- P2 Gold Inc. (PGLD) reported the results from the final fourteen drill holes on the Lucky Strike and Car Body zones at its Gabbs Project in Nevada
- Drill results intersected low grades of gold and copper consistently
- holes GBR-036 through 047 were designed to infill and test extensions of the Lucky Strike Zone
- GBR-037, 042, 044, and 045 ended early due to ground conditions but will be revisited
- Mineralization was consistent with the company’s projections and thickness was wider than historic results
- P2 Gold Inc. (PGLD) is up 3.57 per cent trading at $0.43 per share as of 12:12 p.m. ET
P2 Gold (PGLD) reported the results from the final fourteen drill holes on the Lucky Strike and Car Body zones at its Gabbs Project in Nevada.
Drill results intersected low grades of gold and copper consistently. According to the company, drill holes GBR-036 through 047 were designed to infill and test extensions of the Lucky Strike Zone.
Meanwhile, drill holes GBR-037 and 042 failed to reach the mineralization casing due to ground conditions. Allegedly, holes GBR-044 and 045 ended in mineralization for the same reason. The company stated it will re-drill these holes later on with a diamond core drill or heavier reverse-circulation drill.
Also reported was near surface mineralization in the Lucky Strike Zone which was thicker and oxidized deeper than projected from the historical drilling. Future drilling will target the prospective styles of mineralization discovered by P2 Gold.
At Car Body, drill holes GBR-048 and 049 were drilled to test the host geology of the zone.
According to P2 Gold, gold and copper equivalent calculations were consistent with the updated mineral resource estimate which used US$1,675 per ounce of gold, US$3.80 per pound of copper, and gold and copper recoveries of 76 and 48 per cent for the oxide mineralization and 94 and 87 per cent for the sulphide mineralization.
The company also updated on the status of the preliminary economic assessment currently happening on the Gabbs Project. The assessment is well underway incorporating the results of the phase two metallurgical program and the results of drilling to date. The assessment is expected to be completed by the fourth quarter of this year.
P2 Gold Inc. (PGLD) is up 3.57 per cent trading at $0.43 per share as of 12:12 p.m. ET.