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
Kenogami Lake Property – Main Break
** 0.42 g/t Au was used for the bottom cut-off; True widths are unknown if not noted.
Table 2: Drill Hole Coordinates
Total Depth (m)
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.
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 by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can 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.
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