North Peak Reports Early Holes from the Prospect Mountain North Drill Program Return Surprising Widths; Hole PM24-004 Intersects 1.06 g/t Au over 415ft (126.5m) from Surface; Hole PM24-006 Returns 70ft (21.3m) of 2.03 g/t
North Peak Reports Early Holes from the
Prospect Mountain North Drill Program Return
Surprising Widths; Hole PM24-004 Intersects
1.06 g/t Au over 415ft (126.5m) from Surface;
Hole PM24-006 Returns 70ft (21.3m) of 2.03 g/t
Au from 5ft Down
Calgary, Alberta--(Newsfile Corp. - August 14, 2024) -
North Peak Resources Ltd.
(TSXV: NPR) (the
"
Company
" or "
North Peak
") is pleased to announce first assay results from the ongoing drilling at the
Prospect Mountain North area of its Prospect Mountain Property (the "
Property
") in Eureka, Nevada.
The Company is announcing results from the first ten (10) holes of the 2024 Reverse Circulation (RC)
drill program, with seven (7) holes from the Wabash/Williams/Silver Connor historical mine areas on the
west side of the Property ridge and three (3) holes from the Industry tunnel area on the east side of the
Property ridge (see
Figure 1
below).
Highlights
PM24-004 opened up potential for mineralization throughout the Wabash and Williams historical
drilling area, as it was almost completely mineralized, intersecting 415ft (126.49m) @ 1.06 g/t Au,
12.3 g/t Ag from 0ft, which included 40ft (12.19m) @ 4.20 g/t Au, 71 g/t Ag from 0ft, linking the
Wabash and Williams areas (see
Figure 2
below).
Within this broad area, numerous, strong gossan zones with good gold grades were intersected.
Results include:
15ft (4.57m) @ 3.88 g/t Au, 56.2 g/t Ag from 5ft (1.52m) in PM24-005, near the Silver Connor
shaft;
70ft (21.34m) @ 2.03 g/t Au, 38.3 g/t Ag from 5ft (1.52m) in PM24-006, near the Silver
Connor shaft;
20ft (6.1m) @ 3.54 g/t Au, 23.7 g/t Ag from 200ft (60.96m) in PM24-007, extending from the
Silver Connor shaft through the Wabash area; and
15ft (4.57m) @ 1.77 g/t Au, 19.4 g/t Ag in PM24-010, near the historic Williams mine
entrance.
Holes PM24-004 and PM24-007 suggest that the new interpretation of steeply-dipping mineralized
zones along fault structures that were conduits for the gold fluids, is correct. The biggest historical
mine in the Wabash area appears to be down-dip of the new drilling - with a 755ft gap between
where no drilling has taken place. The historical holes were drilled vertically and were not suitable
for finding sub-vertical mineralization (see
Figure 3
below).
"Though a small program, drill hole results received so far have augmented the assumptions held by our
geologists on widths and confirmed the Company's revised interpretation of steeply dipping
mineralization, with further extension potential than previously thought," said Brian Hinchcliffe, Company
CEO. "Fortunately, the drillers, Envirotech, have a great crew on the rig that tackled the angled drill holes
the geologists designed and that are helping to get a better understanding of the patterns of gold
mineralization in this area of former high-grade mines."
See
Tables 1 and 2
below for full results and information for the first ten (10) holes of the 2024 Reverse
Circulation (RC) drill program at Prospect Mountain North.
Table 1:
Assay Results
Hole ID
From
To
Intercept
From
To
Intercept
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Gram x
Metres
(Au)
(m)
(m)
(m)
(ft)
(ft)
(ft)
PM24-001
3.05
13.72
10.67
10
45
35
0.75
5.76
0.02
0.02
0.14
8.0
including
6.1
7.62
1.52
20
25
5
3.16
20.80
0.04
0.04
0.21
4.8
56.39
60.96
4.57
185
200
15
0.24
2.48
0.009
0.012
0.08
1.1
76.2
91.44
15.24
250
295
45
0.42
0.436
0.001
0.004
0.2
6.4
PM24-002
59.44
60.96
1.52
195
200
5
0.24
9.2
0.09
0.02
0.4
0.4
131.06
134.11
3.05
430
440
10
0.205
4.28
0.02
0.007
0.03
0.6
PM24-003
7.14
25.91
18.77
30
85
55
0.253
2.77
0.03
0.03
0.07
4.7
PM24-004
0
126.49
126.49
0
415
415
1.06
12.26
0.06
0.06
0.72
134.1
including
0
12.19
12.19
0
40
40
4.20
71.04
0.11
0.15
0.96
51.2
which includes
3.05
12.19
9.14
10
40
30
5.0
86.2
0.04
0.04
0.35
45.7
including
22.86
24.38
1.52
75
80
5
1.40
7.15
0.05
0.07
1.43
2.1
including
32
38.1
6.1
105
125
20
2.63
10.66
0.06
0.05
0.66
16.0
including
77.72
79.25
1.53
255
260
5
1.08
4.46
0.06
0.11
0.50
1.7
including
86.87
94.49
7.62
285
310
25
1.20
9.08
0.12
0.08
0.62
9.1
which includes
92.96
94.49
1.53
305
310
5
3.42
24.5
0.29
0.19
1.42
5.2
including
96.01
106.68
10.67
305
350
45
1.51
12.98
0.14
0.10
0.94
16.1
which includes
100.58
102.11
1.53
330
335
5
2.37
18.5
0.25
0.15
1.26
3.6
which includes
105.16
106.68
1.52
345
350
5
2.64
19.45
0.19
0.15
1.05
4.0
PM24-005
0
27.43
27.43
0
90
90
0.97
13.72
0.06
0.04
0.23
26.6
including
0
4.57
4.57
0
15
15
3.88
56.23
0.14
0.14
0.65
17.7
which includes
0
3.05
3.05
0
10
10
5.28
72.25
0.14
0.17
0.72
16.1
PM24-006
0
35.05
35.05
0
115
115
1.38
26.32
0.14
0.06
0.26
48.4
including
1.52
22.86
21.34
5
75
70
2.03
38.26
0.19
0.09
0.36
43.3
which includes
4.57
6.1
1.53
15
20
5
3.82
41.7
0.09
0.14
0.36
5.8
PM24-007
0
39.62
39.62
0
130
130
0.59
13.30
0.03
0.02
0.12
23.4
including
19.81
25.91
6.1
65
85
20
1.16
32.35
0.10
0.04
0.32
7.1
which includes
36.58
38.1
1.52
120
125
5
2.25
10.75
0.03
0.02
0.09
3.4
59.44
89.92
30.48
195
295
100
0.90
9.04
0.06
0.02
0.06
27.4
including
60.96
67.06
6.1
200
220
20
3.54
23.74
0.16
0.03
0.15
21.6
94.49
121.92
27.43
310
400
90
0.54
6.95
0.08
0.03
0.08
14.8
including
94.49
97.54
3.05
310
320
10
2.15
39.53
0.53
0.07
0.35
6.6
PM24-008
0
15.24
15.24
0
50
50
1.63
19.02
0.04
0.07
0.27
24.8
including
0
7.62
7.62
0
25
25
2.35
28.16
0.04
0.10
0.21
17.9
PM24-009
6.1
16.76
10.66
20
55
35
1.54
14.07
0.13
0.05
0.36
16.4
including
6.1
15.24
9.14
20
50
30
1.71
15.78
0.15
0.05
0.39
15.6
which includes
7.62
9.14
1.52
25
30
5
3.52
25.2
0.23
0.08
0.52
5.4
36.58
62.48
25.9
120
175
55
1.1
21.29
0.02
0.09
0.34
28.5
including
38.1
42.67
4.57
125
140
15
3.00
44.70
0.03
0.04
0.26
13.7
PM24-010
0
10.67
10.67
0
35
35
0.97
13.50
0.03
0.04
0.44
10.3
including
0
4.57
4.57
0
15
15
1.77
19.42
0.05
0.08
0.49
8.1
22.86
25.91
3.05
75
85
10
0.43
17.92
0.05
0.04
0.13
1.3
Note:
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. True widths are unknown due to uncertainty around
orientations of mineralized zones.
Table 2: Drill Hole Coordinates
Hole ID
Azimuth
Dip
Northing
Easting
Total Depth (m)
Total Depth (ft)
NAD83 m, Nevada East grid. EPSG: 32107
PM24-001
270
-44
164991.4
8524679
164.6
540
PM24-002
102
-45
164997.3
8524680
190.5
625
PM24-003
77
-41
164994.8
8524683
109.7
360
PM24-004
141
-46
164714.3
8524544
135.7
445
PM24-005
174
-46
164713
8524545
48.8
160
PM24-006
223
-49
164709.3
8524548
80.8
265
PM24-007
222
-63
164711.9
8524547
138.7
455
PM24-008
0
-90
164717.9
8524531
24.4
80
PM24-009
0
-90
164710.1
8524524
65.5
215
PM24-010
55
-66
164705.3
8524413
74.7
245
Figure 1: Map showing first ten (10) RC holes drilled
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/219859_ac560491a420da6f_002full.jpg
Figure 2: Section showing Hole PM24-004 increased width to zones (looking South)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/219859_ac560491a420da6f_003full.jpg
Figure 3: Section showing historical mining below with big gap to new interpretation of steep
mineralization (looking South)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/219859_ac560491a420da6f_004full.jpg
Wabash/Williams/Silver Connor Area
- Seven (7) holes are reported here from the 20 holes drilled to
date in this area. The voids caused by mineralizing fluids has restricted the drilling to five main drill pads
from which multiple angled RC holes were drilled.
Silver Connor Shaft Area pad. Holes PM24-004, 5, 6, 7, 21 and 25 were drilled from this pad, of which
holes PM24-004 through 007 are reported here. All holes were sited on a near surface gossan zone
surrounding the Silver Connor shaft that was known to have yielded high gold grades in historical drilling.
24-004
was drilled to the SE towards the Williams mine historical holes. As noted, the expected
upper gossan was intersected, but the hole continued through multiple gossan and oxide zones to
the end. This surprising result opens up the possibility of larger bulk-tonnage oxide gold targets in
the area. A historical RC drill hole in the vicinity of this hole did intersect voids in that area but did
not return results as good as 24-004.
24-005
was a short hole drilled to the south; no gossan was in the surface zone. Gold results below
the first 10ft (4.57m) were relatively subdued, which may be a function of clays being washed down
by wet RC drilling, as the yellow clay ore was highly sought after by the historical miners.
24-006
and
24-007
were drilled to the SW near the deeper stopes in the historic Wabash mine.
24-006 intersected the surface gossan zone, drilling 115ft (35.05m) of mineralization @ 1.38 g/t
Au, 26.3 g/t Ag, before crossing a 15ft stope or cave where mineralization terminated. 24-007 was
drilled on the same profile but was more steeply dipping. It intersected the surface gossan, though
of lower grade here, and was mineralized at low grades to a 70ft (21.34m) wide stope/cave.
Drillers successfully gained return and low-grade mineralization continued to the bottom of the hole.
Best intersections were on either side of the void, suggesting the main mineralization had been
mined, and include 5ft (1.52m) @ 2.25 g/t Au, 10.8 g/t Ag from 120ft (36.58m), above the void, and
20ft (6.1m) @ 3.54 g/t Au, 23.7g/t Ag from 200ft (60.96m) downhole. 24-007 shows intermediate
zones of mineralization between surface and the mining below, suggesting through-going sub-
vertical mineralization.
Drilled from a pad above Silver Connor shaft,
24-008
was designed to twin historical hole PMW-
11 and
24-009
was designed to twin historical hole PMW-12. Both holes intersected equivalent
widths of gossan in the upper zone, but overall grades were lower. 24-008 intersected 35ft
(10.67m) @ 1.87 g/t Au, 21.8 g/t Ag from 0ft, compared to PMW-11
*
at 10ft away, which
intersected 50ft (15.24m) @ 4.08 g/t Au, 59.92g/t Ag. 24-009 intersected 30ft (9.14m) @ 1.71 g/t
Au, 15.8 g/t Ag from 20ft compared to PMW-12
*
, which intersected 70ft (21.34m) @ 4.52 g/t Au,
35 g/t Ag. 24-009 intersected a 15ft cave with a zero assay value from 5-20ft, so these results are
not directly comparable (*historical holes PMW-11 and 12 are reported in the Technical Report
(referenced below) and the Company's July 11, 2024 press release).
24-009
intersected a lower
zone of gossan that ran 15ft (4.57m) @ 3 g/t Au, 44.7 g/t Ag from 125ft downhole, which had not
been intersected in PMW-12. This indicates strong spatial variability, although the twins could not
be positioned closer than 8ft from the historical collar due to site restrictions. More twins have been
drilled as part of the program to ascertain variability.
24-010
was drilled from a pad to the east along with holes 24-011, 12. It was aimed to test
historical high grade near the Williams mine encountered in two historical drillholes. Due to pad
restrictions the rig could not intersect the upper zone properly but nonetheless intersected 15ft
(4.57m) @ 1.77 g/t Au, 19.4 g/t Ag from surface approximately 25ft from the targeted historical
intersection. The lower zone was not intersected as the hole steepened substantially during drilling.
Industry Tunnel Area -
Three (3) holes were drilled from a single pad. Two (2) holes,
PM24-002
and
PM24-003
were drilled to the east into areas of old surface workings around the upper and lower
Industry tunnels. Despite good gossan being intercepted and similar gossans from the tunnel yielding
rock chips of up to 22.6 g/t Au, results were poor overall. The gossans yielded anomalous gold ranging
only between 0.1-0.44 g/t Au and were subdued in silver and base metals.
PM24-001
was drilled
westwards into the Silver Connor fault zone through the Hamburg Dolomite.
It was anomalous in gold
from the surface to 300ft (0.04 to 3.16 g/t Au; 0.24 g/t Au average), where it contacted the fault,
suggesting the existence of a large mineralized system along the Silver Connor fault and the possibility
for large tonnage, low grade oxide mineralization. These faults are conduits for gold-bearing fluids for the
regions' deposits and the dense fault network in the northern part of the Property has similarities to i-80's
Archimedes/Hilltop area and the historic Richmond/Eureka/Fad zones. A best assay of 5ft (1.52m) @
3.16 g/t Au, 20.8 g/t Ag from 20ft (6.1m) was recorded, with no other assays greater than 1 g/t Au in non-
gossanous rocks of the Hamburg dolomite.
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 1500ft (455m) using 4'' inch pipe and a 51/4'' bit. Holes were
cased down to 25-80ft (21.4-24.45m) with 8" 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 has
also been 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 5ft (1.52m) 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 (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.
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 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:
Website:
www.northpeakresources.com
Chelsea Hayes, Director
Phone: +1-647-424-2305
Email:
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, 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, 2023 and the
quarter ended March 31, 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.