North Peak Announces Next Stage of Drilling at Prospect Mountain North

EQS-News: North Peak Resources Ltd. / Key word(s): Miscellaneous
North Peak Announces Next Stage of Drilling at Prospect Mountain North

11.07.2024 / 13:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Calgary, Alberta--(Newsfile Corp. - July 11, 2024) - North Peak Resources
Ltd. (TSXV: NPR) (the "Company" or "North Peak") announces that drilling at
the Prospect Mountain North area has progressed and is now moving to the
West side of the mountain within the Prospect Mountain Property (the
nwj867fder8"Property")
in Eureka, Nevada.

The drill has finished the preliminary testing of the Industry and Silver
Connor fault network and is now targeting the Duke, Banner and Silver Connor
fault system in the Wabash area, where there are multiple historical mines
including Wabash, Williams and Silver Connor and associated workings (see
Figure 1). These faults are conduits for gold-bearing fluids for the
regions' deposits and the dense fault network in the northern part of the
property has similarities to i-80's Archimedes/Hilltop area and the historic
Richmond/Eureka/Fad zones. Over 2.9 Moz's of gold has been produced to date
in the Eureka camp. (Sources: (1) Gold in the Eureka Mining District,
Nevada, by Shawe and Nolan (1989), US Geol Survey Bulletin 1857C: 1.45 Moz
from 1869-1901 (Richmond-Eureka mine); and (2) NI 43-101 Report on 2021 Ruby
Hill Mineral Resource Estimate, Eureka County, Nevada, USA by Wright and
Walton dated effective 31 July 2021: 1.46 Moz from Archimedes Pit,
1998-2020).

The Wabash area was the focus of a comprehensive drilling campaign of 27,618
ft (8,418m) reverse circulation (RC) drilling campaign in 1999 by European
American Resources. Historical intersections by European American Resources
include:

* PM-W-11: 15.2 m @ 4.1 g/t Au + 59.9 g/t Ag

* PM-W-12: 21.3 m @ 4.5 g/t Au + 35.0 g/t Ag

* PM-W-13: 12.2 m @ 3.0 g/t Au + 38.7 g/t Ag

* PM-W-92: 24.4 m @ 8.2 g/t Au + 22.6 g/t Ag

* PM-W-74: 13.7 m @ 5.6 g/t Au + 60.8 g/t Ag

* PM-W-50: 13.7 m @ 2.9 g/t Au + 42.3 g/t Ag

* PM-W-52: 12.2 m @ 3.1 g/t Au + 8.9 g/t Ag

* PM-W-55: 16.8 m @ 4.1 g/t Au + 25.3 g/t Ag

NOTES: grams per tonne=g/t; metres=m; using a 0.5 g/t Au minimum composite
grade, and up to 25 feet internal dilution @ 0.01 g/t Au (1725 intersections
are just anomalous zones identified for exploration); true thickness is
unknown until orientations are proven; these drill hole results are pre-NI
43-101 and they do not meet the current standards of exploration quality
assurance and quality control protocols-twinning of holes will be necessary.
See the Technical Report (defined below) for full details of the historical
drill results referenced above.

Mike Sutton, Director & Geologist explained, "Wabash was the focus of a
systematic drilling campaign in 1999 and the intersections that were
returned were interpreted as shallow dipping pods of mineralization. A new
interpretation is that the intersections are aligning with the steeply
dipping faults and if so, continuity of mineralization greatly improves and
increases the tonnage potential and this has been supported by the finding
of a sub-vertical mineralized fault at surface. The historical vertical
holes are not suited to cut across sub-vertical zones."

The holes will be up to 900 feet in length, with several angled to test
interpretation as well as a couple to twin historical intersections (see
Figure 2).

Multi-element assays of the RC drilled holes indicates anomalous antimony
and high arsenic and relatively low lead and zinc, consistent with the
historical smelter observations, suggesting that the mineralization is of
the "Intermediate" style noted in the area with mainly Carlin type
characteristics, but also with a carbonate replacement type (CRD) signature.

Cannot view this image? Visit:
nwj867fder8https://images.newsfilecorp.com/files/9875/216157_northpeak07112024fig1_550.jpg

Figure 1: Plan of Prospect Mountain North area with fault structures,
historical workings & tunnels, rock grab samples, historic drill hole
collars and proposed drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9875/216157_northpeak07112024fig1.jpg

Cannot view this image? Visit:
nwj867fder8https://images.newsfilecorp.com/files/9875/216157_dd31b48804a54b9a_004.jpg

Figure 2: Cross Section of Historical Wabash drilling, looking North, with
key historical intersections highlighted, historical workings and revised
interpreted mineralization trend

To view an enhanced version of this graphic, please visit:
nwj867fder8
nwj867fder8

Review by Qualified Person, Quality Control and Reports

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 press 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 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, gold, silver Carlin style mineralization, Carbonate
Replacement gold, silver, lead, zinc 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 610m (2000ft) below the top of the
ridge line.

A Plan of Operations is in place which covers part of the Property
(totalling 81 acres) and entitles an operator to pursue surface exploration,
underground mining of up to 365,000 tons per annum and certain
infrastructural works. It includes a permit to extract water from a well and
to build water containment facilities.

A more complete description of Prospect Mountain's geology and
mineralization, including at the Wabash area, can be found in the NI 43-101
Technical Report (the "Technical Report") on the Prospect Mountain Property,
Eureka County, Nevada, USA dated and with an effective date April 10, 2023,
prepared by David Pym (Msc), CGeol. of LTI Advisory Ltd. and Dr Toby
Strauss, CGeol, EurGeol., of Merlyn Consulting Ltd., which has been filed on
SEDAR+ at www.sedarplus.ca under the profile of the Company and on the
Company's website.

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 Mine complex in Eureka, Nevada (see the Company's May 4 and 23,
2023 press releases).

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: 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 press
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, estimates of mineralization from drilling, sampling and
geophysical surveys, geological information projected from drilling and
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, 2023
and the quarter ended March 31, 2024, 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.

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News Source: North Peak Resources Ltd.


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   Language:       English
   Company:        North Peak Resources Ltd.

                   Germany
   ISIN:           CA6614441096
   EQS News ID:    1944489

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1944489 11.07.2024 CET/CEST