{kanada_flagge}The drill program P2 Gold (TSXV PGLD / WKN A2QCBZ) carried out last year at its Gabbs project in Nevada was already a complete success. It resulted an increase of the project’s gold resources by 50% in just one drill season! Now P2 Gold is following up with another set of strong drill results.
In 2022, the company again encountered gold mineralization with three of the first four drill holes on the property located in the Walker-Lane Trend in Nevada and saw, at least in part, high gold grades! Drill results included 2.96 g/t gold over a massive 22.86 metres, including 12.19 metres of 5.00 g/t gold, as well as 1.13 g/t gold over 39.62 metres, including 13.72 metres of 2.73 g/t gold and 28.96 metres of 0.51 g/t gold!
In total, the company completed 22 holes for 4,000 meters in January and February, focusing on the Car Body and Sullivan zones with confirmation drilling and the Lucky Strike zone with extension drilling. As P2 Gold hopes to present a preliminary economic assessment (PEA) for Gabbs at the end of this year, it intends to focus future drill programs on extending the known oxide mineralization, as this would be addressed first in a mine plan, CEO Joe Ovsenek explained.
The drill holes presented today were intended to test the structural control of mineralization at the Car Body zone, the zone with the lowest tonnage but highest gold grade on the property. The gold at Car Body is interpreted to be epithermal mineralization with low sulphidation and remains open in all directions.
Expansion of resources with large tonnages?
These first four holes have confirmed the results of historical drilling in the Car Body zone and locally expanded the mineralization intercepts. The ore controls appear to be associated with a series of steeply dipping, east-west trending quartz stockworks typical of the Walker Lane trend. Two north-south oriented holes were completed at the end of the program to test this stockwork. The higher-density drilling is expected to intersect more mineralization, which should lead to an expansion of large-tonnage resources, P2 Gold believes.
In addition, the company announced that the second phase of metallurgical testing of the Gabbs ore is nearing completion. This should give P2 Gold a better idea of how best to remove the gold present from the ore. This is critical information that should serve as the basis for the aforementioned PEA, which as stated is expected to be completed by the end of 2022.
In addition, P2 Gold has completed a 48.3 line-kilometer NSMT (Natural Source Magneto Telluric) survey over the project that covered all four known zones of mineralization as well as the possible locations of the potential gold-copper porphyry source at depth. An interpretation of the NSMT survey, the company adds, indicates an anomaly that could be the potential source of porphyry mineralization at Gabbs, midway between the Sullivan and Lucky Strike zones at a depth of approximately 400 meters.
Conclusion: P2 Gold has continued its winning streak at Gabbs with another set of – in part – high-grade drill results, confirming the findings from historical drill holes. If the remaining 18 drill holes prove to be as successful, it is safe to assume that the company will achieve its goals at the project. With results now pending not only from further drilling but also from metallurgical testing, there is likely still some news flow to come that could take P2 Gold forward another step. The interpretation of the NSMT survey also suggests potential, considering that it could bring the company one step closer to source porphyry mineralization at Gabbs.
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