P2 Gold Intersects 1.15 g/t Gold Equivalent Over 140 Meters at Gabbs
September 8, 2021 News Release 21-17
P2 Gold Intersects 1.15 g/t Gold Equivalent Over 140 Meters at Gabbs
Vancouver, British Columbia, September 8, 2021; P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD)
reports results from the first two holes of Phase One drilling at the Sullivan Zone of its Gabbs Project
located on the Walker-Lane Trend in Nevada.
“The first two holes have confirmed our understanding of Gabbs’ potential,” commented Joe
Ovsenek, Presiden t and CEO of P2. “Hole GBD -001, drilled in the center of the Sullivan Zone,
intersected the near -surface higher -grade gold-copper domain identified in historical drilling, with
width and assays exceeding our expectations. Moreover, hole GBD-002 extended the gold-copper
mineralization to the northwest. With four diamond holes completed to confirm our geological model,
we have now mobilized the reverse circulation drill to begin infill and expansion drilling.”
Select drill results (see Table 1 below for drill results) from holes GBD-001 and GBD-002 include:
• Hole GBD-001 intersected 1.15 g/t gold equivalent (0.81 g/t gold and 0.30% copper) over 140.67
meters, including 39.32 meters grading 2.71 g/t gold equivalent (2.12 g/t gold and 0.51%
copper); and
• Hole GBD-002 intersected 0.39 g/t gold equivalent (0.12 g/t gold and 0.23% copper) over 46.33
meters, including 28.04 meters grading 0.47 g/t gold equivalent (0.14 g/t gold and 0.29%
copper) starting from surface.
Drill hole GBD-001 was drilled in the center of the Sullivan Zone to test the full width of the zone and
confirm the higher-grade gold–copper domain encountered by prior operators. Historically, drilling at
the Sullivan Zone focused on the near surface oxide gold mineralization, with a significant number of
holes stopped in mineralization or not assayed for copper. The mineralization intersected in drill hole
GBD-001 is approximately 70 meters thicker than defined by the historical drilling; almost doubling the
historical thickness of the mineralized zone and at higher average grades . The high -grade
mineralization is hosted by an intensely sericite altered monzonite, with lower grade gold
mineralization extending up into the overlying gabbro, and copper–gold mineralization extending well
into the underlying chlorite altered pyroxenites.
Drill hole GBD-002 was drilled at the limits of the historical drilling included in the Sullivan Zone Mineral
Resource(1). This hole successfully extended the known mineralization by approximately 50 meters to
the northwest and was collared entirely within the altered footwall pyroxenites. Additional drilling is
planned further to the north and northwest of GBD -002 to test for addition al extensions of the
mineralization and the monzonite that hosts the high-grade mineralization in hole GBD-001.
(1) See P2 Gold news release dated February 23, 2021 and Gabbs Project Technical Report filed on
www.sedar.com on March 11, 2021.
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GBD-002 is located approximately 500 meters northwest of GBD-001. A plan map and sections for drill
holes GBD-001 and 002 of the Gabbs 2021 Drill Program are available here.
Table 1: Selected Gabbs Drill Results, September 2021 (GBD-001 and GBD-002)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ
(g/t)
GBD-001 N4292637
E417583
-45/45 27.43 168.10 140.67 0.81 0.30 1.15
Incl. 48.46 87.78 39.32 2.12 0.51 2.71
GBD-002 N4292924
E417321
-45/45 12.50 58.83 46.33 0.12 0.23 0.39
Incl. 12.50 40.54 28.04 0.14 0.29 0.47
(1) True thickness to be determined.
(2) All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, with
the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British
Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with
AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish.
One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a
sample cut from assay rejects assayed as a field duplicate.
(3) Gold Equivalent calculations were consistent with the Sullivan Zone Mineral Resource(1) which
used US$1,600 per ounce gold, US$3.00 per pound copper, and copper recoveries of 90%.
Oxide mineralization was encountered down to approximately 130 meters in hole GBD -001 and over
the entire length of hole GBD-002. Recently completed metallurgical test work by P2 confirm ed that
the gold and copper mineralization yield relatively high recoveries for both heap leach and
conventional milling options. The oxide copper was not included in the gold equivalent calculation for
the Sullivan Zone Mineral Resource(1) and as such represents a significant opportunity to increase the
contained gold equivalent ounces.
Gabbs 2021 Exploration
To date, a satellite hyperspectral survey, ground geophysics survey, Phase One metallurgical program
and diamond drill program have b een completed at Gabbs. The 2021 Gabbs diamond d rill program
consisted of four holes drilled at the Sullivan Zone totaling approximately 600 meters. A trade off
study is underway to test the potential economics of heap leaching versus milling the oxide
mineralization. The results of this study will be used to define the Phase Two metallurgical program.
A reverse circulation drill has mobilized to site and has commenced drilling with nine holes drilled to
date. Assays for the remaining diamond drill hole s and the reverse circulation drill holes will be
released upon receipt.
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Quality Assurance
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person (“QP”),
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 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.
For further information, please contact:
Joseph Ovsenek
President & CEO
P2 Gold Inc.
Suite 1100, 355 Burrard Street
Vancouver, BC
V6C 2G8
(SEDAR filings: P2 Gold Inc.)
Michelle Romero
Executive Vice President
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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
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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 dated August 9, 2021 filed on SEDAR at
www.sedar.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.
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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.