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P2 Gold Phase Two Drill Program Expands Northwest Zone with High Grade Intersection at Silver Reef

December 10, 2020

VANCOUVER, British Columbia, Dec. 10, 2020 (GLOBE NEWSWIRE) -- P2 Gold Inc (“P2” or the “Company”) (TSX-V:PGLD) reports on the Phase Two drill program at its Silver Reef Property located in northwest British Columbia.

The Silver Reef Phase Two exploration drill program was completed in September, consisted of four holes totaling 374 meters, and intersected up to 410 g/t silver. Two of the drill holes targeted the Northwest Zone, with the remaining two holes targeting the Main Zone. (See Table 1 for Phase Two drill results.) Both zones host epithermal silver/gold/lead/zinc mineralization similar in style to other deposits in the North American Silver Belt.

Phase Two drilling at the Northwest Zone has shown grade is improving with depth and confirmed the continuity of the mineralization along strike. Hole SR-011, which was drilled approximately 70 meters down dip from hole SR-009 and approximately 50 meters down dip from hole SR-010, intersected 7.49 meters grading 188.5 g/t silver and 2.5% combined lead/zinc, grades which are significantly higher than those two previously reported holes ( see news release of September 29, 2020 ). Hole SR-012 was collared approximately 125 meters along strike to the southeast of holes SR-009 and SR-010 and intersected a zone similar in grade and thickness as those holes, contained within a 22-meter-thick zone of anomalous mineralization.

Select drill results include:

A plan map and drill hole sections of the Silver Reef 2020 Phase Two drill program are available at www.p2gold.com .

Mapping and prospecting at Silver Reef conducted during the 2020 exploration program has shown that the Main Zone and Northwest Zone are separate, parallel trends located within a stacked system of multiple zones that are currently exposed over five kilometers. The mineralization identified to date is associated with moderately metamorphosed sediments along the margins of felsic dykes, which have a moderate to strong magnetic signature. Based on the knowledge gained from mapping and prospecting combined with the results of the airborne geophysical survey that formed part of the 2020 exploration program, the Northwest Zone potentially extends at least 10 kilometers to the south and the Main Zone potentially extends another two to four kilometers to the south. In addition, the airborne geophysical survey identified numerous other magnetic lineaments which are prospective for exploration. Planning for the 2021 field season is underway, which is expected to include prospecting, mapping, and soil sampling to identify targets along these trends, followed by drilling.

Table 1: Selected Silver Reef Property Drill Results, December 2020 (SR-011 to SR-014) (1, 2)


Collar Coords Dip/
SR-011 6207597N
-45/45 71.07 78.56 7.49 0.24 188.54 .99 1.51
      incl. 71.07 72.75 1.68 0.55 410.69 2.38 3.18
      incl. 76.56 78.06 1.50 0.17 295.34 0.54 0.94
SR-012 6207549N
-45/45 57.00 79.38 22.38 0.21 14.18 0.20 0.39
      Incl. 57.00 62.70 5.70 0.11 27.65 0.28 0.43
      Incl. 72.50 73.00 0.50 1.98 9.82 0.02 0.03
      Incl. 79.00 79.38 0.38 1.11 19.04 0.44 0.44
SR-013 6206117N
-45/45 42.00 49.00 7.00 0.23 37.88 0.10 0.18
SR-014 6206117N
-60/45 45.00 53.00 8.00 0.18 33.42 0.02 0.07
(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
[email protected]
Tel: +1 (604) 558-5167

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 expectations, 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 annual information form dated October 21, 2020 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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