Business
North Peak Advances Prospect Mountain Acquisition Formalities; Issues 5 Million Shares to the Erickson Group and Ty Erickson Joins Board of Directors; Work Programs Continue to Define Drilling Targets
Calgary, Alberta--(Newsfile Corp. - August 25, 2023) - North Peak Resources Ltd. (TSXV: NPR) (t...
About this update from North Peak Resources Ltd
[{"type":"text","content":"North Peak Advances Prospect Mountain Acquisition Formalities; Issues 5 Million Shares to the Erickson Group and Ty Erickson Joins Board of Directors; Work Programs Continue to Define Drilling TargetsCalgary, Alberta--(Newsfile Corp. - August 25, 2023) - North Peak Resources Ltd. (TSXV: NPR) (the \"Company\" or \"North Peak\") has completed key commercial advances incorporated in its acquisition of the Prospect Mountain property located in Eureka, Nevada (the \"Property\"), announced by the Company on May 4, 2023. As required by the acquisition terms, a Nevada LLC named \"North Peak Gold LLC\" has been formed, with the Company's Nevada subsidiary (North Peak (Nevada) Ltd.) holding an initial 80% interest and Solarljos LLC (controlled by the Erickson family of Nevada) holding the remaining 20% interest. The mining claims and rights and related permits that constitute the Property are in the process of being transferred into North Peak Gold LLC (the \"Transfers\"). The Company has the right to acquire the remaining 20% interest by issuing an additional 3 million common shares to Solarljos, as described below.As part of the formation of North Peak Gold LLC and the Transfers, Ty Erickson, MD has joined the Board of Directors of the Company and 5 million common shares of the Company have been issued to Solarljos. Solarljos now holds 16.65% of the outstanding common shares of the Company (see \"Early Warning Reporting\" below).\"North Peak has been fortunate since the May agreement to launch a scope of geophysics and other work programs that will shape near term drilling programs on the mining potential of the Eureka camp,\" said Brian Hinchcliffe, Company CEO. \"Ty's presence on the Board will ensure the contribution of decades long family ownership of the Prospect Mountain property to North Peak's shareholders.\"Dr. Erickson grew up in the Eureka and Ely, Nevada communities in a mining oriented family. His father, Einar C Erickson PhD, was a noted exploration geologist in Nevada for over 60 years who acquired the Prospect Mountain Mine complex over 40 years ago and his parents both worked at Kennecott in Eastern Nevada. Dr. Erickson has a dual board certification in Obstetrics/Gynecology and Female Pelvic Medicine and Reconstructive Surgery and serves on the faculty as a uro-gynecologist at the UNLV school of medicine in Las Vegas, ...