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Ponder this thought from billionaire precious metals financier Eric Sprott about the Queensway project in Newfoundland:
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“It’s going to prove to be maybe the greatest gold discovery in the history of Canada, if not the world,” Sprott told the Financial Post recently.
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That confidence explains Sprott’s willingness spend C$125.9 million to increase his stake in New Found Gold, the company that owns Queensway, to 31.4%.
And while all eyes are on what drilling turns up this year for New Found Gold, there are other players in the Newfoundland gold rush sweepstakes.
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One that looks particularly promising is Prospector Metals Corp. (PPP.V; ETHOD.OTCQB).
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As you’ll soon discover, Prospector has a project just 100 kilometers away from Queensway that’s shown evidence of visible gold at surface.
Here’s why this is so important right now: Drills are about to start turning on this project, which anchors a portfolio of high-potential properties, two of which will also see work this year.
You can’t go back and re-create New Found’s discovery at Queensway...but you can buy a ticket on a company that may well be next to make a Newfoundland discovery.
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Toogood:
High-Grade Visible Gold On Surface
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When you own a piece of Prospector Metals, you follow in Eric Sprott’s footsteps. Based on the fact that the company had staked the 118-square-kilometer Toogood project in Newfoundland, Sprott was willing to take 5% of the company.
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That decision makes Prospector Metals one of Sprott’s lottery tickets on Newfoundland and puts the company in a great place to make a discovery.
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After taking control of Toogood in 2021, Prospector Metals soon began a surface exploration program that uncovered gold with remarkably high grades.
The property has 28 kilometers of prospective strike and has both orogenic and epithermal depositional environments, both known for the capability of hosting high-grade gold deposits.
Indeed, that potential is already being borne out, as the prospecting and sampling Prospector performed at Toogood turned up samples that assayed as much as 7,877 g/t gold.
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This is precisely the kind of ultra-high-grade gold that anyone looking to duplicate the New Found success is looking for.
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That work was quickly followed up with LiDAR and airborne magnetic surveys, as well as soil sampling, stripping, trenching and chip sampling.
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Prospector Metals’ Toogood project in Newfoundland has yielded dozens of grab and outcrop samples with remarkably high-grade gold
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The result? That work revealed the Quinlan, Titan and Sherwood targets. While additional assays are pending, drilling is already set to begin late in Q2 2022.
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A Discovery Group Company
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With the initial drill program about to get underway, it’s truly an exciting time to be a Prospector Metals shareholder.
That’s especially true when you factor in its status as a Discovery Group company. This is a group of explorers and developers that has produced some of the biggest winners of this cycle for the precious metals.
The team that leads the Discovery Group has:
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• Seen Northern Empire Resources acquired by Coeur Mining for C$117 million, just 18 months after the company started work on the Sterling project in Nevada.
• Proved up a multi-million-ounce resource at the Coffee project and sold controlling company Kaminak Gold to Goldcorp for C$520 million.
• Had probably one of the great wins of all time, proving up the multi-million-ounce Dixie project and seeing owner Great Bear Resources get acquired this year by Kinross for C$1.8 billion.
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As a Discovery Group company, Prospector Metals is part of group with some huge wins to its credit.
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Simply put, this is a team with the technical and financial markets know-how to develop big winners.
Prospector Metals’ drill program at Toogood could make it the next Discovery Group company to hit it big.
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Other Intriguing Portfolio Projects
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And Toogood isn’t the only project in the company’s portfolio seeing work this year — two other projects to keep an eye on are Whitton Lake and Savant Lake in Ontario.
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Whitton Lake is an underexplored nickel-copper-PGE project located just 20 kilometers from Impala’s Lac des Iles mine. The project boasts multiple favorable targets for nickel-copper-PGE sulphides.
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In 2022, Whitton Lake will see line-cutting and ground TEM surveying, followed by 4,000 meters of drilling. Permits for this program are pending.
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At Savant Lake, meanwhile, Prospector Metals is chasing iron-formation-hosted high-grade gold. It has multiple showings that have either returned high-grade gold or have never been tested.
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After another round of sampling and prospecting, the company plans to drill Savant Lake in the back half of the year.
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Now Is The Time To Make A Drill-Hole Bet
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First up, though, will be the program at Toogood.
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Given the excitement that the market has built up around Newfoundland as a gold destination, one great hit from this effort could send Prospector Metals’ share price soaring.
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Follow that up with drill programs at Whitton Lake and Savant Lake later this year, and you have a company set to make news over the balance of 2022.
Mining financier and consultant Crescat Capital owns 11.7% of Prospector, and the company is fully funded for its 2022 drill programs.
If you’re looking to follow Eric Sprott’s lead and hit it big in Newfoundland, now is a good time to look into Prospector Metals.
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