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.