P2 Gold Inc.  (TSX-V:PGLD) reports on the Phase 1 drill program at its Silver Reef Property located in northwest British Columbia.

The Silver Reef Phase One exploration drill program has been completed, which consisted of 10 holes totaling 1,315 meters and intersected up to 521 g/t silver.  Eight of the drill holes targeted the Main Zone, with the remaining two holes targeting the Northwest Zone.  (See Table 1 for Phase 1 drill results.) Both zones host silver/gold/lead/zinc mineralization within and on the margins of graphitic shears that are proximal to an altered felsic dyke.

Drilling demonstrated that the Main Zone and Northwest Zone structures are well defined with mineralization typical of silver deposits within the silver belt that runs from Idaho through British Columbia into Yukon.  Select drill results include:

• Hole SR-004 (Main Zone) intersected 1.18 g/t gold, 521.0 g/t silver, 0.71% lead and 2.17% zinc over 0.5 meters within a 1.3 meter interval grading 0.93 g/t gold, 245.25 g/t silver, 0.33% lead and 0.98% zinc; and
• Hole SR-010 (Northwest Zone) intersected 0.51 g/t gold, 27.6 g/t silver, 0.97% lead and 1.99% zinc over 0.8 meters within a 6.7 meter interval grading 0.23 g/t gold, 30.71 g/t silver, 0.47% lead and 1.04% zinc.

A plan map and drill hole sections of the Silver Reef 2020 Phase 1 drill program are available at 

https://p2gold.com/site/assets/files/5693/maps_and_sections_phase_1_drill_results_september_29-_2020.pdf.

Prospecting has shown that the Main Zone is now at least four kilometers long, and that the Northwest Zone is a separate, parallel trend that is at least two kilometers long.  In addition, prospecting also identified several other showings between these two primary trends suggesting the property hosts a stacked system of multiple zones.  This more than doubles the known strike extent of the mineralization, which remains open in all directions.  Assays from the later field work are pending and will be released when available. 

Typical of the mines in the North American silver belt, the silver to gold ratio is approximately 100 to 1; gold is showing a strong association with arsenic; and silver is associated with both copper and lead.  In light of the regional geology and results to date, the Phase 1 drill program has shown that the Silver Reef Property has excellent potential to host a significant high-grade silver-gold deposit.  Analysis of the results from the Phase 2 drill program along with the airborne geophysical surveys will be used to refine the understanding of the structural controls of the mineralization and identify possible feeder zones that may be associated with the mineralization.

The Phase Two exploration drill program has also been completed at Silver Reef consisting of four holes totaling 374 meters.  Two of the drill holes targeted the Main Zone, with the other two holes targeting the Northwest Zone.  Assays will be reported on receipt. 

Table 1: Selected Silver Reef Property Drill Results, September 2020 (SR-001 to SR-010) ^{(1, 2)}

(1) True thickness to be determined.
(2) All samples were submitted for preparation and analysis by MSALABS at its facilities in Terrace, BC. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade ICP analysis. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. 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 at MSALABS in Langley, BC.

Quality Assurance

Amanda Tuck, P.Geo is the qualified person responsible for the Silver Reef Property and has reviewed, verified and approved the scientific and technical information in this news release relating thereto.

About P2 Gold Inc.

P2 is a mineral exploration and development company focused on advancing precious metals discoveries and acquisitions in the Pacific Northwest.