/NOT FOR DISTRIBUTION OR DISSEMINATION IN
THE UNITED STATES. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES SECURITIES LAWS/
www.northpeakresources.com
TSX Venture: NPR
CALGARY,
AB, May 25, 2023 /CNW/ - North Peak
Resources Ltd. (TSXV: NPR) (the "Company" or "North
Peak") announces that it has completed its previously announced
non-brokered private placement for aggregate gross proceeds of
CAD$2 million (the "Private
Placement"). In connection with the Private Placement,
2,272,727 common shares of the Company ("Common Shares")
were issued at a price of CAD$0.88
per Common Share.
The Company also announces that it has launched a range of work
programs on the Prospect Mountain Mine complex (the
"Property") located in the Battle
Mountain-Eureka trend in
Nevada. In its May 23rd press release, the Company
reported that final TSX Venture Exchange approvals for its
acquisition of the Property had been received. A Nevada LLC
structure that will hold the claims and permits that constitute the
Property is being established, with the Company holding an initial
80% interest and Solarljos, LLC (controlled by the Erickson family
of Nevada) holding the remaining
20% interest (which the Company has the right to acquire).
"On the Diamond Mine's main 7800 level, LIDAR surveys and
comprehensive mapping has been completed, but it is the airborne
geophysics surveys and the mid-June channel sampling which, along
with a gravity survey, will direct the drilling programs both
underground and on surface," said Brian
Hinchcliffe, North Peak CEO. "Strategic underground drilling
programs will be developed and executed from these data acquisition
programs, which also help identify gold surface drilling
targets."
"We are excited to see these exploration programs launched
against the background of the polymetallic discovery success by
others in this Eureka district,"
said Ty Erickson, MD. "These modern
exploration programs will greatly compliment the work we undertook
establishing Prospect Mountain's permitting profile over the
years."
The Property, which includes the Diamond and Excelsior mines, is
more than 1,700 acres of high elevation lands with an underground
infrastructure consisting of 4 shaft complexes and some 11 miles of
tunnels where mining operations focused on the district's famous
high-grade gold-silver-lead ores dating back to 1872. The
Property's historic underground production areas sit on the western
side of the Jackson fault, approximately 3 km's south of the Ruby
Hill complex, but the most recent exploration drilling programs in
the late 1990's targeted surface gold targets. Underground shafts
and levels are accessed mainly through the Diamond Tunnel at the
7800 level from the east and from the Silver-Connor tunnel from the
west, which is at an elevation level of 7200 feet.
Private Placement
The securities issued in connection with the Private Placement
are subject to a four-month hold period from the closing of the
Private Placement, in accordance with applicable securities
laws.
The Company intends to use the net proceeds from the Private
Placement to continue to secure mining assets, the continued
development of its business and for general and administrative
expenses.
Subject to the final review by the TSX Venture Exchange, the
Company has agreed to pay a cash finder's fee to Rupert Williams of CAD$96,500 in respect of the aggregate sales to
subscribers under the Private Placement that were introduced by
him.
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 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 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.
The TSXV has in no way passed upon the merits of the
transactions described herein and has neither approved nor
disapproved the contents of this news release.
This press release is not an offer of the Company's
securities for sale in the United
States. The Company's securities may not be offered or sold
in the United States absent
registration or an available exemption from the registration
requirements of the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") and applicable U.S. state securities laws.
The Company will not make any public offering of its securities in
the United States. The Company's
securities have not been and will not be registered under the U.S.
Securities Act.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale
of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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, statements with respect to the
anticipated use of proceeds of the Private Placement, the ability
of the parties to complete the transactions described herein, the
ability of the Company to complete the exploration programs as
proposed and on the timelines suggested, estimates of
mineralization from drilling and the potential for minerals and/or
mineral resources and reserves, and 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, 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.
SOURCE North Peak Resources Ltd.
