First Geophysics MT Survey by North Peak at Prospect Mountain Locates Conductive Body Under Historic Workings
First Geophysics MT Survey by North Peak at
Prospect Mountain Locates Conductive Body
Under Historic Workings
www.northpeakresources.com
TSX Venture: NPR
CALGARY, AB
,
July 17, 2023
/CNW/ -
North Peak Resources Ltd.
(TSXV: NPR) (the "
Company
"
or "
North Peak
") announces results from the recently completed Magnetotelluric (MT) helicopter
geophysical survey on its Prospect Mountain property in
Eureka, Nevada
(the "
Property
" or
"
Prospect Mountain
"). This work program was undertaken in May and June alongside other
geophysical surveys, which included a ground gravity and drone magnetic survey, and geochemical
sampling programs consisting of underground channel sampling and soil sampling to define surface
and underground gold and polymetallic drilling targets on the mining complexes across Prospect
Mountain.
"The
Eureka
camp might well re-emerge as the high-grade underground mining camp it formerly
was, and the geophysics surveys underway are targeting these deeper sulphide gold and
polymetallic targets, at or below the water table," said
Brian Hinchcliffe
, North Peak's CEO.
"Prospect Mountain itself was mined from the 9,600-foot elevation down to the 6,500 level off and
on from 1870 until 1980 and under these shafts and historic workings sits this textbook conductive
body as the possible source of mineralization."
Highlights:
A 2km long conductive anomaly directly beneath the old oxide gold, silver, lead, zinc stopes and
mine workings on the Property is highlighted by the geophysical survey (see Figure 1).
The anomalies occur immediately below the water table where historical records from the
district indicate the oxide sulphide transition occurs as it has in other mines in the Eureka Camp
and may indicate sulphide mineralization is present (see Figures 1 & 2).
Magnetotellurics is a passive electromagnetic system designed to measure resistivity/conductivity of
the Earth and is especially useful for penetrating to deeper levels than comparable geophysical
methods. The aim of the survey is to look for conductors beneath the water table that potentially
represent the sulphide equivalents of the Prospect Mountain oxide mineralization.
The 220 line km survey was conducted by Expert Geophysics Limited and flown at
100m
line
spacing using their MobileMT system. The survey included airborne magnetics.
The rocks surrounding the old oxide workings within the
Hamburg
and Eldorado Dolomites are highly
resistive with no conductivity. Directly beneath the deepest part of the Property workings, at the
level of the projected water table is a discrete > 2km long conductive body that plunges to the south.
The strongest part of the anomaly sits directly beneath the largest bodies of historical workings on
the Property, around the Shaft 1 area. While factors other than sulphides, such as graphitic shales
and saline ground water, can cause conductivity, the groundwater tested on the Property is not
known to be saline and there are no graphitic shales projected to be in the area beneath the
historical mines on the Property. This increases the likelihood that the conductive anomaly is caused
by sulphides and it is of a different character to the large formational anomalies highlighted by the
survey to the west of the Sharp/Cave Canyon fault that are more likely to be related to lithology.
A high resistivity area to the west of the workings may represent a porphyry intrusive. Cretaceous
intrusives are thought to be related to the ore mined in the district.
Figure 1: Long Section looking west showing historical workings and MT anomalies after 3D
inversion (CNW Group/North Peak Resources Ltd.)
Figure 2: 2D Inversions showing resistivity/conductivity in Plan (1800 m (5906 ft) above mean sea
level) and Cross section (looking north), showing UG workings and stopes, water table and
conductive anomalies (CNW Group/North Peak Resources Ltd.)
Mr.
Mike Sutton
, P.Geo., a Director of 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 news 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.
About Prospect Mountain
The Property 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, Au only
Carlin
style
mineralization, Carbonate Replacement 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
(2000ft) below the
top of the ridge line.
A Plan of Operations is in place which covers part of the Property (totalling 81 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.
About North Peak
The Company is a Canadian based gold exploration and development company that is listed on the
TSX Venture Exchange under the symbol "NPR". The Company is focused on acquiring historic sites,
with low cost producing gold and other metals properties, with near term production potential and 8+
year mine life in the northern hemisphere.
The Company recently acquired an initial 80% interest in the Prospect Mountain Mine complex in
Eureka, Nevada
(see the Company's
May 4
and 23, 2023 press releases).
The Company can give no assurances at this time that its properties and interests will fulfil
the Company's business development goals described herein. Trading in the securities of
the Company should be considered highly speculative.
Website:
w
ww.northpeakresources.com
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,
estimates of mineralization
from drilling and geophysical surveys, geological information projected from sampling results and
the potential quantities and grades of the target zones, the potential for minerals and/or mineral
resources and reserves, and statements
regarding the plans, intentions, beliefs, and current
expectations of the Property and the Company
that may be described herein
. Forward-looking
statements consist of statements that are not purely historical, including any statements regarding
beliefs, plans, expectations 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 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, 2022
and the quarter ended
March 31, 2023
, available at
www.sedar.com
, 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, whether 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.
SOURCE
North Peak Resources Ltd.
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For further information:
Brian Hinchcliffe, CEO, Phone: +1-647-424-2305, Email:
[email protected], Website: www.northpeakresources.com; Chelsea Hayes, Director,
Phone: +1-647-424-2305, Email: [email protected]
CO: North Peak Resources Ltd.
CNW 08:00e 17-JUL-23