North Peak Completes BLM Bonding, Drilling On the Nevada Black Horse Gold Property to Commence Next Week


CALGARY, AB, Feb. 8, 2022 /CNW/ - North Peak Resources Ltd. (TSXV: NPR) 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.

"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.

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