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P2 Gold Kicks Off Drilling at BAM

VANCOUVER, BC, June 15, 2023 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports that it has commenced drilling at its gold-copper BAM Project located in the Golden Triangle of northwest British Columbia. The 2023 BAM Project Drill Program builds on the three prior years' exploration and is targeting the porphyry system interpreted to be feeding the surface mineralization at the Monarch Gold Zone and Jan Copper Zone.

Exploration crews mobilized to BAM in mid-May and quickly established the camp and began field evaluation of drill targets identified from the 2022 geophysical surveys. For 2023, drilling is expected to be completed in two phases with the first phase consisting of approximately 3,000 meters and the second phase contingent of first phase results.

"We believe we are on the cusp of a major discovery at BAM," commented Ken McNaughton, Chief Exploration Officer of P2. "Geology, geophysics and surface evaluation are all pointing to significant porphyry-related mineralization underlying the Monarch Gold and Jan Copper Zones and indicating potential for additional porphyry-related mineralization elsewhere on the property. This is the summer where we believe all of our prior exploration work comes together to drive discovery."

The BAM 2022 Exploration Program consisted of 13,962 meters of drilling, completed primarily at the Monarch Gold Zone, which greatly enhanced understanding of the geology at BAM and resulted in an initial Mineral Resource for the Monarch Gold Zone (see news release dated January 25, 2023). The drilling also expanded the Monarch Gold Zone to over 1 kilometer by 1.2 kilometers in area, with the zone remaining open in multiple directions. Petrographic and TerraSpec analysis completed in the off season has confirmed field observations that alteration emanates out from the middle of the Monarch Gold zone towards the edges and increases with depth.

The 2022 program also included a natural source magneto-telluric (NSMT) geophysical survey and a Z-Tipper Axis Electromagnetic (ZTEM) airborne geophysical survey. Three-dimensional inversions of the electrical conductivity models of the NSMT survey data and ZTEM survey data were combined using joint inversion modelling to provide a three-dimensional geophysical model of the BAM Project. The three-dimensional inversion model gives a subsurface view of the conductivity/resistivity with an estimated accuracy down to a depth of roughly sea level (approximately 1,400 meters below surface at the Monarch Gold Zone).

The three-dimensional geophysical model was completed independently of the geological interpretation of the BAM Project. Compilation of the geophysical model with the 2022 drill results shows a strong correlation with surface mineralization and geological interpretation at depth. It also shows that both the Monarch Gold Zone and Jan Copper Zone overlie zones of high conductivity sitting approximately 500 meters below surface. These conductive zones are interpreted to be the mineralized cupola overlying a copper-gold porphyry and will be the target of the first two drill holes of this year's drill program.

Figure 1: BAM Plan view, 3D Conductivity Model – 2023 Drillholes 1 and 2

Figure 2: BAM Section 1+000NE – 2023 Drillhole 1

Figure 3 : BAM Section 0+000NE – 2023 Drillhole 2

Results from the 2023 BAM Drill Program will be reported on receipt.

Silver Reef Update

The Company has agreed with the vendor of the Silver Reef Property to defer the cash payment and share issuance due on June 12, 2023 under the option agreement dated June 12, 2020 as amended by an amending agreement dated June 20, 2022 (together, the "Agreement") to June 10, 2024. Under the Agreement, the Company has the right to acquire up to a 100% interest in the Silver Reef Property located in northwest British Columbia.

P2 Gold Engages the Services of Global One Media

The Company has engaged the services of Global One Media Limited ("Global One Media") to manage its social media channels, including the distribution of interviews, company news, and other similar services.

Global One Media does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. Global One Media may provide additional services in the future.

About Global One Media

Global One Media is an innovative investor-focused digital marketing agency solving the needs of small and mid-cap listed companies. We deliver creative and effective solutions for brand positioning and strategic communications across all industries, specializing in investor engagement and growth marketing for listed and pre-IPO companies. Using our global network, we help public companies dominate their sector amid the web and social media landscape, tell their story in an engaging manner, and reach millions of investors around the world.

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.

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.

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, 2022, dated March 16, 2023 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.

SOURCE P2 Gold Inc.

For further information: Joseph Ovsenek, President & CEO, (778) 731-1055; P2 Gold Inc., Suite 1100, 355 Burrard Street, Vancouver, BC, V6C 2G8, [email protected], (SEDAR filings: P2 Gold Inc.); Michelle Romero, Executive Vice President, (778) 731-1060

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