P2 Gold Inc. (TSX-V:PGLD) reports results from four reverse circulation drill holes (GBR-028 to 031) drilled at the Sullivan Zone as part of the initial 2022 Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada.

“The Sullivan Zone continues to grow with the latest four holes extending the Sullivan Zone to the south,” commented Joe Ovsenek, President and CEO of P2. “We expect to receive the remaining results from the initial 2022 Gabbs drill program in the coming weeks. These results, along with results from recently completed metallurgical testwork, will be incorporated into the Gabbs preliminary economic assessment which we are in the process of kicking off. We are targeting completion of the Gabbs preliminary economic assessment for the fourth quarter of this year.”

Select drill results (see Table 1 below for drill results) from holes GBR-028 to GBR-031 drilled at the Sullivan Zone include:

• Hole GBR-030 intersected 0.94 g/t gold equivalent (0.67 g/t gold and 0.27% copper) over 112.78 meters, including 19.81 meters grading 1.70 g/t gold equivalent (1.29 g/t gold and 0.40% copper); and
• Hole GBR-031 intersected 0.85 g/t gold equivalent (0.52 g/t gold and 0.32% copper) over 82.30 meters, including 18.29 meters grading 1.25 g/t gold equivalent (0.85 g/t gold and 0.39% copper).

Drill holes GBR-028 through 031 were designed to test for the downdip extension along the southern flank of the Sullivan Zone. All four holes intersected gold-copper mineralization extending the Sullivan Zone to the south.

Plan maps and sections for drill holes GBR-028 to 031 of the initial 2022 Gabbs drill program are available here.

The initial 2022 Drill Program commenced at the Car Body Zone (see P2 Gold news release dated March 29, 2022) and then moved to the Sullivan and Lucky Strike zones before returning to the Car Body Zone to finish the program. The Lucky Strike RC drill holes and final two RC drill holes drilled at Car Body remain outstanding and will be announced up on receipt.

Table 1: Selected Gabbs Drill Results, April 2022 (GBR-028 to GBR-031)^{(1, 2)}

1. True thickness to be determined.
2. All samples were submitted for preparation by ALS Global at its facilities in Elko, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate.
3. Gold Equivalent and Copper Equivalent calculations were consistent with the Updated Mineral Resource Estimate¹ which used US$1,675 per ounce gold, US$3.80 per pound copper, and gold and copper recoveries of 76% and 48%, respectively, for the oxide mineralization and 94% and 87%, respectively, for the sulphide mineralization.

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 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.