North Peak Reports at least 8 Zones up to 9.5% Zinc and 4.6% Lead on its First Exploration Hole in Eureka, Nevada, along with a new Gold Zone of 0.6 g/t Au over 3.1 Meters Calgary, Canada February 12, 2024
North Peak Reports at least 8 Zones up to 9.5% Zinc and 4.6% Lead on
its First Exploration Hole in Eureka, Nevada, along with a new Gold Zone
of 0.6 g/t Au over 3.1 Meters
Calgary, Canada February 12, 2024
North Peak Resources Ltd. (TSX Venture: NPR) (the “Company” or “North Peak”) reports that its
3,253-foot first exploration core hole (PM23-001) successfully drilled the conductive Mobile MT
geophysical anomaly identified from summer 2023 surveys on its Prospect Mountain Property in
Eureka, Nevada (the “Property” or “Prospect Mountain”) (see the Company’s October 27, 2023
press release).
This first exploration hole was drilled to the west from the easily accessible Diamond Mine portal and
intersected at least 8 mineralized zones of the Carbonate Replacement (CRD) style that were within
altered Hamburg dolomite, the host rock of the Diamond Mine workings above (see Figures 1 and 2).
Significant intersections include 9.5% Zn, 221.6 g/t Ag, 0.8% Cu, and 0.3% Pb over 1.0 m (3.28 ft),
7.3% Zn, 54.6 g/t Ag, and 0.8% Pb over 1.9 m (6.23 ft), and 355 g/t Ag and 4.6% Pb over 0.3 m (1 ft)
(see Table 1 below). An intersection of 0.6 g/t Au over 3.1 m was located along the Jackson Fault that
was historically thought to be devoid of gold, indicating potential Carlin style gold leakage along the
fault.
“This initial drill hole was positioned to enable us to target the MT anomaly identified from an
operationally efficient location in winter”, commented Mike Sutton, Director and Senior Geologist. “The
hole intersected some of the faults that run across the Property, and this will help us test theories of
the fault systems that exist in the Eureka camp and drive the multiple types of mineralization that exist
in the camp, in particular how to best drill the other large targets further north on the Property.”
PM23-001 was successful in intersecting several zones of pyrite, sphalerite, galena +- chalcopyrite
mineralization in the projected area of the MT geophysical anomaly. Given the accompanying zinc rich
and low gold nature of the massive sulphide mineralization intersected, it is thought that this hole
intersected “halo” style mineralization peripheral to larger, more conductive bodies that should have
higher galena and gold further north in the system. These low lead-zinc ratios are indicative of distal
halo mineralization; in surface soil sampling, higher lead-zinc ratios are intimately associated with
historical workings and increase markedly to the north (see Figure 1).
A BHEM survey is being undertaken to evaluate the optimal orientation for potential wedging of this
hole, as it should help to identify the location of the best conductors (sulphides) relative to the position
of the original hole.
North Peak previously released assay results from one historical hole (WS02) drilled in 2017 from
surface at Prospect Mountain, which intersected 8.0% Zn over 7.0 m located 90 m (295 ft) above the
underground workings (stopes) at Shaft #2, and 12.9 g/t Au, 195 g/t Ag, 0.8% Pb and 0.5% Zn over
2.5 m at 280 m (919 ft) southwest of the underground workings (see the Company’s July 5, 2023, press
release). WS01, drilled vertically to 294.8 m (967 ft) at the same collar as WS02, intercepted 3.3% Zn
over 4.8 m (15.8 ft) from 112.5-117.3 m (369-384.8 ft), including 12.1% Zn over 0.4 m (1.3 ft) from
115.2-115.6 m (377.9-379.2 ft) (see Table 1 below). These results from WS01 and WS02 are
consistent with the localized gold and polymetallic intercepts found in PM23-001.
Towards the end of PM23-001 (west of the underground workings), marbelization of the dolomite is
present and granitic dyke was intersected. This could indicate a heat source for the fluids.
www.northpeakresources.com
TSX Venture: NPR
2
Figure 1: Map view showing PM23-001, combined with historical underground workings and soil sampling data.
Figure 2: Long section looking west showing PM23-001, the historical underground workings and MT anomalies after
3D inversion.
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Prospect Mountain Drill Hole Results
Table 1. Assay Results
Hole ID
From To Intercept From To Intercept Au
(g/t)
Ag
(g/t)
Zn
(%)
Cu
(%)
Pb
(%) (m) (m) (m) (ft) (ft) (ft)
PM23-001 112.6 115.6 3.05 369.4 379.3 10.0 0.63
including 115.4 115.6 0.2 378.6 379.3 0.7 0.4 36.6 0.2 0.2
388.7 389 0.3 1275.3 1276.2 1.0 355.0 4.6
407.0 408.5 1.5 1335.3 1340.2 4.9 11.7 0.2
428.9 430.9 2.0 1407.2 1413.7 6.6 14.4
463.4 464.5 1.1 1520.3 1524.0 3.6 16.1
489.3 489.6 0.3 1605.3 1606.3 1.0 13.9
527.2 528.2 1.0 1729.7 1732.9 3.3 10.5 0.2
544.8 545.1 0.3 1787.4 1788.4 1.0 16.2 0.2 0.3
627.6 628.1 0.4 2059.1 2060.7 1.3 1.0 0.5
632.1 632.6 0.4 2073.8 2075.5 1.3 5.5 0.2 0.2
636.2 636.9 0.7 2087.3 2089.6 2.3 33.6 2.3 0.1
676.2 677.7 1.5 2218.5 2223.4 4.9 15.4 0.2
715.9 716.8 0.9 2348.8 2351.7 3.0 26.5 1.3
718.4 718.9 0.5 2357.0 2358.6 1.6 19.7
726.8 727.1 0.3 2384.5 2385.5 1.0 9.4 0.5
738.3 740.2 1.9 2422.2 2428.5 6.2 54.6 7.3 0.1 0.8
753.2 753.7 0.5 2471.1 2472.8 1.6 7.1 0.4
759.4 760.2 0.8 2491.5 2494.1 2.6 4.2 0.5
768.0 770.1 2.1 2519.7 2526.6 6.9 10.0 0.5
794.0 795.5 1.6 2605.0 2609.9 5.2 15.4 0.6
796.2 796.4 0.2 2612.2 2612.9 0.7 193.0 4.2
890.6 891.0 0.4 2921.9 2923.2 1.3 24.8 0.7
891.8 892.1 0.3 2925.9 2926.8 1.0 8.5 0.4
896.2 897.2 1.0 2940.3 2943.6 3.3 22.3
899.3 900.2 0.9 2950.5 2953.4 3.0 147 5.1 0.3 0.3
900.2 901 0.8 2953.4 2956.0 2.6 16.5 0.6
923.35 924.3 1.0 3029.4 3032.5 3.3 221.6 9.5 0.8 0.3
946.5 948.2 1.7 3105.3 3110.9 5.6 0.7 10.2 0.2
948.2 949.1 0.9 3110.9 3113.8 3.0 0.1
949.8 950.1 0.3 3116.1 3117.1 1.0 0.4 5.5
957.9 958.2 0.3 3142.7 3143.7 1.0 11.7 0.3
967.5 967.8 0.3 3174.2 3175.2 1.0 8.4 0.4
970.8 971.4 0.6 3185.0 3187.0 2.0 23.5 0.2
WS01 26.7 27.0 0.3 87.5 88.6 1.1 46.8 0.057 0.058
43.3 43.6 0.3 142.0 143.1 1.1 0.5
46.8 47.2 0.4 153.7 154.9 1.2 0.6 11.9 1.2 0.038
63.2 63.6 0.4 207.5 208.8 1.3 0.51 0.030 0.056
87.3 87.9 0.6 286.5 288.5 2.0 0.61
96.9 99.2 2.3 318.0 325.6 7.6 0.059
including 96.9 97.6 0.7 318.0 320.2 2.2 0.57
including 97.6 99.7 2.1 320.2 327.0 6.8 15.5
110.7 127.7 17.0 363.1 418.8 55.8 1.1
including 112.5 117.3 4.8 369.1 384.8 15.7 7.4 3.3
including 112.5 114.3 1.8 369.1 375.0 5.9 12.7 4.2
including 115.2 115.5 0.4 378.0 378.9 1.3 3.8 12.1
Note: *TW (true widths) are unknown due to irregular contacts of mineralized zones. For WS01, cutoffs: Au 0.3g/t, Ag
10g/t, Zn 0.5%, Cu 0.02%, Pb 0.05%. Minimum ore composite length 0.3 m (0.3 and 1 m for Ag, Zn); maximum
consecutive waste 10 m.
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Table 2: Drill Hole Coordinates
Hole ID Azimuth Dip Northing Easting Total Depth (m)
NAD 83, Nevada East grid
PM23-001 290 -50 8523503 165153 991.8
WS01 0 -90 8523487 164723 294.8
Prospect Mountain Geology and Mineralization
There are three styles of mineralization present in the Eureka district that includes Prospect Mountain,
carbonate hosted porphyry related skarn lead (Pb), zinc (Zn), gold (Au) mineralization associated with
Cretaceous intrusions, Au, silver (Ag), Pb, Zn arbonate replacement mineralization (CRD) and Au only
Carlin style mineralization. CRD mineralization in the area is heavily oxidized to depths of at least 610m
(2000 ft) below the top of the ridge line. Prior to this drilling program, no primary mineralization had
been observed on the Property to date except for isolated veins and remnant small pods of sulphide.
The historical mined ore consists of a reddish, poorly consolidated fine-grained mass of material which
is often found in open space fissures and caves within the dolomite or as discontinuous pods and
chimneys that can extend over a considerable length. Lead minerals present in the ores are mainly
plumbojarosite and cerrusite. Zinc was expected to be mostly removed during weathering, but in
limited sampling of dump material and stopes, appears to be roughly equal to lead in the Prospect
Ridge ores. In the oxidized zone, zinc is generally in the form of hemimorphite, smithsonite and
hydrozincite. Iron from weathering of pyrite and arsenopyrite is largely in the form of haematite and
various hydrous iron species (limonite), and has coloured fracture surfaces around the mineralization,
sometimes over a distance of 10’s of meters. Gold is generally associated with the haematite masses
and is free leaching. All mineralization appears to be structurally controlled, with the intersections of
faults being preferred sites. Limestone (and dolomites) are the host rocks. A more complete description
of Prospect Mountain’s geology and mineralization can be found in the NI 43-101 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 (https://northpeakresources.com/properties/).
Review by Qualified Person, Quality Control and Reports – Prospect Mountain
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 news 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.
All samples referenced herein were prepped by ALS Elko, 1345 Water St, Elko, Nevada, USA. Gold
was assayed at ALS Reno, 4977 Energy Way, Reno, Nevada, USA. All base metals and silver were
assayed by ALS Vancouver, 2103 Dollarton Hwy, North Vancouver, BC, Canada. Gold was assayed
by 30g fire assay analysis with AAS or gravimetric finish (Au-AA23/5 or Au-GRA21). Base metals and
silver were analyzed using four-acid digestion ICP-MS (ME-MS61), with overlimit assays using Aqua
Regia and four-acid digestion with ICP-MS analysis (*-OG62). All ALS Geochemistry sites operate
under a single Global Geochemistry Quality Manual that complies with ISO/IEC 17025:2017, coupled
within a global LIMS platform. There is no relationship, fiduciary or otherwise, between ALS and the
Company.
If the results are greater than 10ppm Au, then 30g Fire Assay Analysis (gravimetric finish) is completed.
The Company's QA/QC program includes the regular insertion of blanks and standards into the sample
shipments, as well as instructions for duplication. Standards and blanks are inserted randomly at one
each per 20 samples (unless VG or extremely concentrated base metals is observed, where a blank
is inserted in the following sample). 5% of samples will be sent to a second lab for referee. Core
recovery averaged 92%.
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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 (2000ft) 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.
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 historic 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 recently 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 news
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 (including, without limitation, related to any wedge holes that may be
drilled from PM23-001), estimates of mineralization from drilling and geophysical surveys, geological
information projected from 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, timing and amount of capital expenditures; performance of available laboratory and other
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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, 2022 and the
quarter ended September 30, 2023, 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.