Good results from Mac zone a boost to busy Noble Peak

Situated southwest of Rankin Inlet, the Mac zone is one of several mineralized targets currently being explored by Noble Peak. Highlights from the first three holes of a spring drill program include 11.16 ft of grade 0.408 oz gold per ton and 13.8 ft of grade 0.181 oz.

So far the Mac zone has been traced on surface for a strike length of 1,312 ft and it is still open.

“We wanted to find out what we had before proceeding with a lot more detailed work,” President Norman Ursel told The Northern Miner. He is currently attempting to find additional funding for exploration at Mac where induced polarization surveys and detailed sampling could lead to further drilling later this year.

In other news, Noble Peak has elected to purchase the interest it doesn’t already hold in the Crypto zinc property in Utah from BHP- Utah International of Delaware.

Under a previous agreement, BHP had the right to earn a 50% stake in the property by taking it to production after Noble Peak had paid BHP $1 million and completed a feasibility study.

Reserves on the 144-claim property stand at 10.3 million tons grading 6.03% zinc, 0.21% lead and 0.41 oz silver. Those reserve estimates don’t include a 40-ft intercept which averaged 13.38% zinc and another 28.1 ft intersection averaging 10.5% zinc.

Noble Peak has agreed, pending regulatory approval, to acquire a 100% stake in Crypto by issuing to BHP Utah one million common shares.

In a separate deal, Noble Peak is planning to issue to Ursel $11,407 worth of series A convertible debentures with principal and interest payable in cash on demand, or convertible on the basis of one common share of Noble Peak for each $4 principal amount, plus accrued interest.

If and when regulatory approval is received, Ursel will also receive a convertible demand promissory note in the principal amount of $33,600 payable in cash on demand, or convertible on the basis of one common share of Noble Peak for each $2 of principal and accrued interest outstanding.

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