P2 Gold Drilling at BAM Intersects 1.38 g/t Gold over 80.0 meters

VANCOUVER, Oct. 12, 2022 - P2 Gold Inc. ("P2" or the "Company") (TSX-V:PGLD) (OTCQB:PGLDF), reports results from 11-drill holes from the 2022 Drill Program at its gold-copper BAM Project located in the Golden Triangle in northwest British Columbia.

"We wrapped up the BAM 2022 Drill Program in late September after a very successful exploration season with 13,958 meters drilled in 95 holes," commented Joe Ovsenek, President and CEO of P2. "An additional 59 holes are in the lab awaiting assaying, which we expect to release over the next couple of months. We believe BAM is on its way to becoming the next significant discovery in the Golden Triangle."

BAM Project Drill Results

Select drill results (see Table 1 below for drill results) from holes BAM-032 to 037, 39, 40, 46, 47 and 49 drilled at the BAM Project include:

• Hole BAM-032 intersected 1.30 g/t gold over 59.05 meters, including 15.0 meters grading 3.64 g/t gold;
• Hole BAM-034 intersected 1.59 g/t gold over 36.5 meters, including 7.0 meters grading 5.63 g/t gold; and
• Hole BAM-037 intersected 1.38 g/t gold over 80.0 meters, including 12.2 meters grading 2.43 g/t gold.
  

Drill holes BAM-032 to 037, 39, 40, 46, 47 and 49 were drilled on Section D running east-west through the center of the Monarch Gold Zone. Of these holes, BAM-032 to 34 were collared in mineralized conglomerate to the east of an interpreted carbonate horst in the center of Section D with the higher-grade gold intercepts located closer to the structure on the eastern margin of the carbonate horst. BAM-037, 038 and 039 and BAM-046, 047 and 049 were collared in mineralized siltstone to the west of the interpreted carbonate horst with the higher-grade gold intercepts located closer to the structure on the western margin of the carbonate horst. Holes BAM-35 and 036 were collared within the interpreted carbonate horst and did not encounter gold mineralization within the carbonate.

A plan map and sections for drill holes BAM-032 to 037, 39, 40, 46, 47 and 49 of the 2022 BAM Drill Program are available here.

The focus of the 2022 BAM Drill Program has been to find the limits of the epithermal surface mineralization and provide geologic information to aid in the interpretation of the airborne and ground geophysical surveys. This interpretation will be essential in discovering the source of the surface epithermal zone and any associated high grade and/or porphyry mineralization.

This latest drilling has continued to define several structures that were active either during and/or after the mineralization event. Gold grades intercepted by the drilling generally increase towards these structures suggesting they are potentially related to a feeder system. In addition, it is anticipated that the identification of assay gradients within the mineralization may confirm that these structures are part of the feeder system for the surface mineralization. This will allow future programs to focus on the high-grade, structurally controlled mineralization.

Table 1: Selected BAM Drill Results, October 2022 (BAM-032 to 037, 39, 40, 46, 47 and 49)^{(1, 2)}

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 BAM 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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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 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.