P2 Gold Increases Inferred Resources at Gabbs by 69%
P2 Gold Increases Inferred Resources at
Gabbs by 69%
VANCOUVER, BC
,
April 29, 2024
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports the completion of the
April 2024
Updated Mineral Resource Estimate
("2024 MRE") for its wholly-owned Gabbs Project located on the Walker-Lane Trend in
Nevada
. The
2024 MRE was prepared by P&E Mining Consultants Inc. ("P&E") in accordance with National
Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
"As part of the 2024 Preliminary Economic Assessment underway for the Gabbs Project, we have
updated the operating costs for both heap leach and mill processing," commented
Joe Ovsenek
,
President and CEO of P2. "These operating costs have been used to update the pit-constrained
Mineral Resource for the Gabbs Project. We now have substantially more mineralized material
above the cut-off grades for the heap leach and mill. The known zones of mineralization at
Gabbs
all
outcrop and remain open along strike and at depth, with excellent potential for non-outcropping
zones of mineralization."
Gabbs Project 2024 Mineral Resource Estimate
The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation
drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior
Gabbs Project operators between 1970 and 2011.
The main difference between the 2024 MRE and the
June 2023
Mineral Resource Estimate (
see
news release dated
September 11, 2023
)
is the decrease in the oxide cut-off grade to 0.27 g/t gold
equivalent from 0.28 g/t gold equivalent and a decrease in the sulphide cut-off grade to 0.36 g/t gold
equivalent from 0.44 g/t gold equivalent. As a result, both oxide and sulphide Mineral Resources
have increased.
Table 1: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate
(1)(2)(3)(4)
Mineral
Resource
Classification
Tonnes
(M)
Gold Grade
(g/t)
Silver Grade
(g/t)
(5)
Copper
Grade
(%)
Gold
(M oz)
Silver
(5)
(M oz)
Copper
(M lbs)
Gold Eq. Grade
(g/t)
Gold Eq.
(M oz)
Indicated
49.8
0.45
1.36
0.27
0.72
2.17
297.0
0.73
1.16
Inferred
112.2
0.35
0.84
0.23
1.28
3.04
567.1
0.63
2.29
(1)
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2)
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(3)
The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and
Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
(4)
The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.27 g/t and 0.36 g/t oxide
and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from US$1,838/oz gold, US$3.96/lb copper, US$1.60/tonne mining cost, and
US$11.40 and $19.60/tonne respective oxide and sulphide processing costs; US$1.00/tonne G&A cost, 78.3% and 95.2% respective Au oxide and sulphide process
recoveries; and 48% and 78% respective Cu oxide and sulphide process recoveries.
(5)
Silver not included in gold equivalent calculation.
Oxide Mineral Resources at
Gabbs
consist of Indicated Mineral Resources of 760,000 ounces of
gold equivalent (33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver and 0.26% copper) and
Inferred Mineral Resources of 1,040,000 ounces of gold equivalent (52.0 million tonnes grading 0.39
g/t gold, 0.81 g/t silver and 0.21% copper). See Table 2 below for a breakdown of the oxide and
sulphide Mineral Resources.
Table 2: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate by Rock Group
(1)(2)
Rock
Group
Tonnes
(M)
Gold Grade
(g/t)
Silver Grade
(g/t)
Copper Grade
(%)
Gold
(M oz)
Silver
(M oz)
Copper
(M lbs)
Gold Eq. Grade
(g/t)
Gold Eq.
(M oz)
Oxide
Indicated
33.7
0.46
1.43
0.26
0.50
1.55
196.6
0.70
0.76
Oxide
Inferred
52.0
0.39
0.81
0.21
0.66
1.36
243.8
0.62
1.04
Sulphide
Indicated
16.1
0.43
1.21
0.28
0.22
0.62
100.4
0.77
0.40
Sulphide
Inferred
60.2
0.32
0.87
0.24
0.62
1.68
323.3
0.65
1.25
(1)
See Notes 1 to 4 to Table 1 above.
(2)
Tables may differ and not sum due to rounding.
Qualified persons
The 2024 MRE was prepared under the supervision of
Eugene Puritch
, P.Eng., FEC, CET of P&E
Mining Consultants Inc., who is an Independent Qualified Person, as defined by NI 43-101. Mr.
Puritch has reviewed and approved the technical contents of this news release relating to the 2024
MRE.
Ken McNaughton
, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by NI 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 precious metals
and copper discoveries and acquisitions in the western
United States
and
British Columbia
.
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 the 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. 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.
See "Risk Factors" in the Company's annual information form for the year ended
December 31,
2023
, dated
March 21, 2024
filed on SEDAR+ at
www.sedarplus.ca
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:
Joseph Ovsenek, President & CEO, (778) 731-1055, P2 Gold Inc.;
Michelle Romero, Executive Vice President, (778) 731-1060; Suite 1100, 355 Burrard Street,
Vancouver, BC, V6C 2G8, [email protected], (SEDAR filings: P2 Gold Inc.)
CO: P2 Gold Inc.
CNW 05:00e 29-APR-24