Joe Ovsenek, President and CEO of P2 sees the potential for a significant gold discovery. Commenting on the success, he said, "BAM has delivered excellent results from the initial drill holes in the newly discovered Monarch Gold Zone. The drill results correlate well with the 2020 soil geochemical results. The drilling combined with the 2020 and 2021 mapping, sampling, geophysics and soil geochemical results indicate that the Monarch Gold Zone has the potential for a significant gold discovery."
Figure 1: Cross-section of drill hole BAM-003.
Figure 2: Bird's eye view of the BAM project. Just visible is that hole BAM-003 is facing east. BAM-003 is located approximately 320 meters northwest of BAM-001, while BAM-002 is located approximately 220 meters southeast of BAM-001.
Other selected drill results from the first three holes, BAM-001, 002 and 003, include hole BAM-001 grading 0.62 g/t gold over 50.75 metres, including 9.75 metres grading 1.11 g/t gold
BAM 2021 Exploration
The BAM 2021 drill program consisted of six holes totaling 835.9 metres. The Monarch Gold Zone was tested with holes BAM-001, 002, 003 and 005 targeting coincident IP chargeability anomalies with strongly anomalous gold values in soil up to 5.7 grams per tonne. The Jan Copper Zone was tested with holes BAM-004 and 006, which targeted soil geochemistry with values greater than 1% copper and surface occurrences exposed in historic trenches. Drill results for holes BAM-004, 005 and 006 are pending.
New Monarch gold zone believed to be 1 kilometer long and 500 metres wide
Based on the 2021 mapping, sampling and geophysics programs and the 2020 soil geochemical sampling and geophysics programs, the Monarch Gold Zone is believed to extend over one kilometer north-south and up to 500 meters east-west at surface and the Jan Copper Zone is believed to extend approximately one kilometer north-south and over 500 meters east-west at surface.
Planning for the BAM 2022 exploration program will begin this fall and is expected to include diamond drilling to test the full extent of the Monarch Gold Zone.
Summary: The BAM project in British Columbia is really only P2 Gold's second project alongside the advanced Gabbs copper-gold project in Nevada. This makes the significant gold discovery right from the first drilling on the newly discovered Monarch Zone all the more encouraging. When Joe Ovsenek speaks of a "significant gold discovery," it carries weight. The man was, after all, formerly the CEO of Pretium Resources Inc. which is now trading at more than CAD 10 per share and a market value of CAD 1.9 billion. Ovsenek has already turned some of his investors into millionaires. We would not be surprised if some of them now also buy P2 Gold. By the way, the current share price is quoted at CAD 0.44, which is CAD 0.06 below the price of the last placement. The market value of P2 Gold is around 23 million CAD. This is unlikely to last after this news.
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