North PEAK Fully Acquires the Prospect Mountain MINE Complex in Eureka, Nevada; Issues 3 Million Shares FOR Remaining 20% Calgary, Canada
NORTH PEAK FULLY ACQUIRES THE PROSPECT
MOUNTAIN MINE COMPLEX IN EUREKA, NEVADA;
ISSUES 3 MILLION SHARES FOR REMAINING 20%
Calgary, Canada July 21, 2025
North Peak Resources Ltd. (TSX Venture: NPR and OTCQB: NPRLF ) (the “ Company” or “North
Peak”) announces that further to its acquisition of 80% interest in the Prospect Mountain Mine complex
(the “Property”) in Eureka Nevada in August 2023, and following its further evaluation of the Property, the
Company has exercised its right to acquire the remaining 20% interest in the Property from Solarljos, LLC
(“Solarljos”) (controlled by the Erickson family of Nevada) and issued an additional 3,000,000 common
shares to Solarljos.
"When the initial 80% interest in the P roperty was secured, minimal modern exploration had been
conducted. Therefore, it was essential for us to carry out a contemporary geological assessment of the
site," stated Rupert Williams, CEO. "Our findings have reinforced our confidence in the potential of the
Prospect Mountain Mine complex, which is the pinnacle of the historic high-grade gold and polymetallic
mining camp in Eureka, Nevada."
“This Property will benefit greatly from our team’s strong track record of applying modern exploration
techniques to underexplored historical, high-grade mining camps,” added Harry Dobson, Chairman. “We
are excited to advancing exploration efforts at this Property and looking forward to getting some drilling
underway this summer once permits are secured.”
Success in the 2024 drilling campaign at the Property, which focused on the limited historical drilling area
in the North of the Property, using pre-existing roads and pads to minimize costs provided, included the
following results:
- High grade material still present and new trends identified, such as PM24-039 which intersected
22.9m (75ft) @ 12.0 g/t Au (with 6.1m (20ft) voids @ 0 g/t Au), including 3.0m (10ft) @ 85.7 g/t
Au; it was located 35m (115ft) Northwest of previous drilling and ended in mineralization on a
new western trend. (see the Company’s Nov. 12, 2024, press release).
- Mineralisation existing from surface, such as PM24-022 which intersected 27.4m (90ft) @ 7.4
g/t Au (with a 1.5m (5ft) void @ 0 g/t Au) from surface, including 6.1m (20ft) @ 23.1 g/t Au
which includes 1.5m (5ft) @ 56.5 g/t Au & 161.4 g/t Ag (see the Company’s Sept. 4, 2024
press release).
- Wide, low grade intersections existing between the high-grade lodes such as PM24-004, which
intersected 126.5m (415ft) @ 1.06 g/t Au which included 12.2m (40ft) @ 4.20 g/t Au (see
the Company’s Aug. 14, 2024, press release).
In addition, various geophysics and geochemistry undertaken across the entire Property have provided
further evidence of the Property’s potential, including:
- A 2-km long conductive anomaly directly beneath the old oxide gold, silver, lead, zinc
stopes and mine workings on the Property is highlighted by the several geophysical surveys
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TSX Venture: NPR
OTCQB: NPRLF
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(see Figure 1 below and the Company’s July 17, 2023, press release). An initial drill hole
confirmed the anomaly was caused by sulphide mineralization.
- A comprehensive Property-wide soil sampling exercise was then undertaken and identified
both Carlin style and CRD systems. In addition, further soil sampling has been undertaken
this year following up on some of the strong areas (see Figure 2 below)
- Additional rock chip and grab samples also support existence of high-grade material,
including:
o 46.5 g/t Au, 569 g/t (16.6 oz/t) Ag, 4.09% Pb, 3.12% Zn over 15 cm in the Dean
Cave;
o 33.9 g/t Au, 183 g/t Ag, 0.9% Cu, 1.81% Pb, 1.66% Zn from a surface scrape on the
Delaware patented claim;
o 20.5 g/t (0.66 oz/t) Au chip sample in the Industry tunnel.
o 16.75 g/t Au, 243 g/t Ag, 3.17% Pb, 2.26% Zn dump grab sample from the historical
Krao mine;
o 10.2 g/t Au, 580 g/t Ag, 11.7% Pb dump grab sample from Antelope patented claim;
and
o 5.3 g/t Au, 39 g/t Ag, 7.03% Pb, dump grab sample from the historical Kit Carson
mine,
(See the Company’s January 31, 2024, June 27, 2024, and May 27, 2025, press releases).
“The geological evaluation and exploration efforts have revealed promising findings, offering substantial
optimism for the future development of the Property. Notably, advanced geophysical and geochemical
studies conducted across the Prospect Mountain Mine complex have highlighted the presence of
anomalies, and both CRD and Carlin style trends, that were previously unexplored,” added David Pym,
Geologist. “These results reflect the untapped potential of the Property and underscore the significance
of modern exploration techniques in uncovering new opportunities.”
In connection with the exercise of its right to acquire 100% of the Property as described above, the
Company has agreed to ancillary rights with the Erickson family related to the right to nominate one
member of the Board of the Company to be presented to shareholders of the Company at each annual
general meeting of shareholders, and pre-emptive rights to participate in future issuance of securities of
the Company in order to maintain their percentage share ownership in the Company.
Given North Peak will now be fully focused the Prospect Mountain Mine complex, the Company has
notified the owner of the Kenogami Lake Property in Ontario, Canada that it will not be completing the
remaining $150,000 work prior to January 5, 2026, and therefore not exercising its option on that property.
Review by Qualified Person, Quality Control and Reports
Mr. David Pym, CGeol., Consulting Geologist for the Company, is the Qualified Person, as defined
under National Instrument 43-101 - Standards of Disclosure for Mineral Projects , who reviewed and
approved scientific and technical disclosure in this press release. The Qualified Person has not
reviewed the mineral tenure, nor independently verified the legal status and ownership of the Property
or any underlying property agreements.
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Figure 1: Pb rich core of CRD anomaly in relationship to the MT anomaly, UG workings, gravity and
Historical Stopes
Figure 2: NPR soil sampling results from 2023 campaign highlighting CRD and Carlin style
mineralization
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For further information, please contact:
Rupert Williams, CEO
Phone: +1-647-424-2305
Email: [email protected]
Chelsea Hayes, VP Operations
& Corp Development
Phone: +1-647-424-2305
Email: [email protected]
About North Peak
The Company is a Canadian based gold exploration and development company listed on the TSX
Venture Exchange under the symbol “NPR” and the OTCQB under the symbol “NPRLF”.
Founded by the founding team of both Kirkland Lake Gold and Rupert Resources, the team has a
strong track record of acquiring mining assets, applying modern exploration techniques and taking
them into operational mines.
North Peak’s flagship property is the Prospect Mountain Mine complex which lies in the Battle
Mountain Eureka trend, in an area known as the Southern Eureka Gold Belt, where three styles of
mineralization have been identified, gold, silver Carlin style mineralization, Carbonate Replacement
gold, silver, lead, zinc mineralization (CRD) and carbonate hosted Porphyry Related Skarn lead, zinc
and gold mineralization associated with cretaceous intrusions. At the Property, the CRD
mineralization is heavily oxidized to depths of at least 610m (2,000ft) below the top of the ridge line.
A Plan of Operations is in place which covers part of the Property (totalling 189 acres) and entitles an
operator to pursue surface exploration, underground mining of up to 365,000 tons per annum and
certain infrastructural works. It includes a permit to extract water from a well and to build water
containment facilities.
A more complete description of Prospect Mountain’s geology and mineralization, including at the
Wabash area, can be found in the NI 43 -101 Technical Report (the “ Technical Report ”) on the
Prospect Mountain Property, Eureka County, Nevada, USA dated and with an effective date April 10,
2023, prepared by David Pym (Msc), CGeol. of LTI Advisory Ltd. and Dr Toby Strauss, CGeol,
EurGeol., of Merlyn Consulting Ltd., which has been filed on SEDAR+ at www.sedarplus.ca under the
profile of the Company and on the Company’s website.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: This news
release includes certain "forward-looking statements" under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, timing and completion of any exploration
on the Company’s properties , estimates of mineralization from drilling, sampling and geophysical
surveys, geological information projected from drilling and sampling results and the potential quantities
and grades of the target zones, the potential for minerals and/or mineral resources and reserves ,
intentions, be liefs, and current expectations of the Prospect Mountain Mine complex and the
Company, including with respect to the future business activities and operating performance of the
Company that may be described herein. Forward-looking statements consist of statements that are
not purely historical, including any statements regarding beliefs, plans, expectat ions or intentions
regarding the future. Such information can generally be identified by the use of forwarding -looking
wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the
negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward -
looking statements, as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward -looking statements will not occur. These
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assumptions, risks and uncertainties include, among other things, the state of the economy in general
and capital markets in particular, accuracy of assay results, geological interpretations from drilling
results, timing and amount of capital expenditures; performance of available laboratory and other
related services, future operating costs, and the historical basis for current estimates of potential
quantities and grades of target zones, as well as those risk factors discussed or referred to in the
Company's Management's Discussion and Analysis for the year ended December 31, 202 4 and the
quarter ended March 31, 2025, available at www.sedarplus.ca, many of which are beyond the control
of the Company. Forward-looking statements contained in this press release are expressly qualified
by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press
release. Except as required by law, the Company disclaims any intention and assumes no obligation
to update or revise any forward -looking statements, wheth er as a result of new information, future
events or otherwise. Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.