P2 Gold Inc. (TSX-V:PGLD) (OTCQB:PGLDF) reports the completion of a three-dimensional geophysical interpretation of the BAM Project, incorporating the results of the natural source magneto-telluric geophysical survey and the Z-Tipper Axis Electromagnetic airborne geophysical survey conducted in 2022 at its BAM Project. The gold-copper BAM Project is located in the Golden Triangle of northwest British Columbia.

BAM Project Three-Dimensional Geophysics Interpretation

The initial interpretation by the Company of the combined three-dimensional ZTEM and NSMT inversion model has identified two high priority areas that host gold-copper porphyry exploration targets. These areas are near the Monarch Gold and Jan Copper Zones and are interpreted to be the source of the epithermal systems. The first of these targets lies beneath the gold and copper zones, sits within a 1.5 kilometer offset of the margin of the More Creek Pluton, and is oriented parallel to the structures mapped on surface that control the epithermal gold-copper mineralization. The second anomaly is located approximately 1.5 kilometers east of the surface zones. The geophysics suggests this portion of the More Creek Pluton is made up of a series of stocks feeding a 300 to 400-meter-thick granite sill. The exploration target is adjacent to the contact of one of these stocks, which is also marked by a series of magnetic mafic dykes and local occurrences of gold and copper mineralization in surface grab samples. These two areas represent the highest priority porphyry exploration targets to date and will be drilled early in the 2023 field season. The Company has identified other potential targets, but will require additional field evaluation and/or a ground NSMT survey prior to drilling. A plan view and sections from the three dimensional ZTEM and NSMT inversion model are available here.

Geophysics Surveys and Interpretation

The NSMT geophysical survey was conducted by Peter E. Walcott & Associates Limited over the western portion of the BAM Project in August 2022. The survey consisted of 10 east-west lines for a total of approximately 23 line-kilometers.

The ZTEM airborne geophysical survey was conducted by Geotech Ltd. over the entire BAM Project in July 2022. The survey totaled 503 line-kilometers of geophysical data and was flown in an East-to-West direction with traverse line spacings of 200 meters. Tie lines were flown perpendicular to traverse lines at 2,000-meter line spacings. During the survey, the helicopter was maintained at a mean altitude of 214 meters above the ground.

Computational Geosciences Inc. created 3-D inversions of the electrical conductivity models of the NSMT survey data and ZTEM survey data. These data were combined using joint inversion modelling to provide the three-dimensional geophysical model of the BAM Project. The inversion models give a subsurface view of the conductivity/resistivity with an estimated accuracy down to a depth of roughly sea level.

2023 BAM Exploration Program

During 2023, crews are expected to mobilize to BAM in mid-May with the first drill mobilized to site in early to mid-June. A 12,000-meter to 14,000-meter diamond-drill program is being planned to test for the feeder zones for the near-surface epithermal gold mineralization and the porphyry system at depth using the three-dimensional geophysics interpretation of the BAM Project.

An updated geological model (plan view) and conceptual exploration model (section view) are available here.

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 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 precious metals and copper discoveries and acquisitions in the western United States and British Columbia.