P2 Gold: Gabbs Geotechnical Drilling Confirms Lucky Strike Zone Remains Open in All Directions
P2 advances its Nevada gold-copper porphyry project to feasibility with a 3.45moz AuEq resource and a PEA NPV5 of US$942M.
P2 Gold Inc. (PGLD) released results on July 6, 2026, from three diamond-drill holes at the Lucky Strike Zone of its Gabbs Project. The drilling was conducted as part of the Pit Slope Stability Geotech Program, targeting the margins of the planned open pit. The company noted that Lucky Strike remains open in all directions and that a higher-grade core has been identified in the western half of the zone.
Intercepts from the holes included: * Hole GBD-022: 25.91 m @ 0.44 g/t Au, 0.36% Cu (including 16.76 m @ 0.54 g/t Au, 0.43% Cu) and a separate lower-grade zone. * Hole GBD-039: 123.44 m @ 0.50 g/t Au, 0.20% Cu (including 16.76 m @ 0.90 g/t Au, 0.30% Cu). * Hole GBD-018: 22.86 m @ 0.15 g/t Au, 0.21% Cu.
Based on the higher-grade core concept, P2 Gold plans an additional 15,000 m of RC drilling to define the western half of the zone.
P2 Gold Inc. (PGLD) reported that the latest drilling results are incremental to the existing resource model and will not alter the dimensions of the Lucky Strike pit shell in the upcoming feasibility study. The company completed an additional 15,000 meters of reverse circulation (RC) drilling as part of a modest budget totaling approximately C$2 million to C$3 million.
Shares of P2 Gold Inc. had already risen from $0.72 on June 30 to between $0.81 and $0.88 on July 2 and 3, a move likely driven by gold price strength or anticipation of the full feasibility study pipeline. For a junior explorer at the preliminary economic assessment (PEA) to feasibility stage, these geotechnical results represent operational noise rather than a thesis-changing event.
P2 Gold Inc. (PGLD) owns the Gabbs Project in Nevada, which contains four mineralized zones: Sullivan, Lucky Strike, Gold Ledge, and Car Body. These zones hold a total indicated and inferred resource of 3.45 million ounces of gold equivalent.
A preliminary economic assessment completed in 2025, using a base case gold price of $2,350 per ounce, calculated an after-tax net present value at a 5% discount rate of US$942 million. The assessment also reported an internal rate of return of 33.8% and pre-production capital expenditures of US$383 million.
The company is currently advancing a feasibility study aimed at an average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper, based on a throughput of 12 million tonnes per year. P2 Gold targets completion of this study in the fourth quarter of 2026.
As of December 2025, the company held approximately C$11 million in cash. An additional C$11.6 million was raised in May 2026. Management states that these funds are sufficient to complete the feasibility study.