P2 Gold Gabbs Feasibility Study Expansion: 8 Things You Need to Know

Project Overview

P2 Gold (TSXV: PGLD | OTCQB: PGLDF) is advancing its Gabbs gold and copper project on the Walker Lane Trend in Nevada. The company is now working on a more detailed study to confirm whether the mine gets built, and that study is being scoped around a bigger version of the project than originally planned. Drilling to support that work has been running at the site since October 2025, split between two zones, Sullivan and Lucky Strike, with the latter now the focus of an expanded push into newly found richer ground.

On July 6, 2026, P2 Gold reported results from 3 drill holes at the Lucky Strike zone, drilled as part of ground stability testing for the planned mine pit. All 3 hit gold and copper, confirming the zone keeps extending past every boundary tested so far. That result is minor. What it confirms about the bigger study is not: the company is drilling far more than first planned, has found a richer section of ground not part of its original estimate, and has said the new results will be folded directly into the resource count behind the bigger study. That order, the count first, the bigger study second, both larger than today's numbers, is the more relevant story.

1. The Lucky Strike drilling has been expanded well beyond its original scope

The original plan for Lucky Strike called for 14,900 meters of drilling. After finding a richer section of ground in the western half of the zone, the company has added a further 15,000 meters on top of that. This is a sizeable increase decided partway through the program, not at the start, signaling management sees more value in the ground than originally assumed. Investors should treat this as an early sign the eventual resource count could look different in makeup, not just size, from what supported the earlier study, and it lowers the risk that the feasibility study gets built around an incomplete picture of the richer ground.

2. A richer section of ground is driving the extra drilling, not general expansion

The extra 15,000 meters is not spread evenly. It is aimed first at the newly found richer section in the western half of the zone, north and south of the discovery. The company has said this fits its priority on the shallower western ground, with drilling to the northeast and southeast to follow only once that section is well mapped. Management is prioritizing quality before size, which lowers the risk of diluting the resource count with lower-grade filler ground before the richest material is fully defined, though it does mean the total size of the zone stays less certain for longer.

3. The updated count will include this new drilling, not just fill in the existing picture

The company has said results from the extra drilling at Lucky Strike, which keeps extending in every direction, are meant to be folded into the resource count behind the bigger study. So the number underpinning that study is not the old count carried forward; it is still being actively built and improved while the study is being scoped. That adds some uncertainty today, since the exact count is not yet locked in, but it lowers the risk of a bigger problem later: a feasibility study built on a resource count that misses ground the company already knows is there.

4. Ground stability holes hitting gold & copper at the pit edge matters beyond grade

The 3 holes reported were drilled to check ground stability at the edge of the planned pit, and all 3 hit gold and copper. That confirms the zone extends beyond the boundary assumed in the current pit design, in more than one direction. Holes drilled for engineering reasons that also extend the ground known to hold gold and copper reduce the risk that today's pit design understates what is actually there.

5. The underground pattern at Lucky Strike now matches the one at the Sullivan zone

The available drilling confirms the underground pattern at Lucky Strike matches the one already mapped at the Sullivan zone, with the richest gold and copper at the core and gold-heavy ground giving way to copper-and-gold ground below it. At Lucky Strike, that deeper zone runs 20 to 60 meters thick, the main zone up to 75 meters thick, together forming a band up to 125 meters thick. A matching pattern across 2 zones lowers the risk of misreading the ground, since the pattern used to map Sullivan can now be applied with more confidence at Lucky Strike.

6. Historical workings point to high-grade ground at surface across the zone

The company has noted that numerous quartz-filled structures crossing the Lucky Strike Zone were historically mined as narrow, high-grade pits and shallow workings, evidence of small-scale mining activity that predates the current drill program. That history lines up with the current drilling, which keeps finding richer ground near surface in the same area. For investors, past small-scale mining of a zone is a useful, low-cost confirmation that the grade seen in today's drill results is not a one-off, since it shows the same ground was worth mining by hand long before modern drilling arrived. That lowers geological risk: an independent, decades-old signal pointing to the same richer ground the current program just found is harder to dismiss than a single new discovery on its own.

7. Two events are lined up before year end, each dependent on the one before it

The company has said the updated resource count is targeted for completion in the third quarter of 2026, once the extra drilling wraps up. The bigger study, built on that count, is targeted for completion in the fourth quarter of 2026. Because the study's design depends on the updated count, and the count depends on results still coming in from the extra 15,000 meters, the timing of both milestones carries some risk tied to how quickly drilling and lab results arrive, not just paperwork.

8. Drilling since October 2025 has been extensive, but the picture is not yet final

Since the program began in October 2025, 72 drill holes have been completed, 24 at the Sullivan zone and 48 at the Lucky Strike zone. A separate set completed 29 holes for processing testing and ground stability, plus 10 exploration holes, before leaving site at the end of May. That is a substantial dataset, but adding another 15,000 meters partway through shows it was not enough to fully define the richer western section before committing it to the bigger study. Until that extra drilling and its assays are in hand, some definition risk remains around exactly how much of the western ground will make it into the count.

Key Takeaway for Investors

• The company found more value at Lucky Strike than its original plan assumed, adding fifteen thousand meters of drilling mid program specifically to chase a newly found richer section of ground.
• That new drilling is set to feed directly into the resource count behind the upcoming feasibility study, not a future update, tying today's results directly to the numbers that will eventually value the project.
• Historical high grade workings across the zone support the richness seen in current results, lowering the risk that the discovery is a one time event.
• Two connected milestones are due before year end: an updated resource estimate in the third quarter, followed by the feasibility study in the fourth quarter.
• The size of the change in the resource count, once the richer western ground is fully counted, is the figure investors should watch, not any single drill result.

Bottom Line

The July 6, 2026 release reports drill results from 3 holes, but the more important disclosure is about process: the Lucky Strike drilling has grown well past its original scope, a richer section not captured in the earlier study is now driving that work, historical workings back up the grade seen at surface, and the new results are headed into the resource count behind the bigger study rather than a future update. Investors should watch the third quarter 2026 resource estimate as the first hard data point on how much the richer western ground changes that count, ahead of the fourth quarter 2026 feasibility study itself.