P2 Gold Project Updates: BAM Drilling Results and Gabbs PEA Update
P2 Gold Project Updates: BAM Drilling Results
and Gabbs PEA Update
VANCOUVER, BC
,
Sept. 8, 2023
/CNW/
- P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports that it has received the results from the two drill holes completed during
the 2023 exploration program at its gold-copper BAM Project located in the Golden Triangle of
northwest
British Columbia
and that an updated preliminary economic assessment on its Gabbs
Project in
Nevada
is nearing completion.
BAM Project
Drill hole BAM-102, drilled to a depth of 509.0 meters, and drill hole BAM-103, drilled to a depth of
404.1 meters targeted geophysics targets believed to be potential feeder zones for surface
mineralization below the Monarch Gold Zone and Jan Copper Zone, respectively. The holes did not
intersect significant mineralization; however, age dating of drill core has determined that the Jan
Copper Zone mineralization is likely related to intrusives dating 321 million years while the Monarch
Gold Zone is hosted in Late Triassic rocks and must be younger than 220 million years old.
Accordingly, additional geological work is required to determine the sources of these two mineralized
zones which will include further exploration of the recently acquired Ball Creek property located
immediately north of the original BAM property.
Gabbs Project
Following the announcement of the results of the
Gabbs
preliminary economic assessment on
June
29, 2023
(the "June PEA"), the Company retained Kappes Cassiday & Associates of
Reno, Nevada
and P&E Mining Consultants of
Brampton, Ontario
to prepare an updated preliminary economic
assessment (the "Updated PEA") on the Gabbs Project. The Updated PEA contemplates the
development of oxide and sulphide mineralization with processing at a rate of six million tonnes per
annum in contrast to the June PEA that is focused primarily on the development of the oxide
mineralization at a processing rate of four million tonnes per annum. The results of the Gabbs
Updated PEA are expected to be released in the coming days.
"Our understanding of BAM continues to evolve and will require additional geological work to locate
the sources for the Monarch Gold and
Jan Copper
zones," commented
Joe Ovsenek
, President &
CEO of P2. "At Gabbs, we are continuing the advance towards production and plan to announce the
results of an updated preliminary economic assessment shortly. Once the results are in hand, we will
focus on the sale of a royalty on Gabbs to move the project forward."
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
and 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,
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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For further information:
Joseph Ovsenek, President & CEO, (778) 731-1055; Michelle Romero,
Executive Vice President, (778) 731-1060; P2 Gold Inc., Suite 1100, 355 Burrard Street, Vancouver,
BC, V6C 2G8, [email protected], (SEDAR filings: P2 Gold Inc.)
CO: P2 Gold Inc.
CNW 05:00e 08-SEP-23