Expansion and exploration drilling
A reverse circulation (RC) drilling rig was mobilized to the site October 22, 2025 and expansion and infill drilling are underway. To date, 12 RC holes have been completed in the Sullivan Zone, with 24 planned holes totaling 4,900 yards. When drilling is completed on Sullivanthe RC drill will be moved to the Lucky Strike Zone to complete a 47-hole, 10,000-meter infill and expansion drill program. Drilling results will be reported as received, with first results expected before the end of the year.
Geotechnical and metallurgical drilling
A diamond drilling rig is currently being mobilized on site. The drill rig is used to drill geotechnical boreholes in support of the feasibility study and to provide metallurgical samples for feasibility metallurgical testing. The diamond drill program is expected to consist of 17 holes totaling 3,500 meters. The first holes will focus on providing additional metallurgical samples for column leaching testing and then on well slope stability for the proposed Sullivan and Lucky Strike Zone open pits.
Feasibility studies
The company has begun awarding contracts in support of the Gabbs project feasibility study and mining plan. Contracts awarded to date include:
- Barr Engineering Co for a feasibility study on pit slope stability for the proposed Sullivan and Lucky Strike open pits
- Kautz Environmental Consultants, Inc. for the completion of a cultural inventory of the proposed Gabbs my site
- Aqua Hydrogeologic Advice for a hydrogeological model in the area around the proposed open mines and process water rights
- Western Biological for a comprehensive biological study
- Kappas Cassiday for optimized metallurgical studies on heap leaching and roll processing
- Welsh Hagen for geotechnical studies of the leach pad and process facility
These studies and the ongoing drilling program are expected to be completed in the second quarter of 2026. At the end of drilling, an updated mineral resource estimate will be prepared, based on which an optimized mine plan will be developed. The information from the various field studies will be used in the design of the process and associated facilities. Capital and operating costs will be estimated and used to form the basis for the economic analysis of the feasibility study.
Qualified person
Ken McNaughtonMASc., P.Eng., Chief Exploration Officer, P2 Gold, is the qualified individual, as defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information contained in this press release.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs project on the Walker Lane Trend in Nevadawhere work is being done to support a feasibility study. A positive preliminary economic assessment has resulted in a medium-sized mine with a long life Gabbs with an annual average production of 109,000 ounces of gold and 15,000 tons of copper over a mine life of 14.2 years. The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and electricity and water on site. Additional metallurgical work is planned and a water permit is expected in the fourth quarter of this year. All areas on site remain open and additional exploration targets, both at surface and at depth, are ready for drilling.
Neither the TSX Venture Exchange (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 and is intended to be covered by the safe harbors 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 similar terminology. Such forward-looking information includes, without limitation, information regarding the Company’s expectations, strategies and plans for the Gabbs Project, including the Company’s planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based on a number of estimates and assumptions made by management at the date the statements are made, as well as the other assumptions disclosed in this press release. In addition, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors that may cause the Company’s actual plans, intentions, activities, results, performance or achievements to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information, and risks associated with mineral exploration, including the risk that actual results and timing of exploration and development will differ from those expected by management. See “Risk Factors” in the Company’s Annual Information Form for the past year December 31, 2024dated March 21, 2025 filed on SEDAR+ on www.sedarplus.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 assumes no obligation to release publicly any revisions to the forward-looking information contained in this press release to reflect events or circumstances after the date of this press release.
SOURCE P2 Gold Inc.
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