Mr. Brian Hinchcliffe reports

NORTH PEAK REPORTS EARLY HOLES FROM THE PROSPECT MOUNTAIN NORTH DRILL PROGRAM RETURN SURPRISING WIDTHS; HOLE PM24-004 INTERSECTS 1.06 G/T AU OVER 415FT (126.5M) FROM SURFACE; HOLE PM24-006 RETURNS 70FT (21.3M) OF 2.03 G/T AU FROM 5FT DOWN

North Peak Resources Ltd. has released first assay results from the continuing drilling at the Prospect Mountain North area of its Prospect Mountain property in Eureka, Nev. The company is announcing results from the first 10 holes of the 2024 reverse circulation (RC) drill program, with seven holes from the Wabash/Williams/Silver Connor historical mine areas on the west side of the property ridge and three holes from the Industry tunnel area on the east side of the property ridge.

Highlights:

• PM24-004 opened up potential for mineralization throughout the Wabash and Williams historical drilling area as it was almost completely mineralized, intersecting 415 feet (126.49 metres) of 1.06 grams per tonne gold and 12.3 grams per tonne silver from zero feet, which included 40 feet (12.19 metres) of 4.20 grams per tonne gold and 71 grams per tonne silver from zero feet, linking the Wabash and Williams areas.
• Within this broad area, numerous, strong gossan zones with good gold grades were intersected. Results include:
  • 15 feet (4.57 metres) of 3.88 grams per tonne gold and 56.2 grams per tonne silver from five feet (1.52 metres) in PM24-005, near the Silver Connor shaft;
  • 70 feet (21.34 metres) of 2.03 grams per tonne gold and 38.3 grams per tonne silver from five feet (1.52 metres) in PM24-006, near the Silver Connor shaft;
  • 20 feet (6.1 metres) of 3.54 grams per tonne gold and 23.7 grams per tonne silver from 200 feet (60.96 metres) in PM24-007, extending from the Silver Connor shaft through the Wabash area;
  • 15 feet (4.57 metres) of 1.77 grams per tonne gold and 19.4 grams per tonne silver in PM24-010, near the historic Williams mine entrance.
• Holes PM24-004 and PM24-007 suggest that the new interpretation of steeply dipping mineralized zones along fault structures that were conduits for the gold fluids is correct. The biggest historical mine in the Wabash area appears to be downdip of the new drilling -- with a 755-foot gap between where no drilling has taken place. The historical holes were drilled vertically and were not suitable for finding subvertical mineralization.

"Though a small program, drill hole results received so far have augmented the assumptions held by our geologists on widths and confirmed the company's revised interpretation of steeply dipping mineralization, with further extension potential than previously thought," said Brian Hinchcliffe, chief executive officer of North Peak. "Fortunately, the drillers, Envirotech, have a great crew on the rig that tackled the angled drill holes the geologists designed and that are helping to get a better understanding of the patterns of gold mineralization in this area of former high-grade mines."

See the attached table for full results of the first 10 holes of the 2024 reverse circulation (RC) drill program at Prospect Mountain North.

Wabash/Williams/Silver Connor area

Seven holes are reported here from the 20 holes drilled to date in this area. The voids caused by mineralizing fluids have restricted the drilling to five main drill pads from which multiple angled RC holes were drilled.

Silver Connor shaft area pad

Holes PM24-004, PM24-005, PM24-006, PM24-007, PM24-021 and PM24-025 were drilled from this pad, of which holes PM24-004 through PM24-007 are reported herein. All holes were sited on a near-surface gossan zone surrounding the Silver Connor shaft that was known to have yielded high gold grades in historical drilling:

• Hole PM24-004 was drilled to the southeast toward the Williams mine historical holes. As noted, the expected upper gossan was intersected, but the hole continued through multiple gossan and oxide zones to the end. This surprising result opens up the possibility of larger bulk-tonnage oxide gold targets in the area. A historical RC drill hole in the vicinity of this hole did intersect voids in that area but did not return results as good as PM24-004.
• Hole PM24-005 was a short hole drilled to the south; no gossan was in the surface zone. Gold results below the first 10 feet (4.57 metres) were relatively subdued, which may be a function of clays being washed down by wet RC drilling as the yellow clay ore was highly sought after by the historical miners.
• Holes PM24-006 and PM24-007 were drilled to the southwest near the deeper stopes in the historic Wabash mine. Hole PM24-006 intersected the surface gossan zone, drilling 115 feet (35.05 metres) of mineralization of 1.38 grams per tonne gold and 26.3 grams per tonne silver before crossing a 15-foot stope or cave where mineralization terminated. Hole PM24-007 was drilled on the same profile but was more steeply dipping. It intersected the surface gossan, though of lower grade here, and was mineralized at low grades to a 70-foot-wide (21.34-metre-wide) stope/cave. Drillers successfully gained return and low-grade mineralization continued to the bottom of the hole. Best intersections were on either side of the void, suggesting the main mineralization had been mined and include five feet (1.52 metres) of 2.25 grams per tonne gold and 10.8 grams per tonne silver from 120 feet (36.58 metres), above the void, and 20 feet (6.1 metres) of 3.54 grams per tonne gold and 23.7 grams per tonne silver from 200 feet (60.96 metres) downhole. Hole PM24-007 shows intermediate zones of mineralization between surface and the mining below, suggesting through-going subvertical mineralization.
• Drilled from a pad above Silver Connor shaft, hole PM24-008 was designed to twin historical hole PMW-11 and hole PM24-009 was designed to twin historical hole PMW-12. Both holes intersected equivalent widths of gossan in the upper zone, but overall grades were lower. Hole PM24-008 intersected 35 feet (10.67 metres) of 1.87 grams per tonne gold and 21.8 grams per tonne silver from zero feet, compared with hole PMW-11 at 10 feet away, which intersected 50 feet (15.24 metres) of 4.08 grams per tonne gold and 59.92 grams per tonne silver. Hole PM24-009 intersected 30 feet (9.14 metres) of 1.71 grams per tonne gold and 15.8 grams per tonne silver from 20 feet compared with hole PMW-12, which intersected 70 feet (21.34 metres) of 4.52 grams per tonne gold and 35 grams per tonne silver. Hole PM24-009 intersected a 15-foot cave with a zero assay value from five feet to 20 feet, so these results are not directly comparable (historical holes PMW-11 and PMW-12 are reported in the technical report (referenced herein) and the company's July 11, 2024, press release). Hole PM24-009 intersected a lower zone of gossan that ran 15 feet (4.57 metres) of three grams per tonne gold and 44.7 grams per tonne silver from 125 feet downhole, which had not been intersected in PMW-12. This indicates strong spatial variability, although the twins could not be positioned closer than eight feet from the historical collar due to site restrictions. More twins have been drilled as part of the program to ascertain variability.
• Hole PM24-010 was drilled from a pad to the east, along with holes PM2424-011 and PM24-012. It was aimed to test historical high grade near the Williams mine encountered in two historical drill holes. Due to pad restrictions, the rig could not intersect the upper zone properly but nonetheless intersected 15 feet (4.57 metres) of 1.77 grams per tonne gold and 19.4 grams per tonne silver from surface approximately 25 feet from the targeted historical intersection. The lower zone was not intersected as the hole steepened substantially during drilling.

Industry tunnel area

Three holes were drilled from a single pad. Two holes, PM24-002 and PM24-003, were drilled to the east into areas of old surface workings around the upper and lower Industry tunnels. Despite good gossan being intercepted and similar gossans from the tunnel yielding rock chips of up to 22.6 grams per tonne gold, results were poor over all. The gossans yielded anomalous gold ranging only between 0.1 gram per tonne gold to 0.44 gram per tonne gold and were subdued in silver and base metals. Hole PM24-001 was drilled westward into the Silver Connor fault zone through the Hamburg dolomite. It was anomalous in gold from the surface to 300 feet (0.04 gram per tonne to 3.16 grams per tonne gold; 0.24 gram per tonne gold on average), where it contacted the fault, suggesting the existence of a large mineralized system along the Silver Connor fault and the possibility for large-tonnage, low-grade oxide mineralization. These faults are conduits for gold-bearing fluids for the regions' deposits and the dense fault network in the northern part of the property has similarities to i-80's Archimedes/Hilltop area and the historic Richmond/Eureka/Fad zones. A best assay of five feet (1.52 metres) of 3.16 grams per tonne gold and 20.8 grams per tonne silver from 20 feet (6.1 metres) was recorded, with no other assays greater than one gram per tonne gold in non-gossanous rocks of the Hamburg dolomite.

Review by qualified person, quality control and reports

Mike Sutton, PGeo, a director of the company, is the qualified person, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, who reviewed and approved scientific and technical disclosure in this press release. The qualified person has not reviewed the mineral tenure nor independently verified the legal status and ownership of the property or any underlying property agreements.

Drilling and sampling: Drilling was carried out using a Canadian-built tracked MPD1500 RC drilling unit; the rig has jacks and a blade and is capable of working on small pads on steep ground to minimize ground prep. It is capable of drilling to 1,500 feet (455 metres) using four-inch pipe and a 5-1/4-inch bit. Holes were cased down to 25 feet to 80 feet (21.4 metres to 24.45 metres) with eight-inch steel casing drifted in using a tricone bit. RC drilling uses a hammer that is not face sampling but samples four feet away from the hammer. A face sampling hammer has also been trialled to compare efficiency.

Under Nevada law, dry sampling is not allowed due to dust restrictions, so RC drilling is done wet, with water actively pumped down the hole mixing with pulverized sample and coming through the cyclone to an eight-compartment rotary fan wet splitter. Each compartment can be shut off, giving control of the amount of split material. Rotary splitter was set up with 1:4 split, with the quarter split going into two calico bags housed in buckets, for an assay sample and a field duplicate for permanent reference. The remainder of the sample falls to the ground and runs into the sump. Each assay sample is for a five-foot (1.52-metre) interval. The splitter and cyclone are flushed every four samples or on noticing a change in colour. Chips were collected from the splitter reject and put into chip trays for reference.

Calico bags are prelabelled with hole number and footage, with an FD for field duplicate added to the sample number for the field duplicate. The drilling team are responsible for changing the bags and the clearly labelled footage intervals on the bags avoid sample mix-ups. Filled sample bags are laid on the ground in order so a visual check can be easily performed when collecting samples. Samples are loaded into a plastic crate and dispatched daily to the ALS Global prep lab in Elko, Nev. A standard, a blank and a field duplicate were inserted after every 20 samples, for a quality assurance/quality control rate of 15 per cent. Six standards from CDN Resource Laboratories were rotated through the samples. The standards had gold values ranging from 0.433 part per million to 7.34 parts per million.

Samples are dried, crushed and pulverized, and assayed for gold with a 30-gram fire assay and a 44-element ICP-MS suite. Overlimit samples for gold, silver, lead, zinc and copper are automatically reassayed by suitable methods.

About Prospect Mountain

The property lies in the Battle Mountain/Eureka trend in an area known as the Southern Eureka gold belt, where three styles of mineralization have been identified: gold/silver Carlin-style mineralization; carbonate replacement gold/silver/lead/zinc mineralization (CRD); and carbonate-hosted, porphyry-related skarn lead/zinc/gold mineralization associated with Cretaceous intrusions. At the property, the CRD mineralization is heavily oxidized to depths of at least 610 metres (2,000 feet) below the top of the ridge line.

A plan of operations is in place, which covers part of the property (totalling 81 acres) and entitles an operator to pursue surface exploration, underground mining of up to 365,000 tonnes per annum and certain infrastructural works. It includes a permit to extract water from a well and to build water containment facilities.

A more complete description of Prospect Mountain's geology and mineralization, including at the Wabash area, can be found in the NI 43-101 technical report on the Prospect Mountain property in Eureka county, Nevada, United States, dated and with an effective date of April 10, 2023, prepared by David Pym, MSc, CGeol, of LTI Advisory Ltd. and Dr. Toby Strauss, CGeol, EurGeol, of Merlyn Consulting Ltd., which has been filed on SEDAR+ under the profile of the company and on the company's website.

About North Peak Resources Ltd.

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 is focused on acquiring historic sites, with low-cost producing gold and other metal properties, with near-term production potential and an eight-year mine life in the northern hemisphere.

The company recently acquired an initial 80-per-cent interest in the Prospect Mountain mine complex in Eureka, Nev. (see the company's May 4, 2023, May 23, 2023, and Aug. 25, 2023, press releases).

The company can give no assurances at this time that its properties and interests will fulfill the company's business development goals described herein. Trading in the securities of the company should be considered highly speculative.

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