Ethos Becomes Prospector Metals and Drills in a Month
In a prior life, Prospector Metals (PPP-V) was known as Ethos Gold Corp. As Ethos their primary project was the famous Iron Point property in Nevada.
Iron Point has potential for two different important metals, vanadium near surface and Carlin Style gold deeper in the system. It was an unwieldy agreement with one company having the rights to the vanadium and the other having the rights to the gold. Ethos did a deal with Nevada King in September of 2021 where they handed over the rights to the deeper gold in exchange for 6.5 million shares of Nevada King. Those shares are worth right at $3 million today.
In keeping with the important change of direction, the company changed the name from Ethos to Prospector Metals in the first week of April 2022.
Prospector has about $4 million in the bank and a portfolio of nine highly prospective projects. Often too many good projects can be as difficult as not having enough. It creates confusion in the mind of the potential investor as to just what direction the company is taking. Luckily PPP is doing a fairly good job of communicating where they are going.
Their primary project right now of the nine is the Toogood Gold project in Newfoundland. Naturally the company hopes investors will see the project as very good rather than too good. The underlying deal for a 100% ownership is a bit complicated. Here is a link to a press release talking about it.
In prior groundwork company geologists have taken exceptionally high-grade surface samples with gold in quartz. The highest grade was 7,877 g/t gold, then 1,276 g/t gold, then 1,113 g/t gold and 226 g/t gold. Potential investors should note that the project appears to be in the same NE trend running from the New Found Gold project and Labrador Gold project near Gander. The nature and grade of the gold would suggest that like NFG and LAB, Toogood could be an epizonal gold deposit.
The drill is the ultimate truth detector machine. Prospector begins a 2,500-meter drill project in a month at Toogood. Labs are still backed up so look for drill results to start coming out in three to four months.
Prospector has a 70% earn in on the Savant Lake gold project on their deal with New Dimension calling for a cash payment of a total of $200,000 over three years, work commitment of $2 million for the same time frame and issuing eight million shares of PPP. The 229 square KM project is located in Ontario and shows a 70 KM strike potential.
Ground exploration will begin at Savant Lake in early May to determine high priority drill targets with the intention of drilling in Q3 of 2022. Prior work has shown grab samples as high as 139 g/t gold from the project.
The company plans on between 2,000 and 3,000 meters at their Whitton Lake Project beginning in July. The 44 square KM copper/nickel PGE property is 100% owned subject to issuing a total of six million shares.
Prospector currently has a market cap of about $32 million with $4 million in the bank and another $3 million in Nevada King shares. They are in good financial shape for all the work they have planned for this year.
Prospector is an advertiser. I have participated in several private placements and have bought shares in the open market. I am biased. Do your own due diligence.
Prospector Metals Corp