North Peak Closes $2 Million Private Placement; Strategic Work Programs and Airborne Geophysics Surveys Launched at Prospect Mountain Silver-Gold-Lead Mine Complex in Eureka, Nevada
North Peak Closes $2 Million Private
Placement; Strategic Work Programs and
Airborne Geophysics Surveys Launched at
Prospect Mountain Silver-Gold-Lead Mine
Complex in Eureka, Nevada
/NOT FOR DISTRIBUTION OR DISSEMINATION IN
THE UNITED STATES
. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES
SECURITIES LAWS/
www.northpeakresources.com
TSX Venture: NPR
CALGARY, AB
,
May 25, 2023
/CNW/ -
North Peak Resources Ltd.
(TSXV: NPR) (the "
Company
"
or "
North Peak
") announces that it has completed its previously announced non-brokered private
placement for aggregate gross proceeds of
CAD$2 million
(the "
Private Placement
"). In connection
with the Private Placement, 2,272,727 common shares of the Company ("
Common Shares
") were
issued at a price of
CAD$0.88
per Common Share.
The Company also announces that it has launched a range of work programs on the Prospect
Mountain Mine complex (the "
Property
") located in the
Battle Mountain
-
Eureka
trend in
Nevada
. In
its
May 23
rd
press release, the Company reported that final TSX Venture Exchange approvals for its
acquisition of the Property had been received. A Nevada LLC structure that will hold the claims and
permits that constitute the Property is being established, with the Company holding an initial 80%
interest and Solarljos, LLC (controlled by the Erickson family of
Nevada
) holding the remaining 20%
interest (which the Company has the right to acquire).
"On the Diamond Mine's main 7800 level, LIDAR surveys and comprehensive mapping has been
completed, but it is the airborne geophysics surveys and the mid-June channel sampling which, along
with a gravity survey, will direct the drilling programs both underground and on surface," said
Brian
Hinchcliffe
, North Peak CEO. "Strategic underground drilling programs will be developed and
executed from these data acquisition programs, which also help identify gold surface drilling targets."
"We are excited to see these exploration programs launched against the background of the
polymetallic discovery success by others in this
Eureka
district," said
Ty Erickson
, MD. "These
modern exploration programs will greatly compliment the work we undertook establishing Prospect
Mountain's permitting profile over the years."
The Property, which includes the Diamond and Excelsior mines, is more than 1,700 acres of high
elevation lands with an underground infrastructure consisting of 4 shaft complexes and some 11
miles of tunnels where mining operations focused on the district's famous high-grade gold-silver-lead
ores dating back to 1872. The Property's historic underground production areas sit on the western
side of the Jackson fault, approximately 3 km's south of the Ruby Hill complex, but the most recent
exploration drilling programs in the late 1990's targeted surface gold targets. Underground shafts
and levels are accessed mainly through the Diamond Tunnel at the 7800 level from the east and
from the Silver-Connor tunnel from the west, which is at an elevation level of 7200 feet.
Private Placement
The securities issued in connection with the Private Placement are subject to a four-month hold
period from the closing of the Private Placement, in accordance with applicable securities laws.
The Company intends to use the net proceeds from the Private Placement to continue to secure
mining assets, the continued development of its business and for general and administrative
expenses.
Subject to the final review by the TSX Venture Exchange, the Company has agreed to pay a cash
finder's fee to
Rupert Williams
of
CAD$96,500
in respect of the aggregate sales to subscribers
under the Private Placement that were introduced by him.
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 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 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
.
The TSXV has in no way passed upon the merits of the transactions described herein and
has neither approved nor disapproved the contents of this news release.
This press release is not an offer of the Company's securities for sale in
the United States
.
The Company's securities may not be offered or sold in
the United States
absent registration
or an available exemption from the registration requirements of the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. The
Company will not make any public offering of its securities in
the United States
. The
Company's securities have not been and will not be registered under the U.S. Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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,
statements with respect to
the anticipated use of proceeds of the Private Placement, the ability of the parties to complete the
transactions described herein, the ability of the Company to complete the exploration programs as
proposed and on the timelines suggested, estimates of mineralization from drilling and the
potential for minerals and/or mineral resources and reserves, and
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
, 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
of Business Development, Phone: +1-647-424-2305, Email: [email protected]
CO: North Peak Resources Ltd.
CNW 09:29e 25-MAY-23