P2 Gold Inc.  (TSX-V: PGLD) (OTCQB: PGLDF) reports that it has received the results from the two drill holes completed during the 2023 exploration program at its gold-copper BAM Project located in the Golden Triangle of northwest British Columbia and that an updated preliminary economic assessment on its Gabbs Project in Nevada is nearing completion.

BAM Project

Drill hole BAM-102, drilled to a depth of 509.0 meters, and drill hole BAM-103, drilled to a depth of 404.1 meters targeted geophysics targets believed to be potential feeder zones for surface mineralization below the Monarch Gold Zone and Jan Copper Zone, respectively. The holes did not intersect significant mineralization; however, age dating of drill core has determined that the Jan Copper Zone mineralization is likely related to intrusives dating 321 million years while the Monarch Gold Zone is hosted in Late Triassic rocks and must be younger than 220 million years old. Accordingly, additional geological work is required to determine the sources of these two mineralized zones which will include further exploration of the recently acquired Ball Creek property located immediately north of the original BAM property.

Gabbs Project

Following the announcement of the results of the Gabbs preliminary economic assessment on June 29, 2023, the Company retained Kappes Cassiday & Associates of Reno, Nevada and P&E Mining Consultants of Brampton, Ontario to prepare an updated preliminary economic assessment on the Gabbs Project. The Updated PEA contemplates the development of oxide and sulphide mineralization with processing at a rate of six million tonnes per annum in contrast to the June PEA that is focused primarily on the development of the oxide mineralization at a processing rate of four million tonnes per annum. The results of the Gabbs Updated PEA are expected to be released in the coming days.

“Our understanding of BAM continues to evolve and will require additional geological work to locate the sources for the Monarch Gold and Jan Copper zones,” commented Joe Ovsenek, President & CEO of P2. “At Gabbs, we are continuing the advance towards production and plan to announce the results of an updated preliminary economic assessment shortly. Once the results are in hand, we will focus on the sale of a royalty on Gabbs to move the project forward.”

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.