- Gunpoint Exploration (TSXV:GUN) has reported initial drilling results done by Newcrest Mining
- Results come from the Appaloosa portion of Gunpoint’s 100 per cent owned Talapoosa gold-silver project in Nevada
- Drilling began at the Central Target at Appaloosa in April 2023
- Shares of Gunpoint Exploration are unchanged at C$0.65
Gunpoint Exploration (TSXV:GUN) has announced initial drilling results by Newcrest Mining from the Appaloosa portion of the Talapoosa gold-silver project in Nevada.
In a news release, the company said Newcrest began drilling the Central Target area in late April where, to date, data has been provided on six diamond drill holes.
A total of 1,900 metres have been drilled, including partial assay results. The Central Target area has also returned halo intercepts of gold, silver and pathfinder elements that align with the peripheral and upper zones of a low-sulfidation epithermal gold-silver system.
“We are very encouraged with Newcrest’s initial drilling results at Appaloosa. The geological, geochemical and geophysical results have delineated a large mineralized hydrothermal gold-bearing system within a 7-kilometre-long corridor,” P. Randy Reifel, president of Gunpoint, said in a statement. “In addition to seeking high-grade epithermal gold mineralization at depth, the first holes have identified a shallow, potentially broad zone of oxide mineralization.”
Highlights include four drill holes that intercepted significant thickness, indicating a shallow dipping, oxidized mineral zone at the contact of two volcanic units suggesting lateral fluid migration.
Newcrest Resources, a wholly owned subsidiary of Newcrest, has previously entered into an option and earn-in agreement with Gunpoint Exploration to earn up to a 75 per cent interest in the property.
Terms of the agreement include cash payments totaling US$5 million, incurring $35 million in exploration expenditures and delineating a minimum of 1 million ounce gold indicated resource.
Gunpoint Exploration owns the Talapoosa project, which is open-pit and contains high-grade gold and silver. A mineral resource estimate has also been prepared.
Shares of Gunpoint Exploration are unchanged at C$0.65.
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