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P2 Gold Gabbs Update

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P2 Gold Gabbs Update

 

 

 

 

 

P2 Gold Inc. (TSX-V: PGLD) (OTCQB: PGLDF) provides an update on its wholly-owned gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada and confirms the terms of the finder’s fee for its convertible debenture unit offering

 

Gabbs Project Preliminary Economic Assessment

 

The Company is re-evaluating the preliminary economic assessment on the Gabbs Project, with a new PEA expected to be completed in the second quarter of this year.  In re-evaluating the PEA, the Company is assessing the benefits of incorporating the lower grade mineralized material above the cutoff grade for heap leach and mill mineralized material that was not included in the September 2023 PEA.  The 2024 PEA is expected to comprise a heap leach operation and a mill operation starting up after the initial heap leach capital is repaid, with the heap leach and mill operating in tandem for the remainder of the mine life.

 

“Now that the outstanding project debt has been settled, we can focus on unlocking Gabbs’ potential by continuing to advance the project through feasibility,” commented Joe Ovsenek, President and CEO of P2. “Existing infrastructure at Gabbs includes paved access, power on the property and historically permitted water wells.  The known zones of gold-copper mineralization at Gabbs outcrop at surface and remain open in multiple directions, and the property remains highly prospective for the discovery of new zones of mineralization.  We look forward to announcing the results of the 2024 PEA.”

 

Convertible Debenture Unit Offering

 

On March 14, 2024, the Company closed the second and final tranche of a non-brokered private placement of convertible debenture units at $1,000 per Unit, for gross proceeds of $1,665,000, previously announced on February 13, 2024 and March 5, 2024.  In connection with the Offering, the Company paid finder’s fees of an aggregate of $71,040 and issued an aggregate of 916,875 warrants to an arm’s length finder, representing 6% of the proceeds raised from subscriptions by, and 6% of the Units issued to, certain placees.  Each Finder’s Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.07, for a period of 24 months, provided that, if after the later of four months from the date of issue and conversion, the closing price of the Shares on the Exchange is equal to or greater than $0.30 for a period of 10 consecutive trading days at any time prior to the Expiry Time, the Company will have the right to accelerate the Expiry Time by giving notice to the holder of the Finder’s Warrants by news release or other form of notice permitted by the certificate representing the Finder’s Warrants that the Finder’s Warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 15 days from the date notice is given.

 

Qualified person

 

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.

 

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Posted March 25, 2024

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