CALGARY, AB, Feb. 8, 2022 /CNW/ - North Peak Resources
Ltd. (TSXV: NPR) (the "Company" or "North Peak")
announces that it has received confirmation from the Bureau of Land
Management (the "BLM") that the bonding requirements for the
BLM approval of the Company's initial exploration drilling program
on the Black Horse gold and silver property (the "Black Horse
Property") have been completed. The Company will next week
commence its confirmatory drill programs over the previously
drilled Black Horse Property with the mobilization of a reverse
circulation drill and crew to site. Additional plans to bring a
core drill to the Black Horse Property in late February or March
are underway.
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"The Black Horse Property hosts three former underground mines
and the drill program underway next week will start with reverse
circulation drilling on the former Black Horse Mine (more recently
called Area B - see map referenced below)," said Brian Hinchcliffe, Company CEO. "The first core
drilling on the Black Horse Property will be utilized to confirm
historical inferred mineral resources*, test for vertical veins and
explore potential underlying sulphide zones not tested or drilled
25 years ago when the gold price was US$295 an ounce and the property was last
drilled."
A map setting out the location of the Black Horse Property and
its three historic mining areas can be accessed here: Figure 1:
Black Horse Property Location – Including the Three Historic Mining
Areas.
The Company obtained an option in mid-December 2021 to acquire the Black Horse
Property from Minex, LLC and has obtained BLM permission to carry
out initial diamond and reverse circulation drilling programs at
the Black Horse Property designed to confirm the historical
inferred mineral resource estimate* for gold on the Black Horse
Property and assess the potential for expansion. Additional
information about the Company's option, the historical inferred
mineral resource estimates*, historic metallurgical work and the
geology at the Black Horse Property can be found in the Company's
January 11, 2022 press
release.
The Black Horse Property consists of 2,733 acres and is located
50 miles east of Ely in White Pine
Country, Nevada, and shows
evidence of three historic mining areas: the Black Horse, San Pedro
and Gold King.
It has within its boundaries the historic Black Horse and San
Pedro gold mines and claims that were mined from 1905 to 1913,
during the early years of Nevada's
high grade gold camp mining. Records and texts report that some of
the richest ore ever discovered and reported upon in Nevada came from the Black Horse mine. The
USGS Mineral Resources Data System currently indicates that there
are no less than 21 historic mine shafts and 20 adits within the
boundaries of the Black Horse Property. Upon the initial gold
discovery in the Black Horse mining district, over 100 individuals
staked claims in the area, starting a rush that emptied out the
nearby settlement of Osceola and initiated the creation of the town
of Black Horse (no longer in existence), which housed 400 people
and supported this historic mining activity.
While there was intermittent mining on the Black Horse Property
after 1913, the last of any real mining and production appears to
be of tungsten ore from 1941 to 1953. Thereafter the only material
activity on the Black Horse Property appears to be the exploration
drilling conducted by the current owner (Minex, LLC) in the late
1990's. Minex initially acquired these claims in 1997 and via
drilling campaigns in 1997- 1998 drilled 316 reverse circulation
holes that identified a mineralization zone that appears to have a
strike length of two miles with drilling generally at 100-foot
centers.
The Company will issue additional press releases related to its
progress on the drilling and exploration of the Black Horse
Property and other material information as it becomes
available.
About North Peak Resources Ltd.
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 December
6 and 13, 2021 press releases for additional
information.
*CAUTIONARY NOTE REGARDING HISTORICAL RESOURCE
ESTIMATES AND MINERAL RESOURCES: As described in detail in
the Company's January 11, 2022 press
release, a Qualified Person (Mr. Mike
Sutton, P.Geo., a director of the Company, is the Qualified
Person who reviewed and approved that news release) has not done
sufficient work for the Company to classify the historical resource
estimates referenced therein as a current mineral resource or
mineral reserve. The Company is not treating those historical
estimates as current mineral resources or mineral reserves and has
not verified the historical resource estimates. The reader is
cautioned that the data used in the preparation of those historical
resource estimates does not meet the current standards of
exploration quality assurance and quality control protocols and
significant additional drilling (including diamond drilling, some
which will twin earlier holes), data verification (quality
control), would be required to ensure the quality of historic data
meets current standards for use in a resource estimate. See the
Company's January 11, 2022 press
release for further information.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING HISTORICAL
RESOURCE ESTIMATE:
This news release has been
prepared in accordance with the requirements of the securities laws
in effect in Canada, which differ
in certain material respects from the disclosure requirements
promulgated by the Securities and Exchange Commission (the
"SEC"). For example, the term "inferred mineral resource" is
a Canadian mining term as defined in accordance with Canadian
National Instrument 43-101 Standards of Disclosure for Mineral
Projects and the Canadian Institute of Mining, Metallurgy and
Petroleum (the "CIM") - CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as
amended. These definitions differ from the definitions in the
disclosure requirements promulgated by the SEC. Accordingly,
information contained in this press release may not be comparable
to similar information made public by U.S. companies reporting
pursuant to SEC disclosure requirements.
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 timing and completion of any
drilling and work programs on the Property, 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,
2020, and the period ended September
30, 2021 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.