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P2 Gold Inc. continues to advance its Gabbs Project, a promising gold-copper operation located on the Walker-Lane Trend in Nevada. The company operates under the ticker symbols TSXV: PGLD and OTCQB: PGLDF. It has announced a series of updates regarding its exploration and drilling activities, aimed at enhancing the project’s feasibility and resource estimation.
P2 Gold has mobilized a reverse circulation (RC) drill rig to the project site. This marks the initiation of a rigorous drilling program intended to expand the exploration area and refine existing resource estimates at the Sullivan Zone. The total plan includes 24 holes, amounting to approximately 4,900 meters. Following the completion of drilling at Sullivan, focus will shift to the Lucky Strike Zone, with an additional 47 holes scheduled, totaling around 10,000 meters.
The facts
The current drilling campaign aims to expand known mineralization and includes essential infill drilling to bolster resource confidence. Initial results from the Sullivan Zone are expected before the year’s end, marking a significant milestone in the project timeline. P2 Gold plans to release results incrementally as they become available, providing timely updates to stakeholders.
Drilling initiatives and expected outcomes
In addition to the RC drilling, P2 Gold is preparing to deploy a diamond drill rig to conduct geotechnical assessments and gather metallurgical samples. This program will consist of 17 holes, contributing a total of 3,500 meters to ensure the feasibility study’s robustness. The initial focus will be on securing metallurgical samples essential for column leach tests and assessing the stability of proposed pit slopes for both the Sullivan and Lucky Strike open pits.
Feasibility studies and future plans
P2 Gold has initiated the process of awarding contracts to support the feasibility study and overall mining plan for the Gabbs Project. Several contracts have been secured with prominent consulting firms tasked with various project aspects:
- Barr Engineering Co: Conducting a feasibility-level study on pit slope stability for the proposed open pits.
- Kautz Environmental Consultants, Inc.: Completing a cultural inventory of the Gabbs site.
- Aqua Hydrogeologic Consulting: Developing a hydrogeologic model relevant to the proposed open pits and process water rights.
- Western Biological: Performing an expanded biological survey.
- Kappas Cassiday: Carrying out optimized heap leach and mill processing metallurgical studies.
- Welsh Hagen: Conducting geotechnical studies for the leach pad and process facility foundations.
These studies, along with ongoing drilling efforts, are expected to culminate in the second quarter. Following the completion of drilling, P2 Gold plans to update its Mineral Resource estimate, which will inform an optimized mine plan. Insights from these studies will contribute to the design of processing and ancillary facilities, alongside estimating capital and operating costs crucial for the economic analysis outlined in the feasibility study.
Qualified oversight and future prospects
P2 Gold’s Chief Exploration Officer, Ken McNaughton, holds the designation of Qualified Person under the standards set by National Instrument 43-101. He has rigorously reviewed and approved the scientific and technical data disseminated in this announcement, ensuring the integrity of the information shared with stakeholders.
P2 Gold remains optimistic about the future of the Gabbs Project, which has a positive preliminary economic assessment outlining a potential production of 109,000 ounces of gold and 15,000 tonnes of copper annually over a 14.2-year mine life. The project benefits from excellent infrastructure, including paved road access and the availability of power and water on-site, positioning it well for further exploration and development.
As P2 Gold navigates the challenges of mineral exploration, the company remains committed to diligence. Investors and stakeholders are encouraged to stay informed as the company progresses through its drilling and feasibility phases, with potential developments on the horizon.
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