P2 Gold Inc. reports results from the remaining drill holes from the 2022 Drill Program at its gold-copper BAM Project located in the Golden Triangle in northwest British Columbia. Select drill results from holes BAM-038, 041 to 045, 048 and 050 to 101 drilled at the BAM Project include: Hole BAM-061 intersected 1.73 g/t gold over 46.5 meters, including 11.0 meters grading 3.70 g/t gold; Hole BAM-067 intersected 1.00 g/t gold over 43.0 meters, including 4.5 meters grading 1.85 g/t gold; and Hole BAM-076 intersected 0.64 g/t gold over 104.25 meters, including 7.6 meters grading 1.65 g/t gold. Drill hole BAM-076 was drilled on the northern most section drilled in the 2022 BAM Drill Program.

Drill hole BAM-061 was drilled approximately 550 meters south of drill hole BAM-076, and drill hole BAM-067 was drilled 750 meters south of drill hole BAM-076. These drill holes demonstrate the extent and grade potential of the Monarch Gold Zone. The focus of the 2022 BAM Drill Program was to find the limits of the epithermal surface mineralization at the Monarch Gold Zone and provide geologic information to aid in the interpretation of the airborne and ground geophysical surveys.

This interpretation of the airborne and ground geophysical surveys is essential to discovering the higher-grade feeder systems for the near-surface epithermal gold mineralization and any associated porphyry mineralization. The 2022 BAM Drill Program and geological mapping defined multiple structural trends which converge at the Monarch Gold Zone and were active either during and/or after the mineralization event. Gold grades intersected by the drilling generally increase towards these structures, suggesting they are potentially related to a feeder system.

Drill holes in the latter half of the program also showed that the conglomerate along the eastern edge of the Monarch Gold Zone is well mineralized for over one kilometer. The conglomerate lies along the contact with the More Creek Granite suggesting that the contact may be part of the feeder system for the gold mineralization. An updated geological model for the Monarch Gold Zone is being prepared based on drilling and mapping to date.

The maiden Mineral Resource estimate for the Monarch Gold Zone is targeted for completion in the first quarter of 2023. Drill holes BAM-076, 079 and 081 were drilled on Section AA, the northern-most section drilled this season on the Monarch Gold Zone. The significant gold intersected in drill holes BAM-076 and 079 extends the Monarch Gold Zone to the north and indicates the excellent potential for further expansion of the zone to the northeast.

Drill holes BAM-038, 041, 044, 048, 050, 052, 053, 055, 060 and 085 were drilled on Section A, approximately 150 meters south of Section AA at the northern end of the Monarch Gold Zone. The gold mineralization on Section A was encountered in siltstone and conglomerate. Drill holes BAM-071, 072, 073, 075, 077, 086, 088 and 089 were drilled on Section B, approximately 100 meters south of Section A. All holes were drilled in siltstone and intersected lower grade gold mineralization.

This section is interpreted to be located in the mineralization “shadow” of a regional east-west structure which pooled the mineralization in the sections further to the south. The conglomerate along the contact with the More Creek Granite was not tested near surface on Section B and additional work is required to determine the controls on mineralization. Drill holes BAM-042, 043, 045, 064, 066, 082 to 084 and 099 were drilled on Section C, approximately 100 meters south of Section B. Mapping and drilling indicate an east-west structure along the northern end of the mapped carbonate horst (see the attached plan map of the 2022 BAM Drill Program) is in part marked by a mafic dyke.

The holes drilled from pads C-8.5 and C-10, BAM-042, 043, 045, 064, 066, 084 and 099 encountered higher-grade gold mineralization in siltstone immediately south of the mafic dyke. Drill holes BAM-051, 054, 056 to 059, 061, 095, 096 and 098 were drilled on Section E, approximately 200 meters south of Section C. Gold mineralization was intersected in the drill holes located to the east of the carbonate horst. Higher-grade gold was encountered in the conglomerate close to the contact with the More Creek Granite (drill holes BAM-058, 059 and 061).

Drill holes BAM-062, 063, 065, 087, 092, 094, 097, 100 and 101 were drilled on Section F, approximately 100 meters south of Section E. All drill holes were drilled to the east of the carbonate horst. Holes drilled off section encountered higher-grade gold mineralization than those drilled vertically or oriented east-west. Statistical analysis of the drill results will be completed to determine the optimum drill orientation for future programs.