About P2 Gold
P2 Gold is a Vancouver-based precious metals exploration and development company launched in 2020 with a focus on advancing early-stage precious metals and copper projects in favorable jurisdictions in the western US and British Columbia. The management team at P2 Gold has a proven track record of success in all stages of mining, from discovery to profitable mining operations, including taking the Brucejack Mine in the Golden Triangle from discovery to commercial production in less than eight years. P2 Gold’s portfolio of projects includes its flagship Gabbs Project in Nevada and BAM, Silver Reef and Todd Creek properties in northwest British Columbia.
The Gabbs gold-copper project is located on the Walker-Lane Trend in the Fairplay Mining District of Nye County, Nevada. Gabbs has an Inferred Mineral Resource of 1.84 million ounces of gold equivalent or 1.26 million ounces of gold and 422.3 million pounds of copper (73.1 million tonnes grading 0.54 g/t gold and 0.26% copper) (see P2’s news releases of February 23, 2021, March 11, 2021 and May 17, 2021).
The Gabbs Project is comprised of 355 unpatented lode mining claims and one patented lode mining claim covering four known zones of mineralization and comprising approximately 2,800 hectares. Nevada Highway 361, Gabbs Pole Line Road and a powerline cross the Gabbs Project. 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.
Based on historical drilling, the Gabbs Project has an Exploration Target (in addition to the Inferred Mineral Resource) of 0.90 million ounces of gold to 2.25 million ounces of gold (contained in 40 million to 70 million tonnes at an average grade of 0.7 to 1.0 g/t gold). No Exploration Target has been estimated for copper. The potential quantity and grade of this Exploration Target is conceptual in nature. There has been insufficient exploration to define it as a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
Due to the limited systematic exploration completed to date at Gabbs, P2 Gold believes the full potential of each of the known zones of mineralization has yet to be recognized. The mineralized zones have not been tested along strike or at depth, and of the 494 holes drilled at Gabbs between 1970 and 2011, 180 holes (36%) ended in mineralization. Also, a significant number of holes drilled prior to 2004 were, depending on the focus of the operator, assayed only for gold or only for copper, not both metals.
The company plans to undertake a systematic exploration program for a large porphyry-related copper-gold system. Drilling will focus on the known zones of mineralization to expand and improve the confidence in the mineral resources. In 2021, an initial drill program is planned, comprising 8,000 meters of reverse circulation and diamond drilling. Additional work will include satellite hyperspectral surveying, airborne geophysics, ground geophysics and mapping and sampling, as well as metallurgical testwork.
The BAM Property consists of ten mineral tenures that cover an area of over 8,100 hectares, located in the Golden Triangle approximately 150 kilometers northwest of Stewart, BC. Highway 37 and the Northwest Transmission Line are approximately 35 kilometers to the east of the property, and the Galore Creek Project access road is 1.7 kilometers to the southeast. P2 Gold has an option to acquire a 100% interest in the BAM Property (see P2 Gold’s news release of July 2, 2020).
The BAM Property was discovered in the 1960s when regional exploration that was focused on copper mineralization resulted in the discovery of the Galore Creek deposit, approximately 35 kilometers to the west, and the Schaft Creek deposit, approximately 20 kilometers to the northwest; both deposits are large copper-gold porphyry mineralizing systems. On the BAM Property, drilling in 1967 identified a sizeable area of copper mineralization with minor silver in a replacement zone hosted by brecciated Lower Permian limestone and dolomite.
More recently, exploration efforts on the BAM Property have focused on gold; however, until P2 Gold’s 2020 exploration program, the BAM property had not been systematically explored for large porphyry related copper-gold or a bulk tonnage gold-silver system.
In August 2020, P2 Gold completed a soil geochemical sampling program and defined a sinuous gold anomaly measuring approximately 3.6 kilometers long, originating at the newly-defined Monarch Gold Zone near the north end of the grid and passing through the historical Jan Copper Zone and ending at the historical BAM 10 Gold Zone in the south. The Monarch Gold Zone measures 1,100 meters by 600 meters and covers a hornfelsed calcareous sediment in contact with a granitic batholith. The zone is defined by numerous samples with greater than 25 ppb (0.025 g/t) gold, of which 16 samples assay greater than 500 ppb (0.50 g/t) gold with the highest sample assaying 5,730 ppb (5.73 g/t gold). These soil samples are considered very high-grade as gold soil anomalies are typically defined by soil samples with values in the 10 ppb (0.01 g/t) to 50 ppb (0.05 g/t) range. The zone also hosts highly anomalous values in arsenic, antimony, copper, mercury and tellurium that, in combination with the size and location of the anomaly, are indicative of a robust epithermal system.
The soil geochemical sampling program consisted of approximately 60-line kilometers of survey lines covering an area measuring 4.8 kilometers by 2.0 kilometers. The main survey lines were spaced at 200-meter centers running east-west, with shorter infill survey lines spaced at 100-meter centers locally covering areas with historical anomalies. Soil samples were collected every 50 meters along each of the survey lines. Approximately 1,100 samples were collected and assayed.
The 2020 exploration program at the BAM Property also included airborne magnetic and radiometric surveys, a 15-kilometer IP geophysical survey and geological mapping and prospecting. See P2 Gold’s news release of October 8, 2020 for BAM Property 2020 exploration program results.
For 2021, P2 Gold plans to conduct property scale prospecting and mapping and a geophysical survey over the Monarch gold zone and to drill soil geochemical and geophysics targets at the Monarch Gold Zone and other identified zones on the property.
The Silver Reef Property is located in the North American Silver Belt approximately 85 kilometers north of Hazelton, British Columbia or about 174 kilometers northwest of Smithers, British Columbia. The Silver Reef Property consists of 17 contiguous mineral tenures and covers over 23,000 hectares. The Company has an option to acquire a 100% interest in the Silver Reef Property (see P2 Gold’s news release of June 11, 2020).
Silver Reef is a new discovery where limited exploration was carried out prior to P2 Gold’s 2020 exploration program. The exploration target at Silver Reef is similar to the Coeur d’Alene district in Idaho, and more locally the historic and high-grade Silver Standard Mine located approximately 80 kilometers to the south.
At Silver Reef, sulphide mineralization with quartz/carbonate veins and stockwork are associated with a regional shear zone that cuts through the alteration halo of a large granitic intrusive. P2 Gold completed the 2020 Silver Reef exploration program in September 2020, which consisted of airborne geophysics, a two-phase drill program and prospecting and mapping. The Silver Reef Phase One exploration drill program consisted of 10 holes totaling 1,315 meters. Eight of the drill holes targeted the Main Zone, with the remaining two holes targeting the Northwest Zone. Both zones host silver/gold/lead/zinc mineralization within and on the margins of graphitic shears that are proximal to an altered felsic dyke (See P2’s news release of September 29, 2020).
The Phase Two exploration drill program consisted of four holes totaling 374 meters. Two of the drill holes targeted the Main Zone, with the other two holes targeting the Northwest Zone. (See P2 Gold’s news releases dated September 28, 2020, December 9, 2020 and December 10, 2020).
Drilling demonstrated that the Main Zone and Northwest Zone structures are well defined with mineralization typical of silver deposits within the silver belt that runs from Idaho through British Columbia into Yukon. Select drill results include:
- Hole SR-004 (Main Zone) intersected 1.18 g/t gold, 521.0 g/t silver, 0.71% lead and 2.17% zinc over 0.5 meters within a 1.3 meter interval grading 0.93 g/t gold, 245.25 g/t silver, 0.33% lead and 0.98% zinc; and
- Hole SR-011 (Northwest Zone) intersected 0.55 g/t gold, 410.69 g/t silver, 2.38% lead and 3.18% zinc over 1.68 meters within a 7.49 meter interval grading 0.24 g/t gold, 188.5 g/t silver, 0.99% lead and 1.51% zinc.
Prospecting has shown that the Main Zone is now at least four kilometers long, and that the Northwest Zone is a separate, parallel trend that is at least two kilometers long. In addition, prospecting also identified several other showings between these two primary trends suggesting the property hosts a stacked system of multiple zones. This more than doubles the known strike extent of the mineralization, which remains open in all directions.
For 2021, P2 Gold plans to conduct property scale prospecting and mapping and a soil geochemical survey to expand known, and define new, zones of mineralization and to drill test the best targets.
The Todd Creek Property consists of 69 mineral tenures that cover an area of over 32,000 hectares, located in the Golden Triangle approximately 35 kilometers northeast of Stewart, BC and bordering the east side of Pretium Resources Inc.’s Bowser Claims. Highway 37A connecting Stewart to Highway 37 and the transmission line providing power to Stewart pass through the southern portion of the property. P2 has an option to acquire a 70% interest in the Todd Creek Property (see P2 Gold’s news release of July 9, 2020).
The western side of the Todd Creek Property covers a 12-kilometer by 3-kilometer corridor of altered lower Jurassic volcanic rocks which host at least four zones of gold-copper mineralization, known as Fall Creek, Ice Creek, Yellow Bowl and South zones. These zones are found in the same stratigraphy that hosts the nearby Brucejack, Snowfield, and Goldstorm deposits. On the eastern side of the property, a zone of VMS mineralization has been discovered in the Iskut River formation, which is the same formation that hosts the Eskay Creek deposit.
Until the Company’s 2020 exploration program, the Todd Creek Property had not been systematically explored for large porphyry related copper-gold or a related bulk tonnage gold system.
The Todd Creek 2020 exploration drill program consisted of three holes totaling 1,027 meters and demonstrated that mineralization identified on surface is hosted in veins that are well defined and remain open at depth, with copper and gold grades appearing to improve with depth. Select drill results include:
- Hole TC-002 (Yellow Bowl Zone) intersected 1.48% copper, 0.04 g/t gold and 30.62 g/t silver over 1.2 meters within an 8.8-meter interval grading 0.53% copper, 0.01 g/t gold and 10.63 g/t silver; and
- Hole TC-002 (Yellow Bowl Zone) intersected 4.19% copper, 0.19 g/t gold and 4.90 g/t silver over 1.8 meters within a 3.3-meter interval grading 3.03% copper, 0.20 g/t gold and 7.15 g/t silver.
The 2020 exploration program at Todd Creek also included an airborne magnetic and radiometric survey over the northwest portion of the property and a satellite hyperspectral survey. (See P2’s news releases of September 14, 2020 and November 30, 2020 for Todd Creek 2020 exploration program results.)
For 2021, P2 Gold plans to conduct regional prospecting and mapping, looking for preserved Iskut River Formation and possible VMS zones, and a regional MT survey testing the Yellow Bowl Zone, associated known mineralized zones and interpreted regional structures and to possibly drill a potential Brucejack age epithermal system target below Yellow Bowl.
The Gabbs Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng. and F.H. Brown, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario, Independent Qualified Persons (“QP”), as defined by National Instrument 43-101. Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the QP responsible for the Gabbs Project. Amanda Tuck, P.Geo is the QP responsible for the BAM Property, Silver Reef Property and Todd Creek Property.
To learn more about P2 Gold, visit https://p2gold.com/