North Peak Resources

Properties

North Peak Resources is actively looking to acquire further assets that meet its key investment criteria of seeking to acquire metal producing assets whose costs of acquisition, development, and production are all significantly lower than the industry average with near term production potential in the northern hemisphere.   

The Company holds an option to acquire 100% interest in the Black Horse Property in Nevada and the Kenogami Lake Project in Ontario.

The Kenogami Lake Project

The Kenogami Lake Project is located in north-central Eby Township and in the southern part of adjacent Grenfell Township, approximately 15 km southwest of Kirkland Lake Ontario.

The central focus for gold potential on the property is associated with two significant structures, the Cadillac-Larder Lake Deformation Zone (CLLDZ), which has been traced onto the eastern extent of the property, and the Kirkland Lake Main Break (KLMB) which projects onto the property in the eastern bay of Kenogami Lake. All the Kirkland Lake deposits are associated with the KLMB and the major mining camps of Kirkland Lake, Larder Lake Cadillac, and Val d'Or are hosted by structures adjacent to and related to the CLLDZ.

The Black Horse Property

The Black Horse property is 2,733 acres of federal lands administered by the BLM and is located within the Snake Range, Eastern White Pine County, Nevada. The property is along U.S. Highway 50 and located 50 miles east of the town of Ely, Nevada and 11 miles Northwest of Baker, Nevada, and is 100% owned by Minex, LLC. 

In December 2021, North Peak Resources acquired an option to acquire the Black Horse property from Minex, LLC. See here for additional information.

Historical inferred mineral resource estimates* of 350,000 troy ounces of gold with a grade of 1.2 grams gold or 0.045 oz (using a base case cut off of 0.005 opt Au), plus 1.140 million oz of silver at 0.14 ounce per ton, was prepared for Minex in a report dated effective November 18, 2016, by Scott E. Wilson, C.P.G. (the “Historical Report”).

In 2022, the Company plans to undertake new drill programmes utilising modern exploration technology to confirm the historical inferred resource estimate* for gold.

Summary Table
Area2,733 acres
MineralsGold & Silver
Deposit Type Mineralization bodies in hydrothermally altered and micro-veined quartzite controlled by a thrust fault structure
Historical Inferred Mineral Resource*350,000 oz of gold
(historic resource estimate)
Historic Drilling 316 drill holes

* A Qualified Person has not done sufficient work for the Company to classify these historical estimates as a current mineral resource or mineral reserve. The Company is not treating these historical estimates as current mineral resources or mineral reserves and has not verified the historical resource estimates. While the Historic Report was prepared according to the guidelines of the CSA's National Instrument 43-101, the reader is cautioned that the data used in the preparation of the 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.

In respect of the historical mineral resource estimates referenced above grade, shells were interpreted and constructed and the estimates used inverse distance techniques in Vulcan software by the author of the Historic Report. Except as set forth in the preceding paragraph, the historical resource estimates were prepared in conformity with generally accepted CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines". No top cut was used, as it was shown not to be necessary. To demonstrate the reasonable prospects of eventual economic extraction these historical mineral resources estimates have been pit constrained. Whittle™ was used to identify the portion of mineralization that could support production from open pit mining. It was assumed that gold and silver would be recovered using crushing followed by heap leaching of mineralized material. Typical production costs found throughout Nevada were used as assumptions. The estimates were based on a gold selling price of US$1,000/oz, mining cost of US$2.00/ton, crushing and leaching costs of US$4.00/ton, gold recovery of 80%, and a pit slope of 50 degrees. The base case mineral resource estimates are highlighted at 0.005 opt gold; oxide ore bottle roll results indicated that 80-85% recovery for gold and 50-60% recovery for silver are probable on a conventional heap leach at minus 1 inch feed, which needs to be confirmed by cyanide column leach tests on diamond drill-hole samples collected from different areas of both deposits. The Historic Report recommended a drill program of 30 drill holes averaging around 275 feet. No economic analysis was evaluated for the project

Mr. Mike Sutton, P.Geo., a Director of the Company, is the Qualified Person who reviewed and approved the foregoing. The Qualified Person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the Black Horse Property or any underlying property agreements. 

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING HISTORICAL RESOURCE ESTIMATE: The information above 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").

United States investors are cautioned that the requirements and terminology of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the “CIM Standards”) as they may be amended from time to time by the CIM, differ significantly from the requirements of the SEC, including those requirements set forth in SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as interpreted by the staff of the SEC, and resource information contained on this website and in the documents posted on this website may not be comparable to similar information disclosed by U.S. companies. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates posted on this website have been prepared in accordance with NI 43-101 and the guidelines set out in the CIM Standards.

Without limiting the foregoing, this website uses the terms "measured", "indicated" and "inferred" resources. U.S. investors are cautioned that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. U.S. investors should also understand that "inferred resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of the "inferred resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Therefore, U.S. investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian regulations. However, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained on this website and in the documents posted on this website may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.