Vancouver, British Columbia--(Newsfile Corp. - July 27, 2023) - Gunpoint Exploration Ltd. (TSXV: GUN) ("Gunpoint" or the "Company") is pleased to report the initial drilling results by Newcrest Mining Ltd. ("Newcrest") on the Appaloosa portion of Gunpoint's 100% owned Talapoosa gold-silver project in central Nevada. Newcrest Resources Inc., a wholly-owned subsidiary of Newcrest, has entered into an option and earn-in agreement with the Company (previously announced on September 28, 2022) to earn up to 75% in Gunpoint's Appaloosa property ("Appaloosa") for cash payments totaling US$5 million, incurring US$35 million in exploration expenditures and delineating a minimum 1.0 million-ounce gold indicated mineral resource.
Newcrest began drilling the Central Target area at Appaloosa in late April 2023. To date, Newcrest has provided data on six diamond drill holes, totaling 1900 meters including partial assay results. Drilling at the Central Target area has returned halo intercepts of gold, silver, and pathfinder elements consistent with the peripheral and upper zones of a low sulfidation epithermal gold-silver system.
Four drill holes intercepted significant thicknesses indicating a shallow dipping, oxidized mineral zone at the contact of two volcanic units suggesting lateral fluid migration. Lateral fluid migration is generally distal mineralization to the main feeder zones within a hydrothermal system. Significant assay intervals reported are apparent widths. True thickness of the mineralized intervals has not been determined, as the geometry of the mineralization to date is not understood.
At a 0.2 g/t gold cut off, the four holes returned:
APP-000128.97 meters @ 0.47 g/t gold, 7.9 g/t silver
APP-000212.38 meters @ 0.47 g/t gold, 2.6 g/t silver
APP-000319.0 meters @ 0.41 g/t gold
APP-000426.94 meters @ 0.59 g/t gold, 12 g/t silver
Evidence for a deep high-grade zone is supported by 0.3 meters of 7.9 g/t gold and 30 g/t silver intersected on hole APP-0004 starting at 323.6 meters. Drilling to discover the more developed parts of the epithermal system is ongoing.