P2 Gold BAM Intersects Additional Near-Surface Gold Mineralization; Geophysics Identifies Potential Feeder System and Porphyry
September 13, 2022 News Release 22-22
P2 Gold BAM Intersects Additional Near-Surface Gold Mineralization;
Geophysics Identifies Potential Feeder System and Porphyry
Vancouver, British Columbia, September 13, 2022; P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD)
(OTCQB:CTIMF), reports results from drill holes BAM-016 to 031 of the 2022 Drill Program and initial
geophysics survey results at its gold-copper BAM Project located in the Golden Triangle in northwest
British Columbia.
“The 2022 Drill Program continues to advance at the BAM Project with over 11,000 meters drilled in 85
drill holes,” commented Joe Ovsenek, President and CEO of P2. “ Drilling to date has confirmed that
the Monarch Gold Zone covers an area of a minimum of one square kilometer , and now that
geophysical survey results are becoming available, we will target the potential feeder zones and
porphyry source of the near surface mineralization.”
BAM Project Drill Results
Select drill results (see Table 1 below for drill results) from holes BAM-016 to BAM-031 drilled at the
BAM Project include:
• Hole BAM-028 intersected 1.11 g/t gold and 2.53 g/t silver over 23.65 meters, including 3.0
meters grading 3.98 g/t gold and 3.02 g/t silver; and
• Hole BAM-029 intersected 1.09 g/t gold and 1.41 g/t silver over 25.4 meters, including 3.0
meters grading 5.41 g/t gold and 3.86 g/t silver.
Drill holes BAM -027 to 031 were drilled on Section C and encountered mineraliz ed conglomerate
ranging in grade from 0.43 g/t gold to 5.41 g/t gold. Drill holes-BAM-016 to 026 were drilled on Section
H/I, which is believed to be near the southern limit of the Monarch Gold Zone. A plan map and sections
for drill holes BAM-016 to 031 of the 2022 BAM Drill Program are available here.
The focus of the 2022 BAM Drill P rogram has been to find the limits of the epithermal surface
mineralization and provide geologic information to aid in the interpretation of the airborne and
ground geophysical surveys. This interpretation will be essential in discovering the source of the
surface epithermal zone and any associated high grade and/or porphyry mineralization.
Section H/I appears to be near the southern limit of the Monarch Gold Zone. Visual inspection of the
drilling on section AA to the far northeast indicates that the zone extends at least that far and is
potentially open in that direction. This confirms that the Monarch Gold Zone is at least 1,000 meters
long and 1,000 meters wide.
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This latest drilling has continued to define several structures that were active either during and/or after
the mineralization event. Gold grades intercepted by the drilling generally increase tow ards these
structures suggesting they are potentially related to a feeder system. It is anticipated that the
identification of assay gradients within the mineralization may confirm that these structures are part
of the feeder system for the surface mineralization.
BAM Project Geophysics
Preliminary results from the natural source magneto-telluric geophysics survey (“NSMT Survey”) have
been received and have identified a prominent feature which is believed to be the feeder zone of the
near‐surface epithermal gold mineralization. This feature is the contact between the older granitic
intrusive to the east with the sediment s to the west and aligns with the structures that appear to be
controlling the surface mineralization that has been intersected by drilling. This contact is potentially
part of the feeder system for the near surface epithermal mineralization.
Starting at about 300 meters below surface, the NSMT Survey also defined a moderate resistivity low
in the sediments underlying the Monarch Gold Zone. This resistivity low is possibly reflecting the
alteration and/or mineralization related to the source porphyry. A two-dimensional section from the
NSMT Survey looking north, that corresponds with Section D -D’ from the 2022 BAM Drill Program, is
available here. Planning is underway to test the potential porphyry source prior to the end of the 2022
Drill Program later this month.
Table 1: Selected BAM Drill Results, September 2022 (BAM-016 to BAM-031)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Drill
Pad
BAM-016 N6341608
E387349
-45/270 NSV H-13
BAM-017(3) N6341608
E387349
-90/270 NSV H-13
BAM-018(3) N6341608
E387349
-67/270 NSV H-13
BAM-019(3) N6341608
E387349
-45/90 NSV H-13
BAM-020(4) N6341495
E387195
-45/270 NSV I-12
BAM-021(4) N6341495
E387195
-45/90 90.5 98.0 7.5 0.36 0.13 I-12
BAM-022(4) N6341495
E387195
-70/90 93.7 111.5 17.8 0.37 0.42 I-12
BAM-023 N6341494E
387000
-45/270 NSV I-10
BAM-024 N6341494
E387000
-68/270 NSV I-10
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Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Drill
Pad
BAM-025 N6341494
E387000
-45/90 26.3 35.0 8.7 0.59 2.76 I-10
49.0 54.0 5.0 2.36 5.46
BAM-026 N6341494
E387000
-70/90 55 58.15 3.15 0.66 0.55 I-10
BAM-027 N6342080
E387277
-45/270 23 38.35 15.35 0.82 2.23 C-13
BAM-028 N6342080
E387277
-70/270 17.5 23.7 6.2 0.43 0.85 C-13
26.5 50.15 23.65 1.11 2.53
incl 29.0 32.0 3.0 3.98 3.02
BAM-029 N6342080
E387277
-70/90 51.1 76.5 25.4 1.09 1.41 C-13
incl 57.0 60.0 3.0 5.41 3.86
BAM-030 N6342080
E387277
-45/90 56.0 79.8 23.8 0.73 0.78 C-13
incl 73.2 78.25 5.05 1.50 2.35
BAM-031 N6342080
E387277
-90/90 26.5 45.0 18.5 0.63 1.22 C-13
65.0 102.55 37.55 0.60 5.26
(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.
(3) Collared in basalt.
(4) Collared in footwall carbonates.
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
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is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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