P2 Gold Inc. Intersects 2.63 g/t Gold Over 45.85 meters

"BAM delivered out of the gate with excellent results from the first drill holes into the newly discovered Monarch Gold Zone," commented Joe Ovsenek, President and CEO of P2. "Drill results correlate well with the soil geochemical sampling results from 2020. Drilling, combined with results from 2020 and 2021 mapping, sampling, geophysics and soil geochemical sampling, demonstrate the potential for the Monarch Gold Zone to be a significant gold discovery."

Select drill results (see Table 1 below for drill results) from the first three drill holes, BAM-001, 002, and 003, include:

• Hole BAM-001 intersected 0.62 g/t gold over 50.75 meters, including 9.75 meters grading 1.11 g/t gold; and
• Hole BAM-003 intersected 2.63 g/t gold over 45.85 meters, including 9.20 meters grading 7.30 g/t gold.

BAM-003 is located approximately 320 meters northwest of BAM-001, with BAM-002 located approximately 220 meters southeast of BAM-001. Plan maps and sections for drill holes BAM-001, 002 and 003 of the BAM 2021 Drill Program are available here.

BAM 2021 Exploration

The BAM 2021 Drill Program consisted of six holes totaling 835.9 meters. The Monarch Gold Zone was tested with drill holes BAM-001, 002, 003, and 005, which were targeted on coincident IP chargeability anomalies with highly anomalous gold in soil values of up to 5.7 grams per tonne. The Jan Copper Zone was tested with drill holes BAM-004 and 006, which were targeted on soil geochemistry with values in excess of 1% copper and surface showings exposed ‎in historical trenches. The drill results for holes BAM-004, 005 and 006 will be reported upon receipt.

Based upon the 2021 mapping and sampling and geophysics programs and 2020 soil geochemical sampling and geophysics programs, the Monarch Gold Zone is interpreted to extend over one kilometer north-south and up to 500 meters east-west at surface and the Jan Copper Zone is interpreted to extend approximately one kilometer north-south and over 500 meters east-west at surface.

Planning for the BAM 2022 Exploration Program will begin later this fall and is expected to include diamond drilling to test the full extent of the Monarch Gold Zone.

Monarch Gold Zone and Jan Copper Zone Mineralization

The mineralization at the Monarch Gold Zone is constrained within a package of siltstones, sandstones, and conglomerates. These units are variably altered and silicified with the gold values related to pyrite cemented hydrothermal breccia. The mineralization is interpreted to be the upper extensions of an epithermal system related to an alkaline porphyry at depth.

Jan Copper Zone mineralization is hosted entirely within a thick dolostone unit. The mineralization is associated with a phreatic breccia which has been intensely silica flooded. Subsequent acid leaching has locally opened up a vuggy texture. Sulphide mineralization consists of bornite and tennantite which occurs as fracture and vug filling. The mineralization is believed to be related to a separate phase of the same alkaline porphyry that formed the Monarch Gold Zone.

Table 1: Selected BAM Property Drill Results, August 2021 (BAM-001 to BAM-003)^{(1, 2)}

(1) True thickness to be determined.

(2) All samples were submitted for preparation and analysis by ALS Global at its facilities in Terrace, BC. 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 at ALS Global in North Vancouver, BC.

Quality Assurance

Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person ("QP"), as defined by National Instrument 43-101, responsible for the BAM Property. 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.

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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 BAM Property 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.

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