The company highlighted indicated mineral resource of 1.12 million ounces of gold equivalent, or 0.65Moz of gold and 266.7 million pounds of copper, with 43.4 million tonnes grading 0.47 grams per tonne gold and 0.28% copper.
That included an oxide indicated mineral resource of 576,000oz AuEq, comprised of 0.39Moz of gold and 127.9Mlbs of copper, with 20.1Mt grading 0.61g/t gold and 0.29% copper.
There was an inferred mineral resource of 1.64Mmoz AuEq, or 0.88Moz of gold and 376.1Mlbs of copper, with 69.9Mt grading 0.39g/t gold and 0.24% copper.
The 2022 MRE was the first update to the mineral resource estimate for Gabbs since the company acquired the project in 2021, P2 said.
"Prior to the 2022 MRE, the Gabbs project had an inferred mineral resource of 1.84Moz of gold equivalent that was comprised of 1.26Moz of gold and 422.3Moz of copper (73.1Mt grading 0.54g/t gold and 0.26% copper)," the company said.
Gabbs is P2's flagship project. It is located at the northwestern end of the Fairplay mining district, which is about 145 miles by road from Reno.
On February 13, P2 traded on the Toronto Stock Exchange at C$0.74/share, which was up 14% day-on-day.
The 52-week high/low was C$0.83/C$0.34. The company had a market capitalisation of C$52.1 million.