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Drilling at Gabbs Intersects 2.30 g/t Gold Equivalent Over 48.77 meters and 2.63 g/t Gold Equivalent Over 38.10 meters

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Drilling at Gabbs Intersects 2.30 g/t Gold Equivalent Over 48.77 meters and 2.63 g/t Gold Equivalent Over 38.10 meters

 

 

 

 

 

P2 Gold Inc. (TSX-V:PGLD) reports results from the first 12 reverse circulation drill holes (GBR-001 to 012) of Phase One drilling at its Gabbs Project located on the Walker-Lane Trend in Nevada.

 

“As anticipated, the first 12 reverse circulation drill holes support our thesis that the historical drilling understated the width and grade of the gold-copper mineralization at Gabbs. Consistent with the diamond drilling results we recently reported, the mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling,” commented Joe Ovsenek, President and CEO of P2. “There are another 11 RC drill holes from the Sullivan Zone in the lab along with three holes from the Car Body Zone and one hole from the Lucky Strike Zone. We expect to release the results of these holes before year-end.”

 

Select drill results (see Table 1 below for drill results) from holes GBR-001 to GBR-012 include:

  • Hole GBD-008 intersected 0.82 g/t gold equivalent (0.56 g/t gold and 0.23% copper) over 163.07 meters, including 25.90 meters grading 1.50 g/t gold equivalent (1.20 g/t gold and 0.26% copper);
  • Hole GBD-010 intersected 1.62 g/t gold equivalent (1.19 g/t gold and 0.37% copper) over 103.63 meters, including 48.77 meters grading 2.30 g/t gold equivalent (1.76 g/t gold and 0.46% copper); and
  • Hole GBD-012 intersected 1.51 g/t gold equivalent (1.00 g/t gold and 0.44% copper) over 102.11 meters, including 38.10 meters grading 2.63 g/t gold equivalent (1.74 g/t gold and 0.77% copper) and ended in mineralization.

 

The RC program commenced at the northwest extent of the Sullivan Zone, with drill holes GBR-001 to 007 intersecting the footwall lithology where the monzonite host of the high-grade mineralization has been eroded off. However, there are indications it is preserved to the southwest of these holes where there has not been any historical drilling. Future drilling will test for this extension to the mineralization.

 

Drill holes GBR-008 to 012 intersected the intensely sericite-altered monzonite that hosts the high-grade mineralization, with copper–gold mineralization extending well into the underlying chlorite altered pyroxenites. As also seen in the results of the diamond drilling, the grade and thickness of the mineralization in the RC drill holes increase to the southeast. Drill holes GBR-011 and 012, drilled the furthest to southeast of these drill holes, ended in significant gold-copper mineralization indicating that the Sullivan Zone is thicker than interpreted from the historical drilling. The mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling and is consistent with the mineralization encountered in the diamond drilling where RC and diamond holes were drilled on the same section.

 

A plan map and sections for drill holes GBR-001 to 012 of the Gabbs Phase One drill program are available here.

 

Table 1: Selected Gabbs Drill Results, November 2021 (GBR1-001 to GBR-012)(1, 2)

 

Hole Collar Coords Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ(3)
(g/t)
CuEQ(3)
(%)
GBR-001 N4292989/E417254 -90/0 6.10 22.86 16.76 0.07 0.11 0.20 0.17
GBR-002 N4292989/E417254 -45/45 9.14 33.53 24.39 0.09 0.14 0.25 0.21
GBR-003 N4292982/E417381 -90/0 6.10 47.24 41.14 0.15 0.20 0.38 0.32
GBR-004 N4292982/E417381 -50/40 4.57 39.62 35.05 0.21 0.21 0.45 0.37
GBR-005 N4292982/E417381 -50/225 9.14 50.29 41.15 0.23 0.25 0.52 0.43
GBR-006 N4292923/E417326 -90/0 9.14 56.39 47.25 0.16 0.24 0.44 0.37
GBR-007 N4292923/E417326 -45/225 13.72 89.92 76.20 0.28 0.29 0.61 0.51
    incl 59.44 85.34 25.90 0.54 0.38 0.99 0.81
GBR-008 N4292637/E417583 -70/225 32.00 195.07 163.07 0.56 0.23 0.82 0.66
    incl 105.16 131.06 25.90 1.20 0.26 1.50 1.19
GBR-009 N4292637/E417583 -65/45 32.00 128.02 96.02 0.70 0.36 1.12 0.90
    incl 51.82 79.25 27.43 1.72 0.46 2.25 1.79
GBR-010 N4292585/E417656 -90/0 45.72 149.35 103.63 1.19 0.37 1.62 1.29
    incl 94.49 143.26 48.77 1.76 0.46 2.30 1.83
GBR-011 N4292507/E417754 -90/0 47.24 190.50 143.26 0.65 0.27 0.97 0.78
    incl 118.87 147.83 28.96 1.07 0.33 1.44 1.16
    incl 184.40 190.50 6.10 0.40 0.79 1.31 1.10
GBR-012 N4292507/E417754 -65/45 35.05 137.16 102.11 1.00 0.44 1.51 1.22
    incl 76.20 114.30 38.10 1.74 0.77 2.63 2.12
    incl 131.06 137.16 6.10 0.62 0.56 1.27 1.04

 

  (1) True thickness to be determined.
  (2) All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate.
  (3) Gold Equivalent calculations were consistent with the Gabbs Mineral Resource(1) which used US$1,600 per ounce gold, US$3.00 per pound copper, and copper recoveries of 90%.
     

Quality Assurance

 

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person as defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information in this news release.

 

About P2 Gold Inc.

 

P2 is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.

 

Posted November 9, 2021

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