CALGARY, AB, Sept. 27, 2021 /CNW/ - NORTH PEAK RESOURCES
LTD. (TSXV: NPR) (the "Company") is pleased to
announce that it intersected a major structure at its Kenogami Lake
Project, located 8 km SE of the ore zones of Kirkland Lake along what is interpreted to be
the same Main Break structure (Figure 1 - western Kirkland Lake plan). The major structure
is a 3.8 metre (m) clay gouge fault with different rock types on
either side of it. It is preceded by a 102m strong shear zone of intense sericite
alteration (10%) and with ~10-15% quartz-ankerite veining, and
locally up to 15% pyrite over 0.5m
locally- all within Archean mafic volcanic rock (Figure 2 - photo).
The Main Break is followed by ultramafic rocks and followed by
Temiskaming sediments (Figure 3 - Kenogami Lake plan), which
locally contain fine pyrite over ~0.3 metres. Assays were not
significant - with highs of 0.3 grams per tonne (g/t) Au over
1.0m, and 0.2 g/t over 1.0m - but that is the nature of the Kirkland Lake ore (all or nothing, with a
change in grade occurring quickly). The Figures referenced above
can be accessed here: NPR Western Kirkland Lake Program.
Mike Sutton, Director of the
Company and Senior Geologist explained, "This first exploration
drilling program by North Peak on the Kenogami Lake
Project targeted the Kirkland Lake Main Break, and we
intersected the structure where expected. A very wide, strong zone
of alteration and quartz-ankerite veining, along with associated
sulphides is present, suggesting a big system that could be
mineralized along it."
The drilling consisted of a single 602m drill hole from the shore of Kenogami Lake.
Drilling took place in the winter, but the hole could not be
completed and had to be delayed until weather and road conditions
were more favourable. This drilling completes the requirement of
incurring $100,000.
This initial exploration program is in line with the recommended
work program in the 43-101 Report (defined below) and contributed
towards the obligations that the Company must fulfill in order to
exercise its Option (defined below) over the Kenogami Lake
Project. This initial drill hole completed the requirement
under that Option of incurring the necessary exploration
expenditures before the second anniversary of the grant of the
Option, and therefore 50,000 common shares of the Company will be
issued to the optionor to complete this commitment.
The Kenogami Lake Project consists of twenty-seven mineral
claims totaling 500.3 hectares which the Company holds an option to
acquire, and which contain all the same rock types, alteration, and
most importantly, the same structures, as those that host the
Kirkland Lake deposits 8km to the
east. Further information in respect of the drill results are set
forth in Tables 1 and 2 below.
Table 1: Drill Result Highlights
Hole
ID
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au
g/t
|
Kenogami Lake
Property – Main Break
|
KEN
21-01
|
301.9
|
305.7
|
3.8
|
Major
Structure
|
|
303.7
|
304.7
|
1.0
|
0.3
|
|
453.0
|
454.1
|
1.1
|
0.1
|
|
527.0
|
528.0
|
1.0
|
0.2
|
** 0.42 g/t Au was
used for the bottom cut-off; True widths are unknown if not
noted.
|
Table 2: Drill Hole Coordinates
Hole
ID
|
Azimuth
|
Dip
|
Northing
|
Easting
|
Total Depth
(m)
|
KEN
21-01
|
180
|
-50
|
5327917
|
558800
|
601.8
|
Geology and Mineralization
The drill hole intersected a ~102m shear zone in Archean
volcanics with ~10-15% quartz-ankerite veining, 10% sericite, and
locally up to 15% pyrite over 0.5m in
a couple of places. In general, mineralization at Kirkland Lake along the Main Break produced 24
million ounces of gold consisting of quartz veins within host rocks
such as mafic syenite, felsic syenite, tuffs, and Temiskaming
sediments with 1-5% fine pyrite plus local tellurides.
Review by Qualified Person, Quality Control and
Reports
Michael Sutton, P.Geo., Director
and Senior Geologist for North Peak Resources, is the Qualified
Person who supervised the preparation of the scientific and
technical disclosure in this news release on behalf of the Company.
All core samples, are assayed by Swastika Laboratories situated in
Swastika, ON. Which has ISO/IEC
17025 accreditation. All core is under watch from the drill site to
the core processing facility. All samples are assayed for gold by
Fire Assay, with gravimetric finish, and other elements assayed
using ICP. The Company's QA/QC program includes the regular
insertion of blanks and standards into the sample shipments, as
well as instructions for duplication. Standards, blanks and
duplicates are inserted at one per 20 samples. Approximately five
percent (5%) of the pulps and rejects are sent for check assaying
at a second lab with the results averaged and intersections updated
when received. Core recovery has averaged 99%.
About North Peak Resources
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 (the "Option") to acquire
100% interest in and to the Kenogami Lake Project (also
referred to as the Leahy Property) located approximately 15km
southwest of Kirkland Lake,
Ontario and consisting of and to twenty-seven (27) mineral
claims totaling approximately 500.3 hectares (see the Company's
June 29, 2020, press release).
Further information about the Kenogami Lake Project can be found in
the NI 43-101 Technical Report titled "Technical Report on the
Leahy Property, Kirkland Lake
Area, Ontario, Canada"
dated effective March 31, 2020 by
Tudorel Ciuculescu, M.SC., P.Geo. of Roscoe Postle Associates Inc.
(RPA) (the "43-101 Report"), which can be found on the
Company's website or under the Company's SEDAR profile at
www.sedar.com.
Website: www.northpeakresources.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to those that address
exploration results and the analysis of those exploration results,
potential quantity and/or grade of minerals, potential for minerals
and/or mineral resources, timing and plans for any exploratory
drilling and statements regarding the plans, intentions, beliefs,
and current expectations of the Company with respect to the future
business activities and operating performance of 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
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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, 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, 2020, and the period
ended June 30, 2021, available at
www.sedar.com, 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.
SOURCE North Peak Resources Ltd.