Prospector Signs Letter of Intent with BeMetals for Option on Savant Gold Project, NW Ontario
Prospector Metals (OTCQB: PMCOF) has signed a non-binding Letter of Intent with BeMetals for an option agreement on the Savant Gold Project in northwestern Ontario. The 232 km虏 project is strategically located near major gold producers including Red Lake and Musselwhite mines.
Under the proposed 5-year option agreement, BeMetals can earn up to 100% interest in the property by committing to: 1) Initial C$500,000 exploration expenditure in the first year, 2) Minimum C$500,000 annual exploration spending for five years, and 3) Delivering an NI 43-101 compliant Technical Report with resource estimates. The ownership structure will be determined based on the resource size, with BeMetals gaining 100% ownership if 鈮�1,000,000 ounces of gold are identified.
The project features eight high-grade gold occurrences with historical surface samples up to 138.87 g/t Au, with geology similar to the Musselwhite Mine which produced 212,000 ounces of gold last year.
Prospector Metals (OTCQB: PMCOF) ha firmato una Lettera di Intenti non vincolante con BeMetals per un accordo di opzione sul Progetto Savant Gold nel nord-ovest dell'Ontario. Il progetto, che si estende su 232 km虏, 猫 situato strategicamente vicino a importanti produttori d'oro come le miniere Red Lake e Musselwhite.
Secondo l'accordo di opzione proposto della durata di 5 anni, BeMetals potr脿 acquisire fino al 100% di interesse nella propriet脿 impegnandosi a: 1) una spesa iniziale di esplorazione di 500.000 C$ nel primo anno, 2) una spesa minima annuale di esplorazione di 500.000 C$ per cinque anni, e 3) la consegna di un Rapporto Tecnico conforme a NI 43-101 con stime delle risorse. La struttura di propriet脿 sar脿 definita in base alla dimensione delle risorse, con BeMetals che otterr脿 il 100% se verranno identificate 鈮�1.000.000 di once d'oro.
Il progetto presenta otto depositi auriferi ad alta concentrazione con campioni di superficie storici fino a 138,87 g/t Au, con una geologia simile a quella della miniera Musselwhite, che lo scorso anno ha prodotto 212.000 once d'oro.
Prospector Metals (OTCQB: PMCOF) ha firmado una Carta de Intenci贸n no vinculante con BeMetals para un acuerdo de opci贸n sobre el Proyecto Savant Gold en el noroeste de Ontario. El proyecto de 232 km虏 est谩 estrat茅gicamente ubicado cerca de importantes productores de oro, incluidas las minas Red Lake y Musselwhite.
Bajo el acuerdo de opci贸n propuesto de 5 a帽os, BeMetals puede obtener hasta un 100% de inter茅s en la propiedad comprometi茅ndose a: 1) un gasto inicial de exploraci贸n de C$500,000 en el primer a帽o, 2) un gasto m铆nimo anual de exploraci贸n de C$500,000 durante cinco a帽os, y 3) entregar un Informe T茅cnico conforme a NI 43-101 con estimaciones de recursos. La estructura de propiedad se determinar谩 seg煤n el tama帽o del recurso, con BeMetals obteniendo el 100% si se identifican 鈮�1,000,000 onzas de oro.
El proyecto cuenta con ocho yacimientos de oro de alta ley con muestras superficiales hist贸ricas de hasta 138.87 g/t Au, con una geolog铆a similar a la mina Musselwhite, que produjo 212,000 onzas de oro el a帽o pasado.
Prospector Metals (OTCQB: PMCOF)電� 攵侅劀攵� 鞓儉毽槫鞐� 鞙勳箻頃� Savant Gold 頂勲鞝濏姼鞐� 雽�頃� 鞓奠厴 瓿勳暯鞚� 鞙勴暣 BeMetals鞕� 甑啀霠� 鞐嗠姅 鞚橅枼靹�(LOI)毳� 觳搓舶頄堨姷雼堧嫟. 232 km虏 攴滊鞚� 鞚� 頂勲鞝濏姼電� Red Lake 氚� Musselwhite 甏戩偘 霌� 欤检殧 旮� 靸濎偘歆� 攴检矘鞐� 鞝勲灥鞝侅溂搿� 鞙勳箻頃� 鞛堨姷雼堧嫟.
鞝滌晥霅� 5雲� 鞓奠厴 瓿勳暯鞐� 霐半澕 BeMetals電� 雼れ潓 臁瓣贝鞚� 鞚错枆頃橂┐ 頃措嫻 鞛愳偘鞐� 雽�頃� 斓滊寑 100% 歆�攵�鞚� 須嶋摑頃� 靾� 鞛堨姷雼堧嫟: 1) 觳� 頃挫棎 50毵� 旌愲倶雼� 雼煬 韮愳偓牍� 歆�於�, 2) 5雲勱皠 毵る厔 斓滌唽 50毵� 旌愲倶雼� 雼煬 韮愳偓牍� 歆�於�, 3) NI 43-101 旮办鞐� 攵�頃╉晿電� 旮办垹 氤搓碃靹� 氚� 鞛愳洂 於旍爼靹� 鞝滌稖. 鞛愳洂 攴滊鞐� 霐半澕 靻岇湢 甑“臧� 瓴办爼霅橂┌, 100毵� 鞓姢 鞚挫儊鞚� 旮堨澊 頇曥澑霅橂┐ BeMetals臧� 100% 靻岇湢甓岇潉 臧栮矊 霅╇媹雼�.
鞚� 頂勲鞝濏姼電� 8臧滌潣 瓿犽摫旮� 旮� 甏戩儊鞚� 韽暔頃橂┌, 瓿缄卑 響滊┐ 靸橅攲鞐愳劀 斓滊寑 138.87 g/t Au臧� 頇曥澑霅橃棃瓿�, 歆�雮滍暣 21毵� 2觳� 鞓姢鞚� 旮堨潉 靸濎偘頃� Musselwhite 甏戩偘瓿� 鞙犾偓頃� 歆�歆� 甑“毳� 臧�歆�瓿� 鞛堨姷雼堧嫟.
Prospector Metals (OTCQB: PMCOF) a sign茅 une lettre d'intention non contraignante avec BeMetals pour un accord d'option sur le projet Savant Gold dans le nord-ouest de l'Ontario. Le projet de 232 km虏 est strat茅giquement situ茅 脿 proximit茅 de grands producteurs d'or, notamment les mines Red Lake et Musselwhite.
Dans le cadre de l'accord d'option propos茅 sur 5 ans, BeMetals peut acqu茅rir jusqu'脿 100% d'int茅r锚t dans la propri茅t茅 en s'engageant 脿 : 1) une d茅pense initiale d'exploration de 500 000 C$ la premi猫re ann茅e, 2) un minimum de 500 000 C$ de d茅penses annuelles d'exploration pendant cinq ans, et 3) la remise d'un rapport technique conforme 脿 la norme NI 43-101 avec des estimations de ressources. La structure de propri茅t茅 sera d茅termin茅e en fonction de la taille des ressources, BeMetals obtenant 100% de propri茅t茅 si 鈮�1 000 000 onces d'or sont identifi茅es.
Le projet comprend huit occurrences d'or 脿 haute teneur avec des 茅chantillons de surface historiques atteignant jusqu'脿 138,87 g/t Au, avec une g茅ologie similaire 脿 celle de la mine Musselwhite, qui a produit 212 000 onces d'or l'ann茅e derni猫re.
Prospector Metals (OTCQB: PMCOF) hat eine unverbindliche Absichtserkl盲rung mit BeMetals f眉r eine Optionsvereinbarung zum Savant Gold Projekt im Nordwesten Ontarios unterzeichnet. Das 232 km虏 gro脽e Projekt liegt strategisch nahe bedeutenden Goldproduzenten wie den Minen Red Lake und Musselwhite.
Im Rahmen der vorgeschlagenen 5-j盲hrigen Optionsvereinbarung kann BeMetals bis zu 100% Beteiligung an der Liegenschaft erwerben, indem es sich verpflichtet zu: 1) anf盲nglichen Erkundungsausgaben von 500.000 C$ im ersten Jahr, 2) einer Mindestjahresexploration von 500.000 C$ 眉ber f眉nf Jahre und 3) der Vorlage eines NI 43-101-konformen technischen Berichts mit Ressourcensch盲tzungen. Die Eigent眉merstruktur wird basierend auf der Ressourcengr枚脽e festgelegt, wobei BeMetals 100% Eigentum erh盲lt, wenn 鈮�1.000.000 Unzen Gold identifiziert werden.
Das Projekt weist acht hochgradige Goldvorkommen auf, mit historischen Oberfl盲chenproben von bis zu 138,87 g/t Au und einer Geologie 盲hnlich der Musselwhite-Mine, die im letzten Jahr 212.000 Unzen Gold f枚rderte.
- Strategic location near major gold producers Red Lake and Musselwhite mines
- Project hosts multiple high-grade gold occurrences with samples up to 138.87 g/t Au
- Secured C$500,000 minimum annual exploration commitment from BeMetals
- Potential for significant resource development with performance-based ownership structure
- 0.5% NSR royalty retained if BeMetals acquires 100% interest
- Agreement is non-binding and subject to due diligence
- Several promising targets have never been drilled
- Resource development required within 5 years to maintain interest
- Historical assay values not independently verified by the company
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2025) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") is pleased to announce it has entered into a non-binding Letter of Intent ("LOI") with BeMetals (TSXV: BMET) (OTCQB: BMTLF) (FSE: 1OI.F) ("BeMetals" or the "Vendor") to option up to a
The Savant Project spans approximately 232 km² in one of Ontario's most prolific gold-producing regions and is located near several past producers as well as current operating mines, including the Red Lake and Musselwhite mines. The Project hosts numerous historical and recently identified high-grade gold occurrences, with geology analogous to iron formation-style deposits in the region such as the Musselwhite Mine, which reportedly produced 212,000 ounces of gold last year and as at the end of 2024, contained Mineral Reserves of 7.4 million tonnes at 6.23 g/t Au, totaling 1.5 million ounces of gold (1)(3).
3 The QP has been unable to verify the information and that the information is not necessarily indicative to the mineralization on the property that is the subject of the disclosure.
Dr Robert Carpenter PhD, President, CEO & Co-Chairman of Prospector, stated, "We are excited to partner with BeMetals on our Savant gold project. Their group brings technical expertise and the corporate know-how that is needed for a discovery-stage project. Savant represents a classic iron formation hosted gold district that displays high-grade gold within sheared and folded host rocks. Previous work largely focused on easy to access shoreline prospects and a comprehensive district-scale view has not been completed. We look forward to the systematic approach the BeMetals team brings to exploration."
John Wilton, President and CEO of BeMetals, commented, "This acquisition aligns with BeMetals' strategy of identifying and advancing high-quality mineral projects. Ontario provides excellent discovery potential, and the Savant Project represents a compelling early-stage opportunity in a proven gold belt. We like this Project for its district scale appeal with its numerous areas of compelling structural settings along with geochemically favourable, iron formations which are known to concentrate gold mineralizing fluids in this region. Given the improving support in Canada for unlocking value through the discovery and development of new mining projects, we believe now is an ideal time to focus on exploring Canada's underexplored regions. We are looking forward to starting the exploration field work and working closely with Prospector as soon as possible. "
Historical Savant Project Highlights:
| Showing | Lithology | Best Historical Surface Sample Assay (g/t Au) | Best Historical Drillhole Intercept |
| Horseshoe | Iron Formation | 138.87 | Never drilled |
| Wiggle Creek | Iron Formation | 20.132,3 | 15.55 g/t Au over 0.4m2 |
| Iron Formation | 46.652,3 | 1.87 g/t Au over 0.6m2 |
| One Pine | Iron Formation | 40.87 | 23.6 g/t Au over 0.5m2 |
| Snowbird | Iron Formation | 38.8 | Never drilled |
| L28 | Iron Formation | 32.35 | Never drilled |
| Stillar Bay | Sheared Iron Formation | 4.012,3 | 3.26 g/t Au over 1.22m2 |
| Big Sandy | Sheared Volcanics | 3.64 | Never drilled |
2 Historical assay values have not been independently verified by the Company and a potential investor should not place undue reliance on historical results when making an investment decision, nor should they be used as the sole criterion for making investment decisions. There is no assurance that the Company can reproduce such results or that the historical results described therein will be realized. 3 "Best surface samples" are grab / select samples and not necessarily representative of mineralization hosted on the property.
(1) Source: Orla Mining Website:
Highlights of the Non-Binding Agreement
The LOI was signed on July 9th, 2025 and under its terms, Prospector grants BeMetals the exclusive right to earn up to a
- Initial Commitment:
Upon execution of a definitive agreement, BeMetals will commit to at least C$500,000 in exploration expenditures within the first year. - Annual Expenditures:
BeMetals must incur a minimum of C$500,000 in annual exploration expenditures on the Property (or make equivalent cash payments to Prospector, or a combination of both) for a period of five years, which BeMetals can elect to accelerate at its sole discretion. - NI 43-101 Compliant Technical Report:
BeMetals will deliver a National Instrument 43-101 ("NI 43-101") compliant Technical Report within five years outlining a Mineral Resource. Ownership terms will vary based on the size of the resource estimate:
a) <500,000 ounces of gold:
b) 500,000-1,000,000 ounces of gold (Inferred Mineral Resources): A 50/50 joint venture is formed with mutual rights of first refusal.
c) ≥1,000,000 ounces of gold (of which at least 500,000 ounces must be Indicated Mineral Resources): in which case, upon exercise of the Option, BeMetals will own
- Success-Based Cash Payment:
A cash payment of US$5 per ounce of Mineral Resources, as reported in the Technical Report, will be made to Prospector. - Net Smelter Returns Royalty ("NSR"):
If BeMetals exercises the Option and acquires100% interest in the Property, BeMetals will grant a 0.5% NSR to Prospector on the Property.
- Completion of a definitive option agreement is subject to standard conditions, including satisfactory due diligence, negotiation of final terms, and any required regulatory or third-party approvals. There is no assurance a definitive agreement will be completed. BeMetals will provide further updates as developments warrant.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, P.Geo., Vice President 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 proud member of Discovery Group. The Company is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Yukon and Ontario, Canada - Historical mining jurisdictions with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and agreements that are mutually beneficial to all interested parties.
On behalf of the Board of Directors,
Prospector Metals Corp.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at or contact Prospector at 1-778-819-5520 or by email at [email protected].
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit:
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 completion of a definitive agreement with BE Metals, 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, 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 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.
To view the source version of this press release, please visit
FAQ
What are the key terms of Prospector Metals' (PMCOF) option agreement with BeMetals for the Savant Gold Project?
Where is the Savant Gold Project located and what is its size?
What are the historical gold grades reported at the Savant Gold Project?
What happens if BeMetals identifies different resource sizes at the Savant Project?
How much will BeMetals pay Prospector if they exercise the option?
