Gabbs Drilling Intersects 1.57 g/t Gold Equivalent Over 24.39 meters within a 112.77-meter Intercept of 0.81 g/t Gold Equivalent at Lucky Strike
August 4, 2022 News Release 22-19
Gabbs Drilling Intersects 1.57 g/t Gold Equivalent Over 24.39 meters within a
112.77-meter Intercept of 0.81 g/t Gold Equivalent at Lucky Strike
Vancouver, British Columbia, August 4, 202 2; P2 Gold Inc . (“P2” or the “Company”) (TSX -V:PGLD)
reports results from the final fourteen reverse circulation drill holes (GBR -036 to 049) drilled at the
Lucky Strike and Car Body zones as part of the initial 2022 Drill Program at its Gabbs Project located on
the Walker-Lane Trend in Nevada. The Company also reports on the status of the preliminary economic
assessment (“PEA”) currently underway on the Gabbs Project.
Gabbs Project Remaining 2022 Drill Results
Select drill results (see Table 1 below for drill results) from holes GBR-036 to GBR-049 drilled at the
Gabbs Project include:
• Hole GBR-045 intersected 0.81 g/t gold equivalent (0.62 g/t gold and 0.18% copper) over 112.77
meters, including 24.39 meters grading 1.57 g/t gold equivalent (1.33 g/t gold and 0. 24%
copper); and
• Hole GBR-046 intersected 0.80 g/t gold equivalent (0.57 g/t gold and 0.23% copper) over 57.91
meters, including 15.24 meters grading 1.48 g/t gold equivalent (1.11 g/t gold and 0.3 6%
copper).
Drill holes GBR-036 through 047 were designed to infill and test extensions of the Lucky Strike Zone.
Drill holes GBR-037 and 042 failed to reach the mineralization envelope due to ground conditions. Drill
holes GBR-044 and 045 ended in mineralization for the same reason . These holes will be redrilled in
the future with a diamond core drill or heavier reverse-circulation drill. Near surface mineralization in
the Lucky Strike Zone was thicker and oxidized deeper than projected from the historical drilling. In
addition, m ineralization at Lucky Strike is hosted in both structural and lithological zones. Future
drilling will target both styles of mineralization.
At Car Body, drill holes GBR-048 and 049 were drilled to test the host geology of the zone.
Plan map s and sections for drill holes GBR-036 to 049 of the initial 20 22 Gabbs drill program are
available here.
Gabbs Project Preliminary Economic Assessment Update
The Company has retained Kappes Cassiday & Associates of Reno, Nevada and P&E Mining Consultants
of Brampton, Ontario to prepare a PEA on the Gabbs Project. The PEA is now well underway
incorporating the results of the Phase 2 metallurgical program (see news release of M ay 13, 2022) and
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the results of drilling to date. The PEA will evaluate both a heap leach only option and a combination
heap leach and milling option and is targeted for completion in the fourth quarter of this year.
Table 1: Selected Gabbs Drill Results, August 2022 (GBR-036 to GBR-049)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ(3)
(g/t)
CuEQ(3)
(%)
Lucky Strike Zone
GBR-036 4294055N/
415646E
-90/360 100.58 131.06 30.48 0.34 0.28 0.62 0.47
138.68 185.93 47.25 0.45 0.39 0.85 0.66
incl 141.73 152.40 10.67 0.68 0.59 1.28 0.99
GBR-037 4293927N/
4155596E
-65/180 hole failed to reach target depth
GBR-038 4293792N/
415333E
-90/360 118.87 134.11 15.24 0.21 0.20 0.42 0.33
GBR-039 4293874N/
415292E
-90/360 nsv
GBR-40 4293795N/
415257E
-90/360 138.68 146.30 7.62 0.53 0.25 0.78 0.56
GBR-041 4293975N/
415024E
-70/170 36.58 74.68 38.10 0.74 0.35 1.10 0.78
incl 38.10 48.77 10.67 1.13 0.59 1.72 1.24
74.68 135.64 60.96 0.14 0.21 0.35 0.29
GBR-042 4293703N/
415218E
-65/360 hole failed to reach target depth
GBR-043 4293843N/
414787E
-70/360 92.96 106.68 13.72 0.12 0.18 0.30 0.25
GBR-044 4293659N/
415349E
-65/180 195.07 228.60 33.53 0.37 0.25 0.62 0.46
GBR-045 4293668N/
415451E
-65/180 155.45 268.22 112.77 0.62 0.18 0.81 0.54
156.97 181.36 24.39 1.33 0.24 1.57 1.01
GBR-046 4293853N
414910E
-65/180 13.72 71.63 57.91 0.57 0.23 0.80 0.55
incl 27.43 42.67 15.24 1.11 0.36 1.48 1.00
71.63 126.49 54.86 0.12 0.17 0.29 0.23
GBR-047 4293957N/
415702E
-50/115 nsv
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Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Copper
(%)
AuEQ(3)
(g/t)
CuEQ(3)
(%)
Car Body Zone
GBR-048 4291325N/
415614E
-60/180 91.44 102.11 10.67 0.78
111.25 115.82 4.57 0.39
GBR-049 4291382N/
415974E
-60/180 0.00 39.62 39.62 0.45
incl 25.91 35.05 9.14 0.94
59.44 62.48 3.04 0.79
(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.
1 See P2 Gold news release dated February 10, 2022 and Technical Report and Updated Mineral Resource Estimate
of the Gabbs Gold-Copper Property, Fairplay Mining District, Nye County, Nevada, USA, with an effective date of
February 10, 2022 filed on www.sedar.com on March 25, 2022.
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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 int ended 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 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 for the year ended December 31, 2021, dated
March 31, 2022 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 a nticipated 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 co ntained in this press release to reflect events or
circumstances after the date hereof.