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

VANCOUVER, British Columbia, Aug. 04, 2022 (GLOBE NEWSWIRE) -- P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) reports results from the final fourteen reverse circulation drill holes (GBR-036 to 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 also reports on the status of the preliminary economic assessment ("PEA") currently underway on the Gabbs Project.

Gabbs Project Remaining 2022 Drill Results

Select drill results (see Table 1 below 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); and
• 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.

Plan maps and sections for drill holes GBR-036 to 049 of the initial 2022 Gabbs drill program are available here.

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.

Table 1: Selected Gabbs Drill Results, August 2022 (GBR-036 to GBR-049)^{(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.
(3)    Gold Equivalent and Copper Equivalent calculations were consistent with the Updated Mineral Resource Estimate¹ which used US$1,675 per ounce gold, US$3.80 per pound copper, and gold and copper recoveries of 76% and 48%, respectively, for the oxide mineralization and 94% and 87%, respectively, for the sulphide mineralization.

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.

For further information, please contact:

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 for the year ended December 31, 2021, dated March 31, 2022 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.

¹ See P2 Gold news release dated February 10, 2022 and Technical Report and Updated Mineral Resource Estimate of the Gabbs Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA, with an effective date of February 10, 2022 filed on www.sedar.com on March 25, 2022.