North Peak Resources Commences Diamond Drilling at Prospect Mountain

North Peak Resources Ltd. has commenced diamond drilling at its 100%-owned Prospect Mountain Mine Complex in Eureka County, Nevada, following a technical review of magnetotelluric (MT) geophysical anomalies. The company aims to investigate these anomalies to further explore potential mineralization.

The initial drilling, focusing on the main sulphide anomaly, is part of a broader exploration strategy that integrates various ground surveys and airborne geophysical data. In 2023, a single diamond drillhole, PM23-001, intersected narrow zones of massive sulphide mineralization, grading up to 9.5% zinc and 221.6 grams per tonne (g/t) silver over 1.0 meters and 7.3% zinc with 54.6 g/t silver over 1.9 meters. The high zinc content and low gold and lead values suggest this area may be peripheral to a mineralized core, consistent with the metal zoning observed in historical surface workings.

Through a detailed reinterpretation of available data, the company has refined the position of the MT anomaly in 3D space. This new interpretation suggests the anomaly extends along a similar strike to the original anomaly, covering more than 1.5 kilometers. The refined anomaly is parallel to the Silver Connor fault, which has previously been linked to high-grade gold mineralization at the intersection of other faults.

Rupert Williams, CEO of North Peak Resources, stated, "Refining our targeting is crucial with such a large geophysical response. Our understanding of the controls on mineralization has significantly improved over the last three years. With the revised groundworks now complete, we are pleased to have core drilling underway at Prospect Mountain, testing both the refined potential sulphide geophysical target at depth and oxide targets associated with the Silver Connor Fault."

The planned 2026 drill campaign will test both the original and revised interpretations and their intersections with key faults. Related site work, including the improvement of access roads to facilitate water haulage to the drill pads, has been completed. The company's plan also includes the possibility of using a second reverse circulation (RC) drill rig to target the Hamburg Dolomite and Dunderberg Shale contact, a regionally important stratigraphic horizon for gold mineralization in the Eureka camp.

North Peak Resources operates on a flagship property that lies in the Battle Mountain-Eureka trend, in an area known as the Southern Eureka Gold Belt. The property has been identified with three styles of mineralization: gold, silver Carlin-style mineralization, carbonate replacement gold, silver, lead, and zinc mineralization (CRD); and carbonate-hosted porphyry-related skarn lead, zinc, and gold mineralization associated with Cretaceous intrusions.

The company's exploration efforts are part of a broader plan that includes surface exploration, underground mining, and certain infrastructural works. A more complete description of the property's geology and mineralization can be found in the NI 43-101 Technical Report on the Prospect Mountain Property, Eureka County, Nevada, USA, with an effective date of April 10, 2023. This report was prepared by David Pym, CGeol, and Dr. Toby Strauss, CGeol, EurGeol, of LTI Advisory Ltd. and Merlyn Consulting Ltd., respectively.