VANCOUVER, BC, June 15,
2023 /CNW/ - P2 Gold Inc. ("P2" or the
"Company") (TSXV: PGLD) (OTCQB: PGLDF) reports that it has
commenced drilling at its gold-copper BAM Project located in the
Golden Triangle of northwest British
Columbia. The 2023 BAM Project Drill Program builds on the
three prior years' exploration and is targeting the porphyry system
interpreted to be feeding the surface mineralization at the Monarch
Gold Zone and Jan Copper
Zone.
Exploration crews mobilized to BAM in mid-May and quickly
established the camp and began field evaluation of drill targets
identified from the 2022 geophysical surveys. For 2023, drilling is
expected to be completed in two phases with the first phase
consisting of approximately 3,000 meters and the second phase
contingent of first phase results.
"We believe we are on the cusp of a major discovery at BAM,"
commented Ken McNaughton, Chief
Exploration Officer of P2. "Geology, geophysics and surface
evaluation are all pointing to significant porphyry-related
mineralization underlying the Monarch Gold and Jan Copper Zones and
indicating potential for additional porphyry-related mineralization
elsewhere on the property. This is the summer where we believe all
of our prior exploration work comes together to drive
discovery."
The BAM 2022 Exploration Program consisted of 13,962 meters of
drilling, completed primarily at the Monarch Gold Zone, which
greatly enhanced understanding of the geology at BAM and resulted
in an initial Mineral Resource for the Monarch Gold Zone (see
news release dated January 25,
2023). The drilling also expanded the Monarch Gold Zone
to over 1 kilometer by 1.2 kilometers in area, with the zone
remaining open in multiple directions. Petrographic and TerraSpec
analysis completed in the off season has confirmed field
observations that alteration emanates out from the middle of the
Monarch Gold zone towards the edges and increases with
depth.
The 2022 program also included a natural source magneto-telluric
(NSMT) geophysical survey and a Z-Tipper Axis Electromagnetic
(ZTEM) airborne geophysical survey. Three-dimensional inversions of
the electrical conductivity models of the NSMT survey data and ZTEM
survey data were combined using joint inversion modelling to
provide a three-dimensional geophysical model of the BAM Project.
The three-dimensional inversion model gives a subsurface view of
the conductivity/resistivity with an estimated accuracy down to a
depth of roughly sea level (approximately 1,400 meters below
surface at the Monarch Gold Zone).
The three-dimensional geophysical model was completed
independently of the geological interpretation of the BAM Project.
Compilation of the geophysical model with the 2022 drill results
shows a strong correlation with surface mineralization and
geological interpretation at depth. It also shows that both the
Monarch Gold Zone and Jan Copper
Zone overlie zones of high conductivity sitting
approximately 500 meters below surface. These conductive zones are
interpreted to be the mineralized cupola overlying a copper-gold
porphyry and will be the target of the first two drill holes of
this year's drill program.
Results from the 2023 BAM Drill Program will be reported on
receipt.
Silver Reef Update
The Company has agreed with the vendor of the Silver Reef
Property to defer the cash payment and share issuance due on
June 12, 2023 under the option
agreement dated June 12, 2020 as
amended by an amending agreement dated June
20, 2022 (together, the "Agreement") to June 10, 2024. Under the Agreement, the Company
has the right to acquire up to a 100% interest in the Silver Reef
Property located in northwest British
Columbia.
P2 Gold Engages the Services of Global One Media
The Company has engaged the services of Global One Media Limited
("Global One Media") to manage its social media channels, including
the distribution of interviews, company news, and other similar
services.
Global One Media does not have any interest, directly or
indirectly, in the Company or its securities, or any right or
intent to acquire such an interest. Global One Media may provide
additional services in the future.
About Global One Media
Global One Media is an innovative investor-focused digital
marketing agency solving the needs of small and mid-cap listed
companies. We deliver creative and effective solutions for brand
positioning and strategic communications across all industries,
specializing in investor engagement and growth marketing for listed
and pre-IPO companies. Using our global network, we help public
companies dominate their sector amid the web and social media
landscape, tell their story in an engaging manner, and reach
millions of investors around the world.
About P2 Gold Inc.
P2 Gold 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.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation,
information with respect to the Company's expectations, strategies
and plans for the BAM Project including the Company's planned
expenditures and exploration activities.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Company's annual information
form for the year ended December 31,
2022, dated March 16, 2023
filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Company cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE P2 Gold Inc.