VANCOUVER, BC, Dec. 20,
2023 /CNW/ - P2 Gold Inc. ("P2" or the
"Company") (TSXV: PGLD) (OTCQB: PGLDF) provides an update on its
activities.
BAM Project Update
Following the completion of the 2023 BAM Exploration Program, a
review of all work completed on the project to date was undertaken
by Company geologists and a leading expert in porphyry
mineralization. The review, which included an analysis of all
geological mapping, geophysics, sampling and drilling data,
suggests that the gold mineralization at the Monarch Gold Zone is
related to an intrusive distal to the zone and interpreted by the
Company to be located to the north of the zone.
An area of particular interest for the potential source of the
Monarch Gold Zone mineralization is the More Creek Zone located
approximately five kilometers east of Arctic Lake, and
approximately eight kilometers northeast of the Monarch Gold
Zone. The More Creek Zone is defined by a strong gold/copper
soil anomaly measuring one-by-one kilometers, is open to the west,
and within which numerous rock grab samples returned values ranging
from 0.1 to 0.6 gpt gold and 0.2% to 0.4% copper.
As the source of the Monarch Gold Zone mineralization is
interpreted by the Company to be located to the north of the zone,
future exploration work at the BAM Project will focus on the
northern part of the BAM Project comprising the Ball Creek Claims,
wholly owned by the Company. Accordingly, the Company has
discontinued the option on the claims that comprise the southern
portion of the project. The BAM Project is now comprised of the
Ball Creek Claims that cover approximately 19,000 hectares.
An updated plan map of the BAM Project is available
here.
Gabbs Project
Plans continue to advance the Gabbs Project to feasibility
stage. Locations for the previously permitted water wells
have been identified, which the Company is preparing to
re-permit. In addition, the Company is determining the
parameters for a final round of metallurgical testing, assessing
the depth of the alluvium covering the Sullivan Zone to reduce
stripping costs and continuing to pursue the sale of a royalty on
the Gabbs Project.
Option Grants
The Company has granted stock options, pursuant to its Stock
Option Plan, to directors, officers, employees and consultants of
the Company to purchase an aggregate of 1,075,000 common shares in
the capital of the Company at an exercise price of $0.13 per share, which expire on December 20, 2025. Following this stock option
grant, the Company has a total of 8,394,383 stock options
outstanding representing approximately 7.9% of the outstanding
common shares of the Company. This stock option grant is subject to
acceptance by the TSX Venture Exchange (the "Exchange")
Quality Assurance
Ken McNaughton, M.A.Sc., P.Eng.,
Chief Exploration Officer, P2, is the Qualified Person, as defined
by National Instrument 43-101, responsible for the BAM Project and
Gabbs Project. Mr. McNaughton has reviewed, verified, and
approved the scientific and technical information in this news
release.
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 and Gabbs 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.