North Peak Receives Permission to Expand Exploration Zone; New Area in Prospect Mountain East to be Drilled Targeting Previous Homestake Hole Calgary, Canada October 8, 2024
North Peak Receives Permission to Expand Exploration Zone;
New Area in Prospect Mountain East to be Drilled Targeting
Previous Homestake Hole
Calgary, Canada October 8, 2024
North Peak Resources Ltd. (TSX Venture: NPR) (the “ Company” or “North Peak”) is pleased to announce
that the Bureau of Land Management (United States Department of the Interior) has approved the Company’s
application to modify the Plan of Operations (PoO) at its Prospect Mountain property at Eureka, Nevada (the
“Property”), resulting in a 642% increase (to 189.9 acres) of the area on which the Company can conduct
surface exploration. This newly expanded surface exploration area now covers the main mountain ridge on the
Property, including the more accessible east side.
“This extension of the permitted surface exploration area allows drilling for gold mineralization across a wider
area of the Property than the original Plan of Operations exploration area covered,” commented Brian
Hinchcliffe, CEO . “Drilling at Prospect Mountain East targeting the historic Homestake hole and its
mineralization intervals is expected to begin shortly, as the four remaining holes being drilled in the Wabash
zone should be finished this week.”
The Company will now move its focus on following up on the Prospect Mountain East area, which is at the foot
of the east side of the mountain and where there is a historic Homestake hole intersection , where potential
Carlin style mineralization was intersected. This isolated historical Homestake hole identified significant gold
mineralization at this contact beneath overthrust barren rocks and opens up the potential along the eastern
portion of the Property for "hidden" mineralization that doesn't outcrop, in an area previously thought as non -
prospective. The Dunderberg shale Hamburg dolomite contact is important for localising CRD and Carlin style
mineralization throughout the district and this is the same contact that is found at the Ruby Deeps area, just
6km away within i-80’s Ruby Hill property.
www.northpeakresources.com
TSX Venture: NPR
Review by Qualified Person
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.
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 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
and has the right to acquire the remainder of the Property (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 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, 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.