North Peak Resources Ltd. / CA6614441096
23.02.2024 - 17:06:09North Peak Reports at Least 8 Zones up to 9.5% Zinc and 4.6% Lead on Its First Exploration Hole in Eureka, Nevada, Along with a New Gold Zone of 0.6 g/t Au over 3.1 Meters
| North Peak Resources Ltd. / Key word(s): Miscellaneous 23.02.2024 / 17:06 CET/CEST The issuer is solely responsible for the content of this announcement. Calgary, Alberta--(Newsfile Corp. - February 12, 2024) - North Peak Resources Ltd. (TSXV: NPR) (the "Company" or "North Peak") reports that its 3,253-foot first exploration core hole (PM23-001) successfully drilled the conductive Mobile MT geophysical anomaly identified from summer 2023 surveys on its Prospect Mountain Property in Eureka, Nevada (the "Property" or "Prospect Mountain") (see the Company's October 27, 2023 press release). This first exploration hole was drilled to the west from the easily accessible Diamond Mine portal and intersected at least 8 mineralized zones of the Carbonate Replacement (CRD) style that were within altered Hamburg dolomite, the host rock of the Diamond Mine workings above (see Figures 1 and 2). Significant intersections include 9.5% Zn, 221.6 g/t Ag, 0.8% Cu, and 0.3% Pb over 1.0 m (3.28 ft), 7.3% Zn, 54.6 g/t Ag, and 0.8% Pb over 1.9 m (6.23 ft), and 355 g/t Ag and 4.6% Pb over 0.3 m (1 ft) (see Table 1 below). An intersection of 0.6 g/t Au over 3.1 m was located along the Jackson Fault that was historically thought to be devoid of gold, indicating potential Carlin style gold leakage along the fault."This initial drill hole was positioned to enable us to target the MT anomaly identified from an operationally efficient location in winter," commented Mike Sutton, Director and Senior Geologist. "The hole intersected some of the faults that run across the Property, and this will help us test theories of the fault systems that exist in the Eureka camp and drive the multiple types of mineralization that exist in the camp, in particular how to best drill the other large targets further north on the Property." PM23-001 was successful in intersecting several zones of pyrite, sphalerite, galena +- chalcopyrite mineralization in the projected area of the MT geophysical anomaly. Given the accompanying zinc rich and low gold nature of the massive sulphide mineralization intersected, it is thought that this hole intersected "halo" style mineralization peripheral to larger, more conductive bodies that should have higher galena and gold further north in the system. These low lead-zinc ratios are indicative of distal halo mineralization; in surface soil sampling, higher lead-zinc ratios are intimately associated with historical workings and increase markedly to the north (see Figure 1).A BHEM survey is being undertaken to evaluate the optimal orientation for potential wedging of this hole, as it should help to identify the location of the best conductors (sulphides) relative to the position of the original hole. North Peak previously released assay results from one historical hole (WS02) drilled in 2017 from surface at Prospect Mountain, which intersected 8.0% Zn over 7.0 m located 90 m (295 ft) above the underground workings (stopes) at Shaft #2, and 12.9 g/t Au, 195 g/t Ag, 0.8% Pb and 0.5% Zn over 2.5 m at 280 m (919 ft) southwest of the underground workings (see the Company's July 5, 2023, press release). WS01, drilled vertically to 294.8 m (967 ft) at the same collar as WS02, intercepted 3.3% Zn over 4.8 m (15.8 ft) from 112.5-117.3 m (369-384.8 ft), including 12.1% Zn over 0.4 m (1.3 ft) from 115.2-115.6 m (377.9-379.2 ft) (see Table 1 below). These results from WS01 and WS02 are consistent with the localized gold and polymetallic intercepts found in PM23-001.Towards the end of PM23-001 (west of the underground workings), marbelization of the dolomite is present and granitic dyke was intersected. This could indicate a heat source for the fluids.  Figure 1: Map view showing PM23-001, combined with historical underground workings and soil sampling data.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9875/197587_cda2c31274805858_002full.jpg  Figure 2: Long section looking west showing PM23-001, the historical underground workings and MT anomalies after 3D inversion.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/9875/197587_cda2c31274805858_003full.jpgProspect Mountain Drill Hole ResultsTable 1. Assay Results
Phone: +1-647-424-2305 Email: info@northpeakresources.com Website: www.northpeakresources.com Chelsea Hayes, Director Phone: +1-647-424-2305 Email: info@northpeakresources.com 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, timing and completion of any drilling and work programs on the Property (including, without limitation, related to any wedge holes that may be drilled from PM23-001), estimates of mineralization from drilling and geophysical 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 September 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.  To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197587News Source: Newsfile 23.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Language: | English |
| Company: | North Peak Resources Ltd. |
| Canada | |
| ISIN: | CA6614441096 |
| EQS News ID: | 1844377 |
| End of News | EQS News Service |
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