P2 Gold Extends Sullivan Zone Mineralization Downdip and Identifies New Mineralized Unit within Sullivan PEA Pit Shell

P2 Gold Extends Sullivan Zone Mineralization Downdip and Identifies New Mineralized Unit within Sullivan PEA Pit Shell

VANCOUVER, BC, Oct. 14, 2026 /CNW/ -- P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports results from six reverse circulation ("RC") drill holes (GBR-131 to GBR-133 and GBR-138 to GBR-140) drilled on the downdip extension of the Sullivan Zone as part of the Infill and Expansion Drill Program at its gold-copper Gabbs Project in Nevada.  Drill holes GBR-133 and GBR-140 intersected a new unit of hanging wall gold-copper mineralization, which is generally hosted within gabbro interlayered with thin beds of pyroxenite and predominantly oxide mineralization.  This new unit of hanging wall mineralization appears to be in an area of the Sullivan Zone modeled as waste in the Preliminary Economic Assessment (the "PEA").  (See P2's news release dated October 7, 2025.)

Drilling Highlights

Select drill results (see Table 1 below for total drill results) from holes GBR-131 to GBR-133 and GBR-138 to GBR-140 drilled at the Sullivan Zone include:

• Hole GBR-133 intersected 0.32 g/t gold and 0.18% copper over 70.10 meters starting 64.01 meters downhole and 59.44 meters grading 0.21 g/t gold and 0.14% copper starting 198.12 meters downhole;
• Hole GBR-140 intersected 0.32 g/t gold and 0.13% copper over 51.82 meters starting 94.49 meters downhole and 54.86 meters grading 0.21 g/t gold and 0.11% copper starting 160.02 meters downhole and 30.48 meters grading 0.15 g/t gold and 0.10% copper starting 228.60 meters downhole.

The newly-identified hanging wall unit intersected by drill holes GBR-133 and GBR-140 is interpreted to be a tabular body of gold-copper mineralization hosted in gabbro with thin interbeds of pyroxenite. As noted above, the hanging wall mineralization appears to be in an area modeled as waste in the PEA and accordingly has the potential to reduce the strip ratio for the Sullivan Zone and concomitantly add to the economics in the feasibility study currently underway.

Drill holes GBR-131 to GBR-133 and GBR-138 to GBR-140 were drilled from two drill pads 50 meters apart testing the gold-copper mineralization downdip at the Sullivan Zone.  All holes intersected the down dip extension of the Sullivan Zone, which remains open at depth. 

Since the start of the Program in October 2025, a total of 105 RC drill holes has been drilled, with 40 holes drilled at the Sullivan Zone and 65 holes drilled at the Lucky Strike Zone. 

The Infill and Expansion Drill Program is expected to continue through the remainder of the year; however, only 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-131 to 133 and GBR-138 to 140)^{(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 (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 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.