12:31 PM EDT, 03/25/2024 (MT Newswires) -- P2 Gold Inc. ( PGLDF ) ("PGLD.V) Monday provided an update on its 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.

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.

"Now that the outstanding project debt has been settled, we can focus on unlocking Gabbs' potential by continuing to advance the project through feasibility," said Joe Ovsenek, President and CEO of P2, in a statement.

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.

On March 14, 2024, the company closed the second and final tranche of a non-brokered private placement of convertible debenture units at $1,000 per unit, for gross proceeds of $1.665 million.

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