CALGARY, AB, Dec. 13, 2021
/CNW/ - North Peak Resources Ltd. (TSXV: NPR) (the
"Company") has received final acceptance from the TSX
Venture Exchange (the "Exchange") for its option (the
"Option") to acquire from Minex, LLC the previously drilled
and explored 2,733 acre Black Horse gold and silver property (the
"Property") located 50 miles east of Ely in White Pine
County, Nevada (the "Transaction"). The Company
issued a press release on December 6,
2021 announcing the binding definitive agreement with Minex
(the "Agreement"), and additional information regarding the
history of the Property (including the
historical inferred mineral resource estimates*)
and the material terms and conditions of the Agreement can be found
in that press release.
"As important as the drive for gold production will be with the
Company's newly organized local team, the potential in applying
modern exploration technology towards identifying gold in the Black
Horse district where high grade ore was mined in the early 1900's,
cannot be overstated," said Brian
Hinchcliffe, Executive Chairman and CEO of the Company. "The
drilling Minex and Gary Grauberger
carried out on the Black Horse property in the late 1990's provides
an excellent historical resource and we will assess that resource
and the potential for expansion as early as possible in 2022."*
In connection with final acceptance from the Exchange and the
terms of the Agreement, the Company has initiated a cash payment of
US$1 million and issuance of
1,250,000 common shares to Minex, at its direction, to initiate the
Option. Those common shares have a deemed per share consideration
of US$0.40 or C$0.508 per share pursuant to the terms of the
Transaction. The last closing price of the Company's shares
prior to the announcement of the Agreement was C$1.48 per share. The Company now has 21,334,455
common shares issued and outstanding.
The Company's focus now is finalizing a work program and putting
in place the necessary permits and contractors to undertake such
work program, proposed for Q1 2022. The Company will issue
additional press releases related to its progress on exploration of
the Property and other material information as it becomes
available.
In addition to the terms and conditions of the Agreement set
forth in the Company's December
6th press release, we note that the Company has a
right of first refusal over the Property should Minex seek to
transfer or assign its interests in the Property (which transfer or
assignment is only possible two years after the initiation of the
Option).
About North Peak
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 50 miles east of
Ely within the Black Horse mining
district in White Pine County,
Nevada. See the Company's December 6,
2021 press release for additional information.
The Exchange has in no way passed upon the merits of the
Transaction and has neither approved nor disapproved the contents
of this news release.
*CAUTIONARY NOTE REGARDING HISTORICAL RESOURCE ESTIMATES:
As described in detail in the Company's December 6, 2021 press release, a Qualified
Person has not done sufficient work for the Company to classify the
historical resource estimates referenced therein as a current
mineral resource or mineral reserve. The Company is not treating
those historical estimates as current mineral resources or mineral
reserves and has not verified the historical resource estimates.
The reader is cautioned that the data used in the preparation of
those 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. See the Company's December 6,
2021 press release for further information.
In addition, mineral resources are not
mineral reserves and do not demonstrate economic viability. There
is no certainty that all or any part of the mineral resource will
be converted to mineral reserves.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING HISTORICAL
RESOURCE ESTIMATE: This news release 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").
For example, the term "inferred mineral resource" is a Canadian
mining term as defined in accordance with Canadian National
Instrument 43-101 Standards of Disclosure for Mineral Projects and
the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") - CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended. These definitions
differ from the definitions in the disclosure requirements
promulgated by the SEC. Accordingly, information contained in this
press release may not be comparable to similar information made
public by U.S. companies reporting pursuant to SEC disclosure
requirements.
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 timing and completion of
any drilling and work programs on the Property, estimates of
mineralization from drilling, geological information projected from
sampling results and the potential quantities and grades of the
target zones, potential for minerals and/or mineral
resources, 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,
accuracy of assay results, geological interpretations from
drilling results, timing and amount of capital expenditures;
performance of available laboratory and other related services,
future operating costs, and the historical basis for current
estimates of potential quantities and grades of target zones,
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 September 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.