P2 Gold Inc. [PGLD-TSXV] has released the first results of phase 1 drilling at is Gabbs project, which is located in the Walker-Lane Trend in Nevada.
The company said highlights from the first 12 reverse circulation drill holes included 2.30 g/t gold over 48.77 metres and 2.63 g/t gold equivalent (AuEq) over 38.10 metres.
The Gabbs Project consists of 355 unpatented lode mining claims and one patented lode mining claim covering four known zones of mineralization and spanning approximately 2,800 hectares. The gold-copper mineralization at three of the zones, Sullivan, Lucky Strike and Gold Ledge, is hosted within what are interpreted to be sills associated with an alkaline gold/copper porphyry.
The gold mineralization at the fourth zone, Car Body, is interpreted to be low sulphidation epithermal mineralization.
P2 Gold retained P&E Mining Consultants Inc. to prepare a mineral resource estimate for the Gabbs Project based on 494 drill holes completed by prior project operators between 1970 and 2011. The project is estimated to contain an inferred resource of 1.81 million ounces of gold equivalent or 1.26 million ounces of gold and 422.3 million ounces of copper.
The inferred resource estimate was prepared for a potential open pit scenario using a constraining pit shell at respective 0.24 g/t and 0.30 g/t oxide and sulphide gold equivalent cut-off grades.
The recently completed Phase 1 drill program consisted of 580 metres in four diamond drill holes and 4,120 metres in 27 reverse circulation holes. The primary focus of the drilling was definition of ore controls and testing the full extent of the mineralization at the Sullivan Zone.
All four diamond and 23 reverse circulation holes were completed in the Sullivan Zone. Three reverse circulation holes were completed in the Car Body Zone and one reverse circulation hole in the Lucky Strike Zone.
“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,’’ said P2 CEO Joseph Ovsenek.
“Consistent with the diamond drill holes we recently reported, the mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling,” Ovsenek said. “There are another 11 reverse circulation 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 these results before year-end.’’
P2 is a grassroots mineral exploration company that is focused on precious metals discoveries in the Pacific Northwest of North America, including British Columbia’s fabled Golden Triangle region.
Ovsenek is the former President and CEO of Pretium Resources Inc. [PVG-TSX].
After changing its name from Central Timmins Exploration Corp., P2 Gold recently optioned three properties in northwestern British Columbia.
They include the Todd Creek and BAM Properties which are both located in Golden Triangle region about 150 kilometres from Stewart, B.C. A third property, known as Silver Reef is located approximately 85 kilometres north of Hazelton B.C.
On November 8, 2021, P2 shares closed at 59 cents and trade in a 52-week range of 65 cents and 30 cents.