P2 Gold Announces Management, Metallurgical Testwork Updates
P2 Gold Announces Management,
Metallurgical Testwork Updates
VANCOUVER, BC
,
May 12, 2025
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSX-V:PGLD)
(OTCQB:PGLDF) reports that its management team has been retained to augment the leadership at
Tudor Gold Corp. ("Tudor Gold") and; ongoing metallurgical testwork from a sample collected and
assayed from the Sullivan Zone at its wholly-owned, gold-copper Gabbs Project has demonstrated
an increase in copper and gold recoveries.
Management Update
P2's senior management team has been retained by Tudor Gold in support of the advance their
flagship gold-copper Treaty Creek Project located roughly 10 kilometers north of the Brucejack Mine
in
British Columbia's
Golden Triangle. P2's wholly-owned Gabbs Project in
Nevada
will continue to
be advanced as planned, with senior management and Board owning 23% of the Company's issued
and outstanding shares. Members of P2's team were instrumental in the discovery, permitting,
construction, and operation of the Brucejack Mine while at Pretium Resources Inc. and have the
capacity and capability of driving the Treaty Creek Project and Gabbs Project forward concurrently.
2025 Metallurgical Testwork
The Phase Three Metallurgical Program underway at
Gabbs
is focused on increasing copper, silver
and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver
SART (sulphidization, acidification, recycling and thickening) concentrate.
Results to date indicate far superior kinetics to prior test work, with recoveries for gold, silver and
copper exceeding recoveries of prior test work at this stage of the program. The Phase Three
Metallurgical Program is expected to be completed early in the third quarter of this year. The
Company has retained Kappes, Cassiday & Associates ("KCA") in
Reno, Nevada
to carry out the
Phase Three Metallurgical Program.
As reported on
April 3, 2025
, a 338-kilogram panel sample (the "Panel Sample"), measuring
approximately 1 meter by 30 meters, was collected across the exposed oxide mineralization in a 10-
meter-deep historic excavation at the Sullivan Zone at Gabbs. In addition, the remaining low,
medium, and high-grade samples from drill core used in the previous metallurgical programs were
composited into one sample (the "Composited Sample"). The Phase Three Metallurgical Program
consists of leach testing approximately 150 kilograms of the Panel Sample in a 20-centimeter
diameter column and approximately 20 kilograms of the Composited Sample in a 10-centimeter
column. (See news release dated
April 3, 2025
.)
Preliminary Economic Assessment Economics at Spot Prices
Using existing recoveries (78% for oxide gold mineralization and 54% for oxide copper
mineralization)
Gabbs
has an internal rate of return of 54.9% and net present value at a 5% discount
rate of over
US$1.6 billion
at
May 9, 2025
spot metal prices of
$3,335
gold,
$32.67
silver and
$4.30
copper. (
See the Company's preliminary economic assessment announced on
May 22, 2024
and
described in the Gabbs Technical Report dated
May 17, 2024
available under the Company's
profile on SEDAR+ at
www.sedarplus.com
.
)
Qualified Person
Ken McNaughton
, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has
reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its gold-copper
Gabbs Project on the Walker Lane Trend in Nevada. A positive preliminary economic assessment
has outlined a long-life, mid-size mine at
Gabbs
with annual average production of 104,000 ounces
gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs Project has excellent
infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical
testing is underway, and a water permit is expected in the second quarter of this year. All zones on
the property remain open and additional exploration targets, near surface and at depth, are drill
ready.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that
term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, information
with respect to the Company's expectations, strategies and plans for its Gabbs Project including the
Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made, including
without limitation, the estimated internal rate of return and net present value at a 5% discount rate of
the Gabbs Project, as well as the other assumptions disclosed in this news release. Furthermore,
such forward-looking information involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any future plans, intentions, activities,
results, performance or achievements expressed or implied by such forward-looking information,
including without limitation, the estimates and assumptions contained in the Gabbs Technical Report
dated
May 17, 2024
, and risks associated with mineral exploration, including the risk that actual
results and timing of exploration and development will be different from those expected by
management. See "Risk Factors" in the Company's annual information form for the year ended
December 31, 2024
, dated
March 21, 2025
filed on SEDAR+ at
www.sedarplus.com
for a
discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE
P2 Gold Inc.
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For further information:
For further information, please contact: Joseph Ovsenek, President &
CEO, (778) 731-1055; P2 Gold Inc., Suite 789, 999 West Hastings Street, Vancouver, BC, V6C
2W2, [email protected], (SEDAR filings: P2 Gold Inc.); Michelle Romero, Executive Vice President,
(778) 731-1060
CO: P2 Gold Inc.
CNW 04:00e 12-MAY-25