P2 Gold Drilling at Gabbs Intersects 2.96 g/t Gold Over 22.86 meters, including 5.0 g/t Gold Over 12.19 meters

VANCOUVER, British Columbia, March 29, 2022 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports results from the first four reverse circulation (“RC”) drill holes (GBR-032 to 035) of the initial 2022 Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada.

“Following upon the success of our 2021 drill program at Gabbs, we completed a 22-hole, 4,000-meter RC drill program at Gabbs in January and February of this year. This drilling focused on extensions to the Car Body and Sullivan Zones and infill and extensions to the Lucky Strike Zone,” commented Joe Ovsenek, President and CEO of P2. “As we set our sights on delivering a preliminary economic assessment on Gabbs in the fourth quarter of this year, we will turn our attention to expanding the oxide mineralization in future drill programs, which will be the first to be accessed in a mine plan.”

The initial 2022 Drill Program commenced at the Car Body Zone and then moved to the Sullivan and Lucky Strike zones before returning to the Car Body Zone to finish the program. Select drill results (see Table 1 below for drill results) from holes GBR-032 to GBR-035 drilled at the Car Body Zone include:

• Hole GBR-033 intersected 2.96 g/t gold over 22.86 meters, including 12.19 meters grading 5.00 g/t gold; and
• Hole GBR-035 intersected 1.13 g/t gold over 39.62 meters, including 13.72 meters grading 2.73 g/t gold, and 0.51 g/t gold over 28.96 meters.

Drill holes GBR-032 to 035 were designed to test for structural controls on the mineralization at the Car Body Zone, which is the smallest tonnage, but highest-grading gold zone on the property. The gold at Car Body is interpreted to be low-sulphidation epithermal mineralization and is open in all directions.

These initial four holes have confirmed the results from the historical drilling at Car Body and have locally expanded the mineral intersections.    The ore controls appear to be related to a set of steeply dipping, east-west quartz stock work typical of the Walker Lane Trend. Two north – south oriented holes were completed at the end of the program to test for this stockwork. Higher density drilling is expected to intersect more mineralization with the net effect of expanding the bulk tonnage resources.

Plan maps and sections for drill holes GBR-032 to 035 of the initial 2022 Gabbs drill program are available here.

Gabbs Metallurgy and Geophysics Programs

The Phase Two metallurgical program is nearing completion. The results of the program will be used as the basis for a preliminary economic assessment targeted for completion in late 2022.

In the field, a 48.3-line kilometer Natural Source Magneto Telluric (“NSMT”) survey has been completed over the project covering all four known zones of mineralization and the prospective locations of the potential gold-copper porphyry source at depth. An interpretation of the NSMT survey indicates an anomaly, that may be the potential source of the Gabbs porphyry mineralization, midway between the Sullivan and Lucky Strike zones at a depth of approximately 400 meters. A plan map and section of the anomaly are available here.

Table 1: Selected Gabbs Drill Results, March 2022 (GBR-032 to GBR-035)^{(1, 2)}

(1)   True thickness to be determined.

(2)  All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate.

Quality Assurance

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified and approved the scientific and technical information in this news release.

About P2 Gold Inc.

P2 Gold is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.

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Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company’s expectations, strategies and plans for the Gabbs Project including the Company’s planned expenditures and exploration activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s annual information form dated August 9, 2021 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.