BAM is a resource-stage gold-copper exploration project within a well-known area of British Columbia’s Golden Triangle. P2 is advancing exploration at BAM on multiple zones: a historical copper zone; the Monarch Gold Zone which was first discovered by P2 in 2020; and a potential gold/copper porphyry system at depth.
Location and access to infrastructure
The BAM Project consists of ten mineral tenures that cover an area of over 8,100 hectares, located approximately 150 kilometers northwest of Stewart, BC. BAM has good access to existing infrastructure, with Highway 37 and the Northwest Transmission Line approximately 35 kilometers to the east of the project, and the Galore Creek Project access road approximately two kilometers to the southeast.
P2 Gold’s opportunity – advance a gold discovery near good access to infrastructure
The BAM Project first came to prominence in the 1960s with the discovery of the Jan Copper Zone and again in the 1980s with the discovery of high-grade gold in surface trenches, but has not been systematically explored for large porphyry related copper-gold or a bulk tonnage gold-silver system using modern exploration techniques. The project’s newly-discovered Monarch Gold Zone – the newest gold discovery in the Golden Triangle - is open in multiple directions and the project has significant potential to host gold/copper porphyry mineralization at depth.
January 2023 Initial Mineral Resource Estimate for BAM’s Monarch Gold Zone
P2 Gold retained P&E Mining Consultants Inc. (“P&E”) to prepare an Initial Mineral Resource Estimate (“MRE”) for the Monarch Gold Zone, based on six diamond drill holes (836 metres) completed by the Company in 2021 and 95 diamond drill holes (13,963 metres) completed by the Company in 2022. (See news release dated January 24, 2023.) See Tables 1 and 2 below.
Table 1: January 2023 BAM Project, Monarch Gold Zone, Pit Constrained Inferred Mineral Resource Estimate (1 - 5 )
Tonnes (M) |
Gold Grade (g/t) |
Silver Grade (g/t) |
Gold (M oz) |
Silver (M oz) |
Gold Eq. Grade (g/t) |
Gold Eq. (M oz) |
---|---|---|---|---|---|---|
27.2 | 0.59 | 2.52 | 0.52 | 2.21 | 0.62 | 0.55 |
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BAM Project, Monarch Gold Zone Mineral Resource Estimate Cut-Off Grade Sensitivities
The Monarch MRE sensitivity table, Table 2 below, shows the potential for higher-grade Mineral Resources at higher gold equivalent cut-offs, which potential can be assessed during engineering studies.
Table 2: January 2023 BAM Project, Monarch Gold Zone Pit Constrained Inferred Mineral Resource Estimate Cut-Off Grade Sensitivities (1 - 2)
Cut-Off Gold Eq. (g/t) |
Tonnes (M) |
Gold Grade (g/t) |
Silver Grade (g/t) |
Gold (M oz) |
Silver (M oz) |
Gold Eq. Grade (g/t) |
Gold Eq. (M oz) |
---|---|---|---|---|---|---|---|
0.6 | 10.2 | 0.97 | 3.04 | 0.32 | 0.99 | 1.00 | 0.33 |
0.4 | 18.0 | 0.75 | 2.82 | 0.43 | 1.63 | 0.78 | 0.45 |
0.2 | 27.2 | 0.59 | 2.52 | 0.52 | 2.21 | 0.62 | 0.55 |
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January 2023 Technical Report
View and download the Technical Report and Initial Mineral Resource Estimate of the BAM Gold-Copper Project dated January 24, 2023 here.
2022/2023 Exploration – expanding the Monarch Gold Zone and locating the source porphyry
Monarch Gold Zone - Near surface gold mineralization open in multiple directions
Significant near-surface epithermal gold mineralization has now been defined over a strike length of more than one kilometer in the Monarch Gold Zone, which is open to the north and south. The 2022 BAM drill program (13,958 meters drilled in 95 holes) and geological mapping defined multiple structural trends which converge at the Monarch Gold Zone and were active either during and/or after the mineralization event. Gold grades intersected by the drilling generally increase towards these structures, suggesting they are potentially related to a feeder system. Drill holes in the latter half of the program also showed that the conglomerate along the eastern edge of the Monarch Gold Zone is well-mineralized for over one kilometer. The conglomerate lies along the contact with the More Creek Granite suggesting that the contact may be part of the feeder system for the gold mineralization.
A plan map and sections for 2022 BAM drill results can be found here.
The initial Mineral Resource Estimate for the Monarch Gold Zone comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t (see Tables 1 and 2 above). The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres, with the Monarch Gold Zone open to expansion by drilling to the northeast and southwest.

Locating BAM’s Source Porphyry
Airborne and ground geophysical surveys were completed for the BAM Project in 2022. A Natural source magneto-telluric geophysics survey (NSMT Survey) was conducted in August over the western portion of the Project, and a Z-Tipper Axis Electromagnetic airborne geophysical survey (ZTEM survey) was completed over the entire BAM Project in July 2022. (See news release dated February 8, 2023.)
The initial interpretation by the Company of the combined three-dimensional ZTEM and NSMT inversion model has identified two high priority areas that host gold-copper porphyry exploration targets. These areas are near the Monarch Gold and Jan Copper Zones and are interpreted to be the source of the epithermal systems.


The 2023 BAM Exploration Program is being planned to test for the feeder zones and the porphyry system at depth with a 12,000-meter to 14,000-meter diamond-drill program using the three-dimensional geophysics interpretation of the BAM Project. Crews are expected to mobilize to BAM in mid-May with the first drill mobilized to site in early to mid-June.
2020/2021 Exploration – discovery of Monarch Gold Zone
P2 optioned BAM in July 2020 and in August 2020 completed a soil geochemical sampling program that defined the Monarch Gold Zone near the north end of the grid in an area that had never been drilled in the past. Based on the soil sampling, the Monarch Gold Zone measures 1,100 meters by 600 meters and covers a hornfelsed calcareous sediment in contact with a granitic batholith. The zone is defined by numerous samples with greater than 25 ppb (0.025 g/t) gold, of which 16 samples assay greater than 500 ppb (0.50 g/t) gold with the highest sample assaying 5,730 ppb (5.73 g/t gold). The zone also hosts highly anomalous values in arsenic, antimony, copper, mercury and tellurium that, in combination with the size and location of the anomaly, are indicative of a robust epithermal system.
The soil geochemical sampling program consisted of approximately 60-line kilometers of survey lines covering an area measuring 4.8 kilometers by 2.0 kilometers. The main survey lines were spaced at 200-meter centers running east-west, with shorter infill survey lines spaced at 100-meter centers locally covering areas with historical anomalies. Soil samples were collected every 50 meters along each of the survey lines. Approximately 1,100 samples were collected and assayed.
In 2021, P2 completed an 835.9 meter, six-hole drill program at BAM, drilling four holes at the Monarch Gold Zone and two holes at the historical Jan Copper Zone. All four holes drilled in the Monarch Gold Zone intersected gold, with both holes at the Jan Copper Zone intersecting copper.
Selected Drill Results, Monarch Gold Zone 2021 (BAM-001 to BAM-003 and BAM-005)(1, 2)
Hole | Collar Coords | Dip/ Azimuth |
From (m) |
To (m) |
Interval (m) |
Gold (g/t) |
Silver (g/t) |
---|---|---|---|---|---|---|---|
BAM-001 | N6341778 E387114 |
-45/90 | 18.25 | 69.00 | 50.75 | 0.62 | 4.87 |
incl. | 46.10 | 55.85 | 9.75 | 1.11 | 4.07 | ||
BAM-002 | N6341711 E387332 |
-45/270 | 20.00 | 35.30 | 15.30 | 0.51 | 3.25 |
BAM-003 | N6341996 E386870 |
-45/270 | 5.35 | 51.20 | 45.85 | 2.63 | 3.08 |
Incl. | 34.70 | 51.20 | 16.50 | 5.29 | 4.27 | ||
Incl. | 42.00 | 51.20 | 9.20 | 7.30 | 4.44 | ||
BAM-005 | N6342305/ E387366 |
-45/270 | 47.40 | 109.70 | 62.30 | 0.65 | - |
Incl. | 91.50 | 109.70 | 18.20 | 1.14 | - |
Selected Drill Results, Jan Copper Zone 2021 (BAM-004 and BAM-006)(1, 2)
Hole | Collar Coords | Dip/ Azimuth |
From (m) |
To (m) |
Interval (m) |
Gold (g/t) |
Copper (%) |
---|---|---|---|---|---|---|---|
BAM-004 | N6340892/ E386295 |
-45/270 | 68.00 | 107.25 | 39.25 | 0.01 | 1.10 |
incl. | 75.70 | 84.85 | 9.15 | 0.04 | 3.23 | ||
BAM-006 | N6341173/ E386513 |
-45/270 | 7.20 | 14.00 | 6.80 | 0.04 | 0.33 |
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Historical exploration
The BAM Project was discovered in the 1960s when regional exploration that was focused on copper mineralization resulted in the discovery of the Galore Creek deposit, approximately 35 kilometers to the west, and the Schaft Creek deposit, approximately 20 kilometers to the northwest; both deposits are large copper-gold porphyry mineralizing systems. On the BAM Project, drilling in 1967 outlined an area of copper mineralization with minor silver, identified as the Jan Copper Zone, in a replacement zone hosted by brecciated Lower Permian limestone and dolomite to the south of P2’s newly discovered Monarch Gold Zone.
More recent exploration efforts on the BAM Project have focused on gold. This work started in the mid-1980s when Chevron Canada Resources Limited collected channel samples from trenches that returned up to 7.4 grams per tonne gold over 19.3 meters to the south of the Jan Copper Zone. Sporadic exploration work has been completed on the project since that time. P2 believes these historical results provide an indication of the potential of the BAM Project and are relevant to planned exploration.
Quality Assurance
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person responsible for the BAM Property exploration programs and has reviewed, verified and approved the above scientific and technical information.
Option terms
The acquisition is structured as a two-phase option to acquire a 100% interest in the BAM Property. The initial option is for a 70% interest in the property. On exercise of the initial option, the Company will have the right to acquire the remaining 30% interest, for a 100% total interest, or remain at 70% and enter into a joint venture with the vendor.
The terms of the initial option, for a 70% interest in the property, are as follows:
Year | Cash | Common Shares | Work Commitment |
---|---|---|---|
Signing | $60,000 | 200,000 | - |
1 | $150,000 | 200,000 | $150,000 |
2 | $200,000 | 200,000 | $250,000 |
3 | $550,000 | 800,000 | $350,000 |
Total | $960,000 | 1,400,000 | $750,000 |
Following exercise of the option, the Company has the right for a period of 120 days to acquire the remaining 30% interest in the BAM Property, for a 100% total interest, on payment of $7.5 million of which up to $4 million may be paid in shares of the Company at its election. If the Company elects to not purchase the remaining 30% interest, the Company and the vendor shall form a joint venture, with the Company appointed the operator. During the first three years of the joint venture, the Company will fund the vendor’s participating interest in the joint venture. If the vendor fails to sell its interest in the joint venture during such three-year period, the vendor’s interest will convert to a 2% net smelter returns royalty (the “nsr”), provided that the Company will have the opportunity to purchase the vendor’s interest prior to such conversion for $7.5 million. Following the conversion of the vendor’s interest to a 2% nsr, the Company may purchase 1% of the nsr for $2,000,000 (inflation adjusted from 2020). The vendor has also agreed to assign to the Company two claims that form part of the BAM Property for $40,000 and a 2% nsr, 100% of which can be purchased by the Company for $1,125,000 prior to commercial production on such claims and 1% of which can be purchased for $300,000 (inflation adjusted from 2020) after commercial production is achieved on such claims.