Prospector Metals Corp. (TSX-V:PPP, OTCQX:ETHOF) has reported high-grade gold along the newly identified Wiggle Deformation Zone (WDZ) at its Savant project in northwestern Ontario.
The Vancouver-based company, which is part of the Discovery Group, acquired a 70% option on the 229-square kilometer Savant project from Capella Minerals Ltd.
In its update on its fully funded exploration program, Prospector said it mobilized field crews to the Savant project in May, completing a thorough prospecting and sampling Phase 1 exploration program which included ground-truthing key target areas to be followed up by drilling in the third quarter of 2022.
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A total of 594 grab samples were collected during the Phase 1 program for which 155 assays have been received to date; the remaining 439 are pending, noted the company.
The company highlighted the following key points:
- Prospector field crews have successfully traced a significant deformation zone named the Wiggle Deformation Zone (WDZ) that extends for at least 10 km and is characterized by strongly sheared and altered iron formation;
- Historical work had focused on a 200-meter (m) segment of the WDZ, but Prospector crews have extended the bedrock gold bearing horizons to 1,300m in length. Despite proximity to roads, there is little evidence of previous sampling in the vicinity;
- The WDZ represents a previously unrecognized gold-bearing structural setting that shares many similarities with the Pyke Fault, which is the host shear zone for the Meliadine gold deposits in Nunavut. Namely, sheared greenschist facies iron formation accompanied by quartz veining and arsenopyrite;
- The Savant property is also host to more traditional iron formation type gold occurrences including Snowbird and Horseshoe occurrences. Assays from these areas will be released when completed.
According to Prospector, 6.72 and 6.13 grams per tonne (g/t) gold (Au) assays received to date from the Wiggle Creek prospect confirm the presence of a gold bearing shear zone characterized by sheared and silicified iron formation. In addition, new rock grabs collected in previously unsampled areas, 300m and 800m along strike, assayed 2.34, 68.6, 26.5, and 4.3 g/t Au. The Wiggle Creek prospect represents a strike length of 1.3 km of known gold bearing structure which remains open in all directions.
The company said that first pass sampling around the Snowbird and Horseshoe prospect collected a sample 200m north of the known historical occurrence with visible gold. Assays remain pending, said the company.
A new LiDar survey was completed in June 2022 and data is currently being processed. Separately, a multi-year exploration permit was issued at the beginning of April 2022. Prospector noted that “community and stakeholder consultations are on-going”.
Meanwhile, a recent high-resolution mag survey completed by Prospector has added significantly to the data set being utilized for target definition, and several high-priority target areas have now been identified.
In a statement, Prospector co-chairman Dr Rob Carpenter said: "We are very encouraged by these early results from our Phase 1 prospecting and sampling program at Savant.”
He added: “These results suggest the presence of robust mineralised structures with significant strike length. Additional assays, coupled with the high-resolution magnetic data and new LiDar data will help refine our targets for drilling."
Prospector Metals is focused on district scale, early-stage exploration of gold and base metal prospects and creating shareholder value through new discoveries.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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