NPR.V · 2022-07-05 12:00:00

North PEAK Reports First Assay Results from the Confirmatory Drilling Program ON the Black Horse Project

Drill Results

NORTH PEAK REPORTS FIRST ASSAY

RESULTS FROM THE CONFIRMATORY

DRILLING PROGRAM ON THE BLACK HORSE

PROJECT

CALGARY, AB

July 5, 2022

/CNW/ -

North Peak Resources Ltd.

(TSXV: NPR) (the "

Company

or "

North Peak

") is providing an update on the work programs underway pursuant to its option to

purchase the Black Horse gold property located near

Ely Nevada

(the "

Black Horse Property

"). In

December 2021

the Company signed an agreement for the option with Minex LLC, and then

obtained the necessary drilling permits. Following a review of the historical data of the 316 holes

previously drilled, an 8-hole core drilling program to twin the main zones of the property and a 20-

hole reverse circulation (RC) drilling program to test other zones were launched (see Appendix 1)

"The assay results for the first 6 twin core holes have finally been received and while indicating gold

mineralization, they have yet to confirm historic Black Horse drilling results either in grade or

mineralized intercept as presented in the table below," said Brian Hinchcliffe CEO of the Company.

"These assay results are so vastly different from what Minex received on the Black Horse Property

back in the late 1990's, that together with Minex we will carry out a gold grade determination review

as well as sending samples to a second lab for umpire assays."

MINEX RC

HOLE

(historic)

FROM

(M)

INTERVAL

(M)

GRADE

(g/t)

NORTH PEAK

DRILL HOLE

(twin)

FROM

(M)

INTERVAL

(M)

GRADE

(g/t)

BH 218

6.1

8.7

NP22-001

6.1

NIL

48.8

54.9

6.1

0.5

48.9

52.2

3.3

0.3

incl.

50.4

52.0

1.5

1.4

BH 165

18.3

30.5

12.2

3.6

NP22-002

19.5

21.0

1.5

0.2

incl.

24.4

30.5

6.1

26.0

27.7

1.7

1.6

3.8

5.8

2.0

0.3

BH 89

45.7

57.9

12.2

7.3

NP22-003

incl.

48.8

51.8

3.0

27.5

48.8

51.8

3.0

LOST

CORE

52.0

61.0

9.0

0.3

BH 225

82.3

109.7

27.4

2.3

NP22-004

69.2

77.0

7.8

0.3

incl.

82.3

94.5

12.2

4.4

incl.

75.9

77.0

1.1

97.9

100.6

2.7

0.3

BH 249

33.5

36.6

3.0

3.4

NP22-007

44.2

44.4

0.1

5.7

42.7

48.8

6.1

2.8

36.3

36.9

0.2

0.3

51.5

54.9

1.0

0.2

Summary

North Peak drilling has intersected the strong thrust structure and the zones of mineralization

are where they are roughly expected to be and has intersected low-grade mineralization that

matches the historical drill results. The high-grade results have been more difficult to

corroborate.

All the historical mines on the property mined vertical to sub-vertical mineralization. It is thought

that at least some of the higher-grade mineralization in the historical vertical RC holes

intersected vertical mineralization and so, twinning these holes makes duplicating the results

very difficult.

Assay results have not yet been received from the highest-grade portion of the mineralization;

results for holes 005, 006, and 010 are pending.

Drilling campaigns by Minex in 1997-1998 drilled 316 RC holes that identified a mineralization zone

that appears to have a strike length of two miles with drilling generally at 100-foot centers.

Approximately 65% of the gold mineralization occurs in hydrothermally altered and micro-veined

quartzite inter-layered beds of mica schist in the Pre-Cambrian McCoy Creek group. Most of the

gold mineralization in the quartzite appears to be stratiform and varies from 20-100 feet in thickness

and following a major thrust structure - representing the conduit for gold fluids. The Cambrian Lincoln

Peak limestone overlies the Precambrian McCoy Creek group and is in the thrust fault contact with

the Precambrian McCoy Creek group.

The historical drilling was interpreted to have intersected this 30 degree to 45 degree dipping

mineralization but the mines were all on vertical to sub-vertical structures both in the limestone and in

the quartzite. It is thought that at least some of the higher-grade mineralization in the historical

vertical RC holes intersected vertical mineralization and so, twinning these holes makes duplicating

the results very difficult; follow up drilling is being undertaken with angled holes dipping to the NW.

While details of the holes drilled and assays received to date are set forth in Appendices 2 and 3,

the following is a summary of those results:

NP22-001

was a twin hole to historic data for BH 218 which returned 8.7 g/t over

6.1m

(20 feet

at 0-20ft) at the surface, and 0.5 g/t over

6.1m

(20 feet at 160-180ft). NP22-001 intersected

nothing at surface but did return 0.3 g/t Au over

3.3m

(10.7 feet), including 1.4 g/t over

1.5m

(5.0 feet) at depth of 160.5 feet.

NP22-002

was a twin hole to historic data for BH 165 which returned 3.6g/t over

12.2m

(40 feet

at 60-100ft), including 6.1g/t over

6.1m

(20 feet at 80-100ft); NP22-002 intersected 1.6 g/t Au

over

1.7m

(5.6 feet) at a depth starting at 85.4 feet, and 0.2 g/t over

1.5m

(5.0 feet) at a depth

starting at 64.0 feet; it also intersected a new zone of 0.3 g/t over

2.0m

(6.5 feet) at a depth

starting at 12.5 feet.

NP22-003

was a twin hole to historic data for BH 89 which returned 7.3g/t over

12.2m

(40 feet

at 150-190ft), including 27.5g/t over

3.0m

(10 feet at 160-170ft). NP22-003 had complete lost

core at the target depth where the historical high grade result was located but followed

immediately with 0.3 g/t Au over

9.0m

(25.5 feet) at a depth starting at 170.5 feet.

NP22-004

was a twin hole to historic data for BH 225 which returned 2.3 g/t over

27.4m

(90

feet at 270-360ft), including 4.4g/t over

12.2m

(40 feet at 270-310ft); NP22-004 intersected 0.3

g/t Au over

7.8m

(25.5 feet) including 1.0 g/t over

1.1m

(3.5 feet) at a depth starting at 227.0

feet, and 0.3 g/t over

2.7m

(8.7 feet), at a depth starting at 321.3 feet.

NP22-007

was a twin hole to historic data for BH 249 which returned 3.4 g/t over

3.0m

(10 feet

at 110-120ft), and 2.8 g/t over

6.1m

(20 feet at 140-160ft). NP22-007 intersected 5.7 g/t Au

over

0.2m

(0.7 feet), and 0.3 g/t over

0.6m

(2.1 feet) at a depth starting at 145.0, and 119.0

feet, and 0.2 g/t over

3.4m

(11.0 feet) at a depth starting at 169.0 feet.

NP22-026

was an angled hole underneath historic data for BH 218 which returned 8.7 g/t over

6.1m

(20 feet at 0-20ft) at the surface, and 0.5 g/t over

6.1m

(20 feet at 160-180ft). NP22-026

intersected 0.2 g/t Au over

1.4m

(4.5 feet), and 0.2 g/t over

2.2m

(7.2 feet) at a depth starting

at 187.0, and 212.1 feet

NP22-029

was an angled RC hole targeting between historic holes BH 225 and BH 307 which

returned 2.3 g/t over

27.4m

(90 feet at 270-360ft) and 1.3 g/t over

12.2m

(40 feet at 120-160ft)

respectively. NP22-029 intersected numerous zones - most thought to be vertical zones in the

limestone including 0.3 g/t over

3.0m

(10.0 feet) at a depth starting at 195.0; at close to target

depths, it intersected 0.3 g/t Au over

4.6m

(15.0 feet), and 0.2 g/t over

4.6m

(15.0 feet) at a

depths starting at 390.0, and 440.0 feet.

NP22-030

was an angled RC hole targeting 70 feet SE of historic hole BH 281 which returned

0.6 g/t over

6.1m

(20 feet at 250-270ft); NP22-030 intersected numerous zones- most thought

to be vertical zones in the limestone including 0.3 g/t over

3.0m

(10.0 feet) and 0.3 g/t over

10.7m

(35.0 feet) at a depths starting at 20.0, and 180.0 feet; at close to target depths, it

intersected 0.2 g/t Au over

1.5m

(5.0 feet), at a depths starting at 390.0, and 440.0 feet.

The vertical twin holes 001 and 008 are being followed up with angled holes because it is thought the

historical holes intersected vertical mineralization. Drill hole 003 is being redrilled due to complete

lost core at the target depth where the historical high-grade result was indicated to be located.

Review by Qualified Person, Quality Control and Reports

Michael Sutton

, P.Geo., a Director of the Company, is the Qualified Person who supervised the

preparation of the scientific and technical disclosure in this news release on behalf of the Company.

All core and RC samples referenced herein were assayed by Bureau Veritas, located at 605

Boxington Way Ste 101,

Sparks, Nevada

. The lab has ISO 17025, ISO14001 and OHSAS 18001

Certifications. All core and RC samples are under watch from the drill site to the core processing

facility. All samples are assayed for gold by 30g Fire Assay Analysis with AAS finish. If the results

are greater than 10ppm 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. It is planned that 5% of samples with grades above 0.005 opt (but none of nil

value) are to be sent to a second lab. All samples greater than 0.150 opt are to be included and the

rest in increments of grades. Core recovery in the mineralized zones has averaged 83.8%.

Neither the Company nor the Qualified Person can at this time independently verify the historical

information on the Black Horse Property, particularly regarding historical drill results reported by

Minex and its procedures used for sample collection and analysis. Therefore, readers are

encouraged to exercise appropriate caution when evaluating historical drill results. What has been

described to the Company, is that for historical assays, Legend Inc. 988 Packer Way,

Sparks, NV

89431 undertook 30-gram fire assay on all the samples sent in. If the result met the stipulation of

>0.020 opt, then the additional (duplicate) tests were run. CN bottle roll tests were carried out with

1000 grams at -100 mesh on a small subset of the samples that were >0.050 opt.

About North Peak Resources

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 approximately 50 miles east of

Ely

within the

Black Horse mining district in

White Pine County

, Nevada. See the Company's

January 11, 2022

press release for additional information.

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, 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, 2021

, and the period ended

March 31, 2022

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.

APPENDIX 1: Surveyed Drill Hole Collar locations (CNW Group/North Peak Resources Ltd.)

APPENDIX 2: Drill Hole Collar Locations

HOLE ID

AREA

TYPE

EASTING

NORTHING

ELEVATION

AZIMUTH

DIP

DEPTH

(FT)

(M)

NP22-001

Area A

Core

860584.2

1604216.0

7341.4

320

97.5

NP22-002

Area A

Core

860981.6

1603935.0

7332.2

158

48.2

NP22-003

Area A

Core

861665.3

1604397.0

7400.0

200

61.0

NP22-004

Area A

Core

861990.6

1605074.0

7360.0

364

110.9

NP22-007

Area A

Core

864076.3

1605357.0

7473.6

180

54.9

NP22-008

Area A

Core

864412.9

1605227.0

7405.5

25.3

NP22-026

Area A

Core

860579.0

1604176.1

7337.0

-58

600

182.9

NP22-029

Area A

861994.9

1604824.2

7371.0

341

-54

500

152.4

NP22-030

Area A

861994.9

1604824.2

7371.0

302.5

-47

550

167.6

APPENDIX 3: Gold mineralisation intercepts

HOLE ID

FROM

INTERVAL

GRADE AU

(G/T)

CORE

RECOVERY

(%)

(FT)

(M)

(FT)

(M)

(FT)

(M)

NP22-001

160.5

48.9

171.2

52.2

10.7

3.3

0.3

90 %

incl.

160.5

48.9

162.5

49.5

0.6

0.7

91 %

incl.

165.5

50.4

170.5

52.0

1.5

1.4

80 %

160.5

48.9

179.0

54.6

18.5

5.6

0.2*

92 %

incl.

171.2

52.2

179.0

54.6

7.8

2.4

0.14*

98 %

251.0

76.5

253.0

77.1

0.6

0.4

93 %

NP22-002

12.5

3.8

19.0

5.8

6.5

2.0

0.3

80 %

64.0

19.5

69.0

21.0

1.5

0.2

95 %

85.4

26.0

91.0

27.7

5.6

1.7

1.6

79 %

NP22-003

68.0

20.7

68.5

20.9

0.5

0.2

100 %

145.0

44.2

147.5

45.0

2.5

0.8

0.6

95 %

170.5

52.0

200.0

61.0

29.5

9.0

0.3

86 %

incl.

170.5

52.0

173.0

52.7

2.5

0.8

100 %

incl.

196.0

59.7

200.0

61.0

1.2

0.6

68 %

NP22-004

227.0

69.2

252.5

77.0

25.5

7.8

0.3

97 %

incl.

228.0

69.5

233.0

71.0

1.5

0.6

100 %

incl.

249.0

75.9

252.5

77.0

3.5

1.1

1.0

92 %

269.0

82.0

275.0

83.8

1.8

0.2

100 %

288.0

87.8

294.5

89.8

6.5

2.0

0.2

69 %

321.3

97.9

330.0

100.6

8.7

2.7

0.3

100 %

323.0

98.5

325.0

99.1

0.6

100 %

348.5

106.2

351.1

107.0

2.6

0.8

0.2

96 %

353.5

107.7

357.0

108.8

3.5

1.1

0.2

100 %

NP22-007

119.0

36.3

121.1

36.9

2.1

0.6

0.3

54 %

145.0

44.2

145.7

44.4

0.7

0.2

5.7

100 %

159.0

48.5

160.9

49.0

1.9

0.6

0.3

100 %

169.0

51.5

180.0

54.9

3.4

0.2

99 %

incl.

173.0

52.7

176.0

53.6

0.9

0.4

100 %

NP22-026

187.0

57.0

191.5

58.4

4.5

1.4

0.2

212.1

64.6

219.3

66.8

7.2

2.2

0.2

266.9

81.4

269.0

82.0

2.1

0.6

0.3

NP22-029

0.0

10.0

3.0

0.2

195.0

59.4

205.0

62.5

3.0

0.3

255.0

77.7

260.0

79.2

1.5

0.2

280.0

85.3

285.0

86.9

1.5

0.6

350.0

106.7

355.0

108.2

1.5

0.5

390.0

118.9

405.0

123.4

4.6

0.3

440.0

134.1

455.0

138.7

4.6

0.2

incl.

450.0

137.2

455.0

138.7

1.5

0.4

470.0

143.3

475.0

144.8

1.5

0.2

NP22-030

20.0

6.1

30.0

9.1

3.0

0.3

180.0

54.9

215.0

65.5

10.7

0.3

370.0

112.8

375.0

114.3

1.5

0.2

430.0

131.1

435.0

132.6

1.5

0.2

525.0

160.0

530.0

161.5

1.5

0.3

incl.= including; intersections used 0.005 oz/t Au (0.17 g/t) for the bottom cut-off except for: * at a 0.004 oz/t Au (0.14 g/t) cut-off; True widths are unknown at this time due to two

known orientations to mineralization to date; Drill hole NP22-008 did not produce significant assays

SOURCE

North Peak Resources Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/July2022/05/c8909.html

%SEDAR: 00032415E

For further information:

Brian Hinchcliffe, CEOPhone: 1-647-424-2305 Email:

[email protected] Website: www.northpeakresources.com; Chelsea Hayes, Director of

Business Development Phone: +1-647-424-2305 Email: [email protected]

CO: North Peak Resources Ltd.

CNW 14:04e 05-JUL-22

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