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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


North Peak Resources examines old assays drilled without modern geophysics in Nevada

The company plans to do more drilling to determine the direction and angle of the new mineral areas in 2023

North Peak Resources examines old assays drilled without modern geophysics in Nevada
Prospect peak at Eureka. Image from Jrmichae via Wikimedia Commons.

North Peak Resources Ltd. (TSXV: NPR) announced partial assays from one of its two core drill holes originally drilled in 2017 from surface at the Prospect Mountain Mine in Eureka, Nevada.

The company said on Wednesday it drilled hole WS02 without using any modern techniques to find specific anomalies, like using different types of geophysics. It was a kind of exploratory drilling and the company uncovered new mineralized areas, which is promising for future exploration.

Additionally, there hasn’t been any historical zinc production from the area. This could be because the zinc has undergone oxidation above the water level, making it difficult to detect. The zinc might be present in significant amounts, but it’s hard to identify because it’s in white minerals within a white rock.

Highlights for hole WS02 include:

  • 14.9 g/t Au, 227 g/t Ag, 0.9 per cent Pb and 0.55 per cent Zn over 1.2 meters from 444.0 meters downhole, which included 49 g/t Au, 579 g/t Ag, 1.6 per cent Pb and 0.4 per cent Zn over 0.4 meters.
  • 8.0 per cent Zn over 7.0 meters from 100.8 meters downhole, including 4 intervals of greater than 10 per cent Zn with a maximum result of 23 per cent Zn.

In 2023, the company plans to do more drilling to determine the direction and angle of the new mineral areas. The drilling will also test specific locations on the property that were identified as important through geophysical surveys.

Prospect mountain mine complex. Image via North Peak Resources.

Read more: NevGold finds high-grade gold underneath the surface at Nutmeg Mountain

Read more: NevGold assays high-grade silver at Ptarmigan, expands copper trend

North Peak has two other magnetic surveys underway

“These unexpected results extend potential gold mineralization some 280 meters west of Shafts #2 and #3 and the mine workings at Prospect Mountain, but also contribute to the vision for the re-emergence in the Eureka Camp of underground mining,” said Brian Hinchcliffe, North Peak’s CEO.

“To that end, the company can report completion of a MobileMT airborne geophysics survey and the first phase of channel sampling on the Main 7925 level, as well as the startup of other programs all directed towards identifying drill targets.”

An airborne geophysics survey has already been completed and the company is waiting for the final results. Two other magnetic surveys are underway, including a collaboration between North Peak, i-80 Gold Corp. (TSX:IAU) (NYSE:IAUX) and Golden Lake Exploration (CSE:GLM) using drones.

North Peak intends on engaging in a ground gravity survey in the near future where the goal is to identify areas of dense lead mineralization, which will contrast with the lighter limestone in the area.

Soil and chip samples are also being collected throughout the property to get a better understanding of the surface targets. Additionally, underground channel sampling is also being done to help find areas with high concentrations of certain chemicals that often surround mineral deposits.

Shares of North Peak Resources rose 3.2 per cent to $1.91 on Wednesday on the TSX Venture Exchange.

Read more: NevGold starts drilling at Nutmeg Mountain property

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

NevGold is operating in the world’s best gold mining jurisdiction

A report released in May from Canada’s Fraser Institute think-tank ranked Nevada as the best mining jurisdiction for investment. This information came at the behest of the organization’s Annual Survey of Mining Companies, which ranks different mining jurisdictions around the world according to metal and mineral production potential.

NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is a gold mining junior operating in Nevada.

NevGold is currently updating the geological model at Limousine Butte by incorporating the drill results from 2022.

The successful drill program has revealed multiple promising drill targets and has shown the potential for expanding the mineralized areas at Resurrection Ridge and Cadillac Valley.

In addition, NevGold has identified several new exploration targets in previously untested parts of the project. Once the company completes the geologic interpretations and drill targeting, they plan to commence drilling in 2023.

Recently, NevGold submitted an Exploration Plan of Operations (EPO) permit to the Bureau of Land Management for Limousine Butte. This permit is a significant step as it involves essential activities to minimize project risks. Once approved, the EPO will allow the company to expand its operations within the project area, enabling drilling in mineralized zones and unexplored regions.

Shares of NevGold rose 6.6 per cent to $0.405 on Wednesday on the TSX Venture Exchange.


Nevgold is a sponsor of Mugglehead news coverage


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