Nevada Area Play
Kirkland Lake Gold was the most successful gold stock in the past decade, expanding through acquisition to an intermediate. Then their acquisition of Newmarket Gold that owned the Fosterville project in Australia drove the stock bonkers, to over $50 in August 2020.
In February 2022 Kirkland Lake was merged with Agnico Eagle. Kirkland shareholders ended up with 46% of the merged entity that was valued at US$22.4 billion the day of the merger representing a value of about US$10.3 billion for Kirkland Lake. And today under Agnico Eagle, Fosterville ranks as their 2nd highest grade mine at 8.1 g/t for proven and probable reserves with total ounces of 1.4M
I followed Kirkland Lake closely and was planning on a report on the company, but I was waiting for a pull back in the stock, it just seemed too high compared to many other mid size gold stocks. In hindsight we know the stock never pulled back an appreciable amount, it just kept going higher.
So where did the founders of Kirkland Lake end up? In 2021 they started a junior called North Peak Resources TSXV:NPR. In May 2023 North Peak acquired their Prospect Mountain Mine complex in Nevada's Battle Mountain Eureka trend.
North Peak CEO is Brian Hinchcliffe co founder of Kirkland Lake, Mike Sutton Director was also a co founder of Kirkland Lake with Mr. Hinchcliffe and Harry Dobson an Insider of North Peak. And John Thompson, Director of North Peak was the CFO at Kirkland Lake.
On August 14th North Peak released first assay results from the continuing drilling at the Prospect Mountain North area of its Prospect Mountain property
Drill Hole 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.
Since then, the stock moved up from around $0.90 to $1.15. I am considering the Stock for the newsletter but it has considerable resistance around $1.25. I want to see it break above that or fall back down below $0.90.
However, what is important, that virtually no investors know of and what could be a huge opportunity, is North Peak's property is smack in the middle of Golden Lake's Jewel Ridge property claims and furthermore some of North Peak's drilling is pretty much on the border of Jewel Ridge.
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Golden Lake TSXV:GLM, OTC:GOLXF
Golden Lake and their Jewel Ridge property, has about 1/8 the value of North Peak, giving a potential for a 10 bagger.
On the map included, the CRD Deposits are aligned in a north-south trend over 10km from the Ruby Deeps, Hilltop deposits to the north on 1-80 ground (green) to the Diamond/Excelsior deposits to the south, North Peak ground (kind of beige). GLM's Jewel Ridge is yellow highlighted in red.
These deposits are all related to a north-south fault complex. The Magnet Ridge target (blackoval) is situated in the heart of the corridor and comprises an untested 800-metre-long IP anomaly.
North Peak Drilling is at the bottom of this IP anomaly.
Further more McEwen Mining just acquired junior Timberline Resources for about $25 million for their Eureka property above and below Golden Lake's Jewel Ridge.
This area is smoking hot, McEwen just paid 5 times the value of GLM for Timberline and I believe GLM has a better property, but has not had enough drilling yet.
See my substack for more details