Work Programs at Prospect Mountain Support Interpretation of Deep- Seated Mineralization Below Historic Workings; Drilling Approval Received
Work Programs at Prospect Mountain Support Interpretation of Deep-
Seated Mineralization Below Historic Workings; Drilling Approval Received
Calgary, Canada October 18, 2023
North Peak Resources Ltd. (TSX Venture: NPR) (the “Company” or “North Peak”) has now completed
the comprehensive geophysical surveys and geochemical sampling programs planned for its Prospect
Mountain property in Eureka, Nevada (the “Property” or “Prospect Mountain”). Prospect Mountain has
hosted many of the historic mining operations of the Eureka camp, on both its eastern and western flanks.
The Company completed over the summer months soil sampling, magnetotelluric and gravity survey
exploration programs to define drilling targets across the potential carbonate replacement deposit (CRD)
and Carlin style mineralization complexes on the Property and has integrated the data to finalize its plans
for drilling.
Launched in June was a helicopter magnetotelluric (MT) survey which located a 2-km long conductive
anomaly directly beneath the old oxide gold, silver, lead and zinc stopes of the Diamond mine. A
comprehensive gravity survey and a drone-based magnetic survey followed. The results of these
surveys highlighted the MT anomaly (see Figure 1).
A comprehensive Property-wide soil sampling exercise was then undertaken, and identified both
Carlin style and CRD systems, reinforcing the historic Homestake chip sampling that had been
undertaken in 2001 (see Figure 2). The position of the CRD soil anomalies confirms a south-easterly
plunge to the mineralization and is of a similar length along-strike to the surface workings and the main
part of the MT anomaly (see Figure 1). It highlights considerable near surface exploration potential in
the northern part of the property between the Banner and Duke faults, where only minor historical
exploration has occurred.
The Company has also secured an extension of its exploration surface drilling area, as defined in the
existing Plan of Operations, to specifically target the deep anomaly identified by the geophysical
surveys and geochemical sampling programs.
“Success with the exploration programs currently undertaken by North Peak and others near Eureka
might well see this area re-emerge as a high-grade underground mining camp, which it was
historically, producing gold, silver, lead and zinc,” said Brian Hinchcliffe, North Peak’s CEO. “We have
been fortunate in the timing of the exploration programs we have undertaken with local contractors
and have benefited from building a good working relationship with the regulatory and permitting
authorities.”
Highlights:
• A 2-km long conductive anomaly directly beneath the old oxide gold, silver, lead, zinc stopes and
mine workings on the Property is highlighted by the several geophysical surveys (see Figure 1).
• The main geophysical anomaly occurs immediately below the water table, where historical
records indicate the oxide-to-sulphide transition occurs, as in other mines in the Eureka Camp,
in which sulphide mineralization is present (see Figures 1 and 3).
• The soil sampling campaign highlighted both CRD and Carlin style systems extending across the
property, reinforcing the historic Homestake rock chip sampling (see Figure 2).
www.northpeakresources.com
TSX Venture: NPR
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Figure 1: Cross section of Diamond Mine, Pb rich core of CRD soil anomaly in relation to MT anomaly,
underground workings, gravity anomaly and historical stopes.
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Figure 2: Soil sampling campaign results, highlighting CRD and Carlin style mineralization.
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Figure 3: Eureka camp long section, illustrating geophysical targets and relation of North Peak features to
those in entire camp.
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.
About Prospect Mountain
The Property, which includes the Diamond mine, 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,
Au-only Carlin style mineralization, carbonate replacement 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 610 m
(2000 ft) below the top of the ridge line.
A Plan of Operations has been approved, which covers part of the Property (totalling 81 acres) and
entitles an operator to pursue surface exploration, exploration drilling, underground mining of up to
365,000 tons per annum and certain infrastructural works.
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 property in Eureka,
Nevada (see the Company’s May 4 and 23, 2023 and August 25, 2023 press releases).
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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, estimates of mineralization from drilling and
geophysical and geochemical 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
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 June 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.