P2 Gold Announces Positive Interim Metallurgical Results
P2 Gold Announces Positive Interim
Metallurgical Results
VANCOUVER, BC
,
June 16, 2025
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports positive interim test results from the metallurgical program underway for
its gold-copper Gabbs Project located on the Walker-Lane Trend in
Nevada
.
The Company retained Kappes, Cassiday & Associates ("KCA") in
Reno, Nevada
to carry out the
Phase Three Metallurgical Program, which is focused on increasing copper and gold recoveries of
the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization,
acidification, recycling and thickening) concentrate.
After 58 days of leaching, the metal recoveries of the Phase 3 Metallurgical Program are far
exceeding the recoveries from the Phase Two Metallurgical Program and are exceeding the
recoveries used in the
May 2024
Preliminary Economic Assessment on the Gabbs Project. See
Table 1 below for a comparison of the Phase Three results at 58 days to the Phase Two results at
58 days and the recoveries used in the 2024 Preliminary Economic Assessment.
Table 1: Comparison of Interim Oxide Samples Column Test Leach Results at Day 58
(1)(2)
Metal
Average Metal
Recovery of Phase 3
Met Program
at 58 Days
Average Metal
Recovery of Phase 2
Met Program
at 58 Days
May 2024
Preliminary
Economic
Assessment Leach
Recoveries
(3)
Gold
86.6 %
59.4 %
78 %
Silver
73.5 %
40.2 %
45 %
Copper
56.6 %
28.4 %
54 %
(1)
Samples were submitted for preparation and multi-element analysis by KCA. All samples were analyzed using multi-acid digestion with ICP finish for silver and copper and
fire assay with AA finish for gold.
(2)
Interim recoveries based are on standard assaying protocols and will be subject to change at the end of the program when tail assays are available and incorporated into
the calculated head assays.
(3)
See P2 Gold news release dated May 22, 2024, and the Gabbs Technical Report dated May 17, 2024 available under the Company's profile on SEDAR+ at
www.sedarplus.com and on the Company's website at www.p2gold.com.
"The Phase Three Metallurgical Program was established with a target of improving the leach
kinetics and overall extraction by adding cyanide during agglomeration and by increasing the cyanide
concentration in the leach solutions," commented
Joe Ovsenek
, President & CEO of P2. "Interim test
results indicate that all metals are leaching significantly faster than the prior tests, with metal
recoveries exceeding those used in our
May 2024
PEA and still increasing."
The Phase Three Metallurgical Program is expected to continue for another 30 to 60 days to achieve
maximum recoveries. Final metallurgical recoveries will be announced upon completion of the
program.
Prior Metallurgical Programs
The Phase One Metallurgical Program included testing for the potential recoveries of copper and
gold from oxide mineralization by sequential leach using heap leach or conventional milling. The test
work showed that gold and copper can be recovered by both process options, with extractions
averaging 97.2% for gold and 95.2% for copper when the sample is ground to 100 microns. (
See
P2's news release of
August 4, 2021
.)
The Phase Two metallurgical program, also conducted by KCA, was focused on determining the
preferred extraction process for the
Gabbs
mineralization. Based on the results of that program,
KCA proposed that the oxide material be heap leached and gold recovered as a salable doré and
cyanide soluble copper produced as a salable copper sulphide concentrate. Column test leach
results ranged up to 89% for gold and 62% for copper. The average extraction for the three column
tests was 82% for gold and 50% for copper. (
See P2's news release of
May 13, 2022
.)
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 05:00e 16-JUN-25