Joe Ovsenek, President and CEO of P2 commented: “This Phase 1 program has confirmed that the Sullivan Zone is at least 1,000 meters long and over 200 meters wide and hosts near surface, high grade gold-copper mineralization. Preparation of an updated mineral resource estimate is underway and is expected to be completed in the first quarter of 2022. RC samples for the remaining three holes from the Car Body Zone and one hole from the Lucky Strike Zone are in the lab and we expect to release these results early in the new year."
Figure 1: Gabbs Phase 1 Drilling Program, Sullivan Zone.
Selected drill results from holes GBR-013 through GBR-023 include: Hole GBR-014 grading 1.18 g/t gold equivalent (0.77 g/t gold and 0.35% copper) over 82.30 metres, including 21.34 metres grading 2.31 g/t gold equivalent (1.71 g/t gold and 0, 51% copper) and hole GBR-021 with 1.01 g/t gold equivalent (0.63 g/t gold and 0.32% copper) over 86.86 metres, including 25.91 metres grading 1.57 g/t gold equivalent (1.06 g/t gold and 0.44% copper); and hole GBR-022 grading 1.01 g/t gold equivalent (0.60 g/t gold and 0.36% copper) over 153.92 metres, including 42.67 metres grading 1.53 g/t gold equivalent (1.02 g/t gold and 0.44% copper).
The resource estimate update is underway and is expected to be completed in the first quarter of 2022. At the same time, the Phase Two metallurgical program is underway. These results are also expected to be available in the first quarter of 2022. The metallurgical tests are expected to determine the preferred processing alternative, which will serve as the basis for a preliminary economic assessment to be completed in late 2022.
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