P2 Gold Extends Gold-Copper Mineralization along the Southwest Margin of the Lucky Strike Zone

VANCOUVER, BC, Oct. 28, 2026 /CNW/ -- P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports results from seven reverse circulation ("RC") drill holes (GBR-130, GBR-134 to GBR- 137, GBR-144 and GBR-145) drilled along the southern and southwest margins of the Lucky Strike Zone as part of the Infill and Expansion Drill Program at its gold-copper Gabbs Project in Nevada. Drill holes GBR-130 and 134 tested the southern extension of the Lucky Strike Zone with the remaining holes testing for extensions of the zone to the southwest. All of the holes successfully expanded the zone other than hole GBR-134 which was lost due to ground conditions before intersecting the targeted higher-grade mineralization. These results confirm that the Lucky Strike Zone is thickening to the south and southwest (see plan view and sections below) and remains open for expansion in all directions.

Lucky Strike Plan View Oct 28, 2026

Lucky Strike Section EE

Lucky Srike

Lucky Strike S

Drilling Highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-130, GBR-134 to GBR- 137, GBR-144 and GBR-145 drilled at the Lucky Strike Zone include:

• Hole GBR-135 intersected 0.40 g/t gold and 0.13% copper over 121.92 meters starting 71.63 meters downhole and 0.15 g/t gold and 0.07% copper over 39.62 meters starting 193.55 meters downhole and ended in mineralization;
• Hole GBR-137 intersected 0.52 g/t gold and 0.22% copper over 60.96 meters starting 59.44 meters downhole, including 18.29 meters grading 0.71 g/t gold and 0.29% copper starting 74.68 meters downhole and also intersected 0.16 g/t gold and 0.09% copper over 67.06 meters starting 120.40 meters downhole and ended in mineralization.

The gold-copper mineralization at Lucky Strike is localized within and below a tabular unit of quartz monzonite (the main mineralized body) underlain by pyroxenite, with the higher-grade gold and copper hosted within the monzonite in a north-south trending corridor. Recent drilling has intersected much thicker sections of monzonite suggesting the unit is thickening to the southwest as well as the higher-grade corridor turning toward that direction. Mineralization hosted in the monzonite is gold-dominant and gives way to copper-gold mineralization in the footwall of the main mineralized body. At Lucky Strike, the monzonite ranges in thickness in excess of 150 meters and the deeper pyroxenite footwall mineralization ranges in thickness from 20 meters to 60 meters, which forms a zone with a combined thickness greater than 200 meters. 

Since the start of the Program in October 2025, a total of 114 RC drill holes has been drilled, with 43 holes drilled at the Sullivan Zone and 71 holes drilled at the Lucky Strike Zone. 

The Infill and Expansion Drill Program at the Sullivan Zone has been completed for 2026, with drilling continuing at the Lucky Strike Zone. Drill holes completed by the end of October will be included in the updated Mineral Resource estimate for Gabbs, which is targeted for completion later this quarter. 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 first quarter of 2027.

Table 1: Selected Gabbs Drill Results, October 2026 (GBR-130, GBR-134 -to GBR- 137, GBR-144 and GBR-145)^{(1, 2)}

Hole	Collar Coords	Dip/ Azimuth	From (m)	To (m)	Interval (m)	Gold (g/t)	Copper (%)
GBR-130^(3)	N4293576/ E415066	-90/0	141.73	153.92	12.19	0.24	0.06
		and	169.16	254.51	85.34	0.34	0.15
GBR-134^(4)	N4293576/ E415066	-55/225	drill hole lost due to ground conditions
GBR-135^(3)	N4293619/ E414815	-60/135	71.63	193.55	121.92	0.40	0.13
		and	193.55	233.17	39.62	0.15	0.07
GBR-136	N4293619/ E414815	-60/225	50.29	67.06	16.76	0.35	0.15
		and	77.72	173.74	96.01	0.39	0.11
		FM^(5)	173.74	262.13	88.39	0.19	0.07
GBR-137	N4293619/ E414815	-60/315	59.44	120.40	60.96	0.52	0.22
		incl	74.68	92.96	18.29	0.71	0.29
		FM	120.40	187.45	67.06	0.16	0.09
GBR-144^(3)	N4292489/ E417598	-90/0	83.82	126.49	42.67	0.28	0.09
GBR-145^(3)	N4292489/ E417598	-65/135	70.10	144.78	74.68	0.28	0.13
		FM	161.54	193.55	32.00	0.13	0.18

	(1)	True thickness to be determined.
	(2)	All samples were submitted for preparation by ALS Global at its facilities in Reno, Nevada, with the analysis completed at ALS Global facilities in Reno, Nevada, and North Vancouver, British Columbia. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate.
	(3)	Drill hole ended in mineralization.
	(4)	Drill hole lost due to ground conditions.
	(5)	FM means footwall mineralization.

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 (see footnote below) has outlined a long-life, mid-size mine at Gabbs with annual average production of 109,000 ounces gold and 33 million pounds copper, processing 9 million tonnes per year over a 14.2-year mine life. The feasibility study is advancing using a nominal production rate of 12 million plus tonnes per year targeting average annual production of 150,000 ounces gold and 45 to 50 million pounds of copper per year. 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 fourth quarter.

*Please see NI 43-101 Technical Report, "Preliminary Economic Assessment Gabbs Heap Leach and Mill Project" Nye County, Nevada, USA; Effect date of October 7, 2025, Report date November 20, 2025 available on the Company's web site www.p2gold.com and SEDAR+.

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 and development 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.

For further information, please contact: Joseph Ovsenek, President & CEO, [phone]; P2 Gold Inc., Suite 1290, 999 West Hastings Street, Vancouver, BC, V6C 2W2, [email protected], (SEDAR filings: P2 Gold Inc.); Michelle Romero, Executive Vice President, [phone]