Drilling at Gabbs Intersects 1.01 g/t Gold Equivalent Over 153.92 meters and Expands Sullivan Zone to the Southeast
December 1, 2021 News Release 21-25
Drilling at Gabbs Intersects 1.01 g/t Gold Equivalent Over 153.92 meters and
Expands Sullivan Zone to the Southeast
Vancouver, British Columbia, December 1, 2021; P2 Gold Inc. (“P2” or the “Company”) (TSX -V:PGLD)
reports results from the final 11 reverse circulation (“RC”) drill holes (GBR-013 to 023) of Phase One
drilling at the Sullivan Zone, and on activities recently completed and underway , at its Gabbs Project
located on the Walker-Lane Trend in Nevada.
“We have the assays for all of the Sullivan Zone drill holes from the Phase One program, and the results
confirm our thesis that the historical drilling understated the width and grade of the gold-copper
mineralization at Gabbs,” commented Joe Ovsenek, President and CEO of P2. “This Phase One
program has also confirmed that the Sullivan Zone measures at least 1,000 meters long and over 200
meters wide, and hosts near -surface, high -grade gold-copper mineralization. The preparation of an
updated Mineral Resource estimate is underway and expected to be completed in the first quarter of
2022. RC samples for the remaining three holes from the Car Body Zone and one hole from the Lucky
Strike Zone are in the lab, and we expect to release those results early in the new year.”
Gabbs Phase One Drill Program, Sullivan Zone
Select drill results (see Table 1 below for drill results) from holes GBR-013 to GBR-023 include:
• Hole GBR-014 intersected 1.18 g/t gold equivalent (0. 77 g/t gold and 0.35% copper) over 82.30
meters, including 21.34 meters grading 2.31 g/t gold equivalent (1.71 g/t gold and 0.51% copper);
• Hole GBR-021 intersected 1.01 g/t gold equivalent (0.63 g/t gold and 0.32% copper) over 86.86
meters, including 25.91 meters grading 1.57 g/t gold equivalent (1. 06 g/t gold and 0. 44%
copper); and
• Hole GBR-022 intersected 1.01 g/t gold equivalent (0.60 g/t gold and 0.36% copper) over 153.92
meters, including 42.67 meters grading 1.53 g/t gold equivalent ( 1.02 g/t gold and 0. 44%
copper).
Drill hole s GBR-013 to 018 were designed to test the southeast ern half of the Sullivan Zone . In
particular, holes GBR-014 and 015, drilled along the edge of the previously defined limit of the Sullivan
Zone mineralization, confirmed that the zone is still open to the southeast. Drill hole GBR-013 ended
prior to planned depth, and it along with hole GBR -016 did not intersect the monzo nite or footwall
mineralization. Drill holes GBR-019 and 020 expanded upon the mineralization encountered in drill
holes GBD-004 and GBR-010 and in drill hole GBD-003, respectively. Finally, drill holes GBR-021 to 023
extended the higher-grade mineralization to the northwest of drill hole GBD-003.
The mineralization intersected in Phase One drilling at the Sullivan Zone is thicker and higher grade
than defined by historical drilling , which consisted of mainly vertical drill holes . An analysis of t he
2 | P a g e
assays from the Phase One drill program and historical drilling suggests that the gold mineralization
may be controlled in part by a subvertical sheeted structure . The Phase One angle drill holes are
interpreted to have cut a more representative amount of the sheeted structure, which resulted in
them generally having higher average gold values than the vertical drill holes . Overall, d rilling
continued to intersect an intensely altered package of volcanic rocks that includes a monzonite sill
which hosts the higher-grade gold mineralization, along with copper–gold mineralization extending
well into the underlying altered pyroxenites.
A p lan map and sections for drill holes GBR-013 to 023 of the Gabbs Phase One d rill program are
available here.
Gabbs Project Activities
A Mineral Resource update is underway and expected to be completed in the first quarter of 2022.
The Mineral Resource u pdate will incorporate the results of the Gabbs Phase One drill program and
Phase One and Two metallurgical programs.
The Phase Two metallurgical program is underway and is expected to be completed in the first quarter
of 2022. The program is expected to determine the preferred processing alternative to be used as the
basis for a preliminary economic assessment targeted for completion in late 2022.
In the field, a 25.7 line kilometer Natural Source Magneto Telluric (“NSMT”) survey has been
completed over the project covering all four known zones of mineralization and prospective source
copper porphyry locations between the zones. Based on the results of the NSMT survey, infill NSMT
survey lines are planned over areas believed to potentially host the source copper porphyry at depth.
The infill NSMT survey lines are expected to be completed prior to yearend.
Gabbs Phase One Drill Program, Holes GBR-013 to GBR-023
Table 1: Selected Gabbs Drill Results, November 2021 (GBR-013 to GBR-023)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ(3)
(g/t)
CuEQ(3)
(%)
GBR-013 N4292420/
E417803
-65/45 nsv
GBR-014 N4292420/
E417805
-45/45 103.63 185.93 82.30 0.77 0.35 1.18 0.95
Incl 141.73 163.07 21.34 1.71 0.51 2.31 1.85
GBR-015 N4292468/
E417919
-90/0 117.35 172.21 54.86 0.74 0.35 1.14 0.92
Incl 128.02 146.30 18.28 1.30 0.50 1.88 1.51
GBR-016 N4292468/
E417919
-45/45 nsv
GBR-017 N4292574/
E417824
-90/0 32.00 131.06 99.06 0.45 0.26 0.75 0.61
3 | P a g e
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ(3)
(g/t)
CuEQ(3)
(%)
Incl 53.34 70.10 16.76 1.35 0.53 1.96 1.58
GBR-018 N4292573/
E417822
-55/45 67.06 118.87 51.81 0.57 0.34 0.96 0.79
Incl 68.58 91.44 22.86 1.03 0.39 1.48 1.19
GBR-019 N4292591/
E417535
-45/45 42.67 135.64 92.97 0.66 0.27 0.98 0.79
Incl 70.10 102.11 32.01 1.34 0.35 1.74 1.39
GBR-020 N4292712/
E417535
-90/0 35.05 120.40 85.35 0.40 0.32 0.78 0.64
incl 44.20 56.39 12.19 1.02 0.41 1.49 1.20
GBR-021 N4292803/
E417483
-90/0 6.10 92.96 86.86 0.63 0.32 1.01 0.82
incl 19.81 45.72 25.91 1.06 0.44 1.57 1.26
GBR-022 N4292802/
E417482
-50/250 13.72 167.64 153.92 0.60 0.36 1.01 0.82
Incl 50.29 92.96 42.67 1.02 0.44 1.53 1.24
GBR-023 N4292808/
E417488
-45/45 35.05 117.35 82.30 0.61 0.31 0.96 0.78
incl 38.10 67.06 28.96 1.31 0.34 1.70 1.36
(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 assa y 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 calculations were consistent with the Gabbs Mineral Resource (1) which used
US$1,600 per ounce gold, US$3.00 per pound copper, and copper recoveries of 90%.
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.
1 See P2 Gold news release dated February 23, 2021 and Gabbs Project Technical Report filed on
www.sedar.com on March 11, 2021.
4 | P a g e
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 re spect to the Company’s expectations, strategies and plans for the Gabbs Project
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 information 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 even ts could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward -looking information contained in this press release to reflect events or
circumstances after the date hereof.