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)
|
TO
(M)
|
INTERVAL
(M)
|
GRADE
AU
(g/t)
|
NORTH PEAK
DRILL HOLE
(twin)
|
FROM
(M)
|
TO
(M)
|
INTERVAL
(M)
|
GRADE
AU
(g/t)
|
BH
218
|
0
|
6.1
|
6.1
|
8.7
|
NP22-001
|
|
6.1
|
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
|
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
|
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 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
|
|
90
|
320
|
97.5
|
NP22-002
|
Area A
|
Core
|
860981.6
|
1603935.0
|
7332.2
|
|
90
|
158
|
48.2
|
NP22-003
|
Area A
|
Core
|
861665.3
|
1604397.0
|
7400.0
|
|
90
|
200
|
61.0
|
NP22-004
|
Area A
|
Core
|
861990.6
|
1605074.0
|
7360.0
|
|
90
|
364
|
110.9
|
NP22-007
|
Area A
|
Core
|
864076.3
|
1605357.0
|
7473.6
|
|
90
|
180
|
54.9
|
NP22-008
|
Area A
|
Core
|
864412.9
|
1605227.0
|
7405.5
|
|
90
|
83
|
25.3
|
NP22-026
|
Area A
|
Core
|
860579.0
|
1604176.1
|
7337.0
|
8
|
-58
|
600
|
182.9
|
NP22-029
|
Area A
|
RC
|
861994.9
|
1604824.2
|
7371.0
|
341
|
-54
|
500
|
152.4
|
NP22-030
|
Area A
|
RC
|
861994.9
|
1604824.2
|
7371.0
|
302.5
|
-47
|
550
|
167.6
|
APPENDIX 3: Gold mineralisation intercepts
HOLE
ID
|
FROM
|
TO
|
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
|
2
|
0.6
|
0.7
|
91 %
|
incl.
|
165.5
|
50.4
|
170.5
|
52.0
|
5
|
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
|
2
|
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
|
5
|
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
|
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
|
0.8
|
100 %
|
incl.
|
196.0
|
59.7
|
200.0
|
61.0
|
4
|
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
|
5
|
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
|
6
|
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
|
2
|
0.6
|
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
|
11
|
3.4
|
0.2
|
99 %
|
incl.
|
173.0
|
52.7
|
176.0
|
53.6
|
3
|
0.9
|
0.4
|
100 %
|
NP22-026
|
187.0
|
57.0
|
191.5
|
58.4
|
4.5
|
1.4
|
0.2
|
NA
|
|
212.1
|
64.6
|
219.3
|
66.8
|
7.2
|
2.2
|
0.2
|
NA
|
|
266.9
|
81.4
|
269.0
|
82.0
|
2.1
|
0.6
|
0.3
|
NA
|
NP22-029
|
0.0
|
0.0
|
10.0
|
3.0
|
10
|
3.0
|
0.2
|
NA
|
|
195.0
|
59.4
|
205.0
|
62.5
|
10
|
3.0
|
0.3
|
NA
|
|
255.0
|
77.7
|
260.0
|
79.2
|
5
|
1.5
|
0.2
|
NA
|
|
280.0
|
85.3
|
285.0
|
86.9
|
5
|
1.5
|
0.6
|
NA
|
|
350.0
|
106.7
|
355.0
|
108.2
|
5
|
1.5
|
0.5
|
NA
|
|
390.0
|
118.9
|
405.0
|
123.4
|
15
|
4.6
|
0.3
|
NA
|
|
440.0
|
134.1
|
455.0
|
138.7
|
15
|
4.6
|
0.2
|
NA
|
incl.
|
450.0
|
137.2
|
455.0
|
138.7
|
5
|
1.5
|
0.4
|
NA
|
|
470.0
|
143.3
|
475.0
|
144.8
|
5
|
1.5
|
0.2
|
NA
|
NP22-030
|
20.0
|
6.1
|
30.0
|
9.1
|
10
|
3.0
|
0.3
|
NA
|
|
180.0
|
54.9
|
215.0
|
65.5
|
35
|
10.7
|
0.3
|
NA
|
|
370.0
|
112.8
|
375.0
|
114.3
|
5
|
1.5
|
0.2
|
NA
|
|
430.0
|
131.1
|
435.0
|
132.6
|
5
|
1.5
|
0.2
|
NA
|
|
525.0
|
160.0
|
530.0
|
161.5
|
5
|
1.5
|
0.3
|
NA
|
|
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.