P2 Gold Exploration and Corporate Update
August 31, 2020 News Release 20-01
P2 Gold Exploration and Corporate Update
Vancouver, British Columbia, August 31, 2020; P2 Gold Inc . (“P2” or the “Company”) (TSX -V:PGLD)
reports that its 2020 exploration programs on its properties in northwest British Columbia and
southeast Oregon have commenced, and it will commence trading this morning on the TSX Venture
Exchange under the name P2 Gold Inc. and symbol “PGLD”.
Since early June, P2 ha s optioned three properties in northwest British Columbia and leased one
property in southeast Oregon: Silver Reef, option to acquire up to a 100% interest (see news release
June 11, 2020); Todd Creek, option to acquire up to a 70% interest (see news release July 9, 2020), BAM,
option to acquire up to a 100% interest (see news release July 2, 2020) and Stockade, lease of a 100%
interest (see news release July 10, 2020 ). Following the option ing and leasing of the properties, t he
Company completed a C$3.5 million financing in late July.
Silver Reef
The Phase One exploration drill program has been completed at Silver Reef consisting of 10 holes
totaling 1,315 meters. Assays will be reported on receipt.
The Silver Reef Property covers an area of over 23,000 hectares approximately 85 kilometers north of
Hazelton, BC and to the east of the Golden Triangle. The exploration target at Silver Reef is similar to
the Coeur d’Alene district in Idaho, and more locally the historic and high-grade Silver Standard Mine
located approximately 80 kilometers to the south. At Si lver Reef, sulphide mineralization with
quartz/carbonate veins and stockwork are associated with a regional shear zone that cuts through the
alteration halo of a large granitic intrusive.
Eight of the Phase One drill holes targeted the Main Zone of the structure, with the remaining two
Phase One holes targeting the Northwest Zone. Recent mapping has extended the Main Zone
structure by over one kilometer to the northwest. As a result, the Main Zone structure now extends
two kilometers along strike and remains open to the northwest . Field mapping has also determined
that the previously identified Northwest Zone is a parallel zone of mineralization , which more than
doubles the exploration potential of the property. A P hase Two drill program is expected to
commence in early September, pending receipt of assays from the Phase One drill program.
Todd Creek
The 2020 exploration program at Todd Creek has commenced and includes a minimum of 1,000 meters
of drilling planned for three holes. Drilling is focused on targets at the Yellow Bowl Zone, a lenticular
sericite-rich gossan measuring one kilometer by three kilometers which hosts numerous structurally-
controlled copper and gold showings. Drilling will also test a series of closely -spaced copper/gold
showings in a zone located five kilometers southeast of Yellow Bowl . The program includes
completion of a satellite hyperspectral, as well as airborne magnetic and radiometric surveys over the
northwest portion of the property. Drilling is expected to be completed by early September with
assays to follow.
The Todd Creek Property cover s an area of over 32,000 hectares and is located within the Golden
Triangle, approximately 35 kilometers northeast of Stewart, BC and bordering the east side of Pretium
Resources Inc.’s Bowser Claims. The western side of the Todd Creek Property covers a 12-kilometer by
3-kilometer corridor of altered lower Jurassic volcanic rocks which host at least four zones of gold -
copper mineralization, known as Fall Creek, Ice Creek, Yellow Bowl and South zones. These zones are
found in the same stratigraphy that hosts the nearby Brucejack, Snowfield, and Goldstorm deposits.
BAM
A systematic exploration program of the BAM property is underway. An airborne geophysical
program has been completed . A soil geochemical sampling, geologic mapping and prospecting
program is in its final stages, with ground geophysical work expected to commence shortly.
The BAM Property covers an area of over 8,100 hectares located in the heart of the Golden Triangle ,
approximately 150 kilometers northwest of Stewart, BC. On the BAM Property, drilling in 1967
identified a sizeable area of copper mineralization with minor silver in a replacement zone hosted by
brecciated Lower Permian limestone and dolomite. More recently, exploration efforts on the BAM
Property have focused on go ld. This work started in the mid -1980s when Radcliffe Resources
discovered quartz veins that assayed up to 212 grams per tonne gold in grab samples, and when
Chevron Canada Resources Limited collected channel samples from trenches that returned up to 7.4
grams per tonne gold over 19.3 meters. The BAM property has not been systematically explored for
large porphyry-related copper-gold or a bulk tonnage gold-silver system.
Stockade
A National Instrument 43-101 technical report compiling the historical fie ld work and drill results at
Stockade is underway. In addition, a field program has been initiated as part of a systematic
exploration program that is expected to consist of ground geophysical studies, along with further
prospecting, geochemical sampling, geologic mapping and drilling.
The Stockade property cover s an area of over 6,790 acres located in Malheur County, Oregon ,
approximately 85 kilometers southeast of Burns, Oregon, or 150 kilometers southwest of Boise, Idaho.
The property was explored by BHP, Phelps Dodge and Placer Dome with only shallow drill holes
targeting bulk tonnage potential in the 1980s and 1990s.
Timmins Claims
With the exploration focus now on the Pacific Northwest of North America, P2 has determined that its
Timmins claims are non-core and has decided to divest the Timmins claims.
Quality Assurance
Amanda Tuck, P.Geo is the qualified person responsible for the Silver Reef and Todd Creek properties
and has reviewed, verified and approved the scientific and technical information in this news release
relating thereto. Graeme Evans, P.Geo is the qualified person responsible for the BAM property and
has reviewed, verified and approved the scientific and technical information in this news release
relating thereto.
About P2 Gold Inc.
P2 is a mineral exploration and development company focused on advancing precious metals
discoveries and acquisitions in the Pacific Northwest.
For further information, please contact:
P2 Gold Inc.
www.p2gold.com
Joseph Ovsenek
President, CEO and Chairman
Tel: +1 (604) 558-5167
Chris Hopkins, CFO
Tel: +1 (416) 786-9793
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,
the Company’s expec tations, strategies and plans for Silver Reef, Todd Creek, BAM, Stockade and
Timmins properties, 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 final prospectus dated October 4, 2018 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 public ly any
revisions to forward -looking information contained in this press release to reflect events or
circumstances after the date hereof.
Neither 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.