P2 Gold: BAM Geophysics Identifies Porphyry Exploration Targets
February 8, 2023 News Release 23-02
P2 Gold: BAM Geophysics Identifies Porphyry Exploration Targets
Vancouver, British Columbia, February 8, 2023; P2 Gold Inc. (“P2” or the “Company”) (TSX -V:PGLD)
(OTCQB:PGLDF) reports the completion of a three-dimensional geophysical interpretation of the BAM
Project, incorporating the results of the natural source magneto -telluric (NSMT) geophysical survey
and the Z -Tipper Axis Electromagnetic (ZTEM) airborne geophysical survey conducted in 2022 at its
BAM Project. The gold-copper BAM Project is located in the Golden Triangle of northwest British
Columbia.
BAM Project Three-Dimensional Geophysics Interpretation
The i nitial interpretation by the Company of t he combined three-dimensional ZTEM and NSMT
inversion model has identified two high priority areas that host gold -copper porphyry exploration
targets. These areas are near the Monarch Gold and Jan Copper Zones and are interpreted to be the
source of the epithermal systems. The first of these targets lies beneath the gold and copper zones,
sits within a 1.5 kilometer offset of the margin of the More Creek Pluton, and is oriented parallel to the
structures mapped on surface that co ntrol the epithermal gold-copper mineralization. The second
anomaly is located approximately 1.5 kilometers east of the surface zones. The geophysics suggests
this portion of the More Creek Pluton is made up of a series of stocks feeding a 300 to 400-meter-thick
granite sill. The exploration target is adjacent to the contact of one of these stocks , which is also
marked by a series of magnetic mafic dykes and local occurrences of gold and copper mineralization
in surface grab samples. These two areas represent the highest priority porphyry exploration targets
to date and will be drilled early in the 2023 field season. The Company has identified o ther potential
targets, but will require additional field evaluation and/or a ground NSMT survey prior to drilling. A
plan view and sections from the three dimensional ZTEM and NSMT inversion model are available here.
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Geophysics Surveys and Interpretation
The NSMT geophysical survey was conducted by Peter E. Walcott & Associates Limited over the
western portion of the BAM Project in August 2022. The survey consisted of 10 east -west lines for a
total of approximately 23 line-kilometers.
The ZTEM airborne geophysical survey was conducted by Geotech Ltd. over the entire BAM Project in
July 2022. The survey totaled 503 line-kilometers of geophysical data and was flown in an East-to-West
direction with traverse line spacings of 200 m eters. Tie lines were flown perpendicular to traverse
lines at 2,000-meter line spacings. During the survey, the helicopter was maintained at a mean altitude
of 214 meters above the ground.
Computational Geosciences Inc. created 3 -D inversions of the electrical conductivity models of the
NSMT survey data and ZTEM survey data. These data were combined using joint inversion modelling
to provide the three-dimensional geophysical model of the BAM Project. The inversion models give a
subsurface view of the conductivity/resistivity with an estimated accuracy down to a depth of roughly
sea level.
2023 BAM Exploration Program
During 2023, crews are expected to mobilize to BAM in mid-May with the first drill mobilized to site in
early to mid-June. A 12,000-meter to 14,000-meter diamond-drill program is being planned to test for
the feeder zones for the near -surface epithermal gold mi neralization and the porphyry system at
depth using the three-dimensional geophysics interpretation of the BAM Project.
An updated geological model (plan view) and conceptual exploration model (section view) are
available here.
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 Project. Mr. McNaughton has
reviewed, verified, and approved the scientific and technical information in this news release.
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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.
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” include s 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, wi thout limitation,
information with respect to the Company’s expectations, strategies and plans for the BAM 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 dif ferent 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 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 informat ion contained in this press release to reflect events or
circumstances after the date hereof.