In the mining industry, management track record is a key attribute which many prospective investors consider when evaluating investment potential of companies. When coupling proven management teams with other project specific criteria, such as mineral resource grade, tonnage, and future production potential, investors may be able to reduce investment risk with thorough due diligence. North Peak Resources (North Peak) (NPR on the TSX Venture (TSXV) exchange and BTLLF on the OTC) provides investors with the unique opportunity of a property with a storied past of historical production which has never been explored using modern exploration techniques. Situated in the middle of the Eureka, Nevada mining camp, the company is well capitalized for discovery and is headed by a management team with a very successful track record of building mining companies from the ground up.
Interbit - the Change of Business
The North Peak story officially starts in March 2020, where at this time the company was called Interbit Ltd. (Interbit) [1]. Interbit was previously an enterprise technology company which had developed several blockchain innovations which were in the process of being patented (these were eventually sold in February 2021) [2], [3]. Interbit announced their intention to complete a change of business transaction to become a mining issuer on the TSXV where Interbit signed an option agreement dated March 20, 2020 to acquire the Mike Leahy Property [1]. In this press release, the CEO of Interbit, Brian Hinchcliffe (as appointed on November 29, 2019 [4]) noted that “Global economic developments have convinced us that unique mining opportunities – especially in the gold sector - will potentially unfold to allow the Company to deliver exceptional returns to our shareholders over the next 3-5 years” [1]. Brian continued, reporting “The Company will use its cash position and management experience to find mining operations that combine low cost, long life production in politically safe jurisdictions.” [1]. Through the acquisition of the Mike Leahy Property, Interbit could initiate the process for the change of business transaction. Simultaneously, the company could evaluate other opportunities for a future transaction which could achieve the company’s newly stated goal.
In May 2020, Interbit announced that the TSXV conditionally accepted their change of business transaction [5]. Interbit also introduced a proposal for a reverse split of 2 pre-consolidation shares to 1 post consolidation share of Interbit, a proposal to change the company’s name to North Peak Resources Ltd., and announced the proposed directors and officers of North Peak to be voted on at a special meeting.
An NI 43-101 technical report for the Mike Leahy Property was filed in May [6]. The author highlighted the exploration merit of the property given its location 10 km southwest of the Macassa Mine in the Kirkland Lake gold camp, with key geological structures situated on the property (see Figure 1). The author also cautioned that the largest risk associated with the Mike Leahy Property was the “uncertainty surrounding mine permitting… due to the [Mike] Leahy Property’s proximity to Kenogami Lake and the associated business development around the lake” [6].
Figure 1: The geology of the Mike Leahy Property [6].
In June, Interbit announced that shareholders approved the change of business transaction, the reverse split of shares, the name change to North Peak Resources, and the appointment of directors to the board; including Brian Hinchcliffe (Executive Chairman and Chief Executive Officer), John Thomson (Director), Mike Sutton (Director), Rob Suttie (CFO, Corporate Secretary, and Director), Chelsea Hayes (Director), and Gordon Chmilar (Director) [7]. These changes were effective as of June 29, 2020 [8].
Management Track Record
Before reviewing North Peak’s progress since their official name change, it is important to provide background and context to the previous successes of North Peak’s management team.
Brian Hinchcliffe has a storied track record of leading mining companies to acquire, develop, and sell projects for exceptional returns. Brian is the founder of both American Pacific Mining Co. Inc. and Jordex Resources [9]. American Pacific Mining Co. Inc. acquired the El Mochito zinc and silver mine in Honduras for $15 million USD, reduced its operating costs, then sold the mine for $106 million USD. Jordex Resources purchased the Loma de Niquel mine then sold 85% of the project to Anglo American Mining for $65 million USD. Brian was appointed as the president and CEO of Foxpoint Resources (Foxpoint) Inc. in February 2001 [9]. Foxpoint later acquired the Macassa mine and mill and several other historical mining properties in Kirkland Lake, Ontario [10]. Foxpoint successfully restarted the Macassa mine and Mike Sutton served as the Chief Geologist where he (along with Stewart Carmichael) was awarded the 2006 Prospector of the Year award for the discovery of the high-grade South Mine Complex [11], [12], [13], [14]. Later, Foxpoint changed their name to Kirkland Lake Gold Inc. and John Thomson was the CFO of Kirkland Lake Gold for several years.
After Kirkland Lake Gold, Mike Sutton was a director of Galway Resources which was acquired by AUX Canada for $340 million USD in 2012 [15], [16]. Following the sale of Galway Resources, Mike Sutton became a director and the Chief Geologist at Galway Metals [17] . At Galway Metals, Mike Sutton helped the company with the discovery and expansion of gold mineralization at the Clarence Stream project in New Brunswick. The Clarence Stream project has a current resource estimate totaling over 2.25 million ounces of gold over 2 g/t [18].
Following the success of Galway Resources, Mike Sutton was appointed a director of Rupert Resources Ltd. (Rupert Resources or Rupert) in 2013 [19]. Rob Suttie was the CFO (later becoming a director), and Brian Hinchcliffe was a director of Rupert [20]. Prior to 2016, Rupert Resources held gold exploration properties in Ontario and BC [21]. This changed in March 2016 when Rupert Resources reported entering an option agreement to purchase the Pahtavaara gold mine in Finland [22]. Brian Hinchcliffe was then appointed President and CEO of the company [23]. In June 2016, Gordon Chmilar was appointed as Rupert’s Corporate Secretary [24]. Rupert Resources subsequently expanded mineralization at Pahtavaara and acquired additional exploration permits in the vicinity of the mine, leading to the discovery of Ikkari which now hosts a 4 million ounce indicated gold resource at 2.18 g/t as of November 2023 [25], [26], [27]. While several members of North Peak’s management team left Rupert Resources in the years between the Pahtavaara mine and the updated resource in 2023, numerous individuals were affiliated with the company in some capacity [28], [29], [30], [31].
North Peak Resources – A Nevada Focused Search
Since July 2020, North Peak’s focus has been to “…[acquire] low cost producing gold and other metals properties, with near term production potential and [an] 8+ year mine life in the northern hemisphere” [14]. With limited drilling completed on the Kenogami Lake Project (formerly the Mike Leahy Property), and a brief option agreement to purchase a project in eastern Nevada; North Peak announced in April 2023 the signing of a Letter of Intent to acquire the Prospect Mountain Mine Complex (Prospect Mountain) [32], [33], [34]. A definitive agreement was later signed where North Peak could earn a 100% interest in Prospect Mountain with the issuance of 8 million shares in two separate tranches [35]. The first tranche consists of 5 million shares and the second tranche consists of 3 million shares to acquire 80% and 20% of the project respectively. North Peak completed the first tranche in August 2023 [36].
Prospect Mountain is situated in the Eureka, Nevada area, and is located immediately to the south of i80 Gold’s Ruby Hill property (see Figure 2) [37].
Figure 2: Map of North Peak's Prospect Mountain property in relation to adjacent properties, regional faults, and historical mines [37].
At Prospect Mountain, there are several historical mines spread north to south across the property with approximately 11 miles of underground tunnel development, which is not suitable for modern production (see Figure 3) [38].
Figure 3: Map of historic mines, underground tunnels (green), and old stopes (red) [38].
Historical production started in the 1870s, slowing after 1900 with sporadic mining up to 1978, for a total estimated production of 150,000 short tons [38]. Prospect Mountain is known to host Carlin style gold, carbonate hosted Porphyry Related Skarn lead, zinc, gold, and Carbonate Replacement (CRD) gold, silver, lead, and zinc mineralization [38]. Minimal modern exploration drilling and geochemical sampling has been completed historically. Geophysical imaging has never been completed on the property [37]. Over 10,000 m of drilling has been completed in the Wabash area with near-surface (some starting at surface) intersections of gold and silver (see Figure 4) [38], [37]. Of note, these holes lack the necessary information required to include them in a resource estimate.
Figure 4: Selected intercepts of historical drilling in the Wabash area [38].
Prospect Mountain has an approved Plan of Operations allowing for underground mining of up to 365,000 short tons per year along with a permit to extract water and build water containment facilities [38]. However, the property does not have any NI 43-101 compliant resource estimate and is still considered to be an early-stage exploration project with great potential given the history of the property [38].
Modern Exploration at Prospect Mountain
North Peak launched their first exploration program at Prospect Mountain in May 2023 which included underground LiDAR and mapping surveys, airborne geophysics, and channel sampling [39]. North Peak was able to locate and assay a previously drilled yet unsampled hole which was completed by the previous operator with an intercept highlight of 14.9 g/t gold, 227 g/t silver, 0.9% lead, and 0.55% zinc over 1.2 m, from 444 m downhole and 8% zinc over 7 m 101 m downhole [40]. This hole was drilled without the guidance of geophysics yet extended the area of known gold mineralization where the gold intercept is situated approximately 280 m southeast on strike of the 4th of July stope (see Figure 5).
Figure 5: Longitudinal view of Prospect Mountain highlighting drillhole WS02 assay results, mineralized zones, and historical stopes [40].
In July, North Peak released Magnetotelluric (a geophysical survey method which measures resistivity/conductivity of the Earth) (MT) results and identified a 2 km long conductive anomaly beneath the old gold, silver, lead, and zinc mine workings which is right below the water table (see Figure 6) [41]. This MT anomaly may represent sulphide mineralization at depth. In October, North Peak released additional information from their summer geophysical and geochemical sampling campaigns [42]. Property-scale geochemical sampling identified Carlin style and CRD systems, of which the CRD soil anomalies are of “…a similar length along-strike to the surface working and the main part of the MT anomaly” [42]. Soil geochemical sampling results in relation to the MT anomaly is depicted in Figure 7 and Figure 6 respectively.
Figure 6: Diamond mine cross section with lead rich core of CRD anomaly relative to historical workings, historical stopes, the MT anomaly, and the gravity anomaly [42].
Figure 7: Soil geochemical sampling results at Prospect Mountain [42].
It should be noted that the area of near surface exploration potential roughly matches with the Wabash area (see Figure 8). CRD systems are known to have varying mineralization as far away as 8 km from the source of the intrusion into carbonate rock [43]. The minerals furthest from the intrusion to the closest are as follows: the zinc-manganese zone, the lead-silver zone, then the copper-gold zone.
Figure 8: Geophysical targets and North Peak's Prospect Mountain in relation to the broader Eureka, Nevada mining camp, specifically i80 Gold’s Ruby Hill project [42].
North Peak also announced in October the receipt of drilling approval achieved through the existing Plan of Operations which is situated south of the large MT anomaly (see Figure 9) [42].
Figure 9: North Peak's existing Plan of Operations approved by the Bureau of Land Management (see hatched polygon for approved area) [38].
In late October, North Peak reported the commencement of drilling at the entrance to the diamond portal tunnel from surface [44]. The purpose of the drilling program was to target the newly identified Induced Polarization (IP) chargeability anomaly situated above the MT anomaly and the MT anomaly itself [45]. In January 2024, it was reported that the first drillhole was completed at an “operational optimal location” [46]. A geophysical borehole electromagnetic survey (BHEM) was to be completed to determine the best orientation to potentially complete follow-up wedge hole(s) to target sulphides at depth. In late January, North Peak released results from sampling of historical dumps, adits, scrapes, and shafts where 77 surface rock, chip, and grab samples averaged 2.42 g/t of gold, 76.2 g/t of silver, 0.38% copper, 1.06% lead, and 1.33% zinc [45]. Assay results from North Peak’s first hole were released in February, intersecting several zones of CRD style mineralization and confirmed the presence of sulphides in an area interpreted to be the MT anomaly with highlight intercepts of 9.5% zinc, 221.6 g/t silver, 0.8% copper, and 0.3% lead over 1 m and 7.3% zinc, 54.6 g/t silver, and 0.8% lead over 1.9 m [47]. Additional commentary in the press release indicated that the zinc rich, low gold massive sulphide mineralization intersected is thought to be “…halo style mineralization peripheral to larger, more conductive bodies that should have higher galena [lead] and gold further north in the system” [47]. North Peak noted that in soil sampling, increased lead-zinc ratios are directly related to historical workings which increase to the north of where this first hole was drilled (see Figure 10).
Figure 10: North Peak's drill hole (PM23-001) in relation to historical workings, soil sampling data, and MT anomaly [47].
Looking Forward
As of September 30, 2023, North Peak had a working capital position of approximately $7.1 million of which the company expects this to sufficiently achieve the company’s liquidity needs for the next year [48]. As of March 31, 2024, North Peak’s market capitalization is approximately $30.1 million and has just over 30 million shares issued.
Currently, North Peak is waiting on results from their BHEM survey to determine the best drill hole orientation for possible wedging [47]. Future exploration drilling plans at Prospect Mountain have not been released. From commentary in press releases and soil sampling, there seems to be significant interest in conducting drilling towards the north of the property where higher lead and gold in soil anomalies exist. Notably, the Wabash area, with its historical high-grade intercepts, appears to have nearby high-grade gold in soil anomalies. This area is situated in a region with little historical ore extraction and previous drilling has intersected high-grade gold.
“History does not repeat itself, but it rhymes”, a quote famously quipped by Mark Twain. Considering North Peak’s management team and their numerous historical successes with reinvigorating former mines and the discovery of new gold systems, maybe North Peak can rhyme with the successes of Kirkland Lake Gold, Galway Resources, or Rupert Resources. Regardless, I eagerly await additional information on plans for upcoming drilling at Prospect Mountain this spring and summer. Let’s hope that North Peak will drill for discovery in 2024.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance, and it expresses my personal opinions. I was not compensated for this article, and I have no business relationship with any company whose stock is mentioned in this article.
References
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[40] North Peak Resources Ltd., "North Peak Reports Assay Results of 14.9 g/t Gold Over 1.2 Meters (incl. 49 g/t Gold over 0.4 Meters) from Previously Drilled but Un-Assayed Core Hole at Prospect Mountain; Separate 8.0% Zinc Intersection over 7 Meters," 5 July 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=93f86fb9b43ebf1f4337fdb09e1ad1ae024f33ada6a004973414afe2d5155048.
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