North Peak Receives Final Acceptance From TSXV for Its Option to Acquire Black Horse Gold Property in Nevada; Finalizing Work Programs and Drilling Permit Submissions Underway

North Peak Receives Final Acceptance From

TSXV for Its Option to Acquire Black Horse

Gold Property in Nevada; Finalizing Work

Programs and Drilling Permit Submissions

Underway

CALGARY, AB,

Dec. 13, 2021

/CNW/ - North

Peak Resources Ltd.

(TSXV: NPR) (the

"

Company

") has received final acceptance from the TSX Venture Exchange (the "

Exchange

") for its

option (the "

Option

") to acquire from Minex, LLC the previously drilled and explored 2,733 acre

Black Horse gold and silver property (the "

Property

") located 50 miles east of

Ely

in

White Pine

County, Nevada

(the "

Transaction

"). The Company issued a press release on

December 6, 2021

announcing the binding definitive agreement with Minex (the "

Agreement

"), and additional

information regarding the history of the Property (including the

historical inferred mineral resource estimates*) and the material terms and conditions of the

Agreement can be found in that press release.

"As important as the drive for gold production will be with the Company's newly organized local

team, the potential in applying modern exploration technology towards identifying gold in the Black

Horse district where high grade ore was mined in the early 1900's, cannot be overstated," said

Brian

Hinchcliffe

, Executive Chairman and CEO of the Company. "The drilling Minex and

Gary Grauberger

carried out on the Black Horse property in the late 1990's provides an excellent historical resource

and we will assess that resource and the potential for expansion as early as possible in 2022."*

In connection with final acceptance from the Exchange and the terms of the Agreement, the

Company has initiated a cash payment of

US$1 million

and issuance of 1,250,000 common shares to

Minex, at its direction, to initiate the Option. Those common shares have a deemed per share

consideration of

US$0.40

or

C$0.508

per share pursuant to the terms of the Transaction. The last

closing price of the Company's shares prior to the announcement of the Agreement was

C$1.48

per

share. The Company now has 21,334,455 common shares issued and outstanding.

The Company's focus now is finalizing a work program and putting in place the necessary permits

and contractors to undertake such work program, proposed for Q1 2022. The Company will issue

additional press releases related to its progress on exploration of the Property and other material

information as it becomes available.

In addition to the terms and conditions of the Agreement set forth in the Company's

December 6

th

press release, we note that the Company has a right of first refusal over the Property should Minex

seek to transfer or assign its interests in the Property (which transfer or assignment is only possible

two years after the initiation of the Option).

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 holds an option to acquire the 2,733

acre Black Horse gold and silver property located 50 miles east of

Ely

within the Black Horse mining

district in

White Pine County

, Nevada. See the Company's

December 6, 2021

press release for

additional information.

The Exchange has in no way passed upon the merits of the Transaction and has neither

approved nor disapproved the contents of this news release.

*CAUTIONARY NOTE REGARDING HISTORICAL RESOURCE ESTIMATES:

As described in

detail in the Company's

December 6, 2021

press release, a Qualified Person 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

December 6, 2021

press release for further information.

In addition,

mineral resources are not mineral reserves and do not demonstrate economic

viability. There is no certainty that all or any part of the mineral resource will be converted to

mineral reserves.

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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/December2021/13/c7098.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: +1-647-424-2305, Email: [email protected]

CO: North Peak Resources Ltd.

CNW 09:00e 13-DEC-21