P2 Gold Kicks Off Drilling at BAM
P2 Gold Kicks Off Drilling at BAM
VANCOUVER, BC
,
June 15, 2023
/CNW/
-
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports that it has commenced drilling at its gold-copper BAM Project located in
the Golden Triangle of northwest
British Columbia
. The 2023 BAM Project Drill Program builds on
the three prior years' exploration and is targeting the porphyry system interpreted to be feeding the
surface mineralization at the Monarch Gold Zone and
Jan Copper Zone
.
Exploration crews mobilized to BAM in mid-May and quickly established the camp and began field
evaluation of drill targets identified from the 2022 geophysical surveys. For 2023, drilling is expected
to be completed in two phases with the first phase consisting of approximately 3,000 meters and the
second phase contingent of first phase results.
"We believe we are on the cusp of a major discovery at BAM," commented
Ken McNaughton
, Chief
Exploration Officer of P2. "Geology, geophysics and surface evaluation are all pointing to significant
porphyry-related mineralization underlying the Monarch Gold and Jan Copper Zones and indicating
potential for additional porphyry-related mineralization elsewhere on the property. This is the
summer where we believe all of our prior exploration work comes together to drive discovery."
The BAM 2022 Exploration Program consisted of 13,962 meters of drilling, completed primarily at
the Monarch Gold Zone, which greatly enhanced understanding of the geology at BAM and resulted
in an initial Mineral Resource for the Monarch Gold Zone (
see news release dated
January 25,
2023
). The drilling also expanded the Monarch Gold Zone to over 1 kilometer by 1.2 kilometers in
area, with the zone remaining open in multiple directions. Petrographic and TerraSpec analysis
completed in the off season has confirmed field observations that alteration emanates out from the
middle of the Monarch Gold zone towards the edges and increases with depth.
The 2022 program also included a natural source magneto-telluric (NSMT) geophysical survey and a
Z-Tipper Axis Electromagnetic (ZTEM) airborne geophysical survey. Three-dimensional inversions of
the electrical conductivity models of the NSMT survey data and ZTEM survey data were combined
using joint inversion modelling to provide a three-dimensional geophysical model of the BAM Project.
The three-dimensional inversion model gives a subsurface view of the conductivity/resistivity with an
estimated accuracy down to a depth of roughly sea level (approximately 1,400 meters below
surface at the Monarch Gold Zone).
The three-dimensional geophysical model was completed independently of the geological
interpretation of the BAM Project. Compilation of the geophysical model with the 2022 drill results
shows a strong correlation with surface mineralization and geological interpretation at depth. It also
shows that both the Monarch Gold Zone and
Jan Copper Zone
overlie zones of high conductivity
sitting approximately 500 meters below surface. These conductive zones are interpreted to be the
mineralized cupola overlying a copper-gold porphyry and will be the target of the first two drill holes
of this year's drill program.
Figure 1: BAM plan view, 3D conductivity model - 2023 drillholes 1 and 2 (CNW Group/P2 Gold Inc.)
Figure 2: BAM Section 1+000NE - 2023 Drillhole 1 (CNW Group/P2 Gold Inc.)
Figure 3: BAM Section 0+000NE - 2023 Drillhole 2 (CNW Group/P2 Gold Inc.)
Results from the 2023 BAM Drill Program will be reported on receipt.
Silver Reef Update
The Company has agreed with the vendor of the Silver Reef Property to defer the cash payment and
share issuance due on
June 12, 2023
under the option agreement dated
June 12, 2020
as amended
by an amending agreement dated
June 20, 2022
(together, the "Agreement") to
June 10, 2024
.
Under the Agreement, the Company has the right to acquire up to a 100% interest in the Silver Reef
Property located in northwest
British Columbia
.
P2 Gold Engages the Services of Global One Media
The Company has engaged the services of Global One Media Limited ("Global One Media") to
manage its social media channels, including the distribution of interviews, company news, and other
similar services.
Global One Media does not have any interest, directly or indirectly, in the Company or its securities,
or any right or intent to acquire such an interest. Global One Media may provide additional services
in the future.
About Global One Media
Global One Media is an innovative investor-focused digital marketing agency solving the needs of
small and mid-cap listed companies. We deliver creative and effective solutions for brand positioning
and strategic communications across all industries, specializing in investor engagement and growth
marketing for listed and pre-IPO companies. Using our global network, we help public companies
dominate their sector amid the web and social media landscape, tell their story in an engaging
manner, and reach millions of investors around the world.
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 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 BAM 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,
2022
, dated
March 16, 2023
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.
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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%SEDAR: 00045664E
For further information:
Joseph Ovsenek, President & CEO, (778) 731-1055; P2 Gold Inc., Suite
1100, 355 Burrard Street, Vancouver, BC, V6C 2G8, [email protected], (SEDAR filings: P2 Gold
Inc.); Michelle Romero, Executive Vice President, (778) 731-1060
CO: P2 Gold Inc.
CNW 05:00e 15-JUN-23