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North Peak Resources Announces Private Placement for exploration at Kenogami Lake Project

Dec 11, 2020

NORTH PEAK RESOURCES LTD. intends to complete a non-brokered private placement of up to 2,000,000 common shares of the Company at a price of CAD$0.48 per share for gross proceeds of up to CAD$960,000. The Company has the option to increase the size of the Private Placement by up to an additional 300,000 Common Shares, for total gross proceeds of up to CAD$1,104,000. 

The Company intends to use the proceeds from the Private Placement to fund exploration at the Kenogami Lake Project (see below), as well as for general and administrative expenses.

Mike Sutton, Director of the Company and Senior Geologist explained, "The Kenogami Lake Project, which the Company holds an option to acquire, contains all the same rock types, alteration, and most importantly, the same structures, as those that host the Kirkland Lake deposits 8km to the east." 

"This first exploration drilling program on the Kenogami Lake Project will consist of targeted drilling on both the Kirkland Lake Main Break and the Cadillac Larder Lake Deformation Zone," added Brian Hinchcliffe, CEO of the Company.  "Heightened regional exploration activity has provided only limited access to drills in the upcoming winter period, but we expect this initial exploration program to be completed in Q1 2021."

This initial exploration program is expected to consist of a minimum of three drill holes totaling approximately 1,200m of diamond drilling. The Company has secured the necessary permits to undertake such drilling. This plan is in line with the recommended work program in the 43-101 Report (defined below) and will contribute towards the obligations that the Company must fulfill in order to exercise its option over the Kenogami Lake Project

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