P2 Gold drills 112.77 m of 0.81 g/t AuEq at Gabbs

Aug 4, 2022

2022-08-04 08:27 ET – News Release

Mr. Joseph Ovsenek reports

GABBS DRILLING INTERSECTS 1.57 G/T GOLD EQUIVALENT OVER 24.39 METERS WITHIN A 112.77-METER INTERCEPT OF 0.81 G/T GOLD EQUIVALENT AT LUCKY STRIKE

P2 Gold Inc. has released results from the final 14 reverse circulation drill holes (GBR-036 to GBR-049) drilled at the Lucky Strike and Car Body zones as part of the initial 2022 drill program at its Gabbs project, located on the Walker Lane trend in Nevada. The company has also provided an update on the status of the preliminary economic assessment currently under way at the Gabbs project.

Gabbs Project Remaining 2022 Drill Results

Select drill results (see an attached table for drill results) from holes GBR-036 to GBR-049 drilled at the Gabbs Project include:

Hole GBR-045 intersected 0.81 g/t gold equivalent (0.62 g/t gold and 0.18% copper) over 112.77 meters, including 24.39 meters grading 1.57 g/t gold equivalent (1.33 g/t gold and 0.24% copper);
Hole GBR-046 intersected 0.80 g/t gold equivalent (0.57 g/t gold and 0.23% copper) over 57.91 meters, including 15.24 meters grading 1.48 g/t gold equivalent (1.11 g/t gold and 0.36% copper).

Drill holes GBR-036 through 047 were designed to infill and test extensions of the Lucky Strike Zone. Drill holes GBR-037 and 042 failed to reach the mineralization envelope due to ground conditions. Drill holes GBR-044 and 045 ended in mineralization for the same reason. These holes will be redrilled in the future with a diamond core drill or heavier reverse-circulation drill. Near surface mineralization in the Lucky Strike Zone was thicker and oxidized deeper than projected from the historical drilling. In addition, mineralization at Lucky Strike is hosted in both structural and lithological zones. Future drilling will target both styles of mineralization.

At Car Body, drill holes GBR-048 and 049 were drilled to test the host geology of the zone.

Gabbs Project Preliminary Economic Assessment Update

The Company has retained Kappes Cassiday & Associates of Reno, Nevada and P&E Mining Consultants of Brampton, Ontario to prepare a PEA on the Gabbs Project. The PEA is now well underway incorporating the results of the Phase 2 metallurgical program (see news release of May 13, 2022) and the results of drilling to date. The PEA will evaluate both a heap leach only option and a combination heap leach and milling option and is targeted for completion in the fourth quarter of this year.

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.

We seek Safe Harbor.

https://www.p2gold.com/