VANCOUVER, BC, March 25,
2024 /CNW/ - P2 Gold Inc. ("P2" or the
"Company") (TSXV: PGLD) (OTCQB: PGLDF) provides an update on its
wholly-owned gold-copper Gabbs Project located on the Walker-Lane
Trend in Nevada and confirms the
terms of the finder's fee for its convertible debenture unit
offering
Gabbs Project Preliminary Economic Assessment
The Company is re-evaluating the preliminary economic assessment
("PEA") on the Gabbs Project, with a new PEA expected to be
completed in the second quarter of this year. In
re-evaluating the PEA, the Company is assessing the benefits of
incorporating the lower grade mineralized material above the cutoff
grade for heap leach and mill mineralized material that was not
included in the September 2023
PEA. The 2024 PEA is expected to comprise a heap leach
operation and a mill operation starting up after the initial heap
leach capital is repaid, with the heap leach and mill operating in
tandem for the remainder of the mine life.
"Now that the outstanding project debt has been settled, we can
focus on unlocking Gabbs'
potential by continuing to advance the project through
feasibility," commented Joe Ovsenek,
President and CEO of P2. "Existing infrastructure at Gabbs includes paved access, power on the
property and historically permitted water wells. The known
zones of gold-copper mineralization at Gabbs outcrop at surface and remain open in
multiple directions, and the property remains highly prospective
for the discovery of new zones of mineralization.
We look forward to announcing the results of the 2024
PEA."
Convertible Debenture Unit Offering
On March 14, 2024, the Company
closed the second and final tranche of a non-brokered private
placement of convertible debenture units (the "Units") at
$1,000 per Unit, for gross proceeds
of $1,665,000 (the "Offering"),
previously announced on February 13,
2024 and March 5, 2024.
In connection with the Offering, the Company paid finder's fees of
an aggregate of $71,040 and issued an
aggregate of 916,875 warrants (the "Finder's Warrants") to an arm's
length finder, representing 6% of the proceeds raised from
subscriptions by, and 6% of the Units issued to, certain
placees. Each Finder's Warrant entitles the holder thereof to
acquire one common share in the capital of the Company (a "Share")
at an exercise price of $0.07, for a
period of 24 months (the "Expiry Time"), provided that, if after
the later of four months from the date of issue and conversion, the
closing price of the Shares on the Exchange is equal to or greater
than $0.30 for a period of 10
consecutive trading days at any time prior to the Expiry Time, the
Company will have the right to accelerate the Expiry Time by giving
notice to the holder of the Finder's Warrants by news release or
other form of notice permitted by the certificate representing the
Finder's Warrants that the Finder's Warrants will expire at
4:30 p.m. (Vancouver time) on a date that is not less
than 15 days from the date notice is given.
Qualified person
Ken McNaughton, M.A.Sc., P.Eng.,
Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the Gabbs
Project. Mr. McNaughton has reviewed, verified, and approved
the scientific and technical information in this news release.
About P2 Gold Inc.
P2 is a mineral exploration and development company focused on
advancing precious metals and copper discoveries and acquisitions
in the western United States and
British Columbia.
Neither 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 that is intended to be
covered by the safe harbours 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 comparable terminology. Such
forward-looking information includes, without limitation,
information with respect to 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 upon a number of estimates and assumptions
of management at the date the statements are made.
Furthermore, such forward-looking information involves a
variety of known and unknown risks, uncertainties and other factors
which may cause the actual plans, intentions, activities, results,
performance or achievements of the Company to be materially
different from any future plans, intentions, activities, results,
performance or achievements expressed or implied by such
forward-looking information, including without limitation, risks
associated with mineral exploration, including the risk that actual
results and timing of exploration and development will be different
from those expected by management. See "Risk Factors" in the
Company's annual information form dated March 16, 2023 filed on SEDAR+ at
www.sedarplus.ca 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 does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE P2 Gold Inc.