Prospector Drills 7.3 g/t Au, 22.26 g/t Ag, & 0.9% Cu over 5.15m Including 1.3m @ 25.6 g/t Au from 101.30m Within an Envelope of 2.73 g/t Au, 6.92 g/t Ag, & 0.28% Cu over 18.06m
Prospector’s first 2026 TESS step-out assays show significantly lower grades and widths compared to prior high-grade results, challenging the discovery thesis.
Prospector Metals Corp. (PPP) has released the first assay results from its 2026 drill program at the TESS Zone within the ML Project in the Yukon. Due to severe laboratory delays, only three of the 44 completed holes on the TESS zone have been reported so far.
The best intercept came from hole ML26-043, which returned 5.15 m @ 7.30 g/t Au, 22.26 g/t Ag, 0.89% Cu from 101.3 m downhole. This interval includes 1.3 m @ 25.6 g/t Au and 0.5 m @ 19.5 g/t Au. A lower-grade envelope in the same hole measured 18.06 m @ 2.73 g/t Au, 6.92 g/t Ag, 0.28% Cu. Hole ML26-041 returned 26.60 m @ 1.47 g/t Au, 3.53 g/t Ag, 0.18% Cu from 135.31 m. Meanwhile, ML26-040 intersected the TESS alteration zone but returned only anomalous gold (≤0.208 g/t) and copper.
The company states the TESS Zone is traced over 200 m along trend and to 150 m depth, open in both directions. Drilling continues, with no assays yet reported from Skarn Ridge, the Mike Lake stock, or other targets.
Prospector Metals Corp. (PPP) is a pre-resource junior explorer whose valuation is entirely tied to the TESS discovery and its expansion potential. The company’s anchor discovery hole previously triggered a roughly fourfold surge in share price, with the stock trading as if a multi-million-ounce, high-grade deposit were emerging.
The 2026 step-out assays represent the first material test of that thesis, delivering results that materially disappoint relative to priced expectations. The gram-metres are approximately 6% of the anchor hole’s figure, and the intercepts are narrow, suggesting the high-grade shoot may be small and pinching out.
Other elements, including the definition of a 200-meter trend and new mineralized styles at Skarn Ridge and Mike Lake, remain preliminary and lack assay data. These findings do not offset the core miss from the TESS step-out results.
Prospector Metals Corp. (PPP) is a junior explorer focused on its 100%-owned ML Project in the Yukon’s Tintina Gold Belt, while a secondary portfolio is being spun out to Lightning Resource Corp (BeMetals). The company is well-capitalized with C$43.9 million in cash, zero debt, and a fully funded 25,000-m drill campaign scheduled for 2026.
Management is led by Dr. Rob Carpenter, known for his work on the Kaminak Gold Coffee discovery, and the company features significant insider and strategic ownership from B2Gold (~19.9%), Alpayana, and Discovery Capital. Pre-discovery intercepts at TESS in 2025 transformed the company from a sub-C$0.30 explorer to a stock trading above C$1.30, and the current drill program is designed to expand that discovery.