Final Fourteen Reverse Circulation Drill Holes At The Luck Strike and Car Body Zones

VANCOUVER - P2 Gold Inc. reported on 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.

Select holes are: 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.

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 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.