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Prospector Signs Letter of Intent with BeMetals for Option on Savant Gold Project, NW Ontario
Newsfile·2025-07-10 11:00

Core Points - Prospector Metals Corp. has signed a non-binding Letter of Intent with BeMetals to option up to a 100% interest in the Savant Gold Exploration Project located in northwestern Ontario, Canada [1][4] - The Savant Project covers approximately 232 km² in a prolific gold-producing region, near notable mines such as Red Lake and Musselwhite, and hosts high-grade gold occurrences [2][4] Company Overview - Prospector Metals Corp. focuses on early-stage exploration of gold and base metal prospects, aiming to create shareholder value through new discoveries in underexplored regions, primarily in Yukon and Ontario [12] - The company emphasizes building relationships with local and Indigenous rightsholders to ensure mutually beneficial partnerships [12] Project Details - The Savant Project is characterized by iron formation-style deposits, with historical high-grade gold samples reported, including 138.87 g/t Au from the Horseshoe showing [5][7] - The project has not undergone comprehensive district-scale exploration, indicating potential for significant discoveries [4] Agreement Highlights - Under the LOI, BeMetals must commit at least C$500,000 in exploration expenditures within the first year and maintain a minimum of C$500,000 annually for five years [8] - A National Instrument 43-101 compliant Technical Report must be delivered within five years, outlining mineral resources, with ownership terms varying based on the resource size [9] - If BeMetals acquires 100% interest, a 0.5% Net Smelter Returns Royalty will be granted to Prospector [11]