First Drill Results From Infill-Expansion Drilling At Gabbs Project

VANCOUVER – P2 Gold Inc. reported results from the first six reverse circulation (RC) drill holes (GBR-050 to 055) drilled at the Sullivan Zone as part of the Infill and Expansion Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada.
Select drill results from holes GBR-050 to GBR-055 drilled at the Sullivan Zone include: 1) Hole GBR-051 intersected 0.96 g/t gold and 0.32% copper over 38.10 meters starting 4.57 meters from surface, including 12.19 meters grading 2.37 g/t gold and 0.37% copper starting 7.62 meters from surface. 2) Hole GBR-053 intersected 0.58 g/t gold and 0.35% copper over 67.06 meters from surface, including 28.96 meters grading 0.94 g/t gold and 0.40% copper starting 4.57 meters from surface. 3) Hole GBR-054 intersected 0.76 g/t gold and 0.29% copper over 85.34 meters from surface, including 30.48 meters grading 1.63 g/t gold and 0.50% copper starting 33.53 meters from surface.
Drill holes GBR-50 to 055 were designed to test the up-dip extension of the Sullivan Zone along its northeast flank. All of the holes intersected gold-copper mineralization at or near surface and confirmed the continuity and grade of the zone. As had been previously observed in P2’s 2021 and 2022 drilling, the main body of Sullivan mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. This deeper footwall mineralization (FM) ranges in thickness from 20 meters to 60 meters and with the main mineralized body forms a continuous zone ranging up to 175 meters thick.
A total of 24 holes have been drilled at the Sullivan Zone since mid-October, and the drill has been moved to the Lucky Strike Zone where eight holes have been drilled to date. Assays will continue to be reported in the New Year.
On completion of the Infill and Expansion Drill Program, an updated Mineral Resource estimate will be prepared for Gabbs, which is expected to be completed in mid-2026. The updated Mineral Resource estimate will form the basis of a feasibility study on placing Gabbs in production, which is expected to be completed in the fourth quarter of 2026.