P2 Gold Announces Positive Sullivan Zone Sample Assay Results from Gabbs Project; Commences Further Metallurgical Testwork
P2 Gold Announces Positive Sullivan Zone
Sample Assay Results from Gabbs Project;
Commences Further Metallurgical Testwork
VANCOUVER, BC
,
April 3, 2025
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports that a sample has been collected and assayed from the Sullivan Zone at
its wholly-owned, gold-copper Gabbs Project located on the Walker-Lane Trend in
Nevada
; and a
Phase Three Metallurgical Program is underway. The Company has retained Kappes, Cassiday &
Associates ("KCA") in
Reno, Nevada
to carry out the Phase Three Metallurgical Program.
Sullivan Zone Sample
Collection and Assay Results
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
. (
See the photo of the mineralization with white sample bags below.)
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").
Representative cuts from the Panel and Composite Samples have been assayed in duplicate prior to
starting the program. See Table 1 below for assay results.
Table 1: Sullivan Zone Sample Assay Results,
March 2025
(1)
Sample
Gold Grade
(gpt)
Silver Grade
(gpt)
Copper Grade
(%)
Panel Sample
2.029
15.79
0.42
Composited Sample
0.663
0.99
0.34
(1)
Samples were submitted for preparation and multi-element analysis by KCA. All samples were analyzed using multi-acid digestion with ICP finish for gold and copper and fire
assay with AA finish for gold.
Sample collection bags at the Sullivan Zone, Gabbs Project, Nevada (CNW Group/P2 Gold Inc.)
"The assay results of the sample collected at the Sullivan Zone support our enthusiasm and
conviction for continuing to advance the Gabbs Project forward toward production," commented
Joe
Ovsenek
, President and CEO of P2. "Moreover, based on the results of our prior testwork, we
expect the next phase of our metallurgical program to deliver a meaningful increase in copper
recoveries as well as an increase in gold recoveries, a direct boost to the project's bottom line. We
look forward to providing further updates on our metallurgical program as we advance
Gabbs
."
Using existing recoveries (78% for oxide gold mineralization and 54% for oxide copper
mineralization)
Gabbs
has an internal rate of return of 50.1% and net present value at a 5% discount
rate of over
US$1.4 billion
at
April 1st
spot metal prices of
$3,132
gold,
$33.97
silver and
$4.39
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
.
)
2025 Metallurgical Testwork
The Phase Three Metallurgical Program now underway 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.
The Phase Three 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. Initial results from the Phase Three Metallurgical Program are
expected early in the third quarter of this year.
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 03-APR-25