North Peak Announces Next Stage of Drilling at Prospect Mountain
North Peak Announces Next Stage of Drilling at
Prospect Mountain North
Calgary, Canada July 11, 2024
North Peak Resources Ltd. (TSX Venture: NPR) (the “ Company” or “North Peak”) announces
that drilling at the Prospect Mountain North area has progressed and is now moving to the West side
of the mountain within the Prospect Mountain Property (the “Property”) in Eureka, Nevada.
The drill has finished the preliminary testing of the Industry and Silver Connor fault network and is
now targeting the Duke, Banner and Silver Connor fault system in the Wabash area, where there
are multiple historical mines including Wabash, Williams and Silver Connor and associated
workings (see Figure 1). These faults are conduits for gold-bearing fluids for the regions’ deposits and
the dense fault network in the northern part of the property has similarities to i-80’s Archimedes/Hilltop
area and the historic Richmond/Eureka/Fad zones. Over 2.9 Moz’s of gold has been produced to
date in the Eureka camp. (Sources: (1) Gold in the Eureka Mining District, Nevada, by Shawe and Nolan (1989),
US Geol Survey Bulletin 1857C: 1.45 Moz from 1869-1901 (Richmond-Eureka mine); and (2) NI 43-101 Report on
2021 Ruby Hill Mineral Resource Estimate, Eureka County, Nevada, USA by Wright and Walton dated effective 31
July 2021: 1.46 Moz from Archimedes Pit, 1998-2020).
The Wabash area was the focus of a comprehensive drilling campaign of 27,618 ft (8,418m) reverse
circulation (RC) drilling campaign in 1999 by European American Resources. Historical intersections
by European American Resources include:
• PM-W-11: 15.2 m @ 4.1 g/t Au + 59.9 g/t Ag
• PM-W-12: 21.3 m @ 4.5 g/t Au + 35.0 g/t Ag
• PM-W-13: 12.2 m @ 3.0 g/t Au + 38.7 g/t Ag
• PM-W-92: 24.4 m @ 8.2 g/t Au + 22.6 g/t Ag
• PM-W-74: 13.7 m @ 5.6 g/t Au + 60.8 g/t Ag
• PM-W-50: 13.7 m @ 2.9 g/t Au + 42.3 g/t Ag
• PM-W-52: 12.2 m @ 3.1 g/t Au + 8.9 g/t Ag
• PM-W-55: 16.8 m @ 4.1 g/t Au + 25.3 g/t Ag
NOTES: grams per tonne=g/t; metres=m; using a 0.5 g/t Au minimum composite grade, and up to 25 feet internal
dilution @ 0.01 g/t Au (1725 intersections are just anomalous zones identified for exploration); true thickness is
unknown until orientations are proven; these drill hole results are p re-NI 43-101 and they do not meet the current
standards of exploration quality assurance and quality control protocols -twinning of holes will be necessary. See
the Technical Report (defined below) for full details of the historical drill results referenced above.
Mike Sutton, Director & Geologist explained, “Wabash was the focus of a systematic drilling
campaign in 1999 and the intersections that were returned were interpreted as shallow dipping pods
of mineralization. A new interpretation is that the intersections are aligning with the steeply dipping
faults and if so, continuity of mineralization greatly improves and increases the tonnage potential and
this has been supported by the finding of a sub-vertical mineralized fault at surface. The historical
vertical holes are not suited to cut across sub-vertical zones.”
The holes will be up to 900 feet in length, with several angled to test interpretation as well as a
couple to twin historical intersections (see Figure 2).
Multi-element assays of the RC drilled holes indicates anomalous antimony and high arsenic and
relatively low lead and zinc, consistent with the historical smelter observations, suggesting that the
mineralization is of the “Intermediate” style noted in the area with mainly Carlin type characteristics,
but also with a carbonate replacement type (CRD) signature.
www.northpeakresources.com
TSX Venture: NPR
Figure 1: Plan of Prospect Mountain North area with fault structures, historical workings & tunnels, rock
grab samples, historic drill hole collars and proposed drill holes
Figure 2: Cross Section of Historical Wabash drilling, looking North , with key historical intersections
highlighted, historical workings and revised interpreted mineralization trend
Review by Qualified Person, Quality Control and Reports
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 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.
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, 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
(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.
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.
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.
For further information, please contact:
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]
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING STATEMENTS : This press
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 drilling and work programs on the Property, 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, 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,
2023 and the quarter ended March 31, 2024, 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.