- P2 Gold (PGLD) reported the initial Mineral Resource Estimate (MRE) for the Monarch Gold Zone at its BAM Project
- The initial Monarch MRE comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t
- The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres
- A National Instrument 43-101 Technical Report will be prepared by P&E within the next 45 days
- Crews are expected to mobilize to BAM in mid-May, with the first drill mobilized to the site in early to mid-June
- P2 Gold Inc. (PGLD) opened trading at C$0.255
P2 Gold (PGLD) reported the initial Mineral Resource Estimate (MRE) for the near-surface gold mineralization drilled to date at the Monarch Gold Zone.
Monarch is a newly-discovered deposit at its BAM Project located in the Golden Triangle of northwest British Columbia.
“The announcement of an initial Mineral Resource Estimate for the near-surface mineralization at the Monarch Gold Zone in just eighteen months from discovery speaks to the continuity of the zone, as well as the capabilities of our exploration team,” commented Joe Ovsenek, President and CEO of P2.
“As importantly, it highlights the potential size of the porphyry system at a depth that is driving the surface mineralization. The Monarch Gold Zone is currently defined for over a kilometre along strike, remains open in multiple directions, and is hosted within a large sericite/ankerite alteration system that covers the western half of the Property. The size and intensity of the mineral and alteration systems at surface are clearly indicative of a substantial porphyry system at depth. During 2023, the focus of the BAM Exploration Program will be the exploration of the feeder zones and the porphyry system at depth and expansion of the near-surface mineralization.”
The initial Monarch MRE comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t. The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres, with the Monarch Gold Zone open to expansion by drilling to the northeast and southwest.
The Monarch MRE was prepared by P&E Mining Consultants Inc., based on six diamond drill holes (836 metres) completed in 2021 and 95 diamond drill holes (13,958 metres) completed in 2022.
A National Instrument 43-101 Technical Report will be prepared by P&E within the next 45 days.
The focus of the 2022 BAM Drill Program was to define the limits of the epithermal surface mineralization at the Monarch Gold Zone and provide geologic information to aid in the interpretation of the airborne and ground geophysical surveys. This interpretation of the geophysical surveys is essential to the discovery of the higher-grade feeder systems for the near-surface epithermal gold mineralization and any associated porphyry mineralization at depth.
During 2023, crews are expected to mobilize to BAM in mid-May, with the first drill mobilized to the site in early to mid-June. A three-dimensional geophysics interpretation of the BAM Project, incorporating the results of the natural source magneto-telluric (NSMT) geophysical survey and the Z-Tipper Axis Electromagnetic (ZTEM) airborne geophysical survey is expected to be completed shortly. This interpretation will be compiled with the available drill data and surface mapping to develop targets for the 2023 BAM Exploration Program to test for the feeder zones and the porphyry system at depth.
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.
P2 Gold Inc. (PGLD) opened trading at C$0.255.