P2 Gold pegs BAM zone at 27.2 Mt of 0.59 g/t Au inf.
2023-01-24 09:31 ET – News Release
Mr. Joe Ovsenek reports
P2 GOLD ANNOUNCES INITIAL MINERAL RESOURCE ESTIMATE FOR THE MONARCH GOLD ZONE AT THE BAM PROJECT
P2 Gold Inc. has released the initial mineral resource estimate (MRE) for the near-surface gold mineralization drilled to date at the Monarch gold zone, a newly discovered deposit at its BAM project. The gold-copper BAM project is 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 18 months from discovery speaks to the continuity of the zone, as well as the capabilities of our exploration team,” commented Joe Ovsenek, president and chief executive officer of P2. “As importantly, it highlights the potential size of the porphyry system at 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 exploration for the feeder zones and the porphyry system at depth and expansion of the near-surface mineralization.”
BAM project, Monarch gold zone mineral resource estimate
The initial Monarch MRE comprises 520,000 ounces of gold in an inferred mineral resource at a grade of 0.59 gram per tonne. 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 by the company in 2021 and 95 diamond drill holes (13,958 metres) completed by the company in 2022. A National Instrument 43-101 technical report will be prepared by P&E and posted on the P2 website and under the company’s profile on SEDAR within 45 days of the date of this news release.
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BAM project, Monarch gold zone mineral resource estimate cut-off grade sensitivities
The Monarch MRE sensitivity table herein shows the potential for higher-grade mineral resources at higher gold equivalent cut-offs, which potential can be assessed during engineering studies.
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2023 BAM exploration program
The focus of the 2022 BAM drill program was to attempt 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 site in early to mid-June. A three-dimensional geophysics interpretation of the BAM project, incorporating the results of the natural source magnetotelluric (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.
Quality assurance
The Monarch MRE was prepared under the supervision of Eugene Puritch, PEng, FEC, CET, of P&E Mining Consultants of Brampton, Ont., who is an independent qualified person, as defined by National Instrument 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release relating to the Monarch MRE.
Ken McNaughton, MASc, PEng, chief exploration officer, P2 Gold, is the qualified person, as defined by National Instrument 43-101, responsible for the BAM 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.
We seek Safe Harbor.
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