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B2Gold invests in Yukon junior Prospector

North of 60 Mining News - July 5, 2024

Partnership fuels exploration at prospective Yukon gold project.

Prospector Metals Corp.

Prospector Metals Corp. June 28 announced a significant strategic investment from B2Gold Corp., representing a major endorsement for the Yukon junior miner.

Comprising 4,757 hectares (11,747 acres) within the prolific Tintina Gold Belt, Prospector's Mike Lake (ML) property is located approximately 80 kilometers (50 miles) northeast of Dawson City and 25 kilometers (16 miles) northeast of the former Brewery Creek Gold Mine.

Acquiring the property earlier this year from Troilus Gold Corp., Prospector has only just begun to tap into this exciting, underexplored property, undertaking preliminary assessment work and prospecting activities to advance its understanding of the site's mineral potential.

According to the company, ML hosts one of the few remaining Tombstone-style intrusions in the region that has not been systematically explored – with no significant work completed since 2008. This project also boasts a historical database valued at C$12 million (US$8.8 million), which includes rock and soil sampling, airborne geophysics, and drilling data that has revealed over two dozen high-grade gold surface occurrences, some of which have never been drilled.

Despite its short tenure, Prospector has attracted the attention of B2Gold. The recent investment involves an agreement to subscribe for 5.58 million Prospector shares at C16.3 cents per share, amounting to gross proceeds of approximately C$909,311 (US$690,000).

This investment will provide Prospector with the necessary funds to begin accelerating exploration and development at ML.

"We are excited to have B2Gold as a keystone shareholder in Prospector Metals and our team is looking forward to their technical input on our flagship ML project, Yukon," said Prospector Metals CEO Rob Carpenter. "B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety."

As part of the agreement, B2Gold will obtain roughly 9.9% of the issued and outstanding common shares of Prospector. In addition to the financial boost, B2Gold's involvement brings technical expertise and collaborative partnership aimed at optimizing the exploration efforts at ML.

Forming a four-person technical committee, including one representative from B2Gold to advise and oversee the project's progress, Prospector is now well-equipped and well-funded to have a speedy start to exploration at this northern Yukon property.

"This investment and technical partnership will allow Prospector to advance the ML project more efficiently and it represents an endorsement of our exploration philosophy and targeting methods," said Carpenter.

B2Gold has also been granted several strategic rights, including subscription rights to increase its ownership up to 19.9%, participation rights in future equity financings, and a right of first refusal on any sale or disposition of the ML Project.

Given its strategic location, as well as the untapped potential of the ML property, coupled with B2Gold's investment and expertise, Prospector is positioned for significant growth, particularly if a major discovery is uncovered.


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