North Peak Reports Wabash/Chicago Zone Extended by Strong Widths; Hole PM24-016 Intersects 1.9 g/t Au over 135ft (Includes 3.9 g/t Au over 60ft) and PM24-015 Returns 1.3 g/t Au over 60ft
North Peak Reports Wabash/Chicago Zone
Extended by Strong Widths; Hole PM24-016
Intersects 1.9 g/t Au over 135ft (Includes 3.9 g/t
Au over 60ft) and PM24-015 Returns 1.3 g/t Au
over 60ft
Calgary, Alberta--(Newsfile Corp. - August 27, 2024) -
North Peak Resources Ltd.
(TSXV: NPR) (the
"
Company
" or "
North Peak
") announces further assay results from holes 11-17 of the recently
completed 27-hole surface drilling program on the west side of the ridge on the Prospect Mountain
Property (the "
Property
") in Eureka, Nevada. The program was targeted towards the historical Wabash,
Williams and Chicago mine areas and strategically followed up on drilling results of the 91-hole program
carried out in 1998/1999 by European American Resources (EPAR) (see
Figure 3
below).
Highlights
PM24-016 intersected
60ft (18.3m) @ 3.92 g/t Au
(which includes
35ft (10.7m) @ 5.01 g/t Au
),
from 235ft, which is 50ft below the historical Wabash mine; within
135ft (42.1m) @ 1.89 g/t Au,
from 230ft; the intersection is located 25.5ft NE of historical EPAR hole PM-W-79 (and between
the intersections in EPAR holes PM-W-78 and 79).
PM24-015 intersected
60ft (18.3m) @ 1.3 g/t Au
, 22.6 g/t Ag from 200ft, which included
15ft
(4.6m) @ 3.0 g/t Au
, 20.4g/t Ag from 210ft; the intersection is located NE of historical EPAR hole
PM-W-78.
Holes PM24-015, PM24-016 and PM24-017, together with historical EPAR holes PM-W-78 and
PM-W-79 is further evidence that the new interpretation of steeply-dipping mineralization along
structures that were conduits for the gold fluids, is accurate, and means that historical vertical drill
holes likely missed mineralization) (see
Figure 2
below).
PM24-013 intersected over 690ft (210m) of non-commercial, but continuous gold mineralization,
with individual zones over 0.2 g/t Au of up to 105ft (32m), and with 0.16 g/t Au overall (no cutoff).
The wide mineralization in previously reported hole PM24-004 is some 50ft (15.24m) west of the
intersections in this hole (see the Company's August 14, 2024 press release for additional
information about PM24-004).
"Drilling Prospect Mountain with new technology is already paying off as it has permitted the geology
team to see the steeply dipping mineralized zones which could not have been defined before due to
vertical only historical drilling," said Brian Hinchcliffe, Company CEO. "These two holes PM25-015 and
016 could extend the areas mined in the historical Wabash and Chicago mines along a steep zone
connecting these two mines and provide the outline for a larger mineralized area with high grade
pockets."
In the description above for the mineralization of hole PM24-013, reference is made to the recently
released Hole PM24-004 which intersected from surface
415ft (126.49m) @ 1.06 g/t Au
which included
40ft (12.19m) @ 4.20 g/t Au
, from 0 ft. It now appears that holes PM24-015, 016 and 017 and historical
EPAR holes PM-W-78 and PM-W-79 (21.3m @ 3.0 g/t Au and 10.7m @ 3.8 g/t Au, respectively - see
the Technical Report for more details) appear as a down strike extension to the SW of holes PM24-004,
006, and 007 (together with various historical hole intersections). (see
Figure 1
below).
Additional historical mines with interpreted similar NE-SW trending zones are located further to the NW
suggesting the possibility of a bigger footprint of close-spaced zones; there is high-grade gold in soil,
gold in rock samples, and geophysical targets that have not been drilled to the NW, and along trend to
the SW and to the NE.
See
Tables 1 and 2
below for full results and information for these 7 holes of the 2024 Reverse
Circulation (RC) drill program at Prospect Mountain North.
See the Technical Report (defined below) for
full details of the historical drill results referenced in this press release.
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)
*PM24-004
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
PM24-011
0
4.6
4.6
0
15
15
2.25
25.3
0.05
0.04
1.06
10.4
PM24-012
0
6.1
6.1
0
20
20
3.01
22.0
0.06
0.06
0.96
18.4
PM24-013
67.1
70.1
3.0
220
230
10
0.93
6.8
0.2
0.02
0.2
2.8
99.1
103.6
4.6
325
340
15
0.21
2.0
0.001
0.006
0.03
1.0
134.1
138.7
4.6
440
455
15
0.20
2.4
0.005
0.01
0.06
0.9
172.2
175.3
3.0
565
575
10
0.28
2.2
0.03
0.02
0.06
0.8
204.2
237.7
33.5
670
780
110
0.22
1.4
0.03
0.01
0.1
7.4
253.0
269.8
16.8
830
885
55
0.23
1.1
0.008
0.007
0.03
3.9
PM24-014
0
19.8
19.8
0
65
65
0.30
8.6
0.01
0.14
0.42
5.9
33.5
38.1
4.6
110
125
15
0.28
3.7
0.005
0.05
0.15
1.3
PM24-015
61.0
79.3
18.3
200
260
60
1.27
22.6
0.03
0.4
1.59
23.2
62.5
67.1
4.6
205
220
15
3.02
20.4
0.03
0.2
1.32
13.9
PM24-016
70.1
111.3
41.2
230
365
135
**1.89
4.7
0.14
0.03
0.16
77.9
36.6
***2.13
5.3
0.15
0.03
0.19
78.0
71.6
82.3
10.7
235
270
35
**5.01
7.7
0.28
0.03
0.35
53.6
9.2
***5.91
9.0
0.32
0.03
0.41
54.4
70.1
88.4
18.3
230
290
60
**3.92
6.3
0.30
0.03
0.33
71.7
16.8
***4.28
6.9
0.33
0.03
0.36
71.9
PM24-017
41.2
42.7
1.5
135
140
5
0.30
0.6
0.004
0.02
0.03
0.5
64.0
71.6
7.6
210
235
25
0.32
8.4
0.003
0.04
0.10
2.4
Notes:
* previously released (see the Company's August 14, 2024 press release); ** includes "0" grade for voids; *** leaves out voids; 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 5 m 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
PM24-011
154
-66
8524407
164704.2
40
130
PM24-012
127
-53
8524408
164702.3
43
140
PM24-013
300
-62
8524485
164756.8
301
985
PM24-014
149
-46
8524480
164758.7
153
500
PM24-015
142
-55
8524493
164659.7
83
270
PM24-016
140
-69
8524494
164660.4
116
380
PM24-017
142
-43
8524492
164660.6
197
645
Hole ID
Azimuth
Dip
Northing
Easting
Total Depth (m)
Total Depth (ft)
NAD83 m, Nevada East grid. EPSG: 32107
Figure 1: Skewed map (looking down the interpreted dip to the NW) showing the 7 new RC
holes drilled lining up with hole PM24-004 and other previously-released holes and historical
mine infrastructure
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/221217_d25647165409aa4c_002full.jpg
Figure 2: Section showing Holes PM24-015, 16 and 17 and steep interpreted dip and historical
mine infrastructure
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/221217_d25647165409aa4c_003full.jpg
Figure 3: Map showing all drilling reported in this RC drill program to date and other
mines/rock samples/soils/geophysical anomalies further NW and along trend to the SW and
NE
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/221217_d25647165409aa4c_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.
24-011
and
24-012
were drilled to intersect a high-grade intersection in historical EPAR hole PM-
W-74 (13.7m @ 5.6 g/t Au + 60.8 g/t Ag) but were drilled too far SW and west of the desired set-
up due to ground conditions; they both intersected intervals similar to previously-reported hole
PM24-010 (same set-up but different direction) of 15ft (4.6m) @ 2.25 g/t Au and 20ft (6.1m) @
3.01 g/t Au, respectively, both from surface.
24-013
intersected wide low-grade zones; it intersected over 690ft (210m) of mineralization, with
individual zones over 0.2 g/t Au of up to 105ft (32m), and with 0.16 g/t Au overall (no cutoff). The
wide mineralization in hole PM24-004 is some 50ft (15.24m) west of the intersections in this hole.
24-014
targeted the SE-most historical RC hole (PM-W-01) which had not much gold but very high
silver - potentially indicating proximity to another mineralized zone in that direction; this hole did
intersect 65ft (19.8m) @ 0.3 g/t Au from surface.
24-015
was drilled to intersect just above historical EPAR hole PM-W-78 to show the zone has a
steep dip; it intersected 60ft (18.3m) @ 1.3 g/t Au, 22.6 g/t Ag from 200ft, which included 15ft
(4.6m) @ 3.0 g/t Au, 20.4 g/t Ag from 210ft.
24-016
was drilled to intersect just below historical EPAR hole PM-W-79 to show the zone has a
steep dip; it intersected
60ft (18.3m) @ 3.92 g/t Au
, 6.3 g/t Ag from 230ft, which included
35ft
(10.7m) @ 5.01 g/t Au
, 7.7g/t Ag from 235 ft; within
135ft (41.2m) @ 1.89 g/t Au,
4.7g/t Ag from
230ft; the intersection is located 25.5ft NE of historical EPAR hole PM-W-79 (and between the
intersections in historical EPAR holes PM-W-78 and 79).
24-017
was drilled to intersect well above historical EPAR hole PM-W-78 to show the zone has a
steep dip; a low-grade gold zone was intersected showing the steep dip.
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 is
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.
Correction in AGM Circular
The Company wants to correct an inadvertent error its Information Circular dated August 1, 2024 for its
upcoming annual and special meeting of shareholders on September 12, 2024.
On page 6 of the
Information Circular, it incorrectly refers to Ty Erickson as holding the Chief Financial Officer and
Corporate Secretary position with the Company.
To clarify, Mr. Erickson is a director and Mr. Andrew
Dunlop, as announced by the Company in its July 2, 2024 press release, is the Chief Financial Officer
and Corporate Secretary for the Company.
The Company apologizes for any confusion this error may
have caused.
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 2,000 ft (610m) 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 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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/221217