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.