Drilling Campaign At The Prospect Mountain Property

CALGARY - North Peak Resources Ltd. reported on the 2024 drilling campaign at its Prospect Mountain Property in Eureka, Nevada. Reported are six holes that targeted the Wabash mine area plus five holes that targeted the Williams mine area in Prospect Mountain North (Phase 2), and three holes that targeted a lone hole drilled by Homestake in 2001 located in the Prospect Mountain East area (Phase 3).

PM24-035 in the Williams mine area intersected 42.7m (140ft) @ 2.1 g/t Au (with 10.7m (35ft) voids @ 0 g/t Au), including 4.6m (15ft) @ 6.7 g/t Au, and 6.1m (20ft) @ 5.8 g/t Au, plus 38.1m (125ft) @ 0.8 g/t Au(with 7.6m (25ft) voids @ 0 g/t Au). This hole significantly exceeded grades and widths of previously drilled holes in the Williams area and substantiated the deeper intersection from previous hole PM24-004, that was believed to have hit depth extensions to the Williams zone.

Hole PM24-029 targeted 21.3m (69.6ft) southwest of the midpoint of PM24-004, confirmed continuous low-grade mineralization exist between the Wabash and Williams trends as demonstrated by PM24-004 from Phase 1 drilling that intersected 126.5m (415ft) @ 1.06 g/t Au from surface, suggesting potential for a bulk tonnage low grade gold halo around the high grade lodes in the northern part of the Wabash-Williams area. PM24-029 intersected 4 separate zones that together represent 95m (311.7ft) of the full hole length of 140.2m (460ft), with the hole ending in mineralization.

PM24-040 intersected 19.8m (65ft) @ 1.23 g/t Au (with 7.6m (25ft) voids @ 0 g/t Au-2.0 g/t Au without) as part of a larger 53.3m (175ft) intersection @ 0.67 g/t Au (with 10.7m (35ft) voids @ 0 g/t Au-0.83 g/t Au without) in the deeper middle part of the Wabash lode that has been poorly drilled to date.

Mineralization confirmed at Homestake east area following up on the upper zone of historic vertical hole HRH-1725 which intersected 10.67m (35ft) @ 4.05 g/t Au + 16 g/t Ag at a depth of 173.74 to 184.4m* (*see the Technical Report - described below). PM24-044 was an angled hole and intersected 3.05m (10ft) @ 0.85 g/t Au in the region of the historic intersection shortly before drilling into a 9.1m (30ft) void commonly associated with mineralization in the area. It has since transpired that the historic hole location was not accurate.

Four holes were previously reported from the Phase 2 program, including PM24-039 which intersected 22.9m (75ft) @ 12.0 g/t Au (with 6.1m (20ft) voids @ 0 g/t Au), including 3.0m (10ft) @ 85.7 g/t Au; this hole targeted historical mining approximately 35m (115ft) Northwest of previous drilling. PM24-039 ended in mineralization on a new western trend.

"The purpose of this drilling was to show that the Wabash and Williams areas have not only the previously known higher grades, but also wide low-grade areas and the program successfully did that," said Brian Hinchcliffe, Company CEO. "Combined with the new zone further to the NW, the footprint is getting larger; the zones are open, and this drilling substantiates the wide zones of mineralization intersected previously. Looking forward we will evaluate the options for 2025 to prove out the depth and width potential of this area."

The Prospect Mountain North drilling program was completed with 45 RC holes undertaken. The program of angled holes successfully demonstrated that the earlier interpretation of flat-dipping pods was incorrect vs. the new interpretation of steeply-dipping zones controlled by structures that acted as conduits, which results in better continuity of mineralization.

PM24-028 was drilled below PM24-004. Like PM24-029, it intersected four mineralized zones. They graded from 0.25 to 0.9 g/t Au over 15ft-45ft. The last intersection of PM24-028 ends the hole in mineralization and it may not have been deep enough to intersect the Williams mineralization found at the bottom of PM24-004 which is located 49m (161ft) above. The hole intersected a large bleached sanded dolomite zone indicative of proximity to faulting and further drilling is required to see if the zone encountered in hole PM24-004 is displaced by faults or continues to the north and/or continues below the fault zone. PM24-030 and PM24-031 were wide step-outs from phase 1 hole 16 at the SW edge of drilling. PM24-016 intersected 18.3m (60ft) @ 3.92 g/t Au (which includes 10.7m (35ft) @ 5.01 g/t Au), from 71.6m (235ft), within 42.1m (135ft) @ 1.89 g/t Au, from 70m (230ft). They did not intersect significant assays, with a high of 1.5m (5ft) @ 0.27 g/t Au. It is thought they are just outside of the plunge of the mineralization. PM24-041 intersected 48.8m (160ft) @ 0.62 g/t Au (with a 3m (15ft) void @ 0 g/t Au) including 6m (20ft) @ 5.9 g/t Au; it is located at 5.8m (19ft) from the intersection in PM24-040.

Three angled holes targeted a lone vertical hole drilled by Homestake in 2001 located in the Prospect Mountain East area (HRH-1725), on the road leading up to the mountain, 300m (984ft) from the portal. The historic Homestake RC hole (HRH-1725) returned 10.67m (35ft) @ 4.05 g/t Au + 16 g/t Ag at a depth of 173.74 - 184.41m (see the Technical Report) within the most favored host rock type- dolomite however the exact location is unknown. One hole, targeting north of this historic Homestake hole, finished short of target due to excessive deviation. A second, targeting the same location as the 10.67m (35ft) @ 4.05 g/t Au + 16 g/t Ag historic intersection, was lost at the target in bad ground, and was not able to continue to test the Dunderberg shale contact, which is critical in localizing mineralization in this part of the Property. It did however intersect numerous voids, and the highest grades in the 3 holes of 1.5m (5ft) @ 1.0 g/t Au in 3m (15ft) of 0.85 g/t Au although there was very poor recovery. Most of the associated elements (base metals, arsenic, antimony, etc.) that were high in the historic Homestake hole were low in this hole - perhaps indicating the historic Homestake hole is further away. The third hole, targeting south of the historic Homestake hole, intersected numerous voids with one preceded by a highest grade of 0.16 g/t Au and also did not test the Dunderberg shale contact.