P2 Gold Silver Reef Phase 1 Drill Program Results
September 29, 2020 News Release 20-04
P2 Gold Silver Reef Phase 1 Drill Program Results
Vancouver, British Columbia, September 29, 2020; P2 Gold Inc . (“P2” or the “Company”) (TSX -
V:PGLD) reports on the Phase 1 drill program at its Silver Reef Property located in northwest British
Columbia.
The Silver Reef Phase One exploration drill program has been completed, which consisted of 10 holes
totaling 1,315 meters and intersected up to 521 gpt silver . Eight of the drill holes targeted the Main
Zone, with the remaining two holes targeting the Northwest Zone. (See Table 1 for Phase 1 drill
results.) Both zones host silver/gold/lead/zinc mineralization within and on the margins of graphitic
shears that are proximal to an altered felsic dyke.
Drilling demonstrated that the Main Zone and Northwest Zone structures are well defined with
mineralization typical of silver deposits within the silver belt that runs from Idaho through British
Columbia into Yukon. Select drill results include:
• Hole SR-004 (Main Zone) intersected 1.18 g/t gold, 521.0 g/t silver, 0.71% lead and 2.17% zinc over
0.5 meters within a 1.3 meter interval grading 0.93 g/t gold, 245.25 g/t silver, 0.33% lead and
0.98% zinc; and
• Hole SR-010 (Northwest Zone) intersected 0.51 g/t gold, 27.6 g/t silver, 0.97% lead and 1.99%
zinc over 0.8 meters within a 6.7 meter interval grading 0.23 g/t gold, 30.71 g/t silver, 0.47% lead
and 1.04% zinc.
A plan map and drill hole sections of the Silver Reef 2020 Phase 1 drill program are available at
www.p2gold.com.
Prospecting has shown that the Main Zone is now at least four kilometers long, and that the Northwest
Zone is a separate , parallel trend that is at least two kilometers long. In addition, prospecting also
identified several other showings between these two primary trends suggesting the property hosts a
stacked system of multiple zones. This more than doubles the known strike extent of the
mineralization, which remains open in all directions. Assays from the later field work are pending and
will be released when available.
Typical of the mines in the North American silver belt, the silver to gold ratio is approximately 100 to 1;
gold is showing a strong association with arsenic ; and silver is associated with both copper and lead.
In light of the regional geology and results to date, the Phase 1 drill program has shown that the Silver
Reef Property has excellent potential to host a significant high-grade silver-gold deposit. Analysis of
the results from the Phase 2 drill program along with the airborne geophysical surveys will be used to
refine the understanding of the structural controls of the mineralization and identify possible feeder
zones that may be associated with the mineralization.
The Phase Two exploration drill program has also been completed at Silver Reef consisting of four
holes totaling 374 meters. Two of the drill holes targeted the Main Zone, with the other two holes
targeting the Northwest Zone. Assays will be reported on receipt.
Table 1: Selected Silver Reef Property Drill Results, September 2020 (SR-001 to SR-010)(1, 2)
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Lead
(%)
Zinc
(%)
SR-001 6205841N
604447E
-45/25 45.49 46.13 0.64 0.18 5.18 0.01 0.05
SR-002 6205896N
604362E
-50/45 56.27 60.96 4.69 0.04 3.22 0.03 0.35
incl. 60.56 60.96 0.40 0.21 3.03 0.02 1.98
63.30 63.60 0.30 0.79 5.50 0.05 0.02
SR-003 6205896N
604362E
-70/45 72.65 73.05 0.40 0.18 342.00 0.37 1.81
SR-004 6205722N
604517E
-50/45 31.27 41.82 10.55 0.20 34.49 0.06 0.36
Incl. 34.60 35.00 0.40 0.11 242.00 0.09 0.85
Incl. 41.32 41.82 0.50 0.42 186.00 0.20 0.18
72.30 73.60 1.30 0.93 245.25 0.33 0.98
Incl. 72.30 72.80 0.50 1.18 521.00 0.71 2.17
SR-005 6205722N
604517E
-80/45 27.28 27.58 0.30 0.45 7.48 0.02 1.36
37.89 39.26 1.37 0.27 25.70 0.20 1.37
38.76 39.26 0.50 0.56 17.22 0.17 3.15
SR-006 6205786N
604430E
-50/45 No significant values
SR-007 6205601N
604578E
-45/45 No significant values
SR-008 6205601N
604578E
-60/45 49.40 50.40 1.00 0.14 2.78 0.10 0.14
SR-009 6207685N
603599E
-50/45 22.16 25.70 3.54 0.20 61.47 0.40 0.47
incl. 23.90 24.40 0.50 0.13 168.00 0.39 0.30
64.81 65.81 1.00 0.36 5.51 0.01 0.02
SR-010 6207685N
603599E
-80/45 27.00 33.72 6.72 0.23 30.71 0.47 1.04
Hole
Collar
Coords
Dip/
Azimuth
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
Lead
(%)
Zinc
(%)
incl. 31.40 32.20 0.80 0.51 27.60 0.97 1.99
(1) True thickness to be determined.
(2) All samples were submitted for preparation and analysis by MSALABS 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 over 100 ppm silver were reanalyzed using four acid digestion with an ore
grade ICP analysis. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish.
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 MSALABS in Langley, BC.
Quality Assurance
Amanda Tuck, P.Geo is the qualified person responsible for the Silver Reef 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 the Silver Reef Property, 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 publicly any
revisions to forward -looking i nformation 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.