Prospector Outlines Fully Funded 2026 Drill Strategy for the ML Project, Yukon
Press Release
Vancouver, BC January 26, 2026. Prospector Metals Corp. (“Prospector” or the “Company”) (TSXV: PPP; OTCQB: PMCOF; Frankfurt: 1ET0) today provided an update on the Company’s fully funded 2026 drill campaign on the ML Project in the Yukon.
Key Point Summary:
⦁ Prospector’s 2026 drilling program will include 25,000 meters. All required land use permits are in place, and three drill rigs have been secured with drilling expected to begin in May 2026.
⦁ The total budget for the 2026 exploration work is estimated at approximately $15 million. Prospector currently has over $42 million in cash and cash equivalents, so the Company is well funded for this program maintaining a strong balance sheet through 2026 (See Prospector news release November 26th, 2025).
⦁ Initial drilling will be focussed on the newly discovered TESS Zone (See Prospector news release October 1st, 2025). The first holes will target expansion of mineralization along trend and to depth.
⦁ The 2026 drill program will also test newly generated and previously undrilled TESS “look-alike” targets which have been identified within a 4 km radius of the TESS Zone.
⦁ A detailed review of the datasets that cover the 108.69, sq km ML project area following the 2025 program has identified a number of high priority drill targets which will also be tested in 2026. Key targets include Skarn Ridge, and several newly generated targets that have not been previously drill tested (See Prospector news release November 26th, 2025)
TESS Zone Expansion Drilling
The first holes of the 2026 season will be drilled at the newly discovered TESS Zone. To date, two holes have been drilled at TESS and both yielded wide intervals of high-grade gold, copper, and silver, including 13.79 g/t Au, 1.84% Cu and 38.08 g/t Ag over 44m from hole ML25-31(1) and 7.29 g/t Au, 0.91% Cu and
24.98 g/t Ag over 14m from hole ML25-32(2). The TESS Zone is hosted in a near-vertical structural corridor, and our 2026 drill plan will systematically test this structure along trend and to depth. Ongoing in-house technical work is currently refining proposed final collar locations and will be reviewed and approved by the ML Technical Committee. Evaluation of the alteration, mineralization, and structural controls of the TESS – North Vein is ongoing and includes additional geochemical analysis and petrographic studies.
The TESS Zone occurs north of the historic North Vein occurrence and would not have been tested by historic drilling. At surface the TESS Zone is obscured by a thin layer of talus and is a blind discovery. Both zones are pervasively oxidized at surface and appear to have a strong association with jarosite alteration. In ML25-031, the TESS Zone consisted of an upper, sulfide rich, zone with disseminated to massive arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-silicate to vuggy silicified and clay altered rocks with strongly Au – Cu values (14m of 4.60 g/t Au, 3.76 g/t Cu, & 74.23 g/t Ag from 62m depth(1)) and a lower, pervasively calc-silicate altered zone with black sulfidic fractures, disseminated arsenopyrite – pyrrhotite – chalcopyrite, coarse Bi-Te minerals, local visible gold, and significantly elevated Au (24.65m of 21.93 g/t Au, 1.14% Cu, and 25.58 g/t Ag from 81.35m depth(1)). Hole ML25-032 was an over-cut of ML25-031 and returned 14m of 7.29 g/t Au, 0.91% Cu, & 24.98 g/t Ag from 57.05m depth and correlates as the projection of the upper sulfide rich zone interested in ML25-031, confirming the mineralized zone is steeply dipping(2). The mineralization occurs within a broader zone of strong oxidation, fracturing, and localised brecciation with anomalous pathfinder elements (As +/- Bi +/- Cu) but low gold grades and includes the projection of the lower gold rich zone intersected in ML25-031. The current interpretation is that mineralization on the TESS – North Vein is structurally controlled along ENE trending, steeply dipping, zones of fracturing and brecciation. It is also anticipated that the zones of mineralization will have a plunge controlled by the intersection of the structural zones with host lithologies and/or other structures.
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