North Peak Intersects 85.7 g/t Au over 3.0m (10ft) within 12.0 g/t Au over 22.9m (75ft) on a New Western Trend to Wabash
North Peak Intersects 85.7 g/t Au over 3.0m (10ft) within 12.0 g/t Au
over 22.9m (75ft) on a New Western Trend to Wabash
Calgary, Canada November 12, 2024
North Peak Resources Ltd. (TSX Venture: NPR) (the “Company” or “North Peak”) announces assay results
from holes PM24-036 to PM24-039 of the recently completed Phase 2, 15-hole surface drilling program from
the Prospect Mountain North area within its Prospect Mountain Property (the “Property”) in Eureka, Nevada.
Highlights
• PM24-039 intersected 22.9m (75ft) @ 12.0 g/t Au (with 6.1m voids @ 0 g/t Au), including 3.0m (10ft) @
85.7 g/t Au; this hole targeted historical mining approximately 35m (115ft) northwest of previous drilling.
PM24-039 ended in mineralization on a new western trend.
“Grade was king when the various Wabash area gold mines operated and the intersections at PM24-039 along
with PM24-022 demonstrate these bonanza grades that the area is known for, are still there,” said Brian
Hinchcliffe, Company CEO. “Importantly, this intersection was on a new western trend, demonstrating the
potential of this area for continued expansion.”
This second phase of the drilling program at Prospect Mountain North was designed to follow up on earlier
successful drilling, that had returned such intersections as hole PM24-022 at 27.4m (90ft) @ 7.0 g/t Au (with
a 1.5m void @ 0 g/t Au) from surface, including 6.1m (20ft) @ 23.1 g/t Au which includes 1.5m (5ft) @ 56.4
g/t Au & 161.0 g/t Ag, and PM24-004 which intersected from surface 126.5m (415ft) @ 1.06 g/t Au which
included 12.19m (40ft) @ 4.20 g/t Au (see the Company’s August 14, 2024 press release). Previous drilling
includes 27 RC drill holes by North Peak and 94 RC drill holes carried out in 1998/1999 by European American
Resources (EPAR).
Four of these phase 2 holes targeted the workings in the historic Wabash mine area northwest of any previous
drilling (see Figures 1 and 2 below), with spectacular results in PM24-039 near mineralized veins in the Wabash
tunnel. Another hole PM24-036 intersected 7.6m (25ft) @ 0.8 g/t Au, which sits 26m (85ft) west of the PM24-
039 intersection indicating the trend continues to the southwest. This is reinforced by a set of rock chips at
surface to the southwest averaging over 3 g/t Au (see Figure 1). PM24-038 was not drilled deep enough to test
the down dip extensions of PM24-039 and did not intersect significant mineralization. Likewise, PM24-037,
drilled above PM24-036, did not intersect significant mineralization indicating potential is to depth and along
strike.
The mining that took place in the area that these 4 holes targeted appears to have a similar northeast-southwest
trend as the Wabash and Williams trends. There are several other mines and historical workings along this new
trend including the lower Metamoras mine and the Kit Carson shaft, along the Silver Connor fault to the
southwest (see Figure 3). This latter mine reportedly produced at a grade of 15.7 oz/t Au equivalent (Source:
Lambert Molinelli (1879) Eureka and its Resources). Anomalous surface rock chip samples also occur along
this trend. Another parallel trend could exist further to the northwest (see Colorado trend in Figure 1).
www.northpeakresources.com
TSX Venture: NPR
Figure 1: Plan showing drill holes, surface samples, EPAR locations, and interpreted trends
Figure 2: Section View
Figure 3: Wider plan showing historic mines and faults outside of Prospect Mountain North Drill area
Table 1: Assay Results
Hole ID
From To Intercep
t From To Intercept Au
(g/t)
Grams
x
Metres
(Au) (m) (m) (m) (ft) (ft) (ft)
PM24-039 *102.1 125 22.9 335 410 75.0 12.0 274.8
**102.1 125 16.8 335 410 55.0 16.3
105.2 108.2 3.0 345 355 10.0 85.7 257.1
PM24-36 99.1 106.7 7.6 325 350 25.0 0.81
Notes: Holes PM24-037 and PM24-038 did not return significant assays (might not have drilled deep enough to intersect zone); * includes “0”
grade for voids; ** leaves out voids; Composite intersections are calculated using a 0.2 g/t cutoff for gold with 10m internal dilution for the lower
grade intervals. Higher grade intervals included within the lower grade intervals use a 1 g/t Au cutoff with 5m internal dilution; included are intervals
>double 0.2 cut-off intersection. True widths are unknown due to uncertainty around orientations of mineralized zones. Only visually altered
samples were sent for assay; assaying was only for gold
Table 2: Drill Hole Coordinates
Hole ID Azimut
h Dip Northing Easting Total Depth (m) Total Depth
(ft)
NAD83 m, Nevada East grid. EPSG: 32107
PM24-036 355 -60 164656 8524496 118.9 390
PM24-037 334 -52 164656 8524496 106.7 350
PM24-038 345 -60 164660 8524502 118.9 390
PM24-039 348 -52 164660 8524502 125.0 410
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.
Drilling and Sampling: Drilling was carried out using a Canadian built tracked MPD1500 RC drilling unit, the rig
has jacks and a blade and is capable of working on small pads on steep ground to minimise ground prep. It is
capable of drilling to 455m (1500ft) using 4-inch pipe and a 5 1/4 inch bit. Holes were cased down to 25-80ft
with 8-inch steel casing drifted in using a tricone bit. RC drilling uses a hammer, that is not face sampling but
samples 4ft away from the hammer. A face sampling hammer was also trialed to compare efficiency.
Under Nevada law dry sampling is not allowed due to dust restrictions so RC drilling is done wet, with water
actively pumped down the hole mixing with pulverised sample and coming through the cyclone to an 8-
compartment rotary fan wet splitter. Each compartment can be shut off giving control of the amount of split
material. Rotary splitter was setup with 1:4 split, with the quarter split going into two calico bags housed in
buckets, for an assay sample and a field duplicate for permanent reference. The remainder of the sample falls
to the ground and runs into the sump. Each assay sample is for a 1.52m (5ft) interval. The splitter and cyclone
are flushed every 4 samples or on noticing a change in colour. Chips were collected from the splitter reject and
put into chip trays for reference.
Calico bags are pre-labelled with hole number and footage, with an FD for field duplicate added to the sample
number for the field duplicate. The drilling team are responsible for changing the bags and the clearly labelled
footage intervals on the bags avoids sample mix-ups. Filled sample bags are laid on the ground in order so a
visual check can be easily performed when collecting samples. 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 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 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 has acquired an initial 80% interest in the Prospect Mountain Mine complex in Eureka, Nevada
(see the Company’s May 4 and 23, 2023 and August 25, 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, 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, 2023 and the quarter ended June 30, 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, 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.