Drill Results Routine +

P2 Gold Intersects 0.69 g/t Gold and 0.25% Copper Over 74.68 Meters, Including 1.32 g/t Gold and 0.38% Copper over 30.48 meters at Lucky Strike Zone

P2 Gold Confirms Gabbs Resource Continuity Amid Financing Push

By The Northwire Desk — AI Analysis May 04, 2026 · 05:00 PGLD · 0.72 P2 Gold Inc.

Executive Summary

P2 Gold Inc. released drilling results from ten new reverse circulation (RC) holes at the Lucky Strike Zone within the Gabbs Project in Nevada on May 4, 2026.
Key intercepts include Hole GBR-099 with 0.69 g/t Au and 0.25% Cu over 74.68 meters, including a higher-grade interval of 1.32 g/t Au and 0.38% Cu over 30.48 meters.
The results confirm the existing Mineral Resource model for the Lucky Strike Zone, which remains open in all directions.
An updated Mineral Resource estimate is expected in Q3 2026 to serve as the basis for a feasibility study targeted for completion in Q4 2026.
Since October 2025, 62 RC drill holes have been completed across the Gabbs Project (38 at Lucky Strike Zone and 24 at Sullivan Zone).

Material Impact

The drilling results are consistent with previous announcements from February through April 2026 which also confirmed grade continuity and resource model validity.
There is no significant upgrade to the resource estimate or economic model announced in this specific release; it serves as validation of the existing thesis rather than a new catalyst.
The timing aligns with the recently closed financing (April 29, 2026) which raised $11.25 million to fund exploration and development expenditures.
While positive for project confidence, the market likely anticipated continued drilling success given the aggressive infill program and strategic investor backing announced in April.
The news supports the feasibility study timeline (Q4 2026) but does not materially alter the capital requirements or production economics previously disclosed in the PEA update.

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Company Overview

Project Name: Gabbs Project (Nye County, Nevada).
Asset Type: Open-pit gold-copper mine with heap leach and mill processing capabilities.
Resource Base: Indicated resources of ~720,000 oz Au plus inferred resources of 1.28 million oz Au as of late 2025/early 2026 updates.
Economics (PEA): Preliminary Economic Assessment indicates an IRR of 77.5% and NPV (5%) of US$2.253 billion at spot prices, with a payback period of less than one year.
Production Profile: Targeted average annual production of 109,000 oz Au and 15,000 tonnes Cu over a 14.2-year mine life.
Infrastructure: Located in Nevada with existing road access; water rights secured via agreement pending regulatory transfer.

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