North Peak Confirms High Grade Material Remains at Prospect Mountain within the Dean Cave Area, Including a Sample Grading 46.5 g/t Au, 569 g/t Ag Calgary, Canada May 27, 2025
North Peak Confirms High Grade Material Remains at Prospect Mountain
within the Dean Cave Area, Including a Sample
Grading 46.5 g/t Au, 569 g/t Ag
Calgary, Canada May 27, 2025
North Peak Resources Ltd. (TSX Venture: NPR) (the “ Company” or “North Peak”) announces results from
some sampling of the underground and surface dump historical occurrences at its Prospect Mountain property
(the “Property”) in Eureka, Nevada.
Following t he 2024 drill program at the Wabash/Williams historic mining areas , which confirmed that
considerable high grade oxide mineralization remains around the historic stopes (e.g. 85.7 g/t Au over 3m within
a larger interval of 12 g/t Au over 22.9m in hole PM24-039 – see press release dated 12th November 2024), the
Company is evaluating some of the accessible historical underground stopes and caves for similar potential
within the historical Diamond Mine.
Highlights:
• Initial channel sampling of insitu gossanous material from the Dean Cave area on the 500’ level of the
historical Diamond mine yielded 46.5 g/t (1.36 oz/t) Au, 569 g/t (16.6 oz/t) Ag, 4.09% Pb, 3.12% Zn
over 15 cm
• Dump grab samples from the historical Kit Carson mine included 5.3 g/t Au, 39 g/t Ag, 7.03% Pb,
1.92% Zn and 3.32 g/t Au, 692 g/t Ag, 1.82% Pb, 2.59% Zn
• Lundgren Stope area yielded best assay of 0.74 g/t Au, 252 g/t Ag, 0.28 % Cu, 0.09% Pb, 2.23% Zn
• Historical 4th July mine yielded a copper rich sample of 0.11 g/t Au, 5.2 g/t Ag, 1.74% Cu, 0.24%Pb,
2% Zn
“We are pleased with the latest results from our sampling program across the mountain aiming to identify new
mineralization around existing workings and in structural target areas. O ur exploration strategy is to leverage
our existing infrastructure of 11 miles of underground tunnels to help delineate targets within our three
explorations zones. The exploration zones are near surface potentially open -pittable oxide material,
underground accessible oxide material around historical underground workings and the sulphide material just
below the workings,” commented Rupert Williams, CEO. “We are in the final stages of securing all necessary
approvals ahead of a drill program planned for this summer which will focus on near surface oxide material.”
Background to the Areas
Mineralization in Carbonate Replacement Deposits often occurs in vertical chimneys and layer parallel mantos.
The Dean Cave area is one of a series of historical high grade chimney stopes in the northern part of the
historical Diamond Min e, which include the DMEA/Deadbroke chimney and the East Cave chimney . The
Deadbroke/DMEA chimney extends from surface down to at least 400m and the Dean and East Cave chimneys
have only been exploited from underground and extend for at least 100m upwards from the historic 650 ’ level
of the mine. At depth the faults appear truncated by the west dipping Domin ic fault, which may displace their
depth extents. The chimney zones occur along an E/NE trending fracture zone parallel to the Silver Connor
Fault near the intersection with steeply dipping NW fault zones associated with the Banner McIntosh fault
system and an unnamed NW fault and represent an underground oxide exploration target with high potential
for further mineralization, both towards surface and to depth. The Dean Cave stopes for which there are
production records averaged 0.229 oz/t (7.8 g/t) Au, 5.83 oz/t (200 g/t) Ag from 291 ore cars (Silver Viking
Corp., 1980, map DM0-08 - Note: these records are historical and have not been verified).
The DMEA refers to the area that was briefly mined around 1954 following a loan being granted by the Defense
Minerals Exploration Administration for development costs. Material generated averaged 0.69 oz/t Au, 50.5 oz/t Ag,
29.4% Pb (See technical report, April 10th, 2023 on SEDAR+ or on the company’s website). The Deadbroke area,
www.northpeakresources.com
TSX Venture: NPR
is south of the Wabash/Williams historic mining area, where the Company’s 2024 drill program was focused, and
at surface a number of patented claims sit, which are owned 100% and include Old Put and Antelope (see Figures
1 & 3).
The Kit Carson mine was perhaps the highest-grade historical mine on the Property and consists of a surface shaft
and two working levels (L. Molinelli, 1879, Mining in Eureka County, Nevada). It occurs at the junction of the Silver
Connor Fault and the steeply dipping, unnamed NW trending fault. It has remained unexplored since first mined in
the 19th century.
The Lundgren stopes consist of a group of roughly vertical stopes both upward to the historical Dominic mine, and
downward to the 400’ level of shaft 3. The stopes consist of a group of chimneys along an ENE trending fault, with
the greatest amount of historical mining at the Western end junction with the North trending Diamond Fault. Some
of the highest grade samples from the early 20th century were found here with up to 2.29 oz/t (71.6 g/t) Au, and 56.6
oz/t (1769 g/t) Ag (E. Young, 1932, Preliminary Report on the Diamond Excelsior Mines - Eureka, Nevada, these
samples are historical in nature and have not been verified by the Company).
The historical 4th July mine lies south of and 150 m above the Diamond main level. Mineralization occurs where
the tunnel intersected another steeply dipping, E/NE striking fault. As the tunneling did not extend to the intersection
of this fault with the Diamond fault, and the 4th of July mine has had little exploration since the 19th century, this
trend may represent a significant body of previously unexploited mineralization.
Figure 1: Section along E/NE fracture zone, looking SE showing historic chimneys and underground workings. Dean Cave sample
location in Orange in interpreted pink stopes/caves. It is unknown if the faults continue below the Dominic Fault.
Old Put/Antelope
patented claims
520 lvl
420 lvl
320 lvl
650 lvl
Shaft 4
Dean Cave
DMEA
East Cave ?
?
Deadbroke
Figure 3: Long section of underground workings and associated areas, looking East.
Figure 2: Plan of sample localities with underground infrastructure. Kit Carson is a surface shaft.
Orange - main level, Diamond tunnel; blue - 500 level; pink, upper workings.
Table 1: Assay Results
Review by Qualified Person, Quality Control and Reports
Mr. David Pym, CGeol., 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.
Samples are loaded into a plastic crate and dispatched daily to the ALS Global prep -lab in Elko Nevada. A
standard, a blank and a field duplicate were inserted after every 20 samples, for a QA/QC rate of 15%. Six
standards from CDN Resource Laboratories were rotated through the samples. The standards had gold values
ranging from 0.433 to 7.34 ppm.
Samples are dried crushed and pulverised and assayed for gold with a 30g fire assay and a 44 element ICP
MS suite. Overlimit samples for gold, silver, lead, zinc and copper are automatically re -assayed by suitable
methods.
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 (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.
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 historical 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 acquired an initial 80% interest in the Prospect Mountain Mine complex in Eureka, Nevada in
2023 (see the Company’s May 4 and 23, 2023 and August 25, 2023 press releases).
Sample East, m North, m Elev, m Type Source Lithology Au, g/t Ag, g/t C u, % Pb, % Zn % Description
851871 164772 8522899 2573 chip subcrop gossan 0.11 5.22 1.74 1.24 1.96 4th of July tunnel wall
851872 164447 8524136 2478 grab dump gossan 5.30 38.7 0.04 7.03 1.92 dump of Kit C arson shaft
851873 164446 8524135 2478 grab dump gossan 3.32 692 0.10 1.82 2.59 dump of Kit C arson shaft
851874 164502 8523214 2409 chip subcrop dolomite 0.10 17.7 0.12 0.41 1.72 Lundgren stope wall
851875 164531 8523211 2409 chip subcrop gossan 0.02 7.03 0.94 0.10 1.26 tunnel wall, Ludgren stope
851876 164520 8523216 2409 chip subcrop gossan 0.74 252 0.28 0.09 2.23 Lundgren stope wall
851877 164516 8523211 2409 chip subcrop gossan 0.41 68.8 0.24 0.15 2.04 Lundgren stope wall
851878 164669 8524147 2252 chip subcrop gossan 46.5 569 0.16 1.09 3.12 base of Dean cave
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:
Rupert Williams, 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 resour ces 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, timi ng 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, 2024 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, 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.