Northwire Canada EditionSunday, July 26, 2026
Sign inSubscribe
Northwire
⌕
B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9% B 0.150 +0.0% IFOS 2.28 −2.6% IMM 0.060 +0.0% ROCK 3.38 −1.7% NVX 0.250 −7.4% HAR 0.050 +0.0% YGT 0.175 +0.0% GEN 0.070 −nan% CRB 0.040 +14.3% MSA 7.07 +2.2% AEM 204.81 +0.7% OPW 0.105 +5.0% GRL 0.275 −1.8% AIS 0.150 +0.0% CUU 0.580 −1.7% SOMA 0.720 +5.9%
Drill Results Material +

P2 Gold Announces Infill and Expansion Drill Results from Gabbs

P2 Gold Marches Toward Feasibility as Gabbs Economics Inflate on Aggressive Metal Price Assumptions

By The Northwire Desk — AI Analysis Feb 04, 2026 · 05:00 PGLD · 0.9 P2 Gold Inc.
Executive Summary

P2 Gold announced the final drill results from its 2025/2026 infill and expansion program at the Gabbs Project in Nevada. The program consisted of 24 reverse circulation (RC) holes (4,120 meters) at the Sullivan Zone and 20 RC holes at the Lucky Strike Zone, along with 13 diamond drill holes for geotechnical and metallurgical purposes. Significant intercepts include 62.48m grading 0.31 g/t Au (Hole GBR-067) and 71.63m grading 0.43 g/t Au (Hole GBR-068). CEO Joe Ovsenek confirmed that the Sullivan Zone mineralization is consistent with expectations. Crucially, the company claims it is now fully funded to complete the Gabbs Feasibility Study, which is targeted for Q4 2026, following a mid-2026 Mineral Resource Estimate (MRE) update.

Material Impact

The news is material and positive as it confirms the successful execution of the drilling required for the Feasibility Study and validates the Sullivan Zone's continuity. However, a critical eye must be cast on the economic figures presented in the release. The company highlights a Net Present Value (NPV 5%) of US$3.2 billion and an IRR of 105%. These figures are calculated using "spot prices" of US$4,674/oz gold and US$6.03/lb copper. These are significantly higher than the already robust October 2025 PEA base case (US$2,350 Au, US$4.50 Cu), which yielded a much lower NPV of US$942.9 million. While the drilling success is tangible, the "Game Changer" economics cited are heavily dependent on metal price appreciation rather than just geological improvement. The confirmation of funding is the most significant de-risking element in this release.

PGLD · Price
Company Overview

P2 Gold is focused on the Gabbs Project located on the Walker-Lane Trend in Nevada. Gabbs is a gold-copper porphyry deposit. - Sullivan Zone: The primary focus, hosting roughly 60% of the project's mineral resources. - 2025 PEA Update: Envisions a 14.2-year mine life producing 109,000 oz gold and 33 million lbs copper annually. - Process: Heap leach for oxides, followed by a mill starting in Year 6 for sulphides.

Read the original news release →

More from P2 Gold Inc.

Jul 06, 2026 · 05:00

P2 advances its Nevada gold-copper porphyry project to feasibility with a 3.45moz AuEq resource and a PEA NPV5 of US$942M.

Drill Results Jun 18, 2026 · 05:00

P2 Gold’s Gabbs project feasibility study confirms down-dip expansion potential following drilling results.

Drill Results Jun 09, 2026 · 05:00

P2 Gold Gabbs Project Update: Feasibility Study on Track

Technical Study May 25, 2026 · 18:36

P2 Gold closes $11.6M placement at premium price, stock near year-highs, as Gabbs feasibility catalysts stack up.

Financings May 20, 2026 · 05:00

Gabbs Project Feasibility Study Progress Validates Resource Base Despite Dilution Concerns

Drill Results May 13, 2026 · 11:27

P2 Gold’s latest top-up financing locks in Quaternary Group’s commitment as the Gabbs feasibility revs up; the real catalyst remains the feasibility study, not the cheque book.

Financings