P2 Gold Intersects 0.69 g/t Gold and 0.25% Copper Over 74.68 Meters, Including 1.32 g/t Gold and 0.38% Copper over 30.48 meters at Lucky Strike Zone

VANCOUVER, BC, May 4, 2026 /CNW/ - P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports results from an additional ten reverse circulation ("RC") drill holes (GBR-097 to 101 and GBR-107 to 111) drilled at the Lucky Strike Zone as part of the Infill and Expansion Drill Program at its Gabbs Project located on the Walker-Lane Trend in Nevada.  On completion of the drilling underway at the Lucky Strike Zone, the RC drill is expected to return to the Sullivan Zone for additional drilling to extend the zone down dip. Results from drilling to date confirm the Mineral Resource model for the Lucky Strike Zone.

Drilling Highlights

Select drill results (see Table 1 below for drill results) from holes GBR-097 to 101 and GBR-107 to 111 drilled at the Lucky Strike Zone include:

• Hole GBR-099 intersected 0.69 g/t gold and 0.25% copper over 74.68 meters from 149.35 meters downhole, including 30.48 meters grading 1.32 g/t gold and 0.38% copper starting 150.88 meters downhole and ended in mineralization;
  
  
• Hole GBR-110 intersected 0.72 g/t gold and 0.31% copper over 44.20 meters starting 92.96 meters downhole, including 15.24 meters grading 0.93 g/t gold and 0.31% copper starting 94.49 meters downhole and also intersected 0.19 g/t gold and 0.18% copper over 30.48 meters starting 164.59 meters downhole;
  
  
• Hole GBR-111 intersected 0.71 g/t gold and 0.30% copper over 70.10 meters from 134.11 meters downhole, including 15.24 meters grading 0.99 g/t gold and 0.40% copper starting 137.16 meters downhole and ended in mineralization.

Drill holes GBR-107 to 111 were drilled on the western half of the Lucky Strike Zone to follow up on mineralization encountered in drill holes GBR-096 to 101, which appear to have intersected a higher-grade core of the zone similar to the higher-grade core of the Sullivan Zone.  This core area is open for expansion to the north and south.

The available drill data confirms that the ore controls at Lucky Strike are the same as at the Sullivan Zone where mineralization is localized within and below a tabular unit of quartz monzonite underlain by pyroxenite.  As with Sullivan, the higher-grade gold and copper at Lucky strike is at the core of the zone and at restricted halos around subvertical structures. This mineralization is gold dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body.  At Lucky Strike, the deeper footwall mineralization ranges in thickness from 20 meters to 60 meters and with the main mineralized body ranging up to 75 meters thick forms a zone with a combined thickness of up to 125 meters thick.  There are numerous quartz-filled structures that cut across the Lucky Strike Zone which come to surface and were exploited historically as narrow, high-grade pits and shallow workings. 

The Lucky Strike Zone remains open in all directions.  Drilling is currently focused on the western half of the zone, which measures approximately 700 meters by 500 meters, as defined by current and historical drilling, and is where the relatively shallow mineralization is hosted.  This targeted area is roughly the same size as the Sullivan Zone.  Based on available current and historical drill data, the Lucky Strike Zone has the potential to be significantly larger than the Sullivan Zone.

Since the start of the Program in October 2025, a total of 62 RC drill holes have been drilled, with 24 holes drilled at the Sullivan Zone and 38 holes drilled at the Lucky Strike Zone.  The diamond drill has completed 31 metallurgical and slope stability geotechnical holes and four exploration holes to date.  Assays will continue to be reported over the coming months.  The RC drill was demobilized from site in early March with another RC drill is scheduled to mobilize to site at the beginning of May.

On completion of the Infill and Expansion Drill Program, an updated Mineral Resource estimate will be prepared for Gabbs, which is expected to be completed in the third quarter of 2026.  The updated Mineral Resource estimate will form the basis of a feasibility study on placing Gabbs in production, which is expected to be completed in the fourth quarter of 2026.

Table 1: Selected Gabbs Drill Results, May 2026 (GBR-097 to GBR-101 and GBR-107 to GBR-111)^(1, 2)

Qualified Person                                                                     

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 Gabbs 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 its gold-copper Gabbs Project on the Walker Lane Trend in Nevada, where work to support a feasibility study is underway.  A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold, 15,000 tonnes copper over a 14.2-year mine life.  The Gabbs Project has excellent infrastructure with access via paved Hwy 361, and power and water on site.  All zones on the property remain open and an infill and expansion drill program is underway. On completion of drilling, an updated Mineral Resource estimate will be prepared for Gabbs, which is expected to be completed in the third quarter.

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 Gabbs 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 as well as the other assumptions disclosed in this news release.  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 and risks associated with mineral exploration, including the risk that actual results and timing of exploration and development will be different from those expected by management.  See "Risk Factors" in the Company's annual information form for the year ended December 31, 2025, dated March 19, 2026 filed on SEDAR+ at www.sedarplus.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.

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