Home > News > Prospector provides update...

Prospector provides update on key Ontario nickel and gold projects

Apr 4, 2024

Prospector Metals Corp. is pleased to provide an update for both the Devon Nickel and Savant Gold Projects in NW 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 airborne survey at Devon is expected to refine near surface Ni-Cu sulphide targets and results are expected in Q2 2024. 

Devon Nickel Project Highlights

  • The Devon Project comprises 12,200 hectares acquired through staking, 50km SW of Thunder Bay Ontario, and is road accessible (Figure 1).
  • Geotech Airborne Geophysical Surveys have been contracted to perform at property-wide VTEMTM Plus survey covering approximately 1446 line km's over three blocks, at a line spacing for 150m. The survey is expected to start in April-May and will be flown from Thunder Bay, Ontario.
  • The VTEMTM 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 field work completed by Prospector returned samples with up to 1.125 % Cu, 0.53 % Ni, and 3.54 g/t Pd+Pt, and 0.123 % Co.
  • At the Copper Hill Occurrence, angular boulders returned assays of up to 1.125 % Cu, 0.4 % Ni, and 2.35 g/t Au+Pd+Pt and 1.015 % Cu, 0.298 % 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 cm cobbles up to several angular boulders greater than 1 m in diameter.
  • Multiple occurrences along the Pigeon River dykes were identified in outcrop returned assays of up to 0.73 % Cu, 0.53% Ni, 0.114 % Co, and 0.22 g/t Au+Pd+Pt, 0.64 % Cu, 0.437 % Ni, and 0.267 g/t Au+Pd+Pt, and 0.47% Cu, 0.097 % Ni, and 0.404 g/t Au+Pd+Pt. 

Savant Gold Project Highlights

  • Prospector has agreed to purchase the 100% of the Savant Project from Capella Minerals (the optionee) for a one-time payment of:
    • Prospector to make a cash payment to Capella of CAD $50,000 on closing;
    • Prospector to issue Capella 1,000,000 common shares (with a standard regulatory hold period of 4 months) upon closing; and,
    • Capella to retain a 1% Net Smelter Royalty ("NSR") on any potential future production from the property (with 0.5% being purchasable at any time for CAD $1,000,000). 
  • 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 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 x 10 km area representing a district scale opportunity in a region that has seen little systematic exploration represents 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, 50km SW of Thunder Bay Ontario, and is road accessible (Figure 1).

  • The Devon Project lies on the Archean craton margin, covered by a sulfide-bearing sedimentary basin, a known ideal geotectonic setting for major magmatic sulfide deposits. 
  • The region is intruded by numerous mafic-ultramafic intrusives (Crystal Lake Gabbro, Pigeon River and Logan intrusives), mostly dyke-form intrusions, which can contain disseminated to locally massive magmatic Ni-Cu sulfides with PGEs. The dykes 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, MI, USA Tamarack, MN, USA, and Voisey's Bay Reed Brook Zone, NL (massive to net textured high-grade Ni-Cu-PGE deposits) or Current Lake, Ontario (PGE-dominant, heavily disseminated magmatic sulfides).
  • Major Pigeon River dykes form part of an east- to northeast trending swarm that transect the property and are typically 50 -70m in width but are locally up to 150 m wide. The dykes locally bifurcate, as well as change orientation from dykes to sill-form intrusions. These geometric complexities favor accumulation of magmatic sulfides in various structural and intrusive traps.
  • Historical occurrences associated with the dykes and mafic-ultramafic intrusions include 0.4% Cu, 0.17% Ni over 12.19m in drill core collared near Crystal Lake 1,2, and numerous grab samples anomalous in Cu, Ni, and PGE's (For example: 0.51 % Cu and 0.24% Ni, 0.46 Cu % and 0.3% Ni and 2.3% Cu, 1.2% Ni, 0.05% Co, and 0.62 ppm Pd 1,2).
  • Significant portions of the area remain underexplored despite its favourable setting and ease of access. Most of the historic work in the west was focussed on vein and breccia hosted silver mineralization.


Tags: Northern Ontario / Press Releases / Gold / All Articles