P2 Gold's Lucky Strike Points to a Bigger Nevada Mine

• P2 Gold intersected 183.0 grams per tonne gold and 4.0% copper over 1.52 meters at the Lucky Strike Zone of the Gabbs Project in Nevada, the highest-grade result reported from the zone in this drill program.
• The hole that returned this result was placed 100 meters south into ground with no prior drilling history and ended while still inside mineralization, meaning the zone has not yet been fully defined.
• Based on all available drill data, the company has stated the Lucky Strike Zone has the potential to be significantly larger than the Sullivan Zone, which forms the existing core of the Gabbs resource.
• The Gabbs Project's independent economic study outlined a mine producing an average of 109,000 ounces of gold and 33 million pounds of copper per year over a 14.2-year mine life at 9 million tonnes per year.
• An updated resource measurement is targeting completion in the third quarter of 2026, forming the basis of a feasibility study targeting completion in the fourth quarter of 2026.

A Nevada Gold Project Just Got More Interesting

P2 Gold Inc. (TSX-V: PGLD | OTCQB: CTIMF) reported drilling results from a part of its Nevada property that had never been tested before. The results came back with some of the highest gold grades the project has seen. For investors following gold and copper developers, the combination of high grade, completely new ground, and a project already moving toward a production decision warrants a close look.

P2 Gold is focused on one asset: the Gabbs Project, a gold and copper deposit located on the Walker Lane Trend in Nye County, Nevada, one of the most mining-friendly states in the United States. The project has paved road access, power infrastructure, and water supply already in place, advantages that comparable projects in more remote locations do not always carry. An independent economic study completed in October 2025 assessed the project's potential to support a long-life, mid-scale mine, and work to support a feasibility study is now underway.

What the Drill Results Actually Showed

The headline result from the May 2026 drilling program was a narrow section of rock that graded 183.0 grams per tonne gold and 4.0% copper over 1.52 meters. Grams per tonne is simply the mining industry's standard way of measuring how much gold is packed into a tonne of rock. A reading of 183.0 is exceptionally high. That section sat inside a broader interval that averaged 1.04 grams per tonne gold and 0.35% copper across 53.34 meters. The drill hole that returned this result was placed 100 meters south of any previous drilling on the property and encountered visible gold. It ended while still inside mineralization, meaning the zone has not yet been fully outlined at depth or in any direction.

Ken McNaughton, Chief Exploration Officer of P2 Gold and the geologist responsible for the Gabbs Project under Canadian regulatory standards:

"Results from drilling to date confirm the Lucky Strike Zone continues to host high potential for expansion."

Why Lucky Strike Could Change the Scale of Gabbs

The Lucky Strike Zone and the Sullivan Zone share the same geological makeup. Sullivan is the area of Gabbs that has been fully drilled and measured, forming the core of what the company currently reports as its resource. Lucky Strike sits nearby and has been receiving increasing drilling attention over this program, which began in October 2025. Based on all available current and historical drill data, P2 Gold has stated the Lucky Strike Zone has the potential to be significantly larger than Sullivan. The zone remains open in all directions.

That matters to investors because the size of a deposit directly affects how much gold and copper a mine can produce over its life, which flows into revenue and the long-term value of the project. If Lucky Strike proves out at the scale current drilling suggests, the updated resource measurement expected in the third quarter of 2026 would reflect a larger project than the one outlined in the October 2025 independent economic study.

The Timeline Every Investor Should Know

The October 2025 independent economic study outlined a long-life, mid-scale mine at Gabbs producing an average of 109,000 ounces of gold and 33 million pounds of copper per year over a 14.2-year mine life, processing 9 million tonnes of rock per year. The feasibility study now underway is being planned at a larger scale, targeting a processing rate of 12 million tonnes per year and average annual production of 150,000 ounces of gold and 45 to 50 million pounds of copper. P2 Gold secured financing to fund this work through to the feasibility study, with drilling results continuing to support confidence in the project's expansion potential. On completion of drilling, an updated resource measurement is targeting completion in the third quarter of 2026, which will form the basis of the feasibility study targeting completion in the fourth quarter of 2026.

The Investment Thesis for P2 Gold Inc.

• Watch the third quarter 2026 resource update as the primary signal of whether Lucky Strike's scale is formally reflected in the project's total gold and copper inventory.
• Consider the no-royalty structure at Gabbs as a financial advantage, since no portion of future revenue is pre-committed to a third party before production financing is arranged.
• Track the feasibility study completion in the fourth quarter of 2026 as the document that lenders and investors will use to evaluate a production financing decision.
• Use the copper production profile as a buffer when considering downside risk, since copper output alongside gold reduces the project's dependence on gold price alone.
• Compare the feasibility study outcome against the October 2025 independent economic study figures once released, as the larger processing rate target suggests upside to the earlier study's production and value estimates.

What This Means If You Are New to P2 Gold

P2 Gold's May 2026 drill results at Lucky Strike extend the known size of a zone the company already believed was growing, and they introduce a grade level that points to a high-value core not yet fully mapped. The project sits in Nevada with major infrastructure already in place and a feasibility study due by the end of 2026. The updated resource measurement in the third quarter of 2026 will be the next concrete signal of how much Lucky Strike adds to the total picture. A project already assessed by an independent study is now showing signs it may be larger than that study assumed, with formal confirmation expected before the end of this year.

TL;DR

‍P2 Gold drilled into untested ground at Gabbs, returned some of the project's highest gold grades to date, and confirmed the Lucky Strike Zone remains open for expansion in all directions, with a formal resource update due before the end of 2026.

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