P2 Gold Inc. provided an update on its wholly-owned gold-copper Gabbs Project located on the Walker-Lane Trend in Nevada. The Company has restarted the preliminary economic assessment (PEA) on the Gabbs Project, which is expected to be completed in the third quarter of this year. The PEA was originally expected to be completed in the fourth quarter of 2022; however, the PEA was paused late in the third quarter of 2022 waiting for the inflation rate to ameliorate.

Three-Dimensional Geophysics Interpretation: In late 2021 and early 2022, the Company completed a 48.3-line kilometer Natural Source Magneto Telluric (NSMT) survey at Gabbs covering all four known zones of mineralization and the prospective locations of the potential gold-copper porphyry source at depth. This month, Computational Geosciences Inc. created 3-D electrical conductivity inversion models of the NSMT survey data. The inversion model gives a subsurface view of the conductivity/resistivity with an estimated accuracy down to a depth of roughly sea level.

The initial interpretation by the Company of the three-dimensional NSMT inversion model has identified a high priority area in the center of the property that hosts a gold-copper porphyy exploration target. This area is below the Gold Ledge Zone and confirms the two-dimensional interpretation of the NSMT inversion model. The Company requires an additional permit in order to drill the exploration target.