P2 Gold Drilling at BAM Intersects 1.38 g/t Gold over 80.0 meters
October 12, 2022 News Release 22-23
P2 Gold Drilling at BAM Intersects 1.38 g/t Gold over 80.0 meters
Vancouver, British Columbia, October 12, 2022; P2 Gold Inc. (“P2” or the “Company”) (TSX -V:PGLD)
(OTCQB:PGLDF), reports results from 11-drill holes from the 2022 Drill Program at its gold-copper BAM
Project located in the Golden Triangle in northwest British Columbia.
“We wrapped up the BAM 2022 Drill Program in late September after a very successful exploration
season with 13,958 meters drilled in 95 holes, commented Joe Ovsenek, President and CEO of P2. “An
additional 59 holes are in the lab awaiting assaying, which we expect to release over the next couple
of months. We believe BAM is on its way t o becoming the next significant discovery in the Golden
Triangle.”
BAM Project Drill Results
Select drill results (see Table 1 below for drill results) from holes BAM-032 to 037, 39, 40, 46, 47 and 49
drilled at the BAM Project include:
• Hole BAM-032 intersected 1.30 g/t gold over 59.05 meters, including 15.0 meters grading 3.64
g/t gold;
• Hole BAM-034 intersected 1.59 g/t gold over 36.5 meters, including 7.0 meters grading 5.63 g/t
gold; and
• Hole BAM-037 intersected 1.38 g/t gold over 80.0 meters, including 12.2 meters grading 2.43
g/t gold.
Drill holes BAM-032 to 037, 39, 40, 46, 47 and 49 were drilled on Section D running east-west through
the center of the Monarch Gold Zone. Of these holes, BAM-032 to 34 were collared in mineralized
conglomerate to the east of an interpreted carbonate horst in the center of Section D with the higher-
grade gold intercepts located closer to the structure on the eastern margin of the carbonate horst.
BAM-037, 038 and 039 and BAM -046, 047 and 049 were collared in mineralized siltstone to the west
of the interpreted carbonate horst with the higher -grade gold intercepts located closer to the
structure on the western margin of the carbonate horst. Holes BAM-35 and 036 were collared within
the interpreted carbonate horst and did not encounter gold mineralization within the carbonate.
A plan map and sections for drill holes BAM-032 to 037, 39, 40, 46, 47 and 49 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
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ground geophysical surveys. This interpretation will be essential in discovering the source of th e
surface epithermal zone and any associated high grade and/or porphyry mineralization.
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 towards these
structures suggesting they are potentially related to a feeder system. In addition, 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. This will allow future programs to focus on
the high-grade, structurally controlled mineralization.
Table 1: Selected BAM Drill Results, October 2022 (BAM-032 to 037, 39, 40, 46, 47 and 49)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Drill
Pad
BAM-032 N6341978
E387220
-45/270 33.95 93.0 59.05 1.30 3.64 D-12
incl 43.0 58.0 15.0 3.84 6.52
BAM-033 N6341977
E387222
-70/270 21.5 36.0 14.5 0.92 1.28 D-12
incl 21.5 24.15 2.65 3.11 2.95
44.0 63.0 19.0 0.36 2.25
BAM-034 N6341977
E387225
-70/90 24.5 61.0 36.5 1.59(3) 3.92 D-12
incl 42.0 49.0 7.0 5.63(3) 6.72
106.5 112.5 6.0 0.65 4.54
BAM-035 N6341974
E387076
-45/90 46.0 57.0 11.0 0.65 4.56 D-10.5
105.0 141 36.0 1.17 6.22
incl 105.0 115.5 10.5 1.67 6.43
BAM-036 N6341974
E387074
-70/90 NSV D-10.5
BAM-037 N6341998
E386782
-43/270 3.0 83.0 80.0 1.38 2.17 D-7.5
incl 53.0 65.2 12.2 2.43 2.65
BAM-039 N6341998
E386783
-70/270 3.0 23.0 20.0 1.09 2.21 D-7.5
incl 3.0 11.0 8.0 1.82 3.94
37.2 57.00 19.8 1.27 1.27
BAM-040 N6341997
E386787
-70/90 3.0 17.5 14.5 0.82 1.72 D-7.5
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Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Drill
Pad
25.0 50.0 25 0.65 1.71
incl 36.5 40.5 4.0 1.94 2.41
BAM-046 N6342002
E386649
-45/270 NSV D-6.5
BAM-047 N6342002
E386650
-90/00 90.7 93.3 2.6 1.44 2.08 D-6.5
BAM-049 N6342001
E386656
-45/90 59.05 82.0 22.95 0.82 6.54 D-6.5
incl 61.0 66.4 5.4 1.55 17.61
(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) One sample cut to 30.0 g/t gold.
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.
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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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 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 u nknown 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 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.