BAM Continues to Deliver with 1.1% Copper Over 39.25 meters; Monarch Gold Zone extended by 600 meters
October 6, 2021 News Release 21-21
BAM Continues to Deliver with 1.1% Copper Over 39.25 meters;
Monarch Gold Zone extended by 600 meters
Vancouver, British Columbia, October 6, 2021; P2 Gold Inc . (“P2” or the “Company”) (TSX-V:PGLD)
reports results from the final three holes drilled in 2021 at its BAM Property located in the Golden
Triangle in northwest British Columbia. Drill hole s BAM-004 and 006 were drilled to test the Jan
copper zone south of the newly-discovered Monarch Gold Zone, with drill hole BAM-005 drilled to test
the northern extent of the Monarch Gold Zone.
“BAM continues to deliver excellent results with BAM-005 extending the Monarch Gold Zone , the
newest gold discovery in the Golden Triangle, to the north and BAM-004 showing the copper potential
of the Jan Copper Zone ,” commented Joe Ovsenek, President and CEO of P2 . “ We have already
started planning the BAM 2022 exploration program to follow up on this summer’s success at BAM.”
Select drill results (see Table 1 below for drill results) from the final three drill holes drilled at BAM in
2021, BAM-004, 005, and 006, include:
• Hole BAM-004 intersected 1.1% copper over 39.25 meters, including 9.15 meters grading 3.23%
copper; and
• Hole BAM-005 intersected 0.65 g/t gold over 62.30 meters, including 18.20 meters grading 1.14
g/t gold.
BAM-005 is located approximately 600 meters north of BAM-002 (the most southerly Monarch Gold
Zone hole) and approximately 600 meters northeast of BAM-003 (the most westerly Monarch Gold
Zone hole). The Jan Copper Zone is located to the west and south of the Monarch Gold Zone, with
BAM-004 located approximately 1,300 meters southwest of BAM-002. Plan maps and sections for drill
holes BAM-004, 005 and 006 of the BAM 2021 Drill Program are available here.
BAM 2021 Exploration
The BAM 2021 Drill Program consisted of six holes totaling 835.9 meters. The Monarch Gold Zone was
tested with drill holes BAM-001, 002, 003, and 005, which were targeted on coincident IP chargeability
anomalies with highly anomalous gold in soil values of up to 5.7 grams per tonne. The Jan Copper Zone
was tested with drill holes BAM -004 and 006, which were targeted on soil geochemistry with values
in excess of 1% copper and surface showings exposed in historical trenches.
Based upon the 2021 mapping and sampling and geophysics programs and 2020 soil geochemical
sampling and geophysics programs, the Monarch Gold Zone is interpreted to extend over one
kilometer north -south and up to 500 meters east -west at surface and the Jan Copper Zone is
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interpreted to extend approximately one kilometer north -south and over 500 meters east -west at
surface.
Planning for the BAM 2022 Exploration Program is underway and is expected to include diamond
drilling to test the full extent of the Monarch Gold Zone and Jan Copper Zone.
Monarch Gold Zone and Jan Copper Zone Mineralization
The mineralization at the Monarch Gold Zone is constrained within a package of siltstones, sandstones,
and conglomerates. These units are variably altered and silicified with the gold values related to pyrite
cemented hydrothermal breccia. The mineralization is interpreted to be the upper extensions of an
epithermal system related to an alkaline porphyry at depth, with higher-grade intervals found near the
footwall contact of the host lithology.
Jan Copper Zone mineralization is hosted entirely within a thick dolostone unit. The mineralization is
associated with a phreatic breccia which has been intensely silica flooded. Subsequent acid leaching
has locally opened up a vuggy texture. Sulphide mineralization consists of bornite and tennantite
which occurs as fracture and vug filling. The mineralization is believed to be related to a separate
phase of the same alkaline porphyry that formed the Monarch Gold Zone.
Table 1: Selected BAM Property Drill Results, October 2021 (BAM-004 to BAM-006)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
BAM-004 N6340892/
E386295
-45/270 68.00 107.25 39.25 0.01 1.10
incl. 75.70 84.85 9.15 0.04 3.23
BAM-005 N6342305/
E387366
-45/270 47.40 109.70 62.30 0.65 -
Incl. 91.50 109.70 18.20 1.14 -
BAM-006 N6341173/
E386513
-45/270 7.20 14.00 6.80 0.04 0.33
(1) True thickness to be determined.
(2) All samples were submitted for preparation and analysis by ALS Global 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 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 ALS Global in North Vancouver,
BC.
Stockade Property
The Company has terminated the mineral lease and option agreement for the Stockade Property
located in Oregon.
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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 Property. Mr. McNaughton has
reviewed, verified and approved the scientific and technical information in this news release.
About P2 Gold Inc.
P2 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.
For further information, please contact:
Joseph Ovsenek
President & CEO
(778) 731-1055
P2 Gold Inc.
Suite 1100, 355 Burrard Street
Vancouver, BC
V6C 2G8
(SEDAR filings: P2 Gold Inc.)
Michelle Romero
Executive Vice President
(778) 731-1060
Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term
is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. “Forward -looking
information” includes statements that use forward -looking terminology such as “may”, “will”,
“expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations
thereof or comparable terminology. Such forward -looking information includes, without limitation,
information with respect to the Company’s expectations, strategies and plans for the BAM Property
including the Company’s planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management at the date the statements are made. Furthermore, such
forward-looking information involves a variety of known and unknown risks, uncertainties and other
factors which may cause the actual plans, intentions, activities, results, performance or achievements
of the Company to be materially different from any future plans, intentions, activities, results,
performance or achievements expressed or implied by such forward -looking information. See “Risk
Factors” in the Company’s annual inform ation form dated August 9, 2021 filed on SEDAR at
www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
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Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forwa rd-looking information contained in this press release to reflect events or
circumstances after the date hereof.