PGLD P2 Gold Inc

P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD), reports results from the first drill holes (BAM-007 to 015) of the 2022 Drill Program at its gold-copper BAM Project located in the Golden Triangle in northwest British Columbia.

“The 2022 Drill Program is off to a great start at BAM with two drills turning and 6,100 meters completed in 45 holes,” commented Joe Ovsenek, President and CEO of P2. “These initial 2022 results are highly encouraging and follow up on the four 2021 holes which led to the discovery of the Monarch Gold Zone. Each new drill hole adds more to our geologic understanding as we work to expand the near-surface epithermal mineralization, and once we have the deep geophysics in hand, we will start to target and test for the source.”

BAM Project Drill Results

Select drill results (see Table 1 below for drill results) from holes BAM-007 to BAM-015 drilled at the BAM Project include:

• Hole BAM-007 intersected 1.49 g/t gold and 2.71 g/t silver over 44.94 meters, including 12.00 meters grading 2.19 g/t gold and 3.92 g/t silver; and
• Hole BAM-008 intersected 1.13 g/t gold and 3.32 g/t silver over 33.25 meters, including 4.50 meters grading 2.56 g/t gold and 6.12 g/t silver.

These first holes were drilled along a section line running east to west to follow up on 2021 drilling and expand the understanding of the BAM geology. This drilling has defined a horst, or uplifted block of the underlying dolostone surrounded by siltstones, mudstones, and conglomerates to the east and just siltstones and mudstones to the west. Selective layers within these sediments have seen multiple episodes of brecciation, silicification and intense sericite alteration. There were also several episodes of pyrite mineralization, including a late-stage breccia fill event that appears to correlate with the higher-grade mineralization.

Drilling completed after hole BAM-015 has defined numerous structures that were active either during and/or after the mineralization event. It is anticipated that the identification of gradients within the mineralization from assay data may establish that some of these structures are part of the feeder system for the surface mineralization.

Plan maps and sections for drill holes BAM-007 to 015 of the 2022 BAM Drill Program are available here.

BAM Project Geophysics

The Z‐Tipper Axis Electromagnetics (“ZTEM”) airborne geophysical survey (the “ZTEM Survey”) crew mobilized to site at the end of June 2022; however, the survey was delayed due to weather and equipment issues and was not completed until early August. The data generated from the ZTEM Survey is being compiled and expected to be available for review prior to the end of the 2022 drill program. To supplement the ZTEM Survey, a natural source magneto-telluric survey (“NSMT Survey”) crew is mobilizing to site. The results of the NSMT Survey and ZTEM Survey will be combined with the 2021 IP survey results to produce a resistivity 3D model. This along with a 3D model of the 2020 airborne magnetic data will be used to identify the geological structures underlying the BAM Project, most importantly the potential feeder zones and possible porphyry source of the near‐surface epithermal gold mineralization.

Table 1: Selected BAM Drill Results, August 2022 (BAM-007 to BAM-015)(1, 2)

Hole	CollarCoords	Dip/Azimuth	From(m)	To(m)	Interval(m)	Gold(g/t)	Silver(g/t)	DrillPad
BAM-007	N6341998/E386866	-45/270	5.06	50.00	44.94	1.49	2.71	D-8.5
		incl	27.50	39.50	12.00	2.19	3.92
BAM-008	N6341998/E386872	-68/270	4.75	38.00	33.25	1.13	3.32	D-8.5
		incl	26.00	30.50	4.50	2.56	6.12
BAM-009(3)	N6341974/E386872	-50/90	6.40	10.00	3.60	0.34	2.21	D-8.5
BAM-010(3)	N6341974/E387069	-45/90	NSV					D-10.5
BAM-011(3)	N6341974/E387076	-45/90	6.20	9.00	2.80	0.25	3.04	D-10.5
BAM-012	N6341969/E387345	-45/270	51.00	61.80	10.80	0.73	1.23	D-13.5
			70.50	125.05	54.55	0.54	4.93
		incl	70.50	77.00	6.50	1.24	3.36
BAM-013	N6341969/E387346	-67/270	48.50	60.50	12.00	0.37	1.30	D-13.5
			78.50	90.50	12.00	0.45	4.45
BAM-014	N6341970/E387350	-67/90	NSV					D-13.5
BAM-015	N6341970/E387349	-90/90	36.50	41.00	4.50	0.32	0.43	D-13.5

(1) True thickness to be determined.

(2) All samples were submitted for preparation and analysis by ALS Global 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 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 ALS Global in North Vancouver, BC.

(3) Collared in footwall carbonates.

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.

For further information, please contact:

Joseph Ovsenek President & CEO(778) 731-1055P2 Gold Inc.Suite 1100, 355 Burrard StreetVancouver, BCV6C 2G8info@p2gold.com(SEDAR filings: P2 Gold Inc.)

Michelle RomeroExecutive Vice President(778) 731-1060

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.