Categories: Precious Metals
Topics: General Precious Metals

Prospector Metals (TSX-V: PPP)(OTC: ETHOD) CEO Alex Heath on New High-Grade Discovery at Toogood Project in Newfoundland

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Prospector Metals, Mr. Alex Heath. Alex, how are you today?

Alex Heath: I'm doing well. How are you?

Gerardo Del Real: I am well, thank you for asking. We chatted a bit off air. The last time we talked on air, we mentioned that there was plenty of news for the remainder of the year and that it was likely that we were going to be chatting on a more frequent basis. Sure enough, you had some news here yesterday that was well received by what is by all measures, a tough market right now. Right? We're at the end of August, still summer doldrums, people are still out of the office. Despite that we got a pretty good reaction yesterday from the high grade gold discovery at Toogood. You drilled 23.9 grams per tonne gold over 3.65 meters. Look, congrats on a discovery. I know it's still early. I know it's a massive land package that you're exploring, but I wanted you to provide some context on the project, on the location and why you and the team are as excited as you are.

Alex Heath: Absolutely. No, those are great questions. So to put it in context. Yeah, so we're in Newfoundland on New World Island, which is about 50 kilometers due north of where New Found Gold has their large discovery, very high grade. And what we're seeing in these results is pretty much in line with our expectations of similar type of mineralization that New Found Gold has. So high grade gold, we're looking at ounce material across veins of approximately one and a half to four and a half meters. Those are very similar to what they're looking for on their Queensway project.

Gerardo Del Real: Excellent. Now tell me about the grades and the width. The grades obviously were very, very good, but the widths are important in these types of deposits. Can you explain that a bit?

Alex Heath: Yeah. So we're looking at a quartz vein system, so the gold is going to be typically fairly narrow, but it's going to be very nuggety as well. And that's exactly what we're seeing. So there's some sections where you've got one gram per tonne and other sections where you've got upwards of 70 plus grams per tonne. And so what our goal was in this first, the maiden drill program at our Toogood project was not to sort of drill out a resource. It was simply to test these different veins that we're seeing on surface, test them down, see if we have continuity. And in this case, 15 of 19 holes on the Quinlan Zone hit gold, visible gold mineralization. So we know we're onto something. And what it does is it allows us also to go back to the rest of the property, to use that sort of framework and say, okay, this is what we're seeing. These are what we should be targeting. And so we can come up with more and more of these types of results.

Gerardo Del Real: Joe Price, who's the VP of exploration, talked about the mineralized felsic dyke and the continuity that you've seen thus far as it relates to the depth and the strike. That's also going to be important if this becomes a discovery of significance. Can you speak to that a bit?

Alex Heath: Yeah. So the felsic dykes, those are the fluid bearing structures that bring the gold up into the vein. So that's what we're going to be targeting throughout the property. Not all of them are mineralized. We know that. But at least it gives us a sort of area to target throughout the property. And we've got a fairly large land package on New World Island, 118 square kilometers in total.

Gerardo Del Real: What comes next, Alex? I know that you'll be at Beaver Creek. I'm looking forward to connecting in person there. If anyone's there, as we mentioned last time, please reach out. But what comes next?

Alex Heath: What comes next is more prospecting to delineate more of these veins. So you'll see some news on that shortly, where we're targeting other areas throughout the property. And then from there will be more drilling.

Gerardo Del Real: Fantastic. Looking forward to it. I suspect we'll have a much better market in September and frankly, look, for the rest of the year. Thanks again for the update, Alex. Congrats on an early stage discovery. I'm looking forward to seeing y'all develop it. You have a team, a technical team, and you have obviously advisors and people on the board that have a history of serial success with these types of systems. So I'm looking forward to seeing the development of this discovery. Anything to add to that, Alex?

Alex Heath: No, no, I think it's just more of the same, push forward, and we'll continue to add news in the market as we move forward.

Gerardo Del Real: Perfect. Chat soon. Take care.

Alex Heath: All right. Thank you.