cutoff of 0.5 g/t Au.

A rotation of certified standards, coarse and pulp blanks were inserted into the sample stream every 10 samples and after samples with coarse gold. 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

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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

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