P2 Gold Exploration and Corporate Update

VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports that its 2020 exploration programs on its properties in northwest British Columbia and southeast Oregon have commenced, and it will commence trading this morning on the TSX Venture Exchange under the name P2 Gold Inc. and symbol “PGLD”.

Since early June, P2 has optioned three properties in northwest British Columbia and leased one property in southeast Oregon:  Silver Reef, option to acquire up to a 100% interest (see news release June 11, 2020); Todd Creek, option to acquire up to a 70% interest (see news release July 9, 2020), BAM, option to acquire up to a 100% interest (see news release July 2, 2020) and Stockade, lease of a 100% interest (see news release July 10, 2020).  Following the optioning and leasing of the properties, the Company completed a C$3.5 million financing in late July. 

Silver Reef

The Phase One exploration drill program has been completed at Silver Reef consisting of 10 holes totaling 1,315 meters.  Assays will be reported on receipt.

The Silver Reef Property covers an area of over 23,000 hectares approximately 85 kilometers north of Hazelton, BC and to the east of the Golden Triangle.  The exploration target at Silver Reef is similar to the Coeur d’Alene district in Idaho, and more locally the historic and high-grade Silver Standard Mine located approximately 80 kilometers to the south.  At Silver Reef, sulphide mineralization with quartz/carbonate veins and stockwork are associated with a regional shear zone that cuts through the alteration halo of a large granitic intrusive.

Eight of the Phase One drill holes targeted the Main Zone of the structure, with the remaining two Phase One holes targeting the Northwest Zone.  Recent mapping has extended the Main Zone structure by over one kilometer to the northwest.  As a result, the Main Zone structure now extends two kilometers along strike and remains open to the northwest.  Field mapping has also determined that the previously identified Northwest Zone is a parallel zone of mineralization, which more than doubles the exploration potential of the property.  A Phase Two drill program is expected to commence in early September, pending receipt of assays from the Phase One drill program.