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 Thu Aug 25, 2022
KW Excerpt: Kaiser Watch August 25, 2022: P2 Gold Inc (PGLD-V)
    Publisher: Kaiser Research Online
    Author: Copyright 2023 John A. Kaiser

 
P2 Gold Inc (PGLD-V: $0.250)
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Kaiser Watch August 25, 2022: California's Zero ICE Dream & Lithium Mania 2.0
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(0:05:08): This year's copper price retreat has not helped P2 Gold which is working to demonstrate the feasibility of its Gabbs copper-gold project in Nevada. How are things going for its Bam gold exploration play in the Golden Triangle?
P2 Gold has stopped physical work on the Gabbs copper-gold project while it works on completing a PEA before year end. Copper's sharp drop during the past few months has chilled market interest. My own OV for a combined sulphide milling oxide heap leaching scenario does not clear development hurdles at the current gold and copper prices. Management, however, understands that, and their goal is to develop a mining plan which starts with low CapEx heap leaching of the gold dominant oxides, and use the cash flow to build the more expensive mill needed to process the copper dominant sulphides. Key question will be the base case copper price. Most people think the current spot price is too low if the world avoids a n extended recession, and certainly too low if the energy transition away from fossil fuels is supposed to become reality. The summer excitement was supposed to come from drilling the Monarch gold discovery in the Golden Triangle which began in late June. So far drilling has been limited to shallow holes designed to outline a bulk tonnage gold system in the 1-2 g/t range. The summer bluesky was supposed to come from deeper holes testing a hypothesized feeder zone somewhere beneath the young basalt cap. They were ready to roll with a ZTEM survey in early July but low cloud cover delayed the start of the survey. It was completed early August and is still undergoing interpretation and consolidation with other geophysical data. The next milestone will be confirmation that a meaningful geophysical target has emerged that justifies drilling deeper holes in September-October.

Deep Feeder Target awaiting ZTEM Survey Interpretation

PEA with ore schedule that stages CapEx spending key to making Gabbs work

PGLD priced fair for $500 million Gabbs outcome and $2 billion Bam outcome

Ugly Price Chart for Copper & yet Warehouse Stocks are low!

 
 

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