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EQS-News: North Peak Resources Ltd. / Key word(s): Miscellaneous
North 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
2024-02-23 / 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.jpg
Prospect Mountain Drill Hole Results
Table 1. Assay Results

Hole ID       From   To    Intercept From   To     Intercept Au    Ag    Zn   Cu    Pb 
(m)    (m)   (m)       (ft)   (ft)   (ft)      (g/t) (g/t) (%)  (%)   (%) 
PM23-001      112.6  115.6 3.05      369.4  379.3  10.0      0.63 
including     115.4  115.6 0.2       378.6  379.3  0.7       0.4   36.6  0.2        0.2 
388.7  389   0.3       1275.3 1276.2 1.0             355.0            4.6 
407.0  408.5 1.5       1335.3 1340.2 4.9             11.7             0.2 
428.9  430.9 2.0       1407.2 1413.7 6.6             14.4 
463.4  464.5 1.1       1520.3 1524.0 3.6             16.1 
489.3  489.6 0.3       1605.3 1606.3 1.0             13.9 
527.2  528.2 1.0       1729.7 1732.9 3.3             10.5  0.2 
544.8  545.1 0.3       1787.4 1788.4 1.0             16.2  0.2        0.3 
627.6  628.1 0.4       2059.1 2060.7 1.3                   1.0        0.5 
632.1  632.6 0.4       2073.8 2075.5 1.3             5.5   0.2        0.2 
636.2  636.9 0.7       2087.3 2089.6 2.3             33.6  2.3        0.1 
676.2  677.7 1.5       2218.5 2223.4 4.9             15.4             0.2 
715.9  716.8 0.9       2348.8 2351.7 3.0             26.5  1.3 
718.4  718.9 0.5       2357.0 2358.6 1.6             19.7 
726.8  727.1 0.3       2384.5 2385.5 1.0             9.4   0.5 
738.3  740.2 1.9       2422.2 2428.5 6.2             54.6  7.3  0.1   0.8 
753.2  753.7 0.5       2471.1 2472.8 1.6             7.1   0.4 
759.4  760.2 0.8       2491.5 2494.1 2.6             4.2   0.5 
768.0  770.1 2.1       2519.7 2526.6 6.9             10.0  0.5 
794.0  795.5 1.6       2605.0 2609.9 5.2             15.4  0.6 
796.2  796.4 0.2       2612.2 2612.9 0.7             193.0            4.2 
890.6  891.0 0.4       2921.9 2923.2 1.3             24.8  0.7 
891.8  892.1 0.3       2925.9 2926.8 1.0             8.5   0.4 
896.2  897.2 1.0       2940.3 2943.6 3.3             22.3 
899.3  900.2 0.9       2950.5 2953.4 3.0             147   5.1  0.3   0.3 
900.2  901   0.8       2953.4 2956.0 2.6             16.5  0.6 
923.35 924.3 1.0       3029.4 3032.5 3.3             221.6 9.5  0.8   0.3 
946.5  948.2 1.7       3105.3 3110.9 5.6       0.7   10.2  0.2 
948.2  949.1 0.9       3110.9 3113.8 3.0       0.1 
949.8  950.1 0.3       3116.1 3117.1 1.0       0.4   5.5 
957.9  958.2 0.3       3142.7 3143.7 1.0             11.7  0.3 
967.5  967.8 0.3       3174.2 3175.2 1.0             8.4   0.4 
970.8  971.4 0.6       3185.0 3187.0 2.0             23.5             0.2 
WS01          26.7   27.0  0.3       87.5   88.6   1.1             46.8       0.057 0.058 
43.3   43.6  0.3       142.0  143.1  1.1                   0.5 
46.8   47.2  0.4       153.7  154.9  1.2       0.6   11.9  1.2  0.038 
63.2   63.6  0.4       207.5  208.8  1.3                   0.51 0.030 0.056 
87.3   87.9  0.6       286.5  288.5  2.0                   0.61 
96.9   99.2  2.3       318.0  325.6  7.6                              0.059 
including     96.9   97.6  0.7       318.0  320.2  2.2                   0.57 
including     97.6   99.7  2.1       320.2  327.0  6.8             15.5 
110.7  127.7 17.0      363.1  418.8  55.8                  1.1 
including     112.5  117.3 4.8       369.1  384.8  15.7            7.4   3.3 
including     112.5  114.3 1.8       369.1  375.0  5.9             12.7  4.2 
including     115.2  115.5 0.4       378.0  378.9  1.3             3.8   12.1 

===
Note: *TW (true widths) are unknown due to irregular contacts of mineralized zones. For WS01, cutoffs: Au 0.3g/t, Ag 10g/t, Zn 0.5%, Cu 0.02%, Pb 0.05%. Minimum ore composite length 0.3 m (0.3 and 1 m for Ag, Zn); maximum consecutive waste 10 m.

Table 2: Drill Hole Coordinates

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Hole ID Azimuth Dip Northing Easting Total Depth (m)
NAD 83, Nevada East grid

PM23-001      290     -50 8523503  165153  991.8 
WS01          0       -90 8523487  164723  294.8 

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Prospect Mountain Geology and Mineralization

There are three styles of mineralization present in the Eureka district that includes Prospect Mountain, carbonate hosted porphyry related skarn lead (Pb), zinc (Zn), gold (Au) mineralization associated with Cretaceous intrusions, Au, silver (Ag), Pb, Zn arbonate replacement mineralization (CRD) and Au only Carlin style mineralization. CRD mineralization in the area is heavily oxidized to depths of at least 610m (2000 ft) below the top of the ridge line. Prior to this drilling program, no primary mineralization had been observed on the Property to date except for isolated veins and remnant small pods of sulphide. The historical mined ore consists of a reddish, poorly consolidated fine-grained mass of material which is often found in open space fissures and caves within the dolomite or as discontinuous pods and chimneys that can extend over a considerable length. Lead minerals present in the ores are mainly plumbojarosite and cerrusite. Zinc was expected to be mostly removed during weathering, but in limited sampling of dump material and stopes, appears to be roughly equal to lead in the Prospect Ridge ores. In the oxidized zone, zinc is

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