P2 Gold: BAM Geophysics Identifies Porphyry Exploration Targets

VANCOUVER, Feb. 08, 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 initial interpretation by the Company of the 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 control 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 other 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.

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 meters. 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 mineralization 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.

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.

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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 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 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.

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