North PEAK Completes Blm Bonding; Drilling ON the Nevada Black Horse GOLD Property to Commence NEXT Week
NORTH PEAK COMPLETES BLM BONDING;
DRILLING ON THE NEVADA BLACK HORSE
GOLD PROPERTY TO COMMENCE NEXT
WEEK
CALGARY, AB
,
Feb. 8, 2022
/CNW/ -
North Peak Resources Ltd.
(TSXV: NPR) (the "
Company
"
or "
North Peak
") announces that it has received confirmation from the Bureau of Land Management
(the "
BLM
") that the bonding requirements for the BLM approval of the Company's initial exploration
drilling program on the Black Horse gold and silver property (the "
Black Horse Property
") have
been completed. The Company will next week commence its confirmatory drill programs over the
previously drilled Black Horse Property with the mobilization of a reverse circulation drill and crew to
site. Additional plans to bring a core drill to the Black Horse Property in late February or March are
underway.
"The Black Horse Property hosts three former underground mines and the drill program underway
next week will start with reverse circulation drilling on the former Black Horse Mine (more recently
called Area B - see map referenced below)," said
Brian Hinchcliffe
, Company CEO. "The first core
drilling on the Black Horse Property will be utilized to confirm historical inferred mineral resources*,
test for vertical veins and explore potential underlying sulphide zones not tested or drilled 25 years
ago when the gold price was
US$295
an ounce and the property was last drilled."
A map setting out the location of the Black Horse Property and its three historic mining areas can be
accessed here:
Figure 1: Black Horse Property Location – Including the Three Historic Mining Areas
.
The Company obtained an option in
mid-December 2021
to acquire the Black Horse Property from
Minex, LLC and has obtained BLM permission to carry out initial diamond and reverse circulation
drilling programs at the Black Horse Property designed to confirm the historical inferred mineral
resource estimate* for gold on the Black Horse Property and assess the potential for expansion.
Additional information about the Company's option, the historical inferred mineral resource
estimates*, historic metallurgical work and the geology at the Black Horse Property can be found in
the Company's
January 11, 2022
press release.
The Black Horse Property consists of 2,733 acres and is located 50 miles east of
Ely
in White Pine
Country,
Nevada
, and shows evidence of three historic mining areas: the Black Horse, San Pedro
and Gold King.
It has within its boundaries the historic Black Horse and San Pedro gold mines and claims that were
mined from 1905 to 1913, during the early years of
Nevada's
high grade gold camp mining. Records
and texts report that some of the richest ore ever discovered and reported upon in
Nevada
came
from the Black Horse mine. The USGS Mineral Resources Data System currently indicates that
there are no less than 21 historic mine shafts and 20 adits within the boundaries of the Black Horse
Property. Upon the initial gold discovery in the Black Horse mining district, over 100 individuals
staked claims in the area, starting a rush that emptied out the nearby settlement of Osceola and
initiated the creation of the town of Black Horse (no longer in existence), which housed 400 people
and supported this historic mining activity.
While there was intermittent mining on the Black Horse Property after 1913, the last of any real
mining and production appears to be of tungsten ore from 1941 to 1953. Thereafter the only material
activity on the Black Horse Property appears to be the exploration drilling conducted by the current
owner (Minex, LLC) in the late 1990's. Minex initially acquired these claims in 1997 and via drilling
campaigns in 1997- 1998 drilled 316 reverse circulation holes that identified a mineralization zone
that appears to have a strike length of two miles with drilling generally at 100-foot centers.
The Company will issue additional press releases related to its progress on the drilling and
exploration of the Black Horse Property and other material information as it becomes available.
About North Peak Resources Ltd.
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 holds an option to acquire the 2,733-
acre Black Horse gold and silver property located approximately 50 miles east of
Ely
within the
Black Horse mining district in
White Pine County, Nevada
. See the Company's
December 6
and 13,
2021 press releases for additional information.
*
CAUTIONARY NOTE REGARDING HISTORICAL RESOURCE ESTIMATES AND MINERAL
RESOURCES:
As described in detail in the Company's
January 11, 2022
press release, a
Qualified Person (Mr.
Mike Sutton
, P.Geo., a director of the Company, is the Qualified Person who
reviewed and approved that news release) has not done sufficient work for the Company to
classify the historical resource estimates referenced therein as a current mineral resource or
mineral reserve. The Company is not treating those historical estimates as current mineral
resources or mineral reserves and has not verified the historical resource estimates. The reader is
cautioned that the data used in the preparation of those historical resource estimates does not
meet the current standards of exploration quality assurance and quality control protocols and
significant additional drilling (including diamond drilling, some which will twin earlier holes), data
verification (quality control), would be required to ensure the quality of historic data meets current
standards for use in a resource estimate. See the Company's
January 11, 2022
press release for
further information.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING HISTORICAL RESOURCE
ESTIMATE:
This news release has been prepared in accordance with the requirements of the securities laws in
effect in
Canada
, which differ in certain material respects from the disclosure requirements
promulgated by the Securities and Exchange Commission (the "
SEC
"). For example, the term
"inferred mineral resource" is a Canadian mining term as defined in accordance with Canadian
National Instrument 43-101 Standards of Disclosure for Mineral Projects and the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources
and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the
definitions in the disclosure requirements promulgated by the SEC. Accordingly, information
contained in this press release may not be comparable to similar information made public by U.S.
companies reporting pursuant to SEC disclosure requirements.
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
timing and completion of any drilling and work programs on the Property, estimates of
mineralization from drilling, geological information projected from sampling results and the
potential quantities and grades of the target zones, potential for minerals and/or mineral resources,
and statements regarding the plans, intentions, beliefs, and current expectations of the Company
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, 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, 2020
, and the period ended
September 30, 2021
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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http://www.newswire.ca/en/releases/archive/February2022/08/c2824.html
%SEDAR: 00032415E
For further information:
Brian Hinchcliffe, CEO, Phone: +1-647-424-2305, Email:
[email protected], Website: www.northpeakresources.com; Chelsea Hayes, Director,
Phone: +1-647-424-305, Email: [email protected]
CO: North Peak Resources Ltd.
CNW 09:00e 08-FEB-22