Drilling Begins At The Gabbs Project

VANCOUVER - P2 Gold Inc. has commenced Phase Two drilling and provides an update on activities recently completed and underway at its Gabbs Project located on the Walker-Lane Trend in Nevada. The Gabbs Phase Two drill program has commenced with mobilization of a reverse circulation (RC) drill rig to site. The Phase Two drill program is planned to total approximately 4,000 meters of RC drilling in 20 holes. The majority of the drill program will focus on definition drilling at the Lucky Strike Zone, with other holes designed to test the extension of the Lucky Strike and Car Body zones.

The results from the Gabbs Phase One Drill Program final four RC drill holes of Phase One drilling at the Car Body (GBR-024 to 026) and Lucky Strike (GBR-027) zones have been received. The select drill results are: Hole GBR-024 intersected 1.13 g/t gold over 28.96 meters, including 12.19 meters grading 2.35 g/t gold; and Hole GBR-026 intersected 1.09 g/t gold over 45.72 meters, including 15.24 meters grading 1.57 g/t gold and 12.19 meters grading 1.39 g/t gold.

Drill holes GBR-024 to 026 were designed to test the mineralization at the Car Body Zone, which is the smallest tonnage, highest-grading gold zone on the property. The gold mineralization at Car Body is interpreted to be low-sulphidation epithermal mineralization and is open in all directions.

Drill hole GBR-027 confirmed the continuity of the gold-copper mineralization to the northeast at the Lucky Strike Zone, and that the zone remains open to the east. The gold-copper mineralization at Lucky Strike, as with the Sullivan and Gold Ledge zones, is hosted within a volcanic package of rocks and is interpreted to be related to an alkaline gold/copper porphyry.

The Gabbs Project Mineral Resource is being updated and expected to be completed this quarter. The updated Mineral Resource will incorporate the results of the Gabbs Phase One drill program completed in 2021 and both Phase One and Phase Two metallurgical programs. The Phase Two metallurgical program is underway and is expected to be completed this quarter. The program is expected to determine the preferred extraction process 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 the prospective locations of the potential gold-copper porphyry source at depth. Based on the results of the NSMT survey, a 22.5-line kilometer infill NSMT program has commenced over areas believed to potentially host the source gold-copper porphyry.