P2 Gold Announces Initial Mineral Resource Estimate for the Monarch Gold Zone at the BAM Project

VANCOUVER, British Columbia, Jan. 24, 2023 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) (OTCQB:PGLDF) reports the initial Mineral Resource Estimate (“MRE”) for the near-surface gold mineralization drilled to date at the Monarch Gold Zone, a newly-discovered deposit at its BAM Project. The gold-copper BAM Project is located in the Golden Triangle of northwest British Columbia.

“The announcement of an initial Mineral Resource Estimate for the near surface mineralization at the Monarch Gold Zone in just eighteen months from discovery speaks to the continuity of the zone, as well as the capabilities of our exploration team,” commented Joe Ovsenek, President and CEO of P2. “As importantly, it highlights the potential size of the porphyry system at depth that is driving the surface mineralization. The Monarch Gold Zone is currently defined for over a kilometre along strike, remains open in multiple directions, and is hosted within a large sericite/ankerite alteration system that covers the western half of the Property. The size and intensity of the mineral and alteration systems at surface are clearly indicative of a substantial porphyry system at depth. During 2023, the focus of the BAM Exploration Program will be exploration for the feeder zones and the porphyry system at depth and expansion of the near-surface mineralization.”

BAM Project, Monarch Gold Zone Mineral Resource Estimate

The initial Monarch MRE comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t (Table 1). The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres, with the Monarch Gold Zone open to expansion by drilling to the northeast and southwest. A plan map of the Monarch Gold Zone is available here. 

The Monarch MRE was prepared by P&E Mining Consultants Inc. (“P&E”), based on six diamond drill holes (836 metres) completed by the Company in 2021 and 95 diamond drill holes (13,958 metres) completed by the Company in 2022. A National Instrument 43-101 Technical Report will be prepared by P&E and posted on www.p2gold.com and under the Company's profile on www.SEDAR.com within 45 days of the date of this news release.

Table 1: January 2023 BAM Project, Monarch Gold Zone, Pit Constrained Inferred Mineral Resource Estimate^(1-5)

Tonnes (M)

Gold Grade (g/t)

Silver