New zinc reserves released at Noble Peak’s Crypto bet

With over $5 million in its treasury, Noble Peak Resources (ASE) says it is making progress with a number of exploration programs in the Northwest Territories. Due to a revision of the flow- through financing rules announced by the federal government, the company says it can add an additional $156,500 to its exploration funds.

At Noble Peak’s Crypto polymetallic prospect in Utah, recalculation of the probable reserve in two of five zones, showed marked improvement in tonnage and grade over previous estimates, the company says.

For example the E zone is now estimated to contain two million tons grading 9% zinc compared to a prior estimate of 520,000 tons of 5.12% zinc. The deposit also contains significant amounts of copper, silver and gold credits.

It is open along strike and at depth indicating the possibility of at least doubling the previous estimated reserve of 10.3 million tons, according to President Norman Ursel.

He said the company is making progress towards financing a program to take the project to a bankable feasibility stage.

At the Turquetil property where Noble Peak is joint venturing with Dejour Mines (TSE), partial assay results from one of three holes has returned encouraging results including an 18.3 ft intersection grading 0.26 oz gold per ton. The section for which assays have been received is 28.9 ft with a minimum grade of 0.18 oz.

Noble Peak says the intersection was encountered 85 ft below a hole drilled in 1976 which encountered 43 ft of 0.212 oz gold in a favorable altered iron carbonate-rich horizon traced intermittently over 12 km.

At Happy Lake, N.W.T., where exploration is scheduled to resume in July, diamond drilling in Permit 1086, held under an agreement with Borealis Exploration (ASE), is beginning to outline tonnage with a drill indicated grade of 0.26 oz gold in Zone 3.

Ursel said Noble Peak does not intend to finance any more exploration until the company obtains a ruling on a 35,000-acre property in the Happy Lake area. On the advice of legal counsel, Noble Peak has started proceedings against Borealis.