Northwire Canada EditionWednesday, August 5, 2026
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Technical Study

P2 Gold summarizes phase 3 met testing at Gabbs

By The Northwire Desk — AI Analysis Aug 11, 2025 · 10:18 PGLD · 0.15 P2 Gold Inc.
PGLD · Price

Executive Summary

  • P2 Gold reports substantially higher gold (98 % at 58 days), silver (90 %) and copper (85 %) recoveries from its Phase 3 metallurgical program on the Gabbs project after 115 days of leaching.
  • The improved recoveries exceed those used in the May 2024 Preliminary Economic Assessment (PEA) and will be incorporated into an updated 2025 PEA, potentially enhancing project economics.
  • The company retained Kappes Cassiday & Associates to conduct the program and plans to release final metallurgical results after completion of analysis.

Key Details

  • Phase 3 Program Duration: 115 days of leaching (compared to interim 58‑day data).
  • Gold Recovery: 98 % recovered by day 58; continued improvement through day 115.
  • Silver Recovery: 90 % recovered by day 58; further increase observed up to day 115.
  • Copper Recovery: 85 % recovered by day 58; ongoing increase through day 115.
  • Comparison to May 2024 PEA Assumptions:
  • Oxide gold recovery used in PEA: 78 % → actual now ~98 %.
  • Oxide silver recovery used in PEA: 45 % → actual now ~90 %.
  • Oxide copper recovery used in PEA: 54 % → actual now ~85 %.
  • Impact on Economics (2025 Update): Updated recoveries will be reflected in a revised PEA slated for 2025; the May 2024 PEA projected an IRR of 56.5 % and NPV > US$1.6 billion at spot prices of $3,391/oz Au, $38.06/oz Ag, $4.35/lb Cu.
  • Consultant: Kappes Cassiday & Associates (KCA) performed the metallurgical testing, focusing on cyanide addition during agglomeration and increased leach solution cyanide concentration to boost kinetics.
  • Future Steps: Final metallurgical recoveries will be announced after completion of laboratory analysis; an updated PEA incorporating these results is planned for 2025.

Notable Quotes

“The phase 3 metallurgical program was established with a target of improving the leach kinetics and overall extraction by adding cyanide during agglomeration and by increasing the cyanide concentration in the leach solutions,” – Joe Ovsenek, President & CEO, P2 Gold.

“Recoveries and leach kinetics have significantly improved with 98 % of the gold, 90 % of the silver and 85 % of the copper recovered in the first 58 days of leaching.” – Joe Ovsenek.

Read the original news release →

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Financings May 20, 2026 · 05:00

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