B2Gold has agreed to invest in Prospector Metals by acquiring approximately 5.6 million shares in the latter, representing a 9.99% stake, at C$0.163 each.

This will provide Prospector with the necessary funds to advance its ML Project in Yukon, Canada.

The investment, amounting to just over C$909,311 ($664,143), is earmarked for exploration and development of the ML Project.

An investor rights agreement has also been established, forming a Technical Committee with a B2Gold nominee to oversee the ML Project’s exploration and development.

B2Gold also secured subscription rights for additional shares, subject to regulatory approval, to maintain up to a 19.9% ownership interest.

Troilus Gold, which owns an 18.16% stake in Prospector, retains the participation right to maintain up to 19.9% ownership.

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Upon completion of B2Gold’s investment, Troilus may purchase additional shares to uphold its ownership percentage.

Prospector CEO and director Rob Carpenter said: “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. B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety.

“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.”

Located near Dawson City, Yukon Territory, the ML Project has high-grade gold, silver and copper occurrences.

Previous exploration has focused on skarn mineralisation near syenite intrusions, with limited work within the intrusions themselves.