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Drilling at Gabbs Intersects 1.01 g/t Gold Equivalent Over 153.92 meters and Expands Sullivan Zone to the Southeast

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VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports results from the final 11 reverse circulation (“RC”) drill holes (GBR-013 to 023) of Phase One drilling at the Sullivan Zone, and on activities recently completed and underway, at its Gabbs Project located on the Walker-Lane Trend in Nevada.

“We have the assays for all of the Sullivan Zone drill holes from the Phase One program, and the results confirm our thesis that the historical drilling understated the width and grade of the gold-copper mineralization at Gabbs,” commented Joe Ovsenek, President and CEO of P2. “This Phase One program has also confirmed that the Sullivan Zone measures at least 1,000 meters long and over 200 meters wide, and hosts near-surface, high-grade gold-copper mineralization. The preparation of an updated Mineral Resource estimate is underway and expected to be completed in the first quarter of 2022. RC samples for the remaining three holes from the Car Body Zone and one hole from the Lucky Strike Zone are in the lab, and we expect to release those results early in the new year.”

Gabbs Phase One Drill Program, Sullivan Zone

Select drill results (see Table 1 below for drill results) from holes GBR-013 to GBR-023 include:

  • Hole GBR-014 intersected 1.18 g/t gold equivalent (0.77 g/t gold and 0.35% copper) over 82.30 meters, including 21.34 meters grading 2.31 g/t gold equivalent (1.71 g/t gold and 0.51% copper);

  • Hole GBR-021 intersected 1.01 g/t gold equivalent (0.63 g/t gold and 0.32% copper) over 86.86 meters, including 25.91 meters grading 1.57 g/t gold equivalent (1.06 g/t gold and 0.44% copper); and

  • Hole GBR-022 intersected 1.01 g/t gold equivalent (0.60 g/t gold and 0.36% copper) over 153.92 meters, including 42.67 meters grading 1.53 g/t gold equivalent (1.02 g/t gold and 0.44% copper).

Drill holes GBR-013 to 018 were designed to test the southeastern half of the Sullivan Zone. In particular, holes GBR-014 and 015, drilled along the edge of the previously defined limit of the Sullivan Zone mineralization, confirmed that the zone is still open to the southeast. Drill hole GBR-013 ended prior to planned depth, and it along with hole GBR-016 did not intersect the monzonite or footwall mineralization. Drill holes GBR-019 and 020 expanded upon the mineralization encountered in drill holes GBD-004 and GBR-010 and in drill hole GBD-003, respectively. Finally, drill holes GBR-021 to 023 extended the higher-grade mineralization to the northwest of drill hole GBD-003.

The mineralization intersected in Phase One drilling at the Sullivan Zone is thicker and higher grade than defined by historical drilling, which consisted of mainly vertical drill holes. An analysis of the assays from the Phase One drill program and historical drilling suggests that the gold mineralization may be controlled in part by a subvertical sheeted structure. The Phase One angle drill holes are interpreted to have cut a more representative amount of the sheeted structure, which resulted in them generally having higher average gold values than the vertical drill holes. Overall, drilling continued to intersect an intensely altered package of volcanic rocks that includes a monzonite sill which hosts the higher-grade gold mineralization, along with copper–gold mineralization extending well into the underlying altered pyroxenites.

A plan map and sections for drill holes GBR-013 to 023 of the Gabbs Phase One drill program are available here.

Gabbs Project Activities

A Mineral Resource update is underway and expected to be completed in the first quarter of 2022. The Mineral Resource update will incorporate the results of the Gabbs Phase One drill program and Phase One and Two metallurgical programs.

The Phase Two metallurgical program is underway and is expected to be completed in the first quarter of 2022. The program is expected to determine the preferred processing alternative to be used as the basis for a preliminary economic assessment targeted for completion in late 2022.

In the field, a 25.7 line kilometer Natural Source Magneto Telluric (“NSMT”) survey has been completed over the project covering all four known zones of mineralization and prospective source copper porphyry locations between the zones. Based on the results of the NSMT survey, infill NSMT survey lines are planned over areas believed to potentially host the source copper porphyry at depth. The infill NSMT survey lines are expected to be completed prior to yearend.

Gabbs Phase One Drill Program, Holes GBR-013 to GBR-023

Table 1: Selected Gabbs Drill Results, November 2021 (GBR-013 to GBR-023)(1, 2)


Hole

Collar Coords

Dip/
Azimuth

From
(m)

To
(m)

Interval
(m)

Gold
(g/t)

Copper
(%)

AuEQ(3)
(g/t)

CuEQ(3)
(%)

GBR-013

N4292420/E417803

-65/45

nsv

GBR-014

N4292420/E417805

-45/45

103.63

185.93

82.30

0.77

0.35

1.18

0.95

Incl

141.73

163.07

21.34

1.71

0.51

2.31

1.85

GBR-015

N4292468/E417919

-90/0

117.35

172.21

54.86

0.74

0.35

1.14

0.92

Incl

128.02

146.30

18.28

1.30

0.50

1.88

1.51

GBR-016

N4292468/E417919

-45/45

nsv

GBR-017

N4292574/E417824

-90/0

32.00

131.06

99.06

0.45

0.26

0.75

0.61

Incl

53.34

70.10

16.76

1.35

0.53

1.96

1.58

GBR-018

N4292573/E417822

-55/45

67.06

118.87

51.81

0.57

0.34

0.96

0.79

Incl

68.58

91.44

22.86

1.03

0.39

1.48

1.19

GBR-019

N4292591/E417535

-45/45

42.67

135.64

92.97

0.66

0.27

0.98

0.79

Incl

70.10

102.11

32.01

1.34

0.35

1.74

1.39

GBR-020

N4292712/E417535

-90/0

35.05

120.40

85.35

0.40

0.32

0.78

0.64

incl

44.20

56.39

12.19

1.02

0.41

1.49

1.20

GBR-021

N4292803/E417483

-90/0

6.10

92.96

86.86

0.63

0.32

1.01

0.82

incl

19.81

45.72

25.91

1.06

0.44

1.57

1.26

GBR-022

N4292802/E417482

-50/250

13.72

167.64

153.92

0.60

0.36

1.01

0.82

Incl

50.29

92.96

42.67

1.02

0.44

1.53

1.24

GBR-023

N4292808/E417488

-45/45

35.05

117.35

82.30

0.61

0.31

0.96

0.78

incl

38.10

67.06

28.96

1.31

0.34

1.70

1.36


(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 calculations were consistent with the Gabbs Mineral Resource(1) which used US$1,600 per ounce gold, US$3.00 per pound copper, and copper recoveries of 90%.


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 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:

Joseph Ovsenek
President & CEO
(778) 731-1055

P2 Gold Inc.
Suite 1100, 355 Burrard Street
Vancouver, BC
V6C 2G8
info@p2gold.com
(SEDAR filings: P2 Gold Inc.)

Michelle Romero
Executive Vice President
(778) 731-1060

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.

1 See P2 Gold news release dated February 23, 2021 and Gabbs Project Technical Report filed on www.sedar.com on March 11, 2021.


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