P2 Gold Inc. has recently announced the completion of the April 2024 Updated Mineral Resource Estimate (MRE) for its Gabbs Project in Nevada. The MRE, prepared by P&E Mining Consultants Inc., adheres to the standards set by National Instrument 43-101.
The updated MRE incorporates the operating costs for both heap leach and mill processing, which were used to update the pit-constrained Mineral Resource for the Gabbs Project. This has resulted in a significant increase in the amount of mineralized material above the cut-off grades for both heap leach and mill processing. The Gabbs Project boasts known zones of mineralization that outcrop and remain open along strike and at depth, with promising potential for non-outcropping zones of mineralization.
The 2024 MRE was based on extensive drilling, including four diamond drill holes and 27 reverse circulation drill holes completed by P2 Gold in 2021 and 2022, as well as 494 drill holes completed by previous operators between 1970 and 2011.
One notable change in the 2024 MRE compared to the June 2023 Mineral Resource Estimate is the decrease in the oxide cut-off grade to 0.27 g/t gold equivalent from 0.28 g/t gold equivalent, as well as 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.
The Gabbs Project’s oxide Mineral Resources now include Indicated Mineral Resources of 760,000 ounces of gold equivalent and Inferred Mineral Resources of 1,040,000 ounces of gold equivalent. These resources are estimated to contain 33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver, and 0.26% copper for the Indicated category, and 52.0 million tonnes grading 0.39 g/t gold, 0.81 g/t silver, and 0.21% copper for the Inferred category.
P2 Gold’s President and CEO, Joe Ovsenek, expressed enthusiasm regarding the updated MRE and the ongoing Preliminary Economic Assessment for the Gabbs Project. The company remains focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
P2 Gold emphasizes the importance of adhering to the guidelines set by NI 43-101 and has ensured that the 2024 MRE was prepared under the supervision of Eugene Puritch, an Independent Qualified Person. Ken McNaughton, Chief Exploration Officer of P2 Gold, is responsible for the Gabbs Project and has reviewed and approved the scientific and technical information.
P2 Gold’s commitment to transparency and adherence to industry standards is evident in its efforts to provide accurate and reliable information to investors and stakeholders.
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In conclusion, P2 Gold’s updated Mineral Resource Estimate for the Gabbs Project showcases promising results, with increased mineral resources and the potential for further discoveries. The company’s dedication to responsible exploration and adherence to industry standards positions it well for future success in the precious metals and copper sectors.