Published: April 1, 2024 |

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Gunpoint Exploration Ltd. has received notice from Newmont Corporation electing to terminate the option and earn-in agreement on the Appaloosa Property between the company and Newcrest.

The agreement was announced on September 28, 2022 with Newcrest Mining. Newmont acquired Newcrest Mining in November 2023.

Appaloosa is a 7 kilometer long mineralized trend inside the Talapoosa land package. During the past 18 months, Newcrest conducted a property-wide, reconnaissance exploration program on Appaloosa. Surface exploration and initial drilling in two areas identified a large potential hydrothermal cell related to and peripheral to the Talapoosa deposit. Reconnaissance work undertaken on Talapoosa indicated potential extensions of the existing deposit in multiple directions and recently discovered an unexplored vein trend with a 450 meter strike length with rock chip samples up to 4 g/t gold.

Gunpoint retains 100 percent ownership of the Talapoosa project including Appaloosa. With this new data, Gunpoint plans to focus on follow-up exploration of the newly identified Talapoosa targets and prioritize drilling to expand the known deposit and test the new vein systems.

Gunpoint Exploration owns Talapoosa, an open pit, high grade gold-silver project in Nevada. Talapoosa has a NI 43-101 compliant mineral resource estimate by Tetra Tech WEI Inc., with a measured and indicated mineral resource of 1.1 million ounces of gold and 13.6 million ounces of silver at an average grade of 1.11 g/t and 15 g/t, respectively. Inferred mineral resources add an additional 233,500 ounces of gold at 0.72 g/t and 2.2 million ounces of silver at 6.65 g/t.

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