P2 Gold Inc.  (TSX-V: PGLD) (OTCQB: PGLDF) reports positive interim test results from the metallurgical program underway for its gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada.

The Company retained Kappes, Cassiday & Associates in Reno, Nevada to carry out the Phase Three Metallurgical Program, which is focused on increasing copper and gold recoveries of the oxide mineralization and providing a marketing sample of the copper-silver SART (sulphidization, acidification, recycling and thickening) concentrate.

After 58 days of leaching, the metal recoveries of the Phase 3 Metallurgical Program are far exceeding the recoveries from the Phase Two Metallurgical Program and are exceeding the recoveries used in the May 2024 Preliminary Economic Assessment on the Gabbs Project. See Table 1 below for a comparison of the Phase Three results at 58 days to the Phase Two results at 58 days and the recoveries used in the 2024 Preliminary Economic Assessment.

Table 1: Comparison of Interim Oxide Samples Column Test Leach Results at Day 58⁽¹⁾⁽²⁾

“The Phase Three Metallurgical Program was established with a target of improving the leach kinetics and overall extraction by adding cyanide during agglomeration and by increasing the cyanide concentration in the leach solutions,” commented Joe Ovsenek, President & CEO of P2. “Interim test results indicate that all metals are leaching significantly faster than the prior tests, with metal recoveries exceeding those used in our May 2024 PEA and still increasing.”

The Phase Three Metallurgical Program is expected to continue for another 30 to 60 days to achieve maximum recoveries. Final metallurgical recoveries will be announced upon completion of the program.

Prior Metallurgical Programs

The Phase One Metallurgical Program included testing for the potential recoveries of copper and gold from oxide mineralization by sequential leach using heap leach or conventional milling. The test work showed that gold and copper can be recovered by both process options, with extractions averaging 97.2% for gold and 95.2% for copper when the sample is ground to 100 microns. (See P2’s news release of August 4, 2021.)

The Phase Two metallurgical program, also conducted by KCA, was focused on determining the preferred extraction process for the Gabbs mineralization. Based on the results of that program, KCA proposed that the oxide material be heap leached and gold recovered as a salable doré and cyanide soluble copper produced as a salable copper sulphide concentrate. Column test leach results ranged up to 89% for gold and 62% for copper. The average extraction for the three column tests was 82% for gold and 50% for copper. (See P2’s news release of May 13, 2022.)

Qualified Person

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 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs Project on the Walker Lane Trend in Nevada. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical testing is underway, and a water permit is expected in the second quarter of this year. All zones on the property remain open and additional exploration targets, near surface and at depth, are drill ready.