P2 Gold Hits Higher-Grade Core at Lucky Strike: 6 Things You Need To Know

10 New RC Holes Confirm Lucky Strike Resource Model

P2 Gold (TSX-V: PGLD | OTCQB: PGLDF) released results from an additional 10 reverse circulation (RC) drill holes at the Lucky Strike Zone at its Gabbs Project in Nevada, part of the Infill and Expansion Drill Program underway since October 2025. The results identify a higher-grade core at Lucky Strike and establish that the zone's ore controls match those of the Sullivan Zone. The Lucky Strike Zone is one of four known mineralised zones at Gabbs, alongside Sullivan, Gold Ledge, and Car Body, and is currently the primary focus of the drill program. The program is advancing toward an updated mineral resource estimate (MRE) targeting the third quarter of 2026, which will form the basis of the feasibility study (FS) targeting the fourth quarter of 2026.

1. The Headline Intercepts

The strongest composite intercept in this batch returned 0.90 grams per tonne gold and 0.34% copper over 48.77 metres from 88.39 metres downhole, including a higher-grade interval of 1.61 grams per tonne gold and 0.49% copper over 21.34 metres starting at 102.11 metres downhole.

The same hole also returned 0.66 grams per tonne gold and 0.31% copper over 45.72 metres from 32 metres downhole in the shallower part of the hole, and 0.13 grams per tonne gold and 0.16% copper over 25.91 metres starting at 137.16 metres downhole in the footwall. A second hole intersected 0.61 grams per tonne gold and 0.35% copper over 73.15 metres from 42.67 metres downhole, including 1.13 grams per tonne gold and 0.63% copper over 21.34 metres starting at 48.77 metres downhole. 

A third hole returned 0.57 grams per tonne gold and 0.34% copper over 42.67 metres from 33.53 metres downhole, including 1.14 grams per tonne gold and 0.51% copper over 15.24 metres from 33.53 metres downhole. Five of the 10 holes in this batch ended in mineralisation.

2. A Higher-Grade Core Confirmed at Lucky Strike

Five drill holes on the western half of the Lucky Strike Zone appear to have intersected a higher‑grade core similar to the higher‑grade core of the Sullivan Zone, with mineralisation hosted within and below specific rock layers that control where gold and copper are concentrated. 

Higher‑grade gold and copper are concentrated at the core of the zone and in restricted halos around sub‑vertical structures, grading into copper‑dominant mineralisation in the footwall. The main mineralised body reaches up to 75 metres thick, with footwall intervals ranging from 20 metres to 60 metres, giving a combined thickness of up to 125 metres. The core area is open for expansion to the north and south, and numerous quartz‑filled structures cut across the zone and were historically exploited in shallow pits and workings.

These results support the current mineral resource model, suggesting that Lucky Strike behaves in a predictable, Sullivan‑style way and is well‑suited for infill and expansion.

3. What the Drill Data Confirms About the Resource Model

The current program is an infill and expansion program, and the results feed directly into an updated MRE targeting completion in the third quarter of 2026. The company states this MRE will form the basis of the FS targeting the fourth quarter of 2026. The updated MRE will incorporate results from the full Infill and Expansion drill program across both the Lucky Strike and Sullivan zones.

4. The Zone Remains Open in All Directions

The Lucky Strike Zone remains open in all directions, with current drilling focused on the western half of the zone, which measures approximately 700 metres by 500 metres as defined by current and historical drilling.

The company states this targeted area is roughly the same size as the Sullivan Zone, and based on available current and historical drill data, the Lucky Strike Zone has the potential to be significantly larger than the Sullivan Zone. The western half is where the relatively shallow mineralisation is hosted, and it is this area that the current RC program is focused on infilling and expanding.

5. Program Progress: Where the Drill Program Stands

Since the start of the Infill and Expansion Drill Program in October 2025, a total of 62 RC drill holes have been drilled, with 24 holes at the Sullivan Zone and 38 holes at the Lucky Strike Zone.

The program has completed 29 metallurgical and slope stability geotechnical diamond drill holes to date. A total of 11,500 metres across 70 RC holes is planned for the Lucky Strike Zone as part of the program. The RC drill has been demobilised from the site, with a new RC drill scheduled to mobilise at the beginning of May. On completion of drilling at the Lucky Strike Zone, the RC drill is expected to return to the Sullivan Zone for additional drilling to extend the zone down dip. Assays will continue to be reported over the coming months.

6. What the Results Mean for the MRE & Feasibility Study

The updated MRE, expected in the third quarter of 2026, will anchor the FS targeting the fourth quarter of 2026 and help evaluate whether to keep the project at 9 million tonnes per year or evaluate a 12 million tonne per year throughput. The presence of a higher‑grade core at Lucky Strike enhances the ore body’s ability to supply higher‑grade feed early in the mine life, which could support a higher throughput scenario. The Gabbs Project already benefits from good infrastructure, including access via paved Highway 361 and power and water on site.

Key Takeaways for Investors

• Strongest intercept: 0.90 grams per tonne gold and 0.34% copper over 48.77 metres, with 5 of the 10 holes in this batch ending in mineralisation.
• Higher-grade core identified: 5 holes on the western half appear to have intersected a higher-grade core similar to Sullivan's, with the core area open for expansion to the north and south.
• Sullivan-style ore controls confirmed: Ore controls at Lucky Strike match Sullivan, with a combined mineralised thickness of up to 125 metres.
• Expansion potential: Based on available data, Lucky Strike has the potential to be significantly larger than the Sullivan Zone.
• Upcoming milestones: The updated MRE is targeting the third quarter of 2026. Separately, the company will evaluate, as part of the FS, whether to increase processing throughput from 9 to 12 million tonnes per year.

The Bottom Line

The drill results from the Lucky Strike Zone appear to intersect a higher-grade core in the western half of the zone and confirm ore controls consistent with the Sullivan Zone. The zone has a combined mineralised thickness of up to 125 metres and remains open in all directions. The company states Lucky Strike has the potential to be significantly larger than the Sullivan Zone based on available data, and a new RC drill is scheduled to mobilise at the beginning of May to continue the program. Assays will continue to be reported over the coming months. An updated MRE is expected in the third quarter of 2026, which will form the basis of an FS expected in the fourth quarter of 2026.