P2 Gold Inc. (TSX-V:PGLD) reports results from the first 12 reverse circulation drill holes (GBR-001 to 012) of Phase One drilling at its Gabbs Project located on the Walker-Lane Trend in Nevada.

“As anticipated, the first 12 reverse circulation drill holes support our thesis that the historical drilling understated the width and grade of the gold-copper mineralization at Gabbs. Consistent with the diamond drilling results we recently reported, the mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling,” commented Joe Ovsenek, President and CEO of P2. “There are another 11 RC drill holes from the Sullivan Zone in the lab along with three holes from the Car Body Zone and one hole from the Lucky Strike Zone. We expect to release the results of these holes before year-end.”

Select drill results (see Table 1 below for drill results) from holes GBR-001 to GBR-012 include:

• Hole GBD-008 intersected 0.82 g/t gold equivalent (0.56 g/t gold and 0.23% copper) over 163.07 meters, including 25.90 meters grading 1.50 g/t gold equivalent (1.20 g/t gold and 0.26% copper);
• Hole GBD-010 intersected 1.62 g/t gold equivalent (1.19 g/t gold and 0.37% copper) over 103.63 meters, including 48.77 meters grading 2.30 g/t gold equivalent (1.76 g/t gold and 0.46% copper); and
• Hole GBD-012 intersected 1.51 g/t gold equivalent (1.00 g/t gold and 0.44% copper) over 102.11 meters, including 38.10 meters grading 2.63 g/t gold equivalent (1.74 g/t gold and 0.77% copper) and ended in mineralization.

The RC program commenced at the northwest extent of the Sullivan Zone, with drill holes GBR-001 to 007 intersecting the footwall lithology where the monzonite host of the high-grade mineralization has been eroded off. However, there are indications it is preserved to the southwest of these holes where there has not been any historical drilling. Future drilling will test for this extension to the mineralization.

Drill holes GBR-008 to 012 intersected the intensely sericite-altered monzonite that hosts the high-grade mineralization, with copper–gold mineralization extending well into the underlying chlorite altered pyroxenites. As also seen in the results of the diamond drilling, the grade and thickness of the mineralization in the RC drill holes increase to the southeast. Drill holes GBR-011 and 012, drilled the furthest to southeast of these drill holes, ended in significant gold-copper mineralization indicating that the Sullivan Zone is thicker than interpreted from the historical drilling. The mineralization intersected in the first 12 RC drill holes is thicker and higher grade than defined by historical drilling and is consistent with the mineralization encountered in the diamond drilling where RC and diamond holes were drilled on the same section.

A plan map and sections for drill holes GBR-001 to 012 of the Gabbs Phase One drill program are available here.

Table 1: Selected Gabbs Drill Results, November 2021 (GBR1-001 to GBR-012)^{(1, 2)}

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 Gabbs Project. 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.