BAM Continues to Deliver with 1.1% Copper Over 39.25 meters; Monarch Gold Zone extended by 600 meters

P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports results from the final three holes drilled in 2021 at its BAM Property located in the Golden Triangle in northwest British Columbia.  Drill holes BAM-004 and 006 were drilled to test the Jan copper zone south of the newly-discovered Monarch Gold Zone, with drill hole BAM-005 drilled to test the northern extent of the Monarch Gold Zone.

“BAM continues to deliver excellent results with BAM-005 extending the Monarch Gold Zone, the newest gold discovery in the Golden Triangle, to the north and BAM-004 showing the copper potential of the Jan Copper Zone,” commented Joe Ovsenek, President and CEO of P2.  “We have already started planning the BAM 2022 exploration program to follow up on this summer’s success at BAM.”

Select drill results (see Table 1 below for drill results) from the final three drill holes drilled at BAM in 2021, BAM-004, 005, and 006, include:

• Hole BAM-004 intersected 1.1% copper over 39.25 meters, including 9.15 meters grading 3.23% copper; and
• Hole BAM-005 intersected 0.65 g/t gold over 62.30 meters, including 18.20 meters grading 1.14 g/t gold.

BAM-005 is located approximately 600 meters north of BAM-002 (the most southerly Monarch Gold Zone hole) and approximately 600 meters northeast of BAM-003 (the most westerly Monarch Gold Zone hole).  The Jan Copper Zone is located to the west and south of the Monarch Gold Zone, with BAM-004 located approximately 1,300 meters southwest of BAM-002.  Plan maps and sections for drill holes BAM-004, 005 and 006 of the BAM 2021 Drill Program are available here.

BAM 2021 Exploration

The BAM 2021 Drill Program consisted of six holes totaling 835.9 meters.  The Monarch Gold Zone was tested with drill holes BAM-001, 002, 003, and 005, which were targeted on coincident IP chargeability anomalies with highly anomalous gold in soil values of up to 5.7 grams per tonne.  The Jan Copper Zone was tested with drill holes BAM-004 and 006, which were targeted on soil geochemistry with values in excess of 1% copper and surface showings exposed ‎in historical trenches.

Based upon the 2021 mapping and sampling and geophysics programs and 2020 soil geochemical sampling and geophysics programs, the Monarch Gold Zone is interpreted to extend over one kilometer north-south and up to 500 meters east-west at surface and the Jan Copper Zone is interpreted to extend approximately one kilometer north-south and over 500 meters east-west at surface.

Planning for the BAM 2022 Exploration Program is underway and is expected to include diamond drilling to test the full extent of the Monarch Gold Zone and Jan Copper Zone.

Monarch Gold Zone and Jan Copper Zone Mineralization

The mineralization at the Monarch Gold Zone is constrained within a package of siltstones, sandstones, and conglomerates.  These units are variably altered and silicified with the gold values related to pyrite cemented hydrothermal breccia.  The mineralization is interpreted to be the upper extensions of an epithermal system related to an alkaline porphyry at depth, with higher-grade intervals found near the footwall contact of the host lithology.

Jan Copper Zone mineralization is hosted entirely within a thick dolostone unit. The mineralization is associated with a phreatic breccia which has been intensely silica flooded.  Subsequent acid leaching has locally opened up a vuggy texture.  Sulphide mineralization consists of bornite and tennantite which occurs as fracture and vug filling.  The mineralization is believed to be related to a separate phase of the same alkaline porphyry that formed the Monarch Gold Zone.

Table 1: Selected BAM Property Drill Results, October 2021 (BAM-004 to BAM-006)^{(1, 2)}

Stockade Property

The Company has terminated the mineral lease and option agreement for the Stockade Property located in Oregon.

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 Property.  Mr. McNaughton has reviewed, verified and approved the scientific and technical information in this news release.

About P2 Gold Inc.

P2 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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Neither the TSX Venture Exchange (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.

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 Property 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 dated August 9, 2021 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.