P2 Gold Project Updates: BAM Drilling Results and Gabbs PEA Update

VANCOUVER, BC, Sept. 8, 2023 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports that it has received the results from the two drill holes completed during the 2023 exploration program at its gold-copper BAM Project located in the Golden Triangle of northwest British Columbia and that an updated preliminary economic assessment on its Gabbs Project in Nevada is nearing completion.

BAM Project

Drill hole BAM-102, drilled to a depth of 509.0 meters, and drill hole BAM-103, drilled to a depth of 404.1 meters targeted geophysics targets believed to be potential feeder zones for surface mineralization below the Monarch Gold Zone and Jan Copper Zone, respectively. The holes did not intersect significant mineralization; however, age dating of drill core has determined that the Jan Copper Zone mineralization is likely related to intrusives dating 321 million years while the Monarch Gold Zone is hosted in Late Triassic rocks and must be younger than 220 million years old. Accordingly, additional geological work is required to determine the sources of these two mineralized zones which will include further exploration of the recently acquired Ball Creek property located immediately north of the original BAM property.

Gabbs Project

Following the announcement of the results of the Gabbs preliminary economic assessment on June 29, 2023 (the "June PEA"), the Company retained Kappes Cassiday & Associates of Reno, Nevada and P&E Mining Consultants of Brampton, Ontario to prepare an updated preliminary economic assessment (the "Updated PEA") on the Gabbs Project. The Updated PEA contemplates the development of oxide and sulphide mineralization with processing at a rate of six million tonnes per annum in contrast to the June PEA that is focused primarily on the development of the oxide mineralization at a processing rate of four million tonnes per annum. The results of the Gabbs Updated PEA are expected to be released in the coming days.

"Our understanding of BAM continues to evolve and will require additional geological work to locate the sources for the Monarch Gold and Jan Copper zones," commented Joe Ovsenek, President & CEO of P2. "At Gabbs, we are continuing the advance towards production and plan to announce the results of an updated preliminary economic assessment shortly. Once the results are in hand, we will focus on the sale of a royalty on Gabbs to move the project forward."

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.

Neither 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.

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 and 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, 2022, dated March 16, 2023 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.

SOURCE P2 Gold Inc.